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How to become a Successful South African Trader.
Abstract：Forex trading is a both a profession and a legitimate business. Hence, in order to excel in this business and practice it very well as a profession, the trader needs to learn about it fully well; just as we do in any other profession. The beginner forex trader needs to learn about the market principles and service providers known as brokers. He/she needs to have a trading plan/strategy to make trading easy for him/her.
A. Learn the basics of Forex trading
Forex trading is not a blind game playing nor gambling. It is rather a smart money making business for the learned. In order to excel in forex trading and minimize loss, the beginner trader needs to first acquaint his/herself with the basic knowledge of Forex trading. Here the beginner starts by learning what Forex trading is all about, what is traded in the market, where to trade, when to trade and which pairs to trade, when to stay off from the market, when to enter and when to exit. etc. All this nuggets together comprise what is known as the basis of forex trading.
B. Learn about the different Currency Pairs.
It is important for the trader to learn the two major division of currency pairs as: Major and minor currencies. The major currency pair comprises: EURO, USD, GBP and JPY. Other currency pair outside these are known as minor currency pairs ranging from AUD, SGD, CAD, NZD, etc.
Similarly, some currency pairs are known to be very volatile such as EURUSD, USD/JPY, XAUUSD, XAGUSD, Nas etc. These pairs are not often the best pairs for beginners and reserved for experts only.
C. Choose a good broker
The choice of broker is very important for one to become a successful Forex trader. Some brokers today are known as market manipulators who cunningly set the market against the trader as to liquidate them and blow up their accounts. It is very important therefore that every trader should identify these criminal brokers and stay away from them. In order to learn about the recommended and trusted broker, every South African trader is advised to visit Wikifx global platform regularly to learn about real and scam brokers.
D. Develope a trading plan/Strategy
It is practically impossible for one to be successful in Forex trading without first developing a trading plan. The trading plan/strategy guides the trader on when to trade, what to trade and how long to trade. A trading plan is like a diary to every successful Forex trader.
E. Learn about Risk management
Risk management is more important than profit making in Forex trading. This is because without proper risk management, the trader is exposed to loose all his assets and investments within a very short time. It is therefore paramount that every beginner who desires to be successful in the Forex market should pay greatest attention to risk management.
F. Read daily news and updates about the market.
Daily news and updates helps the trader in carrying out a proper Fundamental analysis of the market. News and events are no doubt what moves the Forex market. It is therefore very necessary that every trader who seeks to be successful must make out time to learn, read and follow daily news and updates about the market especially the Fed Reserve news and weekly NFP and other related news. To get daily news and updates about the market, every South African Forex trader is invited to visit Wikifx.com daily and read the daily articles and updates about the Forex market.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Scandinavian Capital Markets Exposed: Traders Cry Foul Play Over Trade Manipulation & Fund Scams
Does Scandinavian Capital Markets stipulate heavy margin requirements to keep you out of positions? Have you been deceived by their price manipulation tactic? Have you lost all your investments as the broker did not have risk management in place? Were you persuaded to bet on too risky and scam-ridden instruments by the broker officials? These are some burning issues traders face here. In this Scandinavian Capital Markets review guide, we have discussed these issues. Read on to explore them.
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Uniglobe Markets Deposits and Withdrawals Explained: A Data-Driven Analysis for Traders
For any experienced trader, the integrity of a broker isn't just measured in pips and spreads; it's fundamentally defined by the reliability and transparency of its financial operations. The ability to deposit and, more importantly, withdraw capital seamlessly is the bedrock of trust between a trader and their brokerage. When this process is fraught with delays, ambiguity, or outright failure, it undermines the entire trading relationship. This in-depth analysis focuses on Uniglobe Markets, a broker that has been operational for 5-10 years and presents itself as a world-class trading partner. We will move beyond the marketing claims to scrutinize the realities of its funding mechanisms. By examining available data on Uniglobe Markets deposits and withdrawals, we aim to provide a clear, evidence-based picture for traders evaluating this broker for long-term engagement. Our investigation will be anchored primarily in verified records and user exposure reports to explain the Uniglobe Mar
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In-Depth Review of Uniglobe Markets Trading Conditions and Account Types – An Analysis for Traders
For experienced traders, selecting a broker is a meticulous process that extends far beyond headline spreads and bonus offers. It involves a deep dive into the fundamental structure of a broker's offering: its regulatory standing, the integrity of its trading conditions, and the flexibility of its account types. Uniglobe Markets, a broker with an operational history spanning over five years, presents a complex case study. It offers seemingly attractive conditions, including high leverage and a diverse account structure, yet operates within a regulatory framework that demands intense scrutiny. This in-depth analysis will dissect the Uniglobe Markets trading conditions and account types, using data primarily sourced from the global broker inquiry platform, WikiFX. We will explore the Uniglobe Markets minimum deposit, leverage, and account types to provide a clear, data-driven perspective for traders evaluating this broker as a potential long-term partner.
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In-Depth Review of MH Markets Trading Conditions and Leverage – An Analysis for Experienced Traders
For experienced traders, selecting a broker is a meticulous process that extends far beyond marketing claims and bonus offers. It involves a granular analysis of the core trading environment: the quality of execution, the flexibility of leverage, the integrity of the regulatory framework, and the suitability of the conditions for one's specific strategy. MH Markets, a broker with a 5-10 year operational history, presents a complex and multifaceted profile that warrants such a detailed examination. This in-depth review dissects the MH Markets trading conditions and leverage, using primary data from the global broker inquiry app, WikiFX, to provide a clear, data-driven perspective. We will analyze the broker's execution environment, account structures, and regulatory standing to determine which types of traders might find its offering compelling and what critical risks they must consider.
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