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Why Forex Trading Is Becoming Such A Big Deal In SA

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Forex Jobs in South Africa

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Trade Forex South Africa

Services IB Commission Increased spread accounts. For example, if they think the euro is going to rise against the U. They will then lose the trade or the money they risked on that specific trade.

However, there is no way of accurately predicting how the currencies will perform. According to Jaba Investmentsforex traders "take calculated risks by relying on statistical probabilities to determine trades".

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All emphatically share the sentiment that it is far from easy and definitely not a get-rich-quick scheme. Rossouw had her accounts completely wiped out when she started trading and it took her years before she made any real money out of forex trading.

ACM Gold 's David Rosenthal says people who have made money quickly normally end up losing it the same way.

Forex Glossary

Trade money as you would any other investment. Johannesburg-based forex trader, Tshepo Brand, warns potential te not to fall for brokers who guarantee returns.

A full-time forex trader himself, he tells HuffPost SA: It is trickier and more complicated than people think, but people underestimate its difficulty. You will lose money -- guaranteed Maria Bongwe lost R1,6 million. The year-old from Polokwane, who had been trading for just a couple of weeks, made a R, initial investment tam quickly grew to R1,6 million. She then lost it all.

Bongwe recalls how shattered she was at the loss: Johannesburg-based forex trader, Siphiwe Magudulela, paid R35, to attend a trading seminar and has been trading full-time since. He says he made his first million in Septemberbut lost it all in February of Percy Ngwenya, from the North West, blames losses he has made as a forex trader on greed.

Ngwenya, who labels trading as a "very dangerous investment" tells HuffPost SA he miscalculated how the market would perform during Brexit.

He has lost R25, in one day in one trade.

Five forex trading mistakes that will cost you money

Trying another form of trading, he lost R60, in one go. Another forex trader, Thanda Zulu, who is tradde in Durban, has also been doing it full-time for almost five years.

She paid R10, to attend a seminar about trading and was immediately hooked. Unemployed at the time, she saw it as tdam great opportunity to earn some income.

A view she still strongly holds. She admits, however, it hasn't been an easy journey.

I had to teach myself and be hungry for it. She does not believe she has fully reaped the benefits forex trading can afford her.

The scammers Jaba Investments says the market is full of them. Fake trainers, fake brokers, fake traders or trading companies; all they care about is getting their hands on people's money.

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