Economic News 12 To 16 November
Economic News To Watch This Week
Is Forex Trading legal in South Africa?
Is Forex Trading Legal in South Africa?
Hello readers, it’s been a while since I published a blog post. It’s towards the end of the year and it’s been a bit hectic on my side. I thought I should pop in today and answer this frequently asked question about whether Forex trading is legal in South Africa or not.
Forex trading can provide a great opportunity to increase one’s income streams. People are trading for different reasons. Some people are trading just because it seems to be popular. The people who trade for that reason are usually very clueless about what is expected from them in order to succeed in trading and they make up a huge percentage of people who are failing dismally. “Side note” to this group “Forex trading is not the screenshots that are circulating on social media”. Before investing money in Forex, one must acquire a proper skill. There a people who are trading for a monthly income. But before you think about firing your current boss just because you just found out that Forex trading is legal in South Africa, make sure you read this post HERE.
Forex trading is legal in South Africa as long as it is done within a regulated environment and participants are legal citizens with a South African Identity Document or Passport . There are Forex Brokers who are providing traders with trading platforms where the buying and selling of currencies or any other financial instruments that they may offer takes place.
Because Forex trading is legal in South Africa, Forex Brokers are compelled to be registered with the Financial Sector Conduct Authority (FSCA) formerly known as the Financial Services Board (FSB). When a trader funds his/her Forex account using his/her local credit/debit bank card, the same method should be used to withdraw money from the Forex account until all the money that was deposited from the card is returned. To withdraw profits, Bank wire is the preferred method used by most brokers especially those that are international brokers but also regulated locally.
Withdrawing money from the Forex account via bank wire involves the South African Reserve Bank (SARB) as the banks do require the reasons why there’s money coming in to your bank account. This should be proof enough that Forex Trading is indeed legal in South Africa. Plus a Forex Trader/s should declare the income with SARS (please do speak to a tax practitioner for more on this subject if you have been trading profitably). Should you want to open an account with one of the regulated Forex Brokers, you can find them on this post HERE. Thank you for stopping by, please kindly share this post with your peers and friends.
Economic News 15 To 19 October
Economic news to watch this week
Economic News 01 To 05 October
Economic News To Watch This Week
How Do You View Your Forex Account?
How You View Your Forex Account May Affect How Your Performance
Welcome back after a few weeks of not publishing any blog post, I thought I should just pop in to share a few practical tips on how to manage your Forex account. We are getting closer to the end of the year. A week ago I was talking to some of my mentees about the power of the mind when I was preparing them for live account. I was saying to them that how they think will have an impact in how they treat their Forex account. I will try to keep this post very short (hopefully so) and straight to the point.
We all started our trading journey with one common goal which was to make money (still is the main goal). Most of us did not really have any idea of what will be expected from us in order to reach that goal. We were never taught about the fact that trading will require us to be able to manage ourselves and keep our emotions in check. We all learn that along the way. If you are reading here and you are still struggling, just know that it is very possible to overcome yourself (these emotions are yours akere). I’ll give you 2 tips today that have helped me in my own trading journey. You can choose how you’d want to view your own Forex account using the tips that I am about to share.
I have my favorite saying which is “my account, my rules”. I always say this even to my mentees when they start sounding like they want me to take decisions for them (giggles). I always tell them that they must create their own rules “their accounts, their rules”. A few years ago when I was still trying to figure out different ways to keep this as real and less stressful as possible, I decided to view my account as a business and also as an investment. Let me share this in detail.
1.View it as a business
I am aware that a Forex account is not really classified as a business. If you can actually decide from today to view yours as a business like I did, you will witness a huge mindset shift in terms of how you treat it. If you can make your mind to believe that your Forex account is a business, you’ll be likely to apply all the principles that we apply on businesses. Principles like keeping the records of your stock, knowing how much you spend on your stock, how much do you pay for other required services to keep your business running smooth and so forth.
Imagine if you can get your mind to think on that level, you can definitely see change. If you view your Forex account as a business, you will also understand how important it is to nurture it like we do with other businesses. Most traders fail not because they can’t trade, not because of their trading strategies but because of their emotions and the fact that they view their accounts as a cash cow of some sort. Viewing mine as a business has shaped my mindset and has worked wonders over the past few years. I don’t really care much about the fact that Forex account is not classified as a business. In my books and for this purpose, it is. My account, my rules. Try it and see if it won’t work.
2. View it as an investment
Viewing it as an investment will simply mean that you will appreciate every growth that you see in your account because investments are unpredictable akere (I just could’t say this without my adding my favorite word). If you view your account as an investment, you would never complain about not doubling your account every second day. You will also understand it as this one investment where you are actively involved in its day to day growth. You’ll always be happy even when you manage to make only 5% per month. Consistency will matter the most to you. You will also understand that you won’t be making exactly the same percentage month after month and you”ll be OK with that. There are some traders who are very unhappy even when they are actually doing very well. They just can’t recognize their own greatness. A happy trader is a well performing trader. Try this as well and see if it won’t work.
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If you need to open a live account kindly register with one of the recommended FSB regulated brokers using the links provided HERE. For further assistance you can WhatsApp me on: +27 76 966 9392 Or +27 64 510 4132. For private lessons & mentorship you can Whatsapp me or enroll HERE.
I always try to provide practical solutions/tips and I hope this one helps as well. If you find it helpful please share it with your peers. Thank you for stopping by.
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