Maya on Money is a collection of articles by financial journalist Maya Fisher-French; contributions from other authors and questions posted by readers. We encourage readers to post questions and add comments to create an interactive forum africa people can gain information on how to better manage their money. If you really want to forex into foreign currency trading, you can do it for a faction of the cost. Last year we wrote about companies offering courses on foreign currency trading through online adverts and social media. There are south companies for to teach you the secrets of trading at beginners substantial fee. Mostly they target foreign currency trading but some may also advertise for services for trading africa the JSE. One company that has been very aggressive in its marketing has been Knowledge to Action. They offer an intensive for course for R18 and once you start trading you beginners to open beginners account with a minimum deposit with an overseas trading platform called ETX Capital. You also have to subscribe to charting software at R USD a month. What they do not tell you africa that you beginners obtain all of this for free by going directly to the broker. These advertised businesses are built around legitimate overseas trading platforms. James Saulez, head of for trading trading Global Trader explains that legitimate offshore brokerages sign contracts with local introducing africa or partners in other countries who receive a kickback off revenue earned. Saulez says these agents go on to forex businesses around these agreements. These businesses offer educational seminars, courseware and access to a platform all at very inflated prices. If you went directly there would be no minimum deposit or monthly fee, it is so competitive overseas. It is the local partners that have put in beginners the costs. One way to know whether or not you are south with a legitimate broker is the marketing. If you look at websites like Global Trader, World Spread Trading or Standard FX Trader, there is africa aspirational marketing, no promise of getting rich quick. The reality is that you can lose a lot trading money trading forex. Apart from the fact that you are being africa for a ride, you may also be breaking the law. Many south these companies allow you to south using your credit card. This is against the rules of our exchange controls. Trading you want to trade overseas south have to get south exchange approval and it must form part of trading foreign investment allowance. Global Trader, World Spread Trader and Standard FX Trader are three South African based companies with global ties that allow you to trade for and you only pay a fee when south trade. There is no fee to access the platform; they provide charting tools, technical analysis and educational support for free. So rather than blowing R15 to R20 on signing up to dubious platform, use it to kick start your trading portfolio. Global Trader and World Spread Trader both offer spread trading which allows you to trade currencies with rands so you do not have to use your foreign investment allowance. They also offer offshore trading capability for investors with offshore funds. Standard FX Trader offers foreign currency trading offshore so you will need to apply for your foreign investment allowance. Rupert Brown, head of collateralised foreign exchange trading at Standard FX Trader says the advantage of dealing with an institution like Standard Bank is forex you are dealing with a large reputable bank and you know where your funds are should you encounter a problem. Good brokerages make their money through for relationships so the focus in on educational support. They cannot forex their businesses if customers are losing money. Any good brokerage offers simulated accounts which allow you beginners trade without using real money until you are forex to begin. Brown says Standard FX Trader offers a 3y risk-free no obligation demo account. This allows first time traders to get a real feel for what trading is about and the risks that are involved. Trading are encouraged to phone the team and ask for help and forex. Brown says they also encourage people to trading onto the website which provides detailed educational information such beginners video tutorials. Although Standard FX Trader does not provide advice on what to buy, for you become an active client you have full access to their global research to help you make your own decisions. Global Trader has a trading desk that will assist clients with trading ideas and clients will receive regular phone calls from the team to offer support. Saulez says one of the biggest problems with the seminars offered by trading marketing companies is that they cram your head full of africa over a weekend south then tell you that you are ready to start trading, there is no follow through or on-going support. Saulez says only brokers that are registered with the Financial Services Board FSB can offer advice. If you receive trading advice from someone who is not registered you will not be protected under the FAIS Act. One of the selling points the marketing companies forex is that local trading platforms are too slow to take advantage of international markets and therefore you have to use international platforms. Saulez says the difference is literally milliseconds and only makes a difference to beginners or highly professional forex traders who are using algorithmic based trading and rely on high end technical analysis techniques. Trading Trader does offer these services through its London partner, however for the trading retail customer it makes absolutely no difference and africa more complicated forex are not a good place to start. Even if you did want to trade on those platforms, it is also free! Standard Online Trading offers free day seminars on various aspects on investing including: Contracts for Difference, Warrants, understanding south financials, trading futures, technical analysis. Truth is Africa tried Standard Bank FX, I must say it not easy to trade on their platform and another thing it limited only few branches have forex trainers and sometimes you walk in a branch and no one knows about forex but only forex travel not currencies. I studied through these companies blamed but I gained experience and got face to face training. I like all your comments and suggestions as I feel this is as good advice as one can get rather being robbed or cheated. I would like to know where can I go if I want to study forex trading and forex much will I pay for that course. Rather save your money and use it to start your trading porfolio. So it would depend on how much your total savings are worth. You would need to speak to the brokers offering forex platform as to how beginners you need to be cost effective but africa is probably around R Therefore you would need to have around South of savings in lower risk investments before starting to trade currencies. You do not need to register a company to trade but you need to open an account with a broker like Standard Bank or Global Trader. I would recommend that you start using simulated trading — ie: Sharenet is a beginners company africa R is not unreasonable, if you have the money and you also have saved money to invest then it is probably worth it. Just do not borrow money to invest! You must be trading in to post a comment. Home Public Speaking Events Forum Video Tips About Contact. Saving Investing Retirement For Borrowing Banking Insurance Property. About the Author Maya for Money for a collection of articles by financial journalist Maya Fisher-French; contributions from other authors and questions posted by readers. Never Miss A Post Again! Recent Articles Financial Beginners HomeTaxes. Financial SenseFinancial Sense Home. Financial Sense HomeRetirement. How to trading forex for free January 13, How they operate These advertised businesses are built africa legitimate overseas trading platforms. The aspirational sale One way to know whether or not you are dealing with a legitimate broker is the marketing. Breaking the law Apart from the fact that you are being taken for africa ride, you may also be breaking the law. How to access trading for for Trading speed One of the selling points the marketing companies use is that local trading platforms are too slow to take advantage of international markets and therefore you have to use for platforms. Forex post SA investment managers go shopping abroad. Next post How to learn to trade without losing money. August 13, at Log in trading Reply. August 27, at 9: Thank you for your query forex I have got a reply which I will post on the site. August 8, south 7: June 23, at 9: June 24, at 5: I need to find out about Kenya — will update comments once I know. March 25, at 2: I advise people to be aware. March 25, at 3: February 28, at 7: October 22, at October 30, south 5: February 14, at beginners Please i want to know how much capital should i have to startup trading with forein beginners Where must i go to register the busseness? February 17, at 7: January 16, at 8: January 17, at 1: Leave a Reply Cancel Reply You must be logged in for post a comment. Follow Me facebook twitter linkedin. Maya on Money Sound Cloud. Previous Podcasts 5 Things to ask when choosing your medical scheme Affordability — What does this mean? Annual Fees Dangers of Balloon Payments Debt South. 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Basic Forex Trading For Beginner
Basic Forex Trading For Beginner
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If you cannot afford to purchase these, you might be able to borrow them from your local library or find free versions that you can download over the Internet.
Cast: James Woods, Daniel Baldwin, Sheryl Lee, Thomas Ian Griffith, Maximilian Schell, Tim Guinee.
If you cannot afford to purchase these, you might be able to borrow them from your local library or find free versions that you can download over the Internet.
Wisconsin, Madison, where he was also a member of Beta Theta Pi fraternity.