by Ntombi Malatsi | Nov 9, 2015 | FOREX FOR BEGINNERS, FOREX TRAINING
Are you investing in Forex or Scam?
Welcome back, if you are here for the first time, I am happy to have you here. Ok before I can start saying too much, let me first give you a little background of my online “investments”. I was that girl who was forever curious about anything that happens online, a fast learner too.
How I unknowingly got involved in some scam
Anyway I have a sister (older sister) whom I dearly love and I was always following her wherever she went. She used to hang out with her network marketing friends in Jo’burg (they had an office there). I used to go with her when I had time and I ended up joining the “investment” programs that they were doing online.
I was always assisting her to register new sign ups (her down lines). I ended up joining and I truly believed we were investing and changing our financial future ( little did I know I was getting myself into trouble). Being as curious as I was, I saw an opportunity to become one of the representatives for that company.
I had to ask friends before writing this post to remind me of the name of the company, It was Reprofinance, very nice name I must say and not to mention the professionalism on their website, it was on another level (smiling as I write this).
How I maximized my earnings
I started promoting the “investment”, recruited others and got paid some commission for recruiting. The more I recruited, the more I got paid and the more people joined because they were seeing me getting paid daily. At some point I had so many referrals and I was not even recruiting anymore as I was a sales rep and people would find my contact on the company’s website and they would contact me to join and I was getting paid daily, I mean daily.
I was on top of my game, so I thought
I knew all there was to know about getting e-currencies for the new sign ups and I was on top of my game. I really believed the claims on the website that money was traded by the company’s experts and that is where our daily earnings came from. I can’t remember the amount we were paid daily, but hey they were paying and we were very happy.
I also joined another one called Macrotrade at the time and I was about to apply to become a representative there as well, they also claimed to be trading the funds. I believed them as the name was even suggesting that they were trading. I was naive and so are many people today who are still falling for these Forex scams. Now that I know what is Forex trading, I can bet my last coin that anything that resembles what I have mentioned above, is definitely a Scam. Be warned and stay away.
They say every mishap is a lesson.I learned mine OK, but I got to know some really lovely people through those scams. We lost money together and we became good friends, maybe I was there just so the universe could connect me to those people.
What is HYIP investment?
Definition by Google: A high-yield investment program (HYIP) is a type of Ponzi scheme, an investment scam that promises unsustainably high return on investment by paying previous investors with the money invested by new investors. Most of these scams work from anonymous offshore bases which make them hard to track down.
Ok, I have already told you my story, but there is more. I got paid and I was rolling in dollars, I knew “everything” there was to know about the “investment” except that I was being lied to and I did not see it for a long time. To cut the story short, It ended badly. One day I woke up as usual to check my “investment” and boom!! the website was gone, at first I thought it could be some issues with their server or something, and the next thing the domain was on sale and it was over, the site was no more and all the money was gone.
What happened next?
People all over the net were panicking. I had new people who had just joined the previous day and it was really bad. I had to explain what happened and I didn’t know what happened, both programs collapsed almost at the same time. Relationships were ruined.
I know people who “invested” R50k+ in those”investments” and they lost it all. I know families who were left broken by the losses and I vowed to never get involved in such ever again. There are lots of them going on online and they all claim to be trading the funds, take it from me, I know how they work and their lifespan is limited.
They pay and sooner than you think, they vanish and you are left penniless, be wise, those programs are plain Ponzi schemes hiding behind Forex trading umbrella and the owners are very smart they make sure they get the domain that has words like Forex, trade and so forth to lure you into joining their scheme.
They have their target and once they reach it, they vanish into thin air. They are all scams and what they do has nothing to do with Forex trading. If you happen to belong to one, just know that you are not trading but participating in a Ponzi scheme which will collapse anytime soon and leave you dry. Most people do not really care much about that as long as they are not the one’s who are left dry and bankrupt. Forex trading or any other real investment does not promise guaranteed returns because everything is controlled by the market’s conditions.
How long does a HYIP investment last?
