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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

ATOMIC Down-Up indicator. Is it any good?

They claim to have won + 796 Pips profit trades in a row with low risk but I’m never sure about forex indicators or robots. How can an algorithm trading from some random person’s ideas, who normally doesn’t tell you how i works but claims results...

The dollar takes a hammering

Logging into my AxiTrader mobile account and having a look at today’s price action makes me realise that the dollar took a hammering across all markets. Except perhaps the pound but that’s because the GBP has been on bull run for the last few weeks and...

Million Dollar Traders Part 3 of 3

Million Dollar Traders, Episode 3: “Traders” A number of the contestants leave due to disliking the working conditions, Lex hands out the remainder of his money, and the remaining contestants find out how they have performed. Million Dollar Traders is a...

Million Dollar Traders Part 2 of 3

Learn personally from Lex Van Dam the creator of Million Dollar Traders at www.lexvandam.com Million Dollar Traders Episode 2: “Profit and Loss” Each member of the team becomes a little more comfortable in trading, while one contestant leaves. Million...

Million Dollar Traders Part 1 of 3

Million Dollar Traders, Episode 1: “Make Me a Trader” The contestants are introduced to the trading floor and begin to build their portfolios. Million Dollar Traders is a three part series that aired on the BBC about hedge fund manager Lex Van Dam who...

How to Trade with Fibonacci Levels

This recording is from the Atlanta Meetup group where we discussed Trading with Fibonacci levels. In the meetup, we covered the following topics with Fibonacci levels: What are the Fibonacci Level? What are the other key levels to use with Fibonacci Level? Pro/Cons...

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.

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 in the widget to your right.

The Three Steps To Forex Trading Success

Step One: Find a Credible Forex Trading Course/Mentor/Community

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.

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