Forex Trading in South Africa
Due to the internet and computer age, forex trading has now become available to ordinary people like us. But this is still a new industry in South Africa and its hard to know who to trust.
I’ve spent the last few years researching the market, writing about brokers mainly and now I’m trading myself (for the last 2 years with mixed results) and writing about it here on my blog.
You can sign up for my newsletters and receive emails to guide you sweetly and easily through the process of either becoming a successful and profitable trader or simply make the money you want from a managed account.
I was alerted to the idea of Forex Trading by chance when a friend of a friend mentioned it in passing at a dinner party and many months later decided to investigate further.
After a long road, which I’ll discuss later in this blog, I opened my first live trading account in August 2014 and started with my broker’s minimum amount, $200.
I actually deposited $220 because I’m just funny like that.
The Three Steps To Forex Trading Success
<a href=”http://learntotradethemarket.com/forex-systems-trading-course”>Step One: Find a Credible Forex Trading Course/Mentor/Community</a>
I’m updating this post and writing this sentence on 30 October 2014 an my account sits at $700 thus far.
Finding Nial online has saved my forex trading life. Before I decided to follow his system, I was trawling the free forums trying to cobble together a coherent strategy but since I’ve started working with the method he teaches, I’ve really become a more disciplined trader and I’m focusing on honing my trading skills.
With lots of free content on his blog (covering the psychological aspects of trading), a very reasonably priced course (around $350, and always has an endless 30% off discount), a trading system that works for those who want to trade part-time or full time.
This course may not be the one for you and I do know of other courses that you can try that could be more appropriate to you, so get in touch with me for a chat, my details are below.
Step Two: Choose an honest broker
The button above will take you to Axitrader’s website where you can open a live standard account, use this link for a demo account, or if you’re an advanced trader, then please get in touch for their ECN type account (you get a free forex vps with this one).
Now I know that this is not a South African Broker, you can see a list of local brokers here.
I’m also an IB of this broker so if you open an account through my link, I’ll earn a small commission from your trading activity and I’d most appreciative.
So please…. Click Here To Open A Demo Account with Axitrader
Forex Trading can be daunting in the beginning and they offer a simple way to get into the forex trading opportunity in South Africa.
With Forex trading becoming accessible to more people, many are trading and with some dedicated practice, especially the arts of patience and discipline, anyone can become a successful trader, from earning some extra income every month, or to building it into a full time business, or even a regular salary to replace their usual day job.
Why I wrote this article
To be honest, initially it was just because I wanted to rank for the keyword “Forex Trading in South Africa” and monetise the traffic and while I was once on Google’s front page and managed to get some decent traffic, now I just want to help as many people as I can navigate this tricky business.
What follows ares the latest blog posts about that I’ve composed about Forex trading. Its a mix of my own live trades and other valuable content I’ve found online.
I’ve spent lots of time going through the horrible stuff that’s online and here I’ve collated some of the best.
My Latest Blog Posts
USDCAD has been in a dilemma after the break below the channel support. The price has retested the channel support as resistance various times, but still there had been no push from either side of the market. Today, on the USD side, FOMC Member Evans will speak about...
We take a nice detailed look at EUR/JPY and see if there are any trading opportunities for us to make some juicy pips!We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and the RSI to determine the best...
We take a nice detailed look at AUD/USD and see if there are any trading opportunities for us to make some juicy pips!We combine the art of Fibonacci retracements, Fibonacci extensions, Support & Resistance along with Stochastic and RSI to determine the best...
EURJPY has found its support at the 119.40 area and currently having a bullish pullback towards 120. Today JPY seemed a bit weaker having BOJ Summary of Opinions meeting discussing about the further inflation rates and SPPI report which was quite positive at 0.8%...
OverviewThe EUR/USD pair succeeded to breach 1.0852 level and closed the last 4-hour time frame above it. That supports the continuation of our bullish trend expectations efficiently in the upcoming period, easing the way towards our next target at 1.0973. Therefore,...
Overview: The EUR/USD pair will continue to rise from the level of 1.0792 in the long term. It should be noted that the support is established at the level of 1.0792 which represents the 78.6% Fibonacci retracement level on the H4 chart. The price is likely to form a...
Overview: The GBP/USD pair faced strong support at the levels of 1.2478 and 1.2407 this week. However, the minor support is seen at the level of 1.2578, and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through...
Recently, the EUR/USD pair has been trading upwards. As I expected, the price tested the level of 1.0873. According to the 4H time frame, I found that the price is trading inside of the strong upward channel and my advice is to watch for buying opportunities. I have...
The price has bounced up towards our profit target previously. Now we remain bullish above 119.45 support (Fibonacci retracement, horizontal pullback support, and recent swing low support) for a push up to 120.72 resistance (Fibonacci retracement, pullback...
My story starts in February 2011 when I decided to Learn about Forex Trading, you see, I wanted to earn lots of money very quickly to realise my dream of living in the country and earn an income without too much “work”. I was looking for the holy grail.
I signed up with etoro, on a whim, didn’t enjoy their OpenBook trading.
Then learnt about Meta Trader, and other platforms. I also investigated forex robots like FapTurbo, a forex robot, and while I was pleased with the results, it needs forex vps servers, and I realised that Forex Trading is not a get rich quick scheme, and its easy to lose money actually.
When I found LearnToTradeTheMarket.com, it literally saved my life, I eventually bought the course in August 2013 (it costs around $300 and well worth it, just don’t expect overnight miracles) and its given me a a great grounding in how professional traders behave consistently and the simple, easy to follow plan to take action on its already bringing me a successful and growing trading account.