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
AxiTrader is offering you a $400 credit on a trading account if you use my link to sign up for a new account. Please click here and follow the instructions to get your trading credit now!
Daily Forex Market Review 10.02.2016. The “Doom-Loop” has returned to Europe as credit markets seize up further
The ECB’s Villeroy and recently appointed Bank of France Governor has gone all negative nelly pointing out the patently obvious that central banks recent struggle with deflationary forces is nowhere near being over. However he added that the ECB was determined to uphold its mandate to bring back inflation to below but close to 2 percent. When asked whether there was any limit to negative interest rates, he replied in the classic central banker doublespeak form by saying, “that’s maybe where the practical limit is.” Mr Villeroy made headlines yesterday as well touting his one dream one Eurozone concept aiming to centralize all treasury functions. So it should come as no surprise that he is quick to point out the flaws in the current status quo and grabbing more and more column inches.
The situation in China is becoming bleaker by the day, it transpires that S&P have downgraded 13 Chinese companies this year and upgraded only one, the worst ratio since 2006. With over $22.6 billion of offshore bonds from the nation being rated one notch above junk there is undoubtedly a lot of pain to come and only a few defaults short of a catastrophe. Furthermore many more companies are going to be in the firing line and the market is preparing itself for a large number of additional downgrades. There is the beginnings of a “mini-panic” and as the fallen angels continue to present a major risk to investors this year it is well worth noting that over 40% of 2015’s downgrades on China credits came in the fourth quarter.
The dollar and the pound are in the headlines today, while oil and gold are both on the rise. In the US, the FOMC has taken a cautious approach toward further rate hikes, while in Britain the chances are rising of a “Brexit” from the European Union. Click here to read the full report.
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.