I have seen some running for like 600+ days and some people would always say that it is better to catch them while they are still new. I guess they always know it is going to end soon but they simply ignore the fact that someone is going to lose everything while others are going to be smiling all the way to the bank.
How long does Forex last?
With Forex trading, there is no life span. Forex market is not going anywhere as long as there are still currencies to be exchanged. With Forex trading you actually put some effort in learning the skill and you are doing all that legally with a help of regulated Forex brokers. Check out all the FSB regulated Forex brokers that I recommend HERE to make sure that your trading activity is legal and you are not going to wake up one morning and find out that your broker’s website is no more. Forex trading is legal in South Africa and many other countries.
Should you need to setup your live account, Whatsapp me on +27 76 966 9392 or +27 64 510 4132. You can also check out my Private Mentorship program. I really wish I had this information few years ago. If you decide today to get involved, it will be purely out of your choice and not out of lack of information. Thank you for stopping by and I hope you found this post valuable. Please be kind enough to share this post with your friends or social media groups.
by Ntombi Malatsi | Oct 6, 2015 | FOREX FOR BEGINNERS, FOREX TRAINING
What Is Copy-cat Trading?
Copycat trading is a form of trading that enables a trader to participate in financial markets to automatically copy positions or trades opened by the one they are copying. Participating in this form of trading does not require any training or vast knowledge in Forex markets, all you need is to have funds to invest and to find that person to copy, that is the whole concept of copy trading, but you can stop copying anytime and do things on your own when you feel you are ready. Is this the best form to participate in Forex markets?, I do not know, but maybe after reading my copy trading story you can decide if it is the best form of trading for you, always remember that we are individuals, what works for me might not work for you, knowing your own personality and needs is key.
My Story
Few years ago a friend who was so excited about copy trading introduced me to his newly found treasure, at that time I already had a live account which was doing very well operating on paid signals but it was later blown out when the signal provider decided to dump me, that was a painful wake up call. I remember how I did not even need to think twice about it, I ”jumped” immediately, I opened live account and funded it right away and followed his advice copying the same guys he was copying, the guys we copied were rated as top traders at that time, being a top trader was based on their past performance. I must say it went very well and I made some money, sometimes I would copy the same trades to my other live account, I would just place trades as they were from the copycat account, I was also as excited as my friend was, I managed to withdraw my initial investment and continued to copy with the remaining profits, but unfortunately it didn’t last long and my account went under, I do not blame my friend or the traders I copied though.
Lesson
I have absolutely nothing against the copy trading, I tried it and it worked for a while until the people I copied were not doing so well anymore like they were doing at the beginning, the losses were too much, the performance of those I copied dropped and it was not “happening” anymore, so I decided to take the account back and traded it on my own, I could have just changed the trader and copied someone else but I felt it was time to be hands on and do things on my own as i always wanted to, I could only do that because I had learned how to trade and I do not regret that decision.
Is copy-cat trading bad?
NO it is not bad at all, but as I have mentioned above that I cannot decide for you if it is good or bad, I am just sharing my own experience just to assist you in making your own decision. My advice is, if you decide to go the copycat route, just bear in mind that you are not copying God himself but copying a human being who can make errors anytime just like we all do, should you encounter loses while copying, just know that it could have happened even if you were trading by yourself, copy trading does not mean you become immune to losses, losses are losses , they occur to most of us, and copy trading is no exception.
Copy-cat trading and paid signals taught me one lesson that I would rather fail on my own because I will at least know where I went wrong and where to improve, but again that is just me and I always wanted to do things on my own anyway, copy trading is suitable for people who do not have time but wish to participate in financial markets. The reason why I stopped copying was not because I was angry or blaming the trader I was copying or because it was bad, but I realized it was not for me as I really wanted to be hands on and do things on my own and I could not really do that if I was still depending on someone else to trade for me, I am glad I took that decision otherwise I wouldn’t be here writing this now. But if you have no intentions of being hands on, copy trading might be perfect for you, open your copy trading account HERE and if you need any assistance, just let me know. Thank you so much for stopping by please kindly share the post and do come around again.
by Ntombi Malatsi | Aug 28, 2015 | FOREX FOR BEGINNERS, FOREX TRAINING
Never attempt trading without knowledge
I did not just arrive but I started somewhere, somewhere not fun at all, and ooh!! I haven’t even arrived yet, I am still very far from where I want to be. From the past few years that I’ve been trading Forex I struggled a lot when it comes to reading real stories about Forex trading.
