10 Most Successful Forex Traders in South Africa
Forex trading is inherently risky, but it has also allowed many individuals to become millionaires over time. Some may think that forex traders are successful because they are “lucky”, and that they manage to enter the market at just the right time.
The forex market does not operate according to luck, which is something that is more closely associated with gambling than with forex trading. However, the premise surrounding entering the market at the right time is true.
One of the components that makes a successful trader involves knowing when to enter and exit the market.
To do this, traders need a solid trading strategy, and they need key indicators that will notify them when to enter, where to place their risk management tools, and when they should take their profits/losses and exit from the market.
Timing is an important component in successful forex trading, but it is not the only one.
Below we will discover other factors to consider in becoming a successful forex trader. We will also take a look at the 10 most successful forex traders in South Africa.
What does it take to become a successful trader?
The process involved with becoming a successful trader does not happen overnight and it is not by some stroke of luck. To become a successful trader, individuals must work through educational materials, tutorials, and other resources to learn about forex trading.
Traders need to dissect the entire process surrounding forex trading to find a trading strategy that works for them. Trading is not always only about making profits, but also about minimising the losses that traders may face at every turn in the forex market.
To become a successful forex trader there are a few factors to consider:
- Traders must set aside unrealistic expectations because forex trading requires complete dedication, patience, and consistent hard work, much like starting a business. Forex trading is not a “get-rich-quick” scheme, it takes time, practice, the right mindset, and a solid trading strategy.
- Forex trading involves mitigating and managing the trading risks that traders face in the financial markets, identifying areas where they are at risk of incurring a loss and taking the necessary steps to manage their risk exposure effectively.
- Traders need a solid, proven trading strategy that they can use according to their unique trading style and the overall market conditions on the trading day.
- Traders must control their emotions when they trade forex. Therefore, traders must have a thorough understanding of trading psychology, how it affects their trading and how they can manage it.
- Traders must be familiar with, and use, the risk management tools at their disposal including stop-loss and take-profit orders. Traders also need to explore auto trading options that could make the process much easier, further helping them eliminate risks.
- Traders must remain updated on the latest news and economic events that could affect their trading on any trading day.
- Using a combination of technical analysis and fundamental analysis can go a long way in covering several aspects that traders must consider.
10 Successful Forex Traders in South Africa
South Africa is home to some of the most successful traders in the world today, and below we will explore who they are, how they got to where they are, and what they are actively involved in after achieving success.
Nelisiwe Masango is a well-known name in many forex circles as a young entrepreneur and an award-winning forex trader.
She is the CEO and founder of Bear Run investments, a training company that aims to help underprivileged communities access financial programs and packages that are both affordable
and that can stimulate and maintain financial growth.
After completing high school, Masango applied for a Bachelor of Commerce Degree in Entrepreneurial Management. However, after her first year at university, she decided to venture
into the foreign exchange market where she achieved significant success.
Her company was launched in 2013 and it is still making a difference in the lives of many South African communities, providing people with the tools to take their financial freedom
into their own hands.
In addition to Bear Run Investments, Masango is also actively involved in another business venture, Gentle Hands Agency, a recruitment company that aims to create and provide job
Sandile Shezi is one of the richest forex traders in South Africa in addition to being a strategically successful and sound forex trader. Sandile’s story has humble beginnings in a rural community while he was still attending school.
Instead of paying his tuition, he saved these funds and put them towards forex trading. His initial investment earned him a fair amount of profit, and he quickly became one of the best forex traders in South Africa.
Sandile Shezi is the owner of Global Forex Institute, where he aims to provide young South African entrepreneurs with fundamental knowledge and understanding of forex trading in South Africa.
He also teaches new traders how to understand different financial markets, the tools that they can use, how to create powerful trading strategies, and how to pave the way toward becoming successful traders.
Ref Wayne is considered the best and most successful trader in South Africa who has developed the necessary trading skills to conquer the financial markets.
