Here are many successful forex traders whose educational background is outside of the economy but they work for different banks and big financial institutions and are doing well. From my personal view point I have examined the fact that to be a good forex trader, one will require the ability to have quick decision-making and good integration with the market's determination. Academic degree on finance or economies will have some added advantage but not mandatory one.
The straightforward answer is: NO!
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I don't believe you need a fancy degree to trade forex or be successful in it. You need a sound and flexible brain to understand the basics and fundamentals of forex trading. Anyone can do it. Do not brand it to the people who have some degree.
This is one of the biggest myths in forex trading. You don't need a fancy degree to be successful in forex trading. However, they will have an edge over you as they will know something that you don't. But don't be under the misconception that you can't do forex trading because you have no finance degree.