Why did I start this blog?
When I started this blog I was a lonely trader looking for a space where I could share my bad experiences but unfortunately I couldn’t find any forum or group where traders shared the reality of Forex trading or rather real stories, but only flashing of possessions and selling of dreams to aspiring traders.
I therefore decided to be a “storyteller”. I started this blog to tell my Forex trading story in a real way possible since everyone out there is more interested in sharing the beautiful story and happy endings. Most of the time I get people asking me why do I hate Forex trading groups and forums? I do not hate Forex groups.
I just decided to stay away as I couldn’t find what I was looking for at the time. I was looking for real stories, for people who were willing to share what I was going through, but being there in groups made me to feel like a failure as no one would really share their worst moments or reality. I therefore became a loner (still am) and started this platform, my diary to share my Forex trading stories.
I never even thought people would read, but I am happy that people are reading and following. This place might be the right place for you, maybe you are reading here now and what I’m about to share is exactly where you are or what you are going through.
Ok I am not sure if it is me or there are Forex traders who think like me out there, everyone seem to believe that Forex trading can be learned in just 2 days, I don’t. I tried and believe me it didn’t work, maybe for someone who’s been trading for a while, someone who just need to learn a new strategy or new tricks, yes I agree 2 days might be ideal, but definitely not for a beginner because strategy is not everything, understanding the financial markets can never be achieved in 2 days, unless I am the dumbest woman on earth to ever fail to learn Forex trading in 2 days.
I know someone might be reading this and stopping right here just because I said it is impossible to learn everything in 2 days, I know it is impossible, I am yet to see a successful trader who learned in 2 days. As a mentor myself, I find it very hard to find people who are in a right state of mind, the influence from social media is too huge, only financially matured can survive.
My worst moments
There are few moments that were the most difficult in my trading life, but let me tell you about this one in particular. It was Friday, I had everything “under control”so I thought. I cannot even begin to think of how on earth did I do something so stupid. I had $900 in my account and had 20 positions opened at the same time.
I am not exaggerating I really had 20 position. Forex trading was the only thing I spoke about to my friends and family, I was forever telling them how I’ll make my first million soon, little did I know I was about to”kiss”my trading account goodbye on that Friday, I would never forget it but I now smile as I write this, what an experience.
It was the first Friday of the month and Non Farm Payroll (NFP) was about to be released, I didn’t know what was that all about, I had never heard anything about the economic news that take place on a daily basis. I was still very naive to believe that the currencies move randomly.
I was very lucky I must say, I see a lot of traders who are just lucky, pity luck runs out in this business and when it does, it hits you very hard, back to my 20 open positions. I was watching my charts moving up and down and feeling like a “dollar queen” thinking to myself, I got this.
I was really sure I got this. I had over $900 on my balance (which I thought was everything at that time) I watched my 20 position closing one by one.I did not really think I was in trouble (when you don’t know what you don’t know I was not scared at all even when I saw the red line flashing, I didn’t know what it was or what it meant.
I got an email, before I could even finish reading it, all my open positions were automatically closed and the $900+ on balance was suddenly reduced to $0.36, still I was not scared at all as I didn’t know what was happening in fact I thought the platform was playing tricks on me (in tears laughing as I write this) I went to my broker’s live chat to ask them to rectify the error, I got the shock of my life, I was told I was on margin call. I did not even know what was a margin call. For some reason I still thought there was a solution to reverse the margin call, ooops!! there was no solution, I actually lost everything.
