Forex Trading Isn’t Everyone’s Cup of Coffee

TopAsiaFX 24 May 2019- Forex or foreign exchange trading has now become very common and smart profession all across the world. Many new peoples are joining the Forex market every day in order to gain profits. It's a matter of fact that the maximum of them struggles and become unsuccessful.

Forex trading is not different from gambling for you if you are not a qualified and experienced trader, and that should be avoided altogether, unless you are among the few South Africans whose financial planning affairs are settled, said leading financial planner Craig Gradidge.

Your financial affairs are "organized" when you have enough savings to cover your retirement, your children's education, your emergency funds, and your lifestyle, said Gradidge, he is the one who holds a certified financial planner qualification and also is the director of Gradidge-Mahura Investment, practice financial planning approved by the Financial Planning Agency.

Then, and only at that time, you should consider trading Forex, "and only as an alternative to gambling", he said.

"Random results in Forex trading are similar to betting on black or red on a roulette table. There is a one-in-36 chance that green can appear in roulette, so maybe Forex is a little riskier because currencies can go up or down anytime."

However, few South Africans are able to retire and maintain their standard of living and our high level of debt exposure, there are very few people who can safely experiment in Forex trading.

While it's not impossible for the average person to make money from trading Forex, the odds are stacked against you - Craig Gradidge,

People who make money [from Forex online trading] are often those who sell training programs or offer Forex trading platforms, Gradidge further said.

Even though it's not impossible for most people to make money from Forex trading, the opportunities are stacked against you, he said.

Gradidge said he had seen fraud offering a guarantee to double your money in 30 days. He said if a return like that is possible and you can invest R100,000, and reinvest and repay it every month, your investment will grow to R3.6 billion after two years and R1.7 trillion in less than four years.

Such guarantees have no meaning and aim to make you part with your money. "You are the source of their 'return'," he said.

Faizan Anees, one of the founders of brokerage ThinkMarkets.com, South Africa, said consumers must be careful not to be lured by marketing tricks used by people posing as Forex traders.

As an investor, you have to ask yourself why some foreigners want to make you very rich, he said. Successful Forex traders cannot share the hard-won tips and tricks with the public.

To protect yourself from fraud, he said you can check whether the broker or bank they sell has a good reputation, whether the company is regulated and how long it is in business, and you can ask to see the trade report.

Ask to see a signed and certified statement from the broker and check whether the broker is regulated or not. Here are the 15 best ways of choosing a forex broker.

Anees says you have to be careful of people who try to pressure you. "If the opportunity will end and never come back, be careful!"

He recommends that you start by investing only in small amounts. "A trader who has a profitable strategy can do it with small and large funds, so there is no need to rush to invest everything. Plus, only commit money that you can lose." For those who want: Deposit Bonus, No Deposit Bonus, Live Contest, Demo Contest