New traders tend to shoot first, and ask questions later. I can understand, there is excitement burning inside you when you first discover the markets, all you want to do is get your hands dirty.

What Is a Trader?

I am sure many traders have a similar starting experience. Learning how to trade from a text book only gets you so far.

The real learning experience comes from involvement with the markets. Screen time is very valuable, whether it is good or bad. I am a strong believer of turning the negative of a mistake into a positive as a lesson for the future. Hopefully you will learn from your mistakes, burning those neural pathways in your brain, and start to build a positive trading mindset.

Doing the same thing over and over again and expecting different results is the definition of insanity — Albert Einstein. Learn to embrace failure, not become disappointed by it. If discipline was a muscle, the seasoned Forex trader would be like the ripped guy down at the gym — the person everyone looks up to and aspires to be like one day. Just like your biceps, it needs strengthening and conditioning. We all possess different levels of self-discipline when we start trading, but in order to succeed we need to work hard on building it to an immense level.

It takes determination and perseverance to make self-discipline an integral part of your regular practice. They will require much less willpower and begin to feel automatic. Just as everyone has different muscular strength, we all possess different levels of self-discipline. Some people will excel in trading more rapidly because of their natural ability to avoid temptation.

When you channel your self-discipline on a single purpose, look out! Stressful events can be very taxing on your discipline reserves. Are you impatient? Do you make quick, snappy decisions and often get anxiety about things not progressing quickly. Patience is the ability to tolerate waiting, delay, or frustration without becoming agitated or upset. It helps you control greedy, selfish and impulsive behaviors which can destroy you very quickly.

Most traders put themselves in highly stressful situations like trading with high frequency where patience can run very thin, quick! Things take time to develop in the market. There is no need to rush with Forex. The market is forever, and there will always be another signal around the corner — perhaps even a better one. Many people become impatient due to physical factors such as hunger, dehydration, or fatigue.

Analyze your body the next time you start to get irritated with your progress. A simple fix might be a small meal and a glass of water! One thing good traders do is keep a journal — not only for your trades but for your emotions and thoughts as well. See my guide for keeping a Forex trading journal.

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Whenever you get that rushed feeling and the sense of impatience, write it down. This helps comparing how your emotions are negatively, or positively influencing your trading performance. Do you know what the core focus and sole purpose is for a trader? These are bonuses for doing the job properly. You can have the best Forex trading strategy in the world.

The only way to avoid these pitfall is to remove the greedy thoughts of riches and instead place all your efforts on learning to be the best risk manager you possibly can be at all times. You must be able to leverage your self-control and patience in every situation, under any level of stress. By doing so, you will naturally become an excellent risk manager and the profits will roll in. He started trading at a very early age and was already a multimillionaire when he turned 22, which truly makes him one of the best traders in Forex South Africa.

Ref Wayne is known for the strategies he developed himself and used to make pretty much all of his trades profitable. Just like the two traders I mentioned above, he is also concerned with the absence of financial education in his country. On one side, South African youngsters are struggling with the lack of decent career opportunities and try to find relief in Forex trading, and at the same time, they do not have enough financial knowledge to really make a profit from it. Wayne has also established the African Forex Institute and tries to help young entrepreneurs in Forex trading in South Africa and outside of the country on the African continent, as well.

It is worth mentioning that Ref Wayne is not only one of the most successful Forex traders in South Africa, but the creator of the first South African cryptocurrency — Pip Coin. To my fellow female readers, have you been told that Forex trading is for men, or have you thought of it by yourself?

There is a big chance that you have. The Forex industry is truly male-dominated and unfortunately, we do not often hear success stories of female Forex traders. But there are some truly exceptional female South African Forex traders that are changing the idea that Forex trading is for men only.

Top 6 Habits Of Successful FX Traders

The story of Nelisiwe Masango is indeed inspiring. While still at school, she was dreaming about becoming a neurosurgeon.

But soon she understood that the thing that she was truly passionate about was finances and investments. Hence, when the time came to continue her studies she refused to study medicine and enrolled at the university to study entrepreneurial management. However, it did not last long as well as soon enough she dropped out and started learning how to trade, It was a truly brave decision for her that turned out to be the best decision of her life. Masango started trading and saw great success, so much so that she became one of the best female South African Forex traders.

