Forex trading is becoming one of the finest platforms for trading in South Africa, holding a successful career for all enthusiastic traders. However, it is noted that the ratio of unsuccessful forex traders in South Africa is nearly 70 to 80%, and some news resources also give this ratio as 90%.
It sounds risky. Yet, there are several success stories of the South African forex traders, who are not exceptional but have only mastered forex trading and are earning at their best and motivating more people to engage themselves in the forex exchange market for trading.
After reading their success stories, we gather that comprehensive insight into the best trading hours and the running currencies in the South African Forex market at the given time is important to be a successful forex trader. A lack of knowledge about strategies and trading methods is one of the most significant drawbacks for forex traders. So, let’s take this ride together and learn more about some of the most successful Forex traders in South Africa and their strategies and commitments to follow.
4 Most successful traders in the South African Forex Market
Sandile Shezi
Not having stable financial status and still making risky decisions makes Sandile Shezi a self-made successful Forex trader. He started his trading career by investing his earned money through tuitions in the Foreign exchange market.
However, it is somewhat a life-changing risk that we won’t suggest you follow before educating yourself about the basic trading strategies in forex. Sandile’s knowledge about trading has made him popular in the forex trading market and has made him earn solid profits from his investments average of $2.3 million today.
Although trading is all about experience and risk, comprehensive information about the do’s and don’ts can save you from falling prey to the hard-to-rectify risks as SA forex traders. Taking from Sandile’s trading journey, his source of wealth is Forex commercialism and for this advertisement is the key.
Sandile also has a Diploma in trading from DUT and majored in Public relations, Advertising, and Applied Communication. He also learned from his mentor George Van der Riet, who has been in the forex market for more than twenty years.
George Van der Riet
Forex trading was a golden coin in George’s life. He was a young kid when he left his family behind and moved to the UK for his education. He studied finance from Manchester school, and this was a platform that offered him knowledge and experience in forex trading.
With his gained profits on his investments as a forex trader, he started Global Forex Institute in the UK to educate people about trading and encourage them to take the first step towards success in the forex market.
He believed that Forex traders must have impressive entrepreneurial skills as trading calls for patience and commitment. That says, you either become a millionaire, or you end up losing money with the time. There is no in-between.
However, it depends on how an individual manages his trading career, with all the ups and downs, as every sweet thing has its own drawbacks. It works as the more you invest, the more you will receive.
Nelisiwe Masango
A young schoolgirl with an ambition of becoming a neurosurgeon was strangely interested in finance and trading. So, she adopted her passion over her dream and started studying entrepreneurial management.
Forex trading is a fun game if you know how to invest your money in the best hours of the day. Currency knowledge is a key thing to know before trading. One should know which currency will provide him more profit and which currency will gain greater value in the future.
So, with enough knowledge about currencies and management risk, she took one of the riskiest decisions and started investing in forex trading. This decision turned out to be her best and listed her among the finest South African female forex traders.
Jason Noah
Noah is another most successful Forex trader in town with an inspirational success story of commitment and persistence.
He started his career as a forex trader even before being kicked out of the house. Yet, things were not in favour of him at that time. However, his commitment and confidence led him towards success in the forex market.
Through his trading career, we can learn that it doesn’t depend on financial status, age, or height but the key to be a successful forex trader is knowledge, careful investment, and commitment towards the goal.
He provided that forex trading doesn’t follow any universal success formula; it’s totally up to your strength and efficiency.
Common Strategies of these successful traders
Education of Finance and entrepreneurship
You may have seen that all these SA forex traders have followed a similar notion: the more you learn, the more you earn or gain success. The knowledge about finance, management, and fluctuating currency values aid in trading.
Traders usually suggest partnering with the brokers to gain substantial knowledge and experience without spending money on degree programs.
Risk management skills
Making a fortune doesn’t come without risk, and that is what makes people lose money. Unfortunately, every successful trader in the Forex market has embraced such risks at least one time in their life.
For instance: either risking their educational program like Sandile Shezi or continuously risking their livelihood like Noah.
So, a proper backup plan is important to avoid putting your everything at stake. You can start with investing less as much as you can manage at a time and not fall into greed as it can break you.
Detailed analysis with patience
The analysis of the world economy and patience is central to the Forex traders and a source of their success. Every career calls for patience and comprehensive knowledge to master it.
Thus, trading also requires the teaching of changing economic prices and a country’s economic conditions to make careful trade.
Bottom line
The knowledge about finance, changing trends, and risk management are central to Forex trading is what we can learn from the success stories of all these 4 South African Forex traders. Their confidence, commitment towards goals, education about the subject, and calculated trading has made them the pioneer Forex traders in history. They offer the same knowledge to other traders through their foundations or Forex institutes.