The Forex Market is the most accessible market of all, and anyone can start Forex trading without having access to great sums of capital as the costs involved with trading Forex are substantially lower than other financial instruments.
The Forex Market has its advantages, some of which include high liquidity due to the sheer volumes that are being traded 24 hours a day, 5 days a week and the volatility that is a result of this, which is suitable for traders who use strategies to harness these conditions.
Generally, the distinction can be made between two types of traders, namely those who trade on behalf of clients and those who trade using a personal account.
What makes these types of traders successful in trading Forex? To answer this question, it is imperative to consider a few factors that set successful traders apart from the rest, these are:
- Expectations should be set aside as Forex trading involves dedication, patience and hard work. It is not a quick way to accumulate a great amount of wealth, it takes time, practice, the right mindset and attitude, and strategy.
- It is about mitigating risks and defining a trading risk profile so that the trader can identify key areas where they are at risk of incurring loss and they can make the necessary changes to limit their exposure to these.
- Trading strategies need to work for the trader after the trader has put in an adequate amount of work to tweak and adapt their strategy according to their trading style and the dominating market conditions.
- Set aside all emotions and approach Forex trading methodologically and practically. Emotions should not come into play at any time, whether the trader has gained profits or they have lost a substantial amount of capital.
- Make use of risk management tools as far as practicably possible. Using tools such as 'stop loss' and 'take profit' can make a great difference in mitigating risks and although they are not a guarantee, they provide some peace of mind.
- Traders need to keep up to date with market news and they need to filter information that may affect their trading, using a mix of fundamental trading may aid in refining and improvement on technical trading.
- Avoid overtrading, especially when profits have been made, and accept that on the road to success there are obstacles and often steps have to be retraced to find a better path, even if this means adopting an entirely new trading strategy.
Who are the 5 most successful Forex Traders in South Africa?
South Africa has some of the most successful Forex Traders who started trading for their own individual reasons.
The chances are, unless they intended for it to happen, that these traders may never have imagined that they would achieve such paramount success when they opened their first Forex position, and this should inspire beginners to start trading Forex.
1. Jabulani “Cashflow” Ngcobo
Jabulani is a 34-year old South African whose nett worth is currently around US$35 million and he accumulated this predominantly through Forex Trading.
Since, quite literally, making his millions, he has been involved in various activities including offering lectures dedicated to trading on stock exchanges along with various other motivational speaking lessons in and around South Africa.
2. Ref Wayne
He is a well-known face in the trading circles in South Africa and he is mostly known for his ‘over-the-top’ lifestyle through which he has inspired numerous people to start trading Forex as he is living proof of the potential for profit in the Forex Market.
What counts as an advantage is that Ref Wayne also has expertise in various fields, namely business, philosophy, and psychology. He often offers educational classes along with introductory workshops for both Forex and Cryptocurrency trading.
3. Sandile Shezi
Sandile is another quite famous trader within the borders of South Africa, not only due to his Forex trading success but he is also known for his nature in taking calculated risks.
He is, at the present time, considered to be one of the youngest millionaires in South Africa and his journey and success serve as ample encouragement to beginner traders who are just starting out their journey and who need the motivation to continue.
Sandile founded a Forex trading institution, the Global Forex Institute, with the aim of providing Forex trading to a variety of individuals.
4. Simz D’mandla
Simz is not only one of the most successful Forex Traders in South Africa but he is also CEO and founder of Trade4Africa along with The African Millionaires Program.
He is not merely solely focussed on Forex Trading and maintaining a position as one of the most successful traders, he is also actively involved in uplifting numerous African economies through bridging existing gaps between different social classes.
5. George van der Riet
George is another well-known and recognisable name in South Africa who makes it onto the list as he is a Forex Trader who made his millions not just through advantageous trading opportunities, but by steadily learning about Forex Trading.
Having worked for financial institutes in the UK, George gained a lot of experience and it greatly helped him in making a success of Forex Trading. Currently, George is working together with Sandile Shezi to aid young people in learning more about Forex Trading.
When taking a more in-depth look at each of these traders and following their journey from their very first trade up until they reached the level of success, it serves as inspiration and encouragement for beginners to start and continue despite any challenges.
One of South Africa’s fastest-growing Forex platforms is Exness – You can see a professional review on them here.
When trading, it is important that traders have clearly defined goals so as not to lose sight of what they set out to achieve in trading Forex. It is important for traders to ensure that they keep up to date with world news and topics which may affect their trading.
In addition, it is important for traders to follow both signals and indicators as this provides ways through which trading strategies can be improved greatly, by learning from other professionals and tweaking strategies to meet trading needs and goals.
Get started: Open a Free Trading Account here.
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