Becoming A Successful Forex Trader In South Africa
The biggest stock market in the world, which is the New York Stock Exchange, trades a volume of about $22.4 billion each day. Forex is traded daily or even hourly. This means that you can simply enter the market at 10:00, make profit and then exit the market at 11:00. Depending on what you are trading and what your margins are, you could make R100 000 in just an hour.
There are many ways or approaches people take when they trade forex online. These are simply called forex trading strategies. There are also various products that can be traded in forex. The most popular ones are spot forex, currency futures, currency options, and currency exchange-traded funds (or ETFs).
Forex trading is accessible to anyone in the world and in South Africa. All that you need is the right tools to start generating money online. However the truth is 80% trader lose money in forex because they do not want to take courses to lear how to trade.
Here are steps you need to take if you want to become a winning forex trader in South Africa:
3.Develop a trading strategy
4.Open a demo account to practice
Additional to these steps above, you need to follow these simple rules that are followed by forex traders who become successful:
These steps are applicable as you trade on a live or real account.
1.Set stop-losses for every trade. Otherwise, failure is almost certain.
2.Develop a trading plan and always adhere to it.
3.Don’t risk more than 2% of your margin per single trade.
4.Keep your emotions separate from trading.
5.Never trade to compensate for your losses.
6.Only trade when you feel it’s the right moment.
7.Don’t be afraid of losses, every trader has them.
8.Try to achieve more profitable trades than losing ones.
For trading course information, send a whatsapp message to 0783627859
Source: Top Careers SA