That was the end of me and talk about my confidence being bruised, I got so embarrassed and ashamed. I got revolted and told myself I will get this one day. My trading buddy, knows how I used to tell her about my son teasing me every time he gets a mosquito bite and get that itchy red mark, he always teases me and say “mom look , I’m on margin call” and we both laugh about it, he was 9 years when it happened and that was 4 years ago.
It was so hard for me, I was so traumatized and even scared of using or looking at a microwave as I was scared of any moving numbers. At a petrol station, it was just a nightmare to see any moving numbers. I would just see my trading account vanishing before my eyes, it reminded me of the day and the flashbacks were just horrible.
Thank you for reading as I wait for real stories. Kindly share yours by leaving a comment. Thank you for stopping by, please do share the post and tell us your own story. I enjoyed telling you my story I hope you enjoyed reading. Contact me for private coaching so you can avoid the same mistakes that I made.
by Ntombi Malatsi | Aug 18, 2015 | FOREX FOR BEGINNERS
Welcome back, thank you for being here, if it is your first time reading my post, welcome and I hope you enjoy and hopefully you’ll come visit again. Today it is all about the Forex trading FAQs, the questions I compiled here are from day-to-day questions that I get from real people.
FOREX TRADING FAQs
Q: Do I need thousands of dollars to get started in Forex trading?
A: No Forex market is different, there is a difference between Forex and stock market, some brokers can even allow you to start with as little as $30 (not a good idea though).
Q: I have a full-time job, can I do Forex trading while having a job? I am so scared I won’t have time to trade as sometimes I work shifts and I always hear people saying I will have to be glued to my computer screen all the time to succeed and also I will have to miss sleep, I am really scared as I have seen one image circulating on social media where they showcase 3 beds with other professionals sleeping peacefully at night, but the empty bed is labeled as a Forex trader’s bed, do I have to stay up all night to watch over my trades?
A: No you do not need to do that, not at all, you’ll still have your 8 hour beauty sleep. Forex trading is just like any other business, you can plan your own time at which you prefer to trade, the Forex market consists of 4 sessions, so even when you work shifts you can still find time to trade and sleep, and there are very useful features like Stop loss and Take profit that you can use to set your targets. Only gamblers stay up all night worried about trades, if you trade at night it should be out of choice as I have said that the market comprises of 4 trading sessions, and they all open and close at different times of the day, hence the Forex market is open 24 hours.
Q: Do I need to be connected to the internet the whole time when I have a trade?
A: No, I like this one because I actually left my laptop connected at one time the whole night because I thought it was going to close my trade if I go offline, but no as soon as you place your trade, it remains in the market, you can go off and nothing will happen to your trade if you disconnect from the internet.
Q: I do not have economics background, do I need to? or do I have to be a computer geek to get this business?
A: No you do not need to have any economics background, neither do you need to be a computer geek, but you do need to know how to operate a computer, you could be a qualified journalist and still master the skill with no economics background at all, Forex trading is a practical skill that can be learned by anyone.
Q: Do I need a special USD card to fund my Forex trading account? I am in south Africa and since people who trade talk about dollars a lot, can I use my local bank?
A: Yes definitely you can, most Forex brokers do accept local credit or debit cards.
Q: Do I need to put a notice every time I want to withdraw money to my bank account?
A: No, most brokers take about few hours to complete a withdrawal, no 32 days waiting period, your money is available to you when you need it anytime, make sure you use a reputable broker though, some brokers especially non regulated ones can be a problem when it comes to withdrawing your money, be careful of the broker you choose, for FSB regulated brokers even if they are also internationally regulated.
Q: What if I start my Forex trading with small amount, can I add the funds on the existing account, is that possible?
A: Yes you can add amount at anytime you wish.
Q: Can I have multiple accounts in my name with the same broker, is that possible?
A: Yes it is possible, you can have additional accounts in your name with the same broker, most Forex brokers do allow and I know for sure that my personal Forex broker does.
Q:Can I trade Indices and Commodities on the same platform as I trade currencies?
