As a global over-the-counter market, forex is where every trader can keep their activities flexible due to its round-the-clock operating hours. Buying and selling can be conducted in a fraction of a second. Learn more about the importance of deep learning of forex trading and have a look at the list of the most successful forex traders in South Africa.
Learning Forex Trading
Successful trading, like any other activity, requires discipline, patience, and constant learning. Diving into the ocean of information provided in the trading terminal without the theoretical part will lead you to negative outcomes. If you are a novice trader, devote your time to reading up on how the forex market works, its working hours, major trading sessions, the most active trading hours, and risk management techniques. You should also pay attention to the materials that highlight the importance of disciplined and rational trading. Being one of the most beginner-friendly industries to work in, there are a lot of resources and recommendations available on the Internet so that you won’t be left without answers. JustMarkets team works hard on providing high-quality materials to boost traders’ expertise.
To understand what your theoretical gaps are, you need to include the practical part into your learning process as well. Consider opening a demo account – this is where you can actually start trading. A demo account is your free ticket to discovering the mechanisms of forex market work. And I’m serious about saying "free" since you don’t need to make a deposit to open an order; all your trading operations will be conducted with virtual (fake) funds. Consider your experience as earnings here. As currency pairs are the asset trading in this market, you’ll have a great opportunity to observe the specific market behavior of each of them and understand which one is more suitable for you – yes, it’s better to focus on one currency pair in the beginning. Once you close your trades in profit, you can move on and discover others. Practice trading on a demo account till you "feel it," till you feel that you’re ready for bigger steps. What are they?
Opening a standard or any other account (cent account, pro account, raw spread account, Islamic account) requires depositing money. JustMarkets offers an opportunity to start trading on the standard account by depositing only $1. However, you should remember that the amount of your income correlates with the amount of your deposit. There is also a golden rule that you shouldn’t risk more than you can afford to lose. Think of money in your account as the instrument for achieving better results, but not as the only money left to pay utilities or so.
What are the Traits of a Successful Trader
Theory is good, practice is good, but what about your personality? It might lead you to beneficial performance or, in sharp contrast, close the door of trading opportunities. Here are the traits every trader should focus on developing:
- Discipline. From the moment you start learning forex, discipline is what defines you as a trader with the future. It stands for profound data analysis on a daily basis due to the dynamic nature of the currency market. Being a disciplined trader, you know what, when, why, and how.
- Adaptability. It’s crucial for traders to be able to implement their trading strategies in real time, no matter what. It’s impossible to predict all the turns in the forex market, but what you can and should do is to stay rational and adapt to the current events and conditions. The more time your trade, the better understanding of the market nature you get.
- Patience. Make your move once you get the green light from the market. Unfortunately, there are many traders who’re just jumping in and out of trades too late or too early and thus struggle to meet their trading objectives. Having a strategy will help define perfect entry and exit points.
- Self-dependence. Yes, you do need help and recommendations at the beginning of your trading journey, but when it comes to placing trades – take responsibility; it’s your move. Remember that there are things (strategies, orders, time of trading, currency pairs, etc.) that perfectly work for you, but they might turn out to be a losing decision for others.
Top South African Forex Traders
|Volume traded in 2021, Lots
|Total profit, USD
|GBP/USD, XAU/USD, EUR/USD, EUR/AUD, EUR/JPY
|EUR/USD, GBP/USD, NZD/USD, AUD/USD, AUD/JPY
|CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/NZD, GBP/CAD
|GBP/USD, CAD/CHF, EUR/GBP, NZD/CHF
|GBP/USD, CAD/CHF, EUR/GBP, NZD/CHF
|EUR/USD, XAU/USD, GBP/USD
|DE30, US30, US100
|AUD/CAD, AUD/CHF, EUR/JPY, GBP/JPY
Read more: Best Time to Trade Forex in South Africa
How to Start Trading in South Africa
In general, there are five steps you need to take to become a trader.
- Learn about forex. We’ve already mentioned that above, but it can’t be skipped as a step. The way you start will define the level of your trading competence. Don’t jump from one topic to another – take a step-by-step approach.
- Consider opening a trading account. It’s recommended to start with a demo or cent account if you’re a beginner. Theory and practice are a great combination for profitable results. There are just a few steps you need to take to start trading with JustMarkets: follow this link, fill in a short form using your personal email address, choose the trading platform, and place your order.
- Develop a trading strategy. Relying solely on the news updates is the last thing you should do. Your strategy makes trading systematic and reflects your objectives.
- Prioritize analysis. Go back to your closed trades and think about what can be done better next time.
- Follow the news. Read daily news on the currency pairs and the market situation as a whole before entering a trade.
Important note. Make sure your broker provides 24/7 support. It’s actually important since a qualified recommendation can resolve any issue that may emerge in the process of trading.
Read more: Is Forex Worth Investing In
We truly hope that our list of the most successful forex traders in South Africa will trigger positive changes in your career. Trading isn’t difficult once you prioritize the right things: consistency, rationality, and commitment.
JustMarkets is the world’s trusted broker that offers 180 popular trading instruments. By having a trading account on JustMarkets, you benefit from advantageous conditions, including high leverage, low spreads (from 0.0 pips), as well as commission-free deposits and withdrawals. And if you have any questions, there is a helpful support team working round the clock to ensure you have the most convenient trading experience.
Try your hand at currency trading by opening a demo account on JustMarkets. It’s a quick and risk-free way to master trading in the most liquid financial market. A practice account will help you learn trading basics and develop a strategy before investing money. Start trading today to take care of your future tomorrow.