Intro: A unique course in foreign exchange (FX) transactions introduced recently at NMIMS school of business, is attracting considerable attention. Prachi Rege tracks the scope
While the global markets grapple to stay afloat, the need for FX trading talent worldwide has increased.
In India however, FX trading is neither much popular nor does any institute offer a course in this. "Here we are exposed only to equity trading," says Chirag Leekha, a second year MBA student specializing in Capital Markets at the NMIMS School of Business Management.
Though not anymore. Responding to the need, Six Capital a Singapore-based firm has launched two online programmes, presently in NMIMS only for its students specializing in Capital Markets. These are:
1. Forex Foundation Course (FFC) of two weeks duration, and
2. Trainee Dealer Programme (TDP), which is a 12 week course.
Those who ace the FFC will qualify for the TDP. Both the programmes are designed to train aspiring individuals who want to make a career in foreign exchange trading. Graduates in economics, finance, mathematics, statistics, engineering and psychology can sign up for this course, which will be introduced in different parts of the country soon.
Debasis Sanyal, dean of the NMIMS Managment School quips, "We were impressed with the exhaustive practical course model. In the forthcoming academic year, we will introduce the same to our executive MBA (EMBA) students."
"Successful trainees can look forward to acquire not only the skill of financial trading, but also have a financially fullfilling career," says Patrick Teng, founder and chief dealer, Six Capital. Teng and his team of senior traders personally train the students in the prgrammes which focus on developing utility and spot trading skills. "We put them through on-the-job-training to learn fundamental analysis and technical analysis of the FX market, and trading the volatility and liquidity of the 10-second EUR/USD chart," he says.
Students who complete both FFC and TDP programmes with a good key performance indicator (KPI) will be employed in Six Capital’s Utility Trading Centre. This will be either a full-time or part-time trading job. Shipra Jha, a final year MBA (Capital Markets) student informs that trainee traders who attain 300 pips (percentage in point) per month consistently for three months will earn $1000. This comes up to a monthly salary of up to Rs 60,000. "The KPIs are calculated on the basis of the number of pips attained by the students in the trading class," she says.
Jha is awaiting her FFC test results. "Learning the core principles of FX trading, was a good experience. The FFC module deals with handling the small time frame in this type of trading and how to maintain consistency, " says the young student who is looking forward to trade with Teng in the next step of the module. Another student Neha Agarwal, who attended the introductory workshop but did not take it further, suggests that the good aspect of this course is that it deals with the human psychology behind the trading. "One of the most critical aspects of FX trading is that it constantly fluctuates in short time frames and is measured in seconds," says Agarwal.
"In the training phase the trading is done on a demo account. A few weeks into the course, the trading-training methodology then gradually moves on to honing the analytic skills needed for training," informs Teng. At the end of the FFC, trainees get an opportunity to experience live trading through Six Capital`s Trade with Chief (TwC) webinars.
Six Capital willl certify the students in FX Trading (for the FFC) and a specialist diploma in FX trading (for the TDP). "Being skilled in FX will equip these individuals with the necessary skills to provide excellent customer service to both external and internal clients, as well as execute FX transactions seamlessly with customers and internal teams in a teamwork environment," signs off Teng.
FFC Course details
Under the TDP, students will learn:
1) The basics of FX and how FX markets operate
2) How professional FX Trading is done in dealing rooms of Tier 1 global banks.
3) Price Action Trading (PAT) methodology from our Chief Dealer through the daily Trade with
Chief (TwC) webinars.
4) How to achieve small, consistent profits in all market conditions