For Forex traders out of South Africa, there are some pretty exciting things happening throughout the trading world. The government has loosened its standards on trading, and thus more brokers are popping up. More competition within the marketplace means a higher likelihood of profiting from your investment. Of course, you still have to know your way around the Foreign Exchange Market before you can hope to make a profit.
Far too often South African traders are lured into Forex without first receiving the proper training. If you really want to get ahead, you should look into Forex trading classes to assist you. Taking a legitimate training course might be the best thing to ever happen to you financially. Below we list some courses that come recommended by friends, so it should give you a place to start learning.
The Benefits of Taking Classes
There are some benefits that seem obvious when speaking about a Forex trading course. For instance, simply learning more about the market will benefit anyone. But it’s the individual benefits that really add up and help you to achieve success when investing in Forex.
Classes can teach you a lot about Forex, such as:
- How to create a Forex strategy
- How to properly vet and choose the right broker
- How to create charts and graphs
- Understanding the role leverage plays in trades
- Understanding PIPs
- Understanding and calculating exchange rates
- How to stay informed about world events that could help or hurt your position
- Understanding the benefits of short, medium and long-term trading
- Understanding different Forex platforms
- And much, much more
Where to Find the Best Classes
When it comes to locating the best Forex classes and courses out there, you do have a lot of options. There are many different books available, such as Forex Trading for Dummies and others, as well as a wide assortment of different classes you can take.
If you want an on-location Forex course in South Africa, you will have to perform a search that’s specific to the area you live in. Yes, you can find some of these available, and if it’s more convenient for you, you should give one a try.
- Colin Abrams from the themarket.co.za is very good and looks at method (technical analysis), money (risk management) and mindset (trading psychology). Most courses are held in Durban and Johannesburg but courses in Cape Town can also be arranged.
- Ross at suretrading.co.za also comes recommended and hosts regular trading courses at different venues in Cape Town. Contact them via email or phone for more information.
- iQuote.co.za comes recommended if you live in the Pretoria area. Write them for more details. They are located in Groenkloof.
Note: If you know other local South African forex courses that you would like to see listed here, please contact us.
Online Courses vs. Individual Training
Not every Forex trading training course is the same. Essentially, there are two types we will speak about here that are pertinent to South African investors: Online training courses and individual training courses.
With an online course, you’re essentially learning Forex from the ground up. Not only are you deciphering terms, calculating rates and participating in trades, but you’re also getting a feel for different software systems and platforms, as you’ll most likely be using demo accounts for hands-on learning. Since these classes are offered via the net, they’re remote, inexpensive, and awfully convenient.
There are some online brokers that have started with forex education being central to their strategy. Triomarkets was started to be the best online educational portal for beginner traders, so I highly recommend signing up for an account here and getting the most out of their material. Sign up here.
Individual training, on the other hand, doesn’t put you in a classical “class” with other students. It puts you one-on-one, either with a skilled trader helping you to learn, or your broker helping you not only to learn but to use the specific software and platform for your account. This type of intimate training can help you to learn a lot about Forex, and the fact of the matter is that it’s actually best to use both – the online classes and the individual training for your particular Forex system.
Individual training can also mean that you’re teaching yourself how to navigate the market, through the use of different eBooks and programs offered out there.