Just like Nelisiwe Masango, they both are in their twenties and have already tasted the success of Forex trading. Today their main aim is to provide young people in South Africa, startups, and companies with proper education about Forex trading and powerful platforms to trade profitably. In order to fulfill this purpose, they have established iSelect Wealth together. They are creating platforms and models by using the newest technologies and financial intelligence.

All of which are available worldwide for any person intending to use them. The main goal of Danielle Lest and Paballo Nkwe is to encourage newbies to become the authors of their own Forex success stories.

6 Strong Skills That’ll Help You Become a Successful Forex Trader

At the same time, they have the incubation program, Danielle Lester and Paballo Nkwe are visiting different universities to help women develop financial intelligence, study Forex trading, and make profitable investments. As you could see from these stories, Forex Traders lifestyle in South Africa is very humble and determined to create a better financial environment for other South Africans that are struggling due to poverty, lack of the proper financial education, and decent job opportunities.

Danielle Lest and Paballo Nkwe might as well stay in the Forex trading history of South Africa as one of the most influential traders ever. You could probably notice how diverse and instructive the history behind the Best traders in South Africa was. Some of them decided to gamble with their luck, some went the extra mile to closely inspect the depths of the Forex market before rushing to invest and some got to the heights with the help of professional traders.

What this means is that there is no single universal formula of success in Forex trading and one has to find his own best approach. Traders from South Africa have proved so many points and most importantly the one that claims that no matter your gender, age, or financial background, you have equal chances of climbing the ladder of success up to the very top of it. Learning from the Forex trading stories of the top South African traders now you know that you can come up with your self-designed strategy of infiltrating the Forex industry.

But before that, you would need an introduction to the best brokerage services offered worldwide for international clients. Though plenty of them are widely available both for newbies and experienced traders, for South African traders we would recommend XM Forex broker. Probably you have already heard about XM if you were doing the research on top brokers globally, but if not, you should consider looking it up, as it is one of the most respected and reliable brokers for international clients and especially for beginners in Forex trading SA.

In order to get you started, you need to sign up for the real trading account with XM. The steps for registration are very simple and we will go through the process in more details below:. The richest Forex trader in South Africa currently is Jabulani Ngcobo, who is also the richest trader in Forex on the whole continent of Africa.

His net worth at the moment is around 2. At the age of 35, he is already a successful entrepreneur, trader, and the author of the famous book — Cashflow Naked, which is simultaneously a biographical and educational masterpiece. At the moment, he quit his position as an instructor and author, however, still remains in the Forex trading business as a solid trader. Other notable names include Sandile Shezi and Ref Wayne, who had a very tough trading career with lots of ups and downs but now represent the richest traders in Forex on the African continent with a net worth of up to 5 million US dollars.

The youngest Forex trader and also one of the richest forex traders in South Africa is Sandile Shezi currently being 26 years old. He became the first self-made millionaire at the age of 23 in South Africa and probably on the whole continent, however, his attitude towards trading was quite unhealthy in the beginning.

How to Become a Successful Part-Time Forex Trader | Trading Education

He basically started by gambling with the tuition fee that his parents gave him and started trading currencies without much of the expertise and understanding of how Forex works. Fortunately for him, his luck saved him and earned him thousands of US dollars in Forex. Since then, he has educated himself in trading and has become a professional trader, who now teaches beginners the basics of trading. Among South African successful forex traders stories maybe the most famous one is of Sandile Shezi, who deposited in the Forex market the whole tuition fee that the parents sent him.

Even though his decision was indeed an uncalculated risk and it is not advised for inexperienced or intermediate level traders to invest large amounts without getting familiar with the market, Sandile Shezi appeared to be lucky and earned himself a fortune. It is not necessary to start with hundreds and thousands of dollars worth of investments in Forex, in fact, quite the contrary, it is better to start with smaller deposits to get accustomed to trading first.

No deposit bonuses would allow you to start trading without initial investment from your side while retaining the profits made by trading with no deposit bonus.