Ref Wayne started trading from an extremely young age after struggling with a lack of career development opportunities. This encouraged him to throw himself into forex trading and it allowed him to become a multi-millionaire and to feature in the ranks alongside other successful South African traders.
Ref Wayne was only 22 years old when he achieved success and his endeavours led him down the cryptocurrency road as well. Ref Wayne created the first South African cryptocurrency namely Pip Coin.
In addition, he is also the founder of the African Forex Institute, and he often releases free forex trading lessons to those in rural communities.
George van der Riet
George van der Riet is a successful South African trader and one of Sandile Shezi’s top mentors. George van der Riet is a renowned forex trader who has years of experience in trading financial markets, using proven and solid trading strategies alongside risk management tools and protocols.
However, while George van der Riet faced a difficult time in his life where he was involved in crime and sentenced to jail in London, he returned to South Africa and quickly turned a small investment in TD Markets to make him a millionaire.
Also known as Jabulani “Cashflow” Ngcobo, Jabulani is a mature player in the forex market in South Africa and one of the earliest successful traders who made a name for himself in the financial markets.
Jabulani Ngcobo faced several controversies and was involved in dealings that sent him to jail for some time. Today, he is an active motivational speaker, and he manages CashFlow Pro that has helped many students achieve their goals in the forex market, amidst other financial markets.
Shaun Benjamin is another familiar name who became a millionaire at 21 years old. Shaun Benjamin was raised by his mother and faced many challenges growing up.
Shaun Benjamin started trading forex and found a steady income stream for himself. This allowed him to leave his full-time employment to pursue a professional career as a South African forex trader.
Shaun Benjamin went on to establish the Benjamin Forex Academy where he started teaching other young individuals about the forex market.
Simz D’ Mandla
Simz D’ Mandla is a multi-millionaire forex trader who traces his early life to Tembisa where he was born. Raised in Midrand, Gauteng, Simz D’ Mandla is another South African forex trader who saw potential in speculative forex exchange trading.
He established Trade4Africa.org and today, he is a forex analyst, active forex trader, wealth coach, motivational speaker, angel investor, business strategist, and one of the youngest self-made millionaires in South Africa.
Paballo Nkwe and Danielle Lester
Known as one of the most powerful forex trading duos in Africa, Paballo Nkwe and Danielle Lester are game-changers in the forex industry in South Africa.
Both started trading forex in their 20s and they work together to change the lives of many forex traders in rural settings. They are not only successful traders in South Africa, but they also pride themselves in being mentors.
Paballo Nkwe and Danielle Lester have an incubation program that allows them to visit women in universities across the country, teaching them the fundamental skills and knowledge that they need to help them develop financial intelligence that will allow them to gain financial freedom through forex trading.
Louis Tshakoane Junior
Louis Tshakoane Junior is one of the most successful individuals in South Africa and one of few who can trace his success to his teenage years. Louis Tshakoane started his first business, Botho Gym when he was a teenager with help from Sir Richard Branson.
The gym was started to give back to the Tembisa community and to help other youngsters stay away from crime, drugs, and alcohol abuse.
Louis Tshakoane has an impressive job profile, and he has experience in working for UBS and Lamborghini, establishing networks that would later help him in his endeavours.
Louis Tshakoane later developed Undercover Millionaires, a network that consists of business individuals who work together to change the lives of others and give back to less fortunate communities.
FREQUENTLY ASKED QUESTIONS
Yes, forex trading is legal in South Africa.
Forex trading can be profitable but there are no guarantees that it will make you wealthy. It takes time, dedication, and hard work to become profitable in forex trading and to earn from trading the financial markets strategically while minimising the chance of loss.
Forex trading is a popular activity in South Africa, and it can benefit investors who take the time to learn how to trade forex.
No, the forex market has a low barrier for entry and hundreds of forex brokers accept forex traders from South Africa, allowing them to start trading with low capital.
There is no holy grail of trading strategies that you can use in currency markets that will make you rich. It takes a combination of factors to achieve success in the forex market.