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 SuccessStep One: Find a Credible Forex Trading Course/Mentor/Community
I’m updating this post and writing this sentence on 30 October 2014 an my account sits at $700 thus far. I probabaly won’t get too many opportunities to keep this post up to date with its current size but you can see my MQL5 signal here.
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 an 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
Since our previous analysis, gold has been moving downward. The price tested the level of $1,162.26. Using the market profile on 30M time frame, I found yesterday's point of control at the price of $1,174.00. The price is trading below 21SMA, which is a sign of...
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.5131 in a high volume. Using the market profile on 30M time frame, I found strong trend day and selling looks very risky. I found successful test of supply and the pair is trading above 21SMA....
Global macro overview for 05/12/2016:Details of the November 2016 UK Markit/CIPS Services PMI report revealed better than expected figures. Market participants expected a slight drop from 54.5 points to 54.2 points, but the data beat expectations of 55.2 points for...
General overview for 05/12/2016:The intraday resistance at the level of 1.3356 is the key level to the upside. If this level is not clearly violated, the market will be trading sideways between the weekly pivot at the level of 1.3342 and intraday support at the level...
General overview for 05/12/2016:A sharp decline towards the level of 118.71 was labeled as wave (iv) or a (green) and since then the market has been rallying in order to complete the last wave up. The projected target is at the level of 122.71 (weekly pivot resistance...
Overview: The GBP/USD pair has broken resistance at 1.2665 which acts as a support this morning. The pair is moving between the levels of 1.2665 and 1.2836. As the trend is still above the 100 EMA, a bullish outlook remains the same as long as the 100 EMA is headed to...
Overview: The EUR/USD pair continues to move downwards from the level of 1.0672. last week, the pair dropped from the level of 1.0672 to the bottom around 1.0517. But the pair has rebounded from the bottom of 1.0672 to climb at 1.0640. Today, the first resistance...
On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.On May 18, temporary bullish fixation...
As long as the NZD/USD pair continued trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.During August and September, a consolidation range was established from the price level of 0.7250 up to...
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.