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
Global macro overview for 27/10/2016:The preliminary GDP data for Q3 from the United Kingdom has been released today and they have beat market expectations. The UK flash GDP showed 0.5% expansion, better than market expectations of 0.3%, but still lower than last...
General overview for 27/10/2016:The market has tested the local high at the level of 1.3397, but bulls were not strong enough to break out above the top so far. The sudden decline towards the demand zone has been labeled as the wave -a- (black) of the overall...
General overview for 27/10/2016:The golden trend line had been tested from the bottom and the market has bounced back again into the supply zone. From the Elliott Wave Principle point of view, the current upward wave progression might be an impulsive cycle that can...
EUR/USD: This market has moved sideways so far – in the context of a downtrend. Further downwards movement is expected as the price could reach the support lines at 1.0850 and 1.0800. The support line at 1.0850 was reached and can be reached again. Rallies here should...
The Dollar index has pulled back towards the lower channel boundary and the top of the support range which I mentioned yesterday. The index still looks like it is making a bearish reversal and I would expect more Dollar weakness over the coming weeks.Green lines -...
Overview:The NZD/USD pair continues moving upwards from the level of 0.7149. The pair rose from the level of 0.7149 which coincides with a ratio of 50% (Fibonacci retracement) to a top around 0.7177. The first support level is seen at 0.7149 followed by 0.7122/0.7089,...
Gold price pulled back towards short-term support of $1,262 yesterday but still remains above support and above recent low at $1,260. I expect Gold price to push upwards from the current levels towards $1,280-$1,300.Gold price has pulled back towards the Ichimoku...
Overview: The USD/CHF pair reached a new maximum. Today price may reach one more maximum at level of 0.9943 and then start new correction towards the level of 0.9910 (at least). We expect the USD/CHF pair to continue moving in a bullish trend from the support levels...
It appears CAD/JPY changed the direction from an uptrend to a downtrend after breaking both 200- and 50-Moving averages and at the same time the ascending channel.Fibonacci applied to the channel breakout point shows that the pair broke below the 23.6% level opening...
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.