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Most Successful Forex Traders In South Africa For [Year]
(MENAFN- Daily Forex) -content">South Africa emerged as a Forex hotspot over the past decade. The FSCA, South Africa's Forex regulator, established itself as an industry-leading regulator, and South Africa spearheads the African Forex market in innovation and success. The South African Forex trading infrastructure supports most trading strategies. I have compiled a list of the most successful Forex traders in South Africa, which beginners can use as inspiration.Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money How to Become a Successful Forex Trader in South AfricaDo you want to rank among the most successful Forex traders in South Africa, trade for a living, and fulfill the ultimate goal of Forex traders?Forex trading is as diverse as there are Forex traders. While no approach fits all traders and personalities in South Africa, some similarities exist. I created a list to help beginners get started and point them in the educational direction to shorten their learning curve and avoid mistakes as they embark on their Forex trading journey.Tips on becoming a successful Forex Trader in South Africa:
- Invest in education
- Master discipline
- Practice patience
- Exercise flexibility
- Study risk management
- Follow your own path
- Trade a strategy suitable to your personality
- Ignore the recommendations of others
- Learn from your mistakes
- Respect Forex trading as a high-skilled profession
- Fine-tune numerous Forex strategies
- Ensure you are using one of the best Forex brokers in South Africa
- Jacobus Majola followed the path of many successful Forex traders by learning how to trade and partnering with a trustworthy brokerage
- He chose to focus his trading development on the EUR/USD and master price action in one currency pair , with an average profit shy of $80
- Focusing a strategy on one currency pair or a handful of assets adds concentration risk and missed trading opportunities
- Nkosi David trades a handful of Forex pairs and relies on trading gold as a hedge and for diversification
- Based on his results, he looks for average gains of $100 per position
- Using a fixed profit target is not suitable for every asset and can lead to missed opportunities
- James Naidoo is a pure Forex trader and does not mix asset classes
- He favors major currency pairs, where liquidity ensures the lowest trading fees , which increases his profits, with an average profit of $45 per trade
- James Naidoo suffers from correlation issues, as all but one of his preferred assets has the US Dollar as the quote currency
- Sandile Hlongwane stays clear of the crowd and prefers to trade minor currency pairs
- He made volatility his friend and created a strategy that functions in a higher-cost environment, netting an average profit of $110
- His trading approach is not well suited for everyone and requires more discipline and focus
- Thomas Mthethwa successfully developed a strategy for minor and exotic currency pairs , avoiding direct exposure to the USD in most of his trades
- He makes an average profit above $80 per trade
- Trading minor and exotic currency pairs requires a more demanding trading infrastructure
- Jan Mabaso combined a highly liquid asset with a minor currency pair
- He values a focused portfolio with a long-term strategy and an average profit of $455
- His low volume, focused strategy magnifies lost opportunity and concentration risk
- Mandla Mathebula solidifies his success by trading major currency pairs and gold
- His medium-term strategy yields average profits of $80 per trade
- His trading style is exposed to the US Dollar on every trade
- Tshepo Zwane successfully uses his index trading strategy in the Forex market
- His average profit is $250 per trade using a medium-term trading strategy
- Using primarily US indices creates a one-sided approach and centralization risk
- Peter Adams understands how to spot trading opportunities in less crowded markets
- His short-term approach yields an average profit above $35 per trade
- Using minor currency pairs can result in higher trading fees
- Thabo Louw successfully combines two asset classes and a liquid and illiquid trading instrument
- His low-frequency strategy yields average profits above $1,685
- Using a low-frequency, low-volume approach with an illiquid asset is a niche approach
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