A: Yes definitely, you can trade Gold, Silver, Ftse100, Dow Jones, Crude oil, ACM Gold offers at mini sizes.
Q: Can I learn everything about Forex trading in just 2 days? I see many places they offer a 2 day course for beginners, how true is that?
A: No, I do not believe it is true, I can assure you that you cannot, I have been trading currencies for few years now and surely I did not learn that in 2 days, learning is an ongoing thing though it never stops.
I hope you have some of your questions answered through this post, the questions here are questions that I usually get in my inbox. Thank you for stopping by and please do visit again and kindly share the post using the share buttons below.
by Ntombi Malatsi | Aug 11, 2015 | FOREX FOR BEGINNERS
There are so many lies told by Forex traders
After some few years of being in this industry, trading Forex market has been one industry that is mostly bombarded by scammers, I see people being lied to everyday, including my friends and family members, they just won’t listen even when I try to warn them, it seems like everyone who wants to run a pyramid scheme finds it very easy to hide behind the Forex umbrella. Forex trading itself is a legit business opportunity, but the truth is, not everyone can make it and it is definitely not for everyone, mental stability and approach has a lot to do with who will make it and who will not. Forex trading is fairly new in south Africa and unfortunately it seems to be attracting everyone who is looking for a quick buck, and people are becoming easy targets, I can blame that on the social media though and how it is presented to people by those who are doing it, it is exaggerated and glamorized, there is so much hype surrounding it and no one really care to tell it as it is, everyone is just painting a wrong picture, which says ” easy money”, everyone is sharing the end product, not the sweat that goes in before they actually made it and for that reason people who are new to this business are mostly excited about everything and anything, enough about that now, let me not delay any further and just get straight to it, listed below are some of Forex trading lies I used to believe, I am glad I grew up though and I stopped believing in them, I learned the hard way though. Do not believe any of these lies.
1.Forex trading is easy money
Truth: NO, definitely not, as much as there might be some truth in this statement but the reality is, you will have to know how to do it in order to make it, experience makes you even better, and knowing it won’t just happen after attending one seminar or following some forex group or forum, so please do not believe it.
2.To increase your chances of making money, you need to trade a lot everyday and even miss sleep
Truth : NO it is a big lie, you do not need to do that, I have done it, I have seen people doing it, I see people doing it even now, but still don’t make money, I did it also and I always felt the urge to trade, I felt super smart trading everyday until I realised I was being foolish. The thing is, everyone who is new to Forex trading suddenly feel like the whole world need to know that they are now traders and the social media need to be updated about every move they make and in the process they miss what is more important which is the fact that success in this business is not in quantity of trades but quality. And trading like crazy does not really make you more money, by making money I mean taking it out of your trading account and taking it home, that is what I mean.
3.Price movements on currencies are just random
Truth : NO it is a big lie, nothing happens randomly, the thing is, markets seem to respond to economic events that affect specific currencies, so NO it is not random, if we never had economic events there won’t be charts to read in the first place, because charts collects data from the past and report it to us, no economic event, no data and no charts, I have since learned that now, but I believed the lie for such a long time until I realised I don’t really like the surprises that I always got due to the price movements caused by an economic event that I knew nothing about. After all, currencies are prone to the increase of interest rates and all other important data released like GDP and retail sales in their respective countries.
4.Forex is like betting horses
Truth : NO, I might not know how the whole batting horses thing work, but I do know there are no economic events influencing the whole process of which horse wins or lose, I also know that when Yellen or Mario Draghi speaks or when NFP take place, the world of currencies react not horses. There might be some truth in this though especially when people treat Forex trading as some game that is played by people who love computers, I now smile as I write this one.
5.You can turn $200 into a whooping $10 000 in just a week trading Forex
Truth : NO this is the biggest lie, this statement is one of the biggest Forex trading lies, the one that makes people to go crazy out there whenever they see the word “Forex”. It is very possible I agree, but also very deceiving as it is not possible to do so with such small start-up cash, I am glad I stopped believing it. Gambling tendencies begin by believing this lie, being a realist saves me from trouble now, if you want to make $10 000 in a week, yes you can, but your start-up cash has to be higher as well definitely not $200.
