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 8 months 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.
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
Trading the 5 minute chart is not too much different to any other time frame however it can be much more time consuming. This is a video on how to trade this time frame profitably and how to trade the 5 minute chart.
High volatility continues in many markets. Oil price jumps on news that US oil production fell in August and is likely to keep falling.
WSJ’s Fedwatcher says FOMC might not vote to hike rates next week.
PBOC trying to force CNH and CNY to converge so that CNY can be included in SDR; suggests that they will aim for continued stability.
One day celebrated as the youngest millionaire in South Africa, now serious questions are asked about GFI’s ethics in promoting their trading courses. What do you think, serious trainers or just another scam operation touting how great forex is?
Risk comes back into fashion as stocks rose in Europe and US; commodity prices rebounded, including copper & oil. Commodity and oil-related currencies also gained the most, while safe-haven JPH and CHF lost ground
Forex trading is not the get rich very quick, easy money making opportunity that most hype marketers or scam artists would have you believe. Many use the fact that many trillion of dollars are traded every day on the currency markets to lure unsuspecting newbies who are desperate for a way to make more money in our financially troubled times. Very few mentors will tell you exactly what you need to know hear and many more will just focus on the lure of unlimited profits.
Mixed NFP brings no further clarity. Headline payrolls number misses expectations, falls below 200k but unemployment rate falls more than expected, average work week increases. Net net, Fed rate expectations unchanged until July 2016 = no change in market view. Stocks & commodities fall as investors trim risk; may recover today. The big move Friday was in stocks and commodities, which fell as US investors reduced risk ahead of the long weekend & reopening of China markets. China stocks trading higher today after reassuring comments by Chinese officials at the G20 meeting. This could bring about some recovery in risk appetite, which would be EUR-negative, AUD & NZD positive
The rebound in oil is because OPEC is willing to talk to non OPEC countries to limit production. Price is likely to fall further. China’s manufacturing PMI fell into a contraction.
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 trawlin 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 might as well use Standard Bank to trade if you’re looking for a local solution, but because of the course I chose to do, who recommends using New York close charts for the particular strategy he taught.
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.
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.