August 20, 2021

Trading is for everyone: Becoming a successful trader is easier than you think in SA

August 20, 2021

4 Common Mistakes Forex Traders Make

Trading is for everyone: Becoming a successful trader is easier than you think in SA 


Trading can be extremely lucrative provided you’re willing to put in the time and discipline to master the skill.  


The Johannesburg Stock Exchange experienced its highest intraday trading volume in years and subsequently shut down, preventing further trading until much later on August 17.  

The record-breaking trading volume was primarily due to a share swap deal between Naspers and Prosus in August, two of the biggest companies operating in South Africa.  

The JSE said in a statement: “Significantly high trading volumes yesterday, 17 August 2021, due to large corporate actions, including a record day of value traded in Equities, trading R145 billion (vs R71 billion in December 2017) has resulted in the JSE experiencing significant delays in processing these trades on some of its systems.”   

The tumultuous JSE lends credence to the fact that billions can and are being made in South Africa. How can you get a share of this wealth? By becoming a trader of course.  

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Get in the game  

Trading offers the opportunity to generate a second income. If you have a trading itch that needs to be scratched, there’s only one solution – get in the game. Trading used to be exclusively for major investment firms and huge brokers. This is no longer the case as anyone can trade in the financial markets and become profitable.   

If you’re a beginner, you can trade small positions to reduce your risk. As you gain experience you can increase your trade sizes and achieve financial freedom.  

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Top trading questions answered   

From financial market trends to factors affecting the economy, Zihaad Israel, CMTrading’s Regional Manager: South Africa, provides advice for all traders.  

Q: Is trading profitable in South Africa?  

Day trading is big business in South Africa. Traders can speculate on South African equity prices and the JSE index, as well as currency pairs, in addition to key global markets.  

Whether you like it or not, Forex is a complex market, and there is no single piece of advice that will work for traders and help them succeed. To learn Forex and be consistently profitable, you must first understand a few important principles. I have divided them into three groups: technical, ethical, and psychological.  

Q: How can the average South African get into trading?  

Firstly, one needs to understand the fundamentals of Forex so that when you begin learning to trade, everything is clear, and you do not become frustrated.  

Make a list of all the courses you’ll need. You must select where to begin and where to continue because there are many things to learn. Finding what you need to know and then breaking it down will make it manageable. Spend some time studying the variables that impact the market, not simply trading. When you first start trading, this will assist you to comprehend and forecast things.  

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Make no mistake: trying to read everything at once is impossible. People who are frightened by the quantity of knowledge they think they will need to know, often attempt to study everything before beginning to trade. Sadly, the more they read, the more confused they become since they do not incorporate what they have learned. If you get the impression that you know enough to begin getting used to, do not wait.  

Even if you are currently a trader, you should continue to educate yourself. It doesn’t matter how long you’ve been trading, there’s always something new to learn.  

Q: How much money do you need to begin trading in South Africa?  

In general, there are no additional fees associated with Forex trading. This is because you don’t simply buy Forex; you trade Forex, which means that the deposited funds may be quickly withdrawn or profited after a loss. Most South African traders, on the other hand, are still attempting to reduce the amount of money they deposit to begin trading in the Forex market. 

Generally, Forex deposits vary from trader to trade. The minimum deposits for most brokers in South Africa are usually estimated at R2800, although there are times when people are allowed to start trading at a much lower cost.  

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Q: Can you make money trading in South Africa?  

Yes, you can earn a lot by trading in South Africa. Thousands of traders are earning a second income from trading the markets. The typical monthly income in South Africa is around 45 000 ZAR. While many people make more and most earn less, this is a decent starting point for determining how much you would need to invest in yourself to trade full time.  

Q: Isn’t trading merely gambling?  

Unless you are counting cards or using other methods to try to make changes, the gambler admits that the challenges are unknown or that he is in good standing with the house. A Forex trader, on the other hand, always tries to improve his skills through knowledge and understanding trends.  

Many Forex traders lose more money than they win, not because they gamble, but because they do not know how to wait until the market conditions have changed before trading again. As a result, when you first open a Forex trading account, you must invest only what you can afford to lose. 

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Choose the right broker 

To prevent any needless deposits, you must select the ideal broker. As I already stated, some demand more than R2,800, while others require less. Some successful traders were able to start trading with as little as R500.  

The broker requires you to deposit as much as possible to genuinely earn from your trades, yet some brokers ignore the deposit volume in favor of accommodating as many traders as possible. Even with modest contributions, such as R 500, a profit can be made if many individuals participate.  

Q: Why is CMTrading the best?  

CMTrading is one of South Africa’s top CFD brokers. The broker provides clients with a free MT4 platform, the Sirix WebTrader system, daily forex signals, and a comprehensive education center. CMTrading is a great option for beginners to advanced traders searching for an established and regulated broker with several helpful trading tools.  


3 steps to get you started in online trading:  

1 Have starting capital you’re prepared to lose  

Your trading journey begins with your first deposit. Fortunately, it doesn’t have to be a huge amount of money. With CMTrading you can open an account with just $250. Remember, never invest money you can’t afford to lose.  

2 Invest as much time as needed   

“What you put in is what you get out” – this adage directly applies to trading. The more time you invest in learning about the market the better your trading journey will be. Education is key to online trading and a fantastic way to achieve consistent profitability.  

3 Have patience and discipline  

By their very nature, financial markets are volatile, some more than others (i.e. Crypto). Prices can fluctuate and events can occur beyond anyone’s control. Things will not always work out in your favor. You need to have the patience to adhere to a trading strategy and the discipline to cut your losses if necessary.  


Discover more opportunities with an award-winning broker. Join CMTrading, the largest and best-performing broker in Africa.   

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Ready to start Online Trading? Open an account today        

Join CMTrading, the largest and best-performing broker in Africa, and discover more opportunities with an award-winning broker. Register here to get started            

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Trading involves a significant risk of loss and is not suitable for all investors. It’s important to understand the risks and seek advice from an independent financial advisor if necessary.

The information provided here does not constitute investment advice.



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