6.All it takes to make money is to open a live account with a broker and boom!! start making money right away
Truth : NO, you might not need to have a degree in economics but you sure need some kind of education, and I see some people are so brave to just open a live account while they’ve never even heard the word currency before (guilty as charged, I did it also, I was deceived and lied to), some cannot even use a computer that is how bad the lies are. Do not believe this lie, find a mentor, funding a live account and depending on a broker to call you does not work, if you don’t know what you don’t know it is hard to learn or make sense of anything, that is where I started also, an hour call with a broker never really made me money, it works when you already know how to trade, otherwise you remain confused the whole time on the phone.
7.You can just open live account and buy the signals to succeed:
Truth : this one is not a total lie, but the bad thing about it is when you totally depend on paid signals and yet know nothing about trading, learn to take care of your own money, if you want to invest in Forex, invest in education first before investing money, otherwise you are going to donate it to the markets.
8.Forex trading is for men:
Truth : NO it is a lie, I don’t even need to say much, because I am a woman and I am a Forex trader, market does not care about gender.
That’s all for today, stay alert and stay smart, remember the market doesn’t know you exist, so trying to be clever is just a waste of time and money. Thank you for stopping by, you are loved and appreciated. Let’s blow the whistle by sharing this post using the share buttons below, let us stop the lies and enjoy trading financial markets, if you are currently being lied to, snap out of it and you will enjoy trading forever.
by Ntombi Malatsi | Aug 3, 2015 | FOREX FOR BEGINNERS, FOREX TRAINING
The most traded currency pairs in the Fx market:
Forex market is like a huge marketplace where investors buy stronger currencies and sell the weaker currencies. There are different types of currencies, but some currencies are traded more than others on a global scale, there are only a handful of currencies that are actively traded on the Forex market. Let’s have a look at the list of the most traded currency pairs in this market, currencies are traded in pairs hence we call them currency pairs, it is always one currency Vs another.
MAJOR CURRENCIES:
These currencies are paired with the Us Dollar and they are from major economies and they are highly liquid.
- Eur/Usd (Euro vs Us Dollar)
- Usd/Jpy (Us Dollar vs Japanese yen)
- Gbp/usd (Great Britain Pound vs Us Dollar)
- Usd/Chf (Us Dollar vs Swiss Franc)
COMMODITY CURRENCIES:
These currencies are also from major economies but they are called commodity currencies because they are heavily dependent on raw materials.
- Aud/Usd (Australian Dollar vs Us Dollar)
- Usd/Cad (Us Dollar vs Canadian Dollar)
- Nzd/Usd (New Zealand vs Us Dollar)
CROSS CURRENCIES:
These pairs are not paired with the Us Dollar:
- Eur/Jpy (Euro vs Japanese Yen)
- Gbp/Jpy ( Great Britain Pound vs Japanese Yen)
- Eur/Gbp (Euro vs Great Britain Pound)
WHAT ARE THE CONTRIBUTING FACTORS OF CURRENCY’S VALUE AND EXCHANGE RATE:
- Interest rates in the country increase the value of that particular country’s currency. The higher interest rates tend to attract foreign investment and therefore increasing the demand of the home currency’s value.
- Trade balance between imports and exports play a crucial role in the increasing of a currency value and exchange rates.
- Gross Domestic Products (GDP) is a big measure of economic health of a country and actually a gauge to a country’s standard of living, good or favourable numbers also increase the value of the currency.
- Country’s level of debt can be managed, but if not managed well it leads to higher inflation rates and that may trigger the official devaluation( deliberate downwards adjustment to the value of the country’s currency) as Forex traders we need to understand the world of currencies that we invest in before we can even think about investing money, education first. Thank you for stopping by, you are much appreciated, please do come around again and kindly share this post using the share buttons below.
Recent Comments