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
US President Trump to unveil an outline of his tax plan. Trump pledged massive tax cuts for corporations & individuals, and a one-time repatriation of corporate cash held abroad at a reduced rate.
If we get something along those lines today, it could prove positive for USD & US equities. However, our view is that there is more scope for disappointment.
The EURUSD continues to extend its run to fresh 2017 highs after breaking its previous peak of 1.09. This sets the stage to the 1.12-1.14 level. It would take a break below 1.05 to negate this. Click here to read more chart analysis from LMAX EXCHANGE
An explosive start to the week as Sunday’s first round election vote in France overshadows the market. GBP resilient despite weak spending numbers, but the CAD suffers another blow as inflation softens – CAD takes out 1.3500 again. Looking into Sunday’s key - first...
The euro retains its bid tone as it continues to maintain its strength after finding support at 1.0570.
Cable sees a major breakout this week at 1.2775 which could signal a major change in the price structure. Pull backs will probably be supported in the 1.24-1.25 area.
Click here to see more analysis here.
Spread is just one of the metrics you need to assess when choosing your liquidity as a client and particularly a brokerage client. It is important, BUT you need to be able to measure your Total Cost of Trading.
RoboForex Ltd with support from MQL5.community (MetaQuotes Software Corp.) staring April 11th 2017. You can use a free coupon to pay for any MetaTrader4 trading signal with a subscription fee up to 40 USD. The subscription allows you to automatically copy other...
In todays’ Daily Forex Review, we discuss the unfolding economic events of the day including the New Building Permits coming out of the United States.
Further technical analysis of the Dow Jones,
Johannesburg Stock Exchange (JSE), Gold, Oil, Australian Dollar (AUD/USD), Great Britain Pound (GBP/USD) is discussed in the presentation.
Click here to trade with XM now.
There is more to Forex trading than just analyzing the charts. Doesn't matter whether you are a short term or a long term trader, if you don't have the right mindset, you'll not get the results you want. Listen to Chris Capre from 2ndSkiesForex. ...
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.