Hi, be an institutional trader, you need to have a wide and deep knowledge about financial market. I trade not only FX but also stocks, indices, ETFs, bonds, commodities, real estate and some derivaties like futures, options, swaps... I sometimes use binary option to hedge my position as well. One more condition, every institutional trader uses someone else money to trade so they must obey the code of conduct. That's why CFA level 3 or equivalent are highly appreciated, not required.
Thanks for the advice, it's really informative.