Learn To Trade Forex in South Africa
By Stelian Olar, Updated on: Feb 22 2024.
Looking to learn how to start forex trading in South Africa but not sure where to start or who to learn from?
Are you interested in buying trading courses in South Africa?
If your answer is YES, you have landed in the right place.
Forex trading in South Africa has become increasingly popular, with many looking to supplement their income or even make a full-time living from trading currencies. However, to start trading as a beginner can be daunting because there are many forex trading courses in South Africa, but not all provide value for your money.
When choosing a Forex trading course, you want one that covers the basics thoroughly so you gain a solid foundation, but also provides ongoing mentorship and support.
The first step is understanding how does forex trading work in South Africa.
Forex, or foreign exchange, involves speculating on the changes in currency pairs such as EUR/USD or USD/ZAR. You are essentially betting on whether a currency will rise or fall against another. Before spending money on trading mentors in South Africa, read up on the basics of:
- How to do forex trading in South Africa
- Candlestick charts,
- Lot sizes,
- Technical and fundamental analysis.
Next, research the available trading courses in your area or online forex trading courses in Cape Town. Compare the curriculum, instructor qualifications, price, verifiable trading history, and reviews, and avoid courses that promise unrealistic profits or don’t provide ongoing support. Also, consider if you prefer in-person forex training in Cape Town or online instruction.
Lastly, make sure to compare Forex brokers in South Africa and practice accounts. You’ll need a brokerage trading account to implement what you learn. Compare regulatory compliance, trading platforms, and currency pairs offered, and look for a forex broker that offers a demo account to test your trading strategy in a risk-free environment.
With the right Forex trading course, you can gain the skills and confidence to start profitably trading currencies. Just be sure to do your research to find a course that provides value and sets you up for success.
So you’ve done your initial research and you are ready to start Forex trading. How do you begin as a South African trader in this global, decentralized forex market?
Here are some key steps:
– Find a well-regulated broker that offers trading in ZAR. Look for forex brokers overseen by the FSCA that offer competitive spreads, platforms like MetaTrader 4, and educational resources on how to trade forex in South Africa. Popular options include FP Markets and Pepperstone.
– Open a demo account with your chosen broker to practice trading strategies risk-free. Use virtual funds to simulate buy and sell orders so you can become familiar with the forex trading platform.
– Develop an effective trading strategy for your risk tolerance and goals.
– Start small with live trading using proper position sizing but only invest what you can afford to lose and use stop losses.
– Continually learn and refine your skills. Read Forex trading books, follow market news, review your Forex trades, and find a mentor or social trading community to learn to trade South Africa. Knowledge will help you adapt to changing currency prices.
– Choose a tax-efficient account structure. Speak to an accountant about setting up your trading as a sole proprietorship or using an offshore company to optimize the tax treatment of trading profits.
– Maintain a long-term outlook as you gain experience because forex traders need patience to ride out market volatility.
With the right FSCA-regulated brokers, practice, capital, and knowledge, South African traders can thrive in the exciting world of Forex CFD trading. Begin steadily and grow your skills.
Finding a knowledgeable mentor can greatly shorten your learning curve as a beginner Forex trader. But where can you find experienced mentors willing to share their knowledge on forex trading and trading CFDs?
Look for local trading academies that offer mentorship programs. Reputable academies in major cities like Cape Town provide access to seasoned mentors. Joining a forex trading Cape Town floor environment also allows networking with other forex traders.
Many online forums and communities dedicated to forex trading in South Africa, like Myfxbook and Facebook groups, often have experienced traders offering mentorship or guidance. Additionally, follow active South African traders on social media (Twitter and Instagram) and reach out to those who resonate with you. But, be cautious of unsolicited offers, and forex scams and prioritize individuals with verifiable track records and positive community feedback.
Platforms like Upwork and Fiverr connect users with freelance mentors, including forex traders. Filter by location (South Africa) and trading experience to find suitable options.
Attend local or online meetup groups and seminars with knowledgeable speakers because these provide invaluable in-person networking and learning opportunities.
Numerous online resources offer free and paid forex trading for beginners PDF South Africa guides, so make sure to take advantage of any free offer before committing for a paid mentorship program.
Forex Trading Courses in South Africa – Everything You Need to Know
For South Africans interested in a formal trading education, the University of South Africa (UNISA) offers an accredited course on Forex trading. As one of the most established distance-learning universities in Africa, UNISA provides recognized higher education programs to students across the continent and abroad.
The forex trading course UNISA is part of their Investment Management Certificate program within the College of Economic and Management Sciences which aims to train professionals in various finance and business disciplines.
Forex trading course at UNISA include:
- Course in Share and Forex Trading (76988): This 6-month course provides a foundation in investment management and introduces the principles and practices of both share and forex trading. You’ll learn how to analyze forex pairs using technical and fundamental analysis, considering factors like central banks interest rates, inflation, and economic growth. This course is ideal for beginners with no prior knowledge.
- Principles and practice of forex trading – CFOREX3: This module is part of the Certificate in Financial Trading offered by CFOREX3 in collaboration with UNISA. This module dives deeper into forex trading, focusing on major currencies like EUR/USD, USD/JPY, and GBP/USD. You’ll gain insights into how central banks impact these pairs and develop strategies to manage risk in different market conditions.
Other Forex Trading Courses in South Africa:
While the forex trading course in UNISA provides a solid foundation, consider exploring other institutions for more specialized or advanced courses:
- The Institute of Trading and Portfolio Management (ITPM): Offers various accredited forex trading courses, including diplomas and certificates.
- Investopedia Academy South Africa: Provides online forex trading courses for beginners and intermediate traders.
- Private Trading Academies: Numerous private academies offer intensive forex trading programs, often with mentorship and practical trading experience.
Benefits of Forex Trading Courses for Beginners
As we’ve explored, there are many factors to consider when selecting trading courses in South Africa as a beginner. While the search may seem daunting, committing to the right educational program can provide immense value.
The structured curriculums, expert guidance, practical simulations, and ongoing support that the best courses offer to accelerate a beginner’s progress tremendously. The time and mistakes saved by learning from experienced instructors rather than through trial-and-error is invaluable.
Beyond core skills, courses build knowledge logically, create accountability through assignments, foster communities, and boost credibility for new traders which makes the investment worthwhile rather than attempting to self-educate haphazardly as a beginner.
Of course, as highlighted earlier, one must do thorough research to find a well-structured course that fits individual learning preferences and goals. Not all courses are created equal. But the payoff for choosing the right one is huge.
In summary, training with experienced professionals shortens the learning curve dramatically for South Africans new to forex trading but no training can guarantee profits. The boost in knowledge, skills, practice, and confidence gives beginners the best chance of developing into successful retail traders in this exciting market. That’s why many find the investment in a quality Forex course one of the wisest early decisions they make.