Forex Trading in South Africa?
Forex Trading has been around for many years in other parts of the world. Some sources claim that the first Online Forex Trading platforms were introduced in 1996. In Europe and USA Forex trading is quite common. Forex Trading is not as well established in RSA as it is in other countries. Until recently, Forex Trading in South Africa was not very well known, but that has changed in recent years.
Fortunately for us, technology has made it very easy for people all over the world to have access to the International Forex Market. Forex Trading in South Africa has grown by leaps and bounds in recent years through the use of technology. A person interested in Forex Trading in South Africa simply needs to have access to a computer with an internet connection and they can be trading in no time at all.
In terms of trading platforms, there are many to choose from. The most popular trading platform is Metatrader 4. This platform has been around for many years. It offers great functionality and is very user-friendly. The best part of all is that it is completely free. The platform might be a little tricky at first for some, but most people learn how to use it quite quickly.
With the help of social media a lot more people are being introduced to Forex Trading in South Africa. There are numerous advertisements and posts on various social media platforms regarding Forex trading on a daily basis.
This social media exposure has caused the Forex industry to grow rapidly. However, this also poses a threat to the industry.
People abuse the social media platforms to promote false advertisement about Forex trading in South Africa.
Some of these false advertisements will promise you endless riches in no time at all. Probably all successful Forex traders will tell you it is not that easy, and never will be. Thus watch out for scammers!
There are many Forex brokers that people can choose from. However, not all of them are good. Some of them are scammers who only intend to rob you of all your money. For this reason, be careful about choosing your broker.
One of the benefits of the Forex Market is that you can choose to trade with any broker in any country around the world.
Finding the right broker for you can be a daunting task. We advise that you invest in a Forex Trading Course that will help you choose the right broker.
As mentioned above, some brokers are only out to scam you out of your money. Make sure you educate yourself about what to look for when choosing a broker.
There are numerous companies and individuals offering Forex Training in South Africa. Some of them are good and some are scammers. If you are interested in Forex Trading in South Africa make sure to do your homework when it comes to Forex Training.
If a Training company promises you unlimited wealth, be very careful. Forex Trading is not a get rich quick scheme. It takes hard work, commitment, dedication and a lot of time to be successful at Forex Trading. Any Forex Trainer that tells you otherwise is probably not telling you the honest truth.
How can you tell the good ones from the bad ones? First impressions are important. If they do not appear professional in their marketing, social media and website watch out. That being said, don’t take first impressions to mean everything. Some of the scammers out there will look like the real deal, but they are not.
Also, be careful of free seminars. Some of these seminars are nothing more than elaborate marketing gimmicks. Once they have you in a room they will try to convince you that you can acquire huge sums of cash in no time at all. At some of these seminars you will experience some of the best marketing and sales pitches money can buy. However, don’t be fooled, if something looks and sounds too good to be true then it probably is.
These clever marketers will try to force you to pay right there on the spot so that you don’t have time to think about all the empty promises they made. Do not trust Forex Training just because it costs a lot of money. There are many great and affordable Forex courses out there
Online Forex Trading Courses
There are also some South African and international companies that offer Online Forex Trading Courses. This is ideal for people who might not be able to attend classroom courses. The Online Courses are normally done live through webinar software. Others are done as video courses which the student can work through at their own time and pace.
Similarly to the normal Forex Training Courses, watch out for the online courses which promises you endless wealth. Forex Trading is hard work and takes a lot of dedication to master. Choose trainers which do not sugar coat things.
Many people are not familiar with the idea of studying online. However, some of these courses are done really well and provide the attendee with a great online experience. Live Online Courses can be very interactive with webinar software allowing attendees to interact just like in a normal classroom setup.
There are also a couple of great video based forex courses available. Having been exposed to both the online and the video courses I can honestly say both of them work really well. The one thing that I really enjoyed about the video courses as opposed to the online courses was the fact that I can study them at my own time and at my own pace.
Mentorship & Support
Wherever you decide to train, make sure that your Forex Training course includes mentorship and support. There is no way a student will be able to remember everything they are taught over a day or two or even three. There are many things you will forget. For this reason, you will require mentorship and support after your courses.
Similarly, be careful with companies that charge you ridiculous amounts of money for mentorship and support. Most often, these type of trainers are not concerned for their students. Having mentorship and support will not guarantee your success, but it sure helps a lot.
Some Forex Training companies offer mentorship and support for limited amounts of time. In my opinion, I completely understand why they do this. Having worked with a couple of students myself I know that majority of people don’t want to work hard and put in the dedication to become successful in trading.
Instead, they want to be spoon fed and want something that is easy. So by limiting the amount of time that mentorship is offered is normally a good motivator for students to put in the time and effort from the start.
We hope this article helps those of you who have an interest in Forex Trading in South Africa. It is a very exciting and lucrative industry. However, it is also very unforgiving and tough. Most noteworthy is that majority of people who attempt Forex trading fail within the first couple of weeks. Thus, make sure you invest in good Forex training and education before you start trading with real money.