Introduction

Now forex trading is legal and secure in South Africa, and you must have smart devices to access the trading platform. A strategy is required to earn profit in trading. In this article, we discuss the steps through which you will learn how you can create an account and earn profit. Before starting the trading, you should get knowledge about the currency pair and analytical tools to invest your money in the right direction and on deserving currency pair.

What is Forex Trading?

The buying and selling of currency pairs on the foreign exchange market are known as forex trading. With the volatility in currency prices, traders earn profit. 

Process Of Starting Trading Forex In South Africa

Finding the right broker is a crucial step in any trading process. Here, we’ll review how to begin trading forex in South Africa. You must be conscious of risk management, and if you’re a newbie, you should try to get expert advice.

Open your Trading account

The first step is to pick a licensed broker. Since you will be dealing with your hard-earned money, selecting a good broker is crucial. There are many registered brokers in South Africa; you may compare your shortlist and learn more about their policies and procedures to make the best choice. Verify that a forex broker is licensed or permitted by the FSCA to provide derivative instruments before you create an account with them. On the FSCA website, there is a public search function where you may discover a list of all licensed and authorized brokers. Some brokers could make authorization claims but need a license.

Understanding Forex Trade

Always starts with a demo account because it will assist you in learning the platform’s features and functions. Before beginning your trading business, it’s crucial to understand key terminology. Here are a few of them:

Lot Size: You buy and sell currency pairs in “Lots” on the forex market. The Lots are just the units of currency you are dealing with, and the names vary depending on the quantity. Lots are categorized into three different sections that are mentioned below:- 

1. Standard Lots is equal to 100,000 Base Currency units.

2. Mini Lots equal 10,000 Base Units.

3. Micro Lot consists of 1000 units of Base money.

Leverage, margin, risk capacity, and other considerations will all affect how many lots you can trade.

Leverage

In the trading industry, the term “leverage” refers to borrowing money to invest. When you use the phrase “Leverage” concerning forex markets, you imply that you are lending money from your broker to place an order for a more immense amount than your real capital. However, using leverage might boost your earnings if you are correct while simultaneously raising the possibility that you will lose more money if you are inaccurate.

Margin

Margin is the amount you must have in your trading account to make a trade order. Because forex trading is volatile, maintaining a margin in your account is crucial. Margin is the money placed aside with the broker while your position is open and is required by forex brokers to open a transaction.

For instance, let’s say you used a leverage of 1:100 and made an order for $5000. This suggests you buy $5,000 worth of goods with just $50 in cash. Now, your broker would withdraw $50 from your trading account as a “margin.” The broker will notify you to fill the necessary margin drops below the prescribed standards.

Stop Loss

It is a price at which you can choose to stop a losing transaction. You can establish a stop loss at this price. Losses are unavoidable; therefore, it is important to manage your risk; one should set a stop loss limit once you place a trade.

Conclusion

It is important to understand and study the forex market, as it is highly volatile in nature. If you are beginner in the market, do not get attracted towards the profits only, do proper research and always start trading with a small amount, and reinvest your surplus to get the maximum benefit as it is the best ways to manage and reduce your risk 

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