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On this page, we are going to teach you a few things that you need to know about getting started with trading in South Africa. Don’t think of this as a complete guide. Think of it as more of an introduction to the steps that you need to make to become a successful trader. This can be a long process, but it can be fruitful.
Learn How To Trade
You are going to be putting your own money on the line when you start trading. If you do not know how to trade, it is a gamble. You will probably lose…a lot.
Before you put any of your cash up, learn how to trade. Learn how to read charts. Learn how to establish what can have an impact on trading prices. Learn about mitigating risk.
Luckily, trading is huge now. You will have no shortage of information online that you can tap into.
Choose a Reputable Trading Platform
This is probably going to be the most important part of trading in South Africa. You need a trading platform.
Now, there are countless trading platforms around South Africa. When you are looking for a new platform, we suggest that you think about the following:
- Whether the trading platform offers the type of trades that you want
- Whether there are any fees (you preferably want these to be zero!)
- The deposit options that you have available to you
- Whether you can trade on your mobile device. After all, successful traders need the ability to trade at a moment’s notice.
- Whether the platforms are subject to regulation (it is important that they are!)
We recommend that you go through a variety of different platforms to see which one suits you the best.
Research Your Trades
Trading is something that you often need to make rapid decisions on. However, if you are going to be a successful trader, you need to make the right decisions.
This means knowing how to research every single trade you make. It is all about qualitative and quantitative analysis i.e. you need to be able to read news articles, press releases, etc., and be able to read the numbers.
In our opinion, if you do not have at least a few pieces of evidence that a trade you are making is safe, then it isn’t going to be a trade that you should be making. This applies to even the riskiest of trades. You need evidence. Don’t work on a hunch!
Try to surround yourself with financial news, standard world news, and even put together your own charts, etc. that you will be able to use to make your trades. The more information you surround yourself with, the better your decision making will be.
Learn From Experience
You are going to make bad trades. Even the top traders in the world will make bad trades, on occasion. Trading can be unpredictable at the best of times.
The mark of a good trader is to dust yourself off and work out where you went wrong. Learn from experience. Keep notes. If you work on your trading flaws, they will become fewer. This means profits will become higher.
This is something that many beginners forget. Trading is a journey. You don’t become rich overnight. Well, most people won’t become rich overnight.
If you want to start trading today, then you need a South African trading platform. Discover the best trading platform in South Africa. This could be your first step towards making profitable trades!