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
Step One: Find a Credible Forex Trading Course/Mentor/Community
Finding Nial online 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
Everything you need to know about trading the currency markets. The basics of finding an edge in the market, sound money management and a broker that won’t cheat or is out to simply make money from you are all covered.
The Financial Services Board (FSB) warns the public against conducting financial services business with TD Markets, purporting to be registered in UK and Saint Vincent. TD Markets and/or George van der Riet are not authorised to render financial services in South Africa.
Drawing trend lines is one of the few easy techniques that really WORK. Prices respect a trend line, or break through it resulting in a massive move. Drawing good trend lines is the MOST REWARDING skill. The problem is, as you may have already experienced, too many...
Stabilis Lucra is a fully automated patented derivatives robot that has been demonstrating steady high returns of over 40% pa over many years. Click here to learn why industry experts consider it to be one of the best forex robots in the world.
Recently I was lucky enough to have my first subIB on XM that has attracted an active trader and has started earning rebates. In this video I log in to my XM account and show how much I've earned from this new subIB. https://www.youtube.com/watch?v=yDpgGbAi6-U...
BDSwiss’ recently launched trading alerts service has been enjoying huge success amongst traders. 4 out of 5 signals were correct last week. Click here to find out how to get these free signals.
In this video we take a look at the copy trading, also known as mirror trading, part of the industry. From the beginnings and the various models that trade copiers operate on. Various funding models are also spoken about and ALL of the information you need to make a good decision on choosing a copy trader or service.
FXTM’s biggest and fastest LIVE FOREX TRADING CONTEST: FX Circuits continues. The top five traders will receive real cash prizes from a $400,000 total prize pool. Traders will go head-to-head through eight individual circuits during this F1 season. Traders must have a live account, with a minimum of $100 deposit.
There’s a fundamental change happening in the Euro with a hawkish sentiment in euro pairs.
On Wednesday there’s a news opportunity when the Bank of Canada releases its rate statement. The futures market has priced in a 90% chance that rates will increase and if they do not hike and cool their hawkish rhetoric could see a fall in CAD pairs.
Watch the video for the rest of the analysis.
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.