Forex after hours trading - Why is Forex Trading a Big Deal in South Africa
Another forex trader, Thanda Zulu, who is based in Durban, has also been doing it full-time for almost five years. She paid R10, to attend a seminar about trading and was immediately hooked.
Unemployed at the time, she saw it as a great opportunity to earn some income. A view she still strongly holds. She admits, however, it hasn't been an easy journey.
I had to teach myself and be hungry for it. She does not believe she has fully reaped the benefits forex trading can afford her. The scammers Jaba Investments says the market is full of them.
Fake trainers, fake brokers, fake traders or trading companies; all they care about is getting their hands on people's money. Next thing, their offices are closed and they can't be reached on the phone or traced on social media.
These are people who may be looking to make a quick buck, while others are just tradong up with being unemployed and hope forex trading will forex trading them with much needed income.
A reader who wrote to City Forex after hours trading had invested a lot of money with a forex trading company that later disappeared.
The reader was no longer receiving withdrawals and subsequently lost a house, car and other valuables. To try prevent such situations, potential traders and or trading companies have every forex after hours trading to check if the company they want to invest money in is registered with the Financial Services Board. Hours forex trading after FSB is an hourss for non-banking financial service providers, aimed at protecting South Africans who want to branch into non-banking financial avenues such as Forex from losing their money as a result of fraud trade dow jones options scam.
Transgressors can be fined and or imprisoned. Where forex trading trainers are concerned, however, Rossouw says scammers may still be getting away with it because forex trading training in South Africa is still unregulated.
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These traders should avoid trading during the most active times of the trading day. Here is a chart of the profitable trades in FXCM accounts in the five most popular pairs, displayed by the hour of day:.
You can see that this generally correlates with the low-volatility trading hours. Traders tend to see the best results during the low-volatility Asian session hours:.
These tend to work well during forex after hours trading times, when gw trading system and resistance tends to hold. Range