Forex trading in South Africa, the rise of African day traders

Thomas Mpofu| Forex trading in South Africa is the occupation of choice for those who want to make it quick without the troubles of 8-5 job.

With the country’s economy and national currency not stable, it appears this is the right time for daring young people in South Africa to make it.

So how do they make it;

John Mayone told this publication that day trading is paying him three times more than what he used to get on his regular city job,..” You buy a currency when it is quite low and then you sell when it fetches a higher price,” he said.

Simple??

John says this is a high risk business that needs careful planning before one ventures into it.  Him and his peers who are into forex trading in the country make calculated risks by relying on fundamental and technical analysis to see whether or not the exchange rate will go up or down.

While political developments and other major events can be used as a guide there is no way of predicting how the currencies will perform in the short or long term.

A number of reputable online brokers have acknowledged that they work with a lot of self-made African traders.

Many traders in South Africa are attracted by quick returns on investments.

“Forex trading can give you big income, that is if you are not greedy and you trade properly. Sometimes training is very important  if you are completely new to the business,” said Mandla Mpofu a Zimbabwean born trader.

The exploits and success of young millionaires like Sandile Shezi and Simz D’ Mandla have given hope to many who also think they can make it in life by trading Forex. t mpofu

Note:  This is not a guide on How to Trade Forex in South Africa