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The Forex market is fast paced one where fortunes can be made and lost in a matter of minutes (and it often does), the market is also constantly on the go, being open for 24 hours a day five days a week. There is a lot of money to be made in the world of currency trading and we all know that with the South African economy being what it is (high unemployment, constant strikes and politicians who believe in filling their own pockets instead of helping the people they’ve been elected to serve are just a few of our issues). Since money is always going to be tight for us, it is perhaps even more important for us to make a profit. The article below gives some pointers about how this can be done.
Start Small When Trading in Forex South Africa
Okay, so this applies to everyone all over the world, but is particularly pertinent for South Africans. We do not exactly have one of the strongest currencies in the world so buying foreign currency is initially more expensive for us than for traders from countries like the United States of America, Great Britain or New Zealand. While this means that a profit will be an even bigger profit when turned into Rands, it also means that a loss is going to hit us even more. If you’re just getting started with Forex trading play with small amounts to begin with until you know what you are doing, no matter how tempting those big gains may be. Experts suggest you open a demo account at first.
Forex South Africa – Pick and Stick
So the heading may sound strange but all I am emphasizing here is that you should start off by picking one or two currency pairs to trade in at the outset. If you try and trade in all of the pairs’ things will get confusing. Rather get to know the currencies you are trading in. This way you are less likely to make mistakes which lead to losses.
Forex South Africa – Have a Game Plan
The Forex market should be treated like a business and no self-respecting entrepreneur would go in without a business plan. Your trading plan keeps you focused on the long term when small things go wrong allowing you to make more profit later on. Do some technical analysis in order for you to familiarise with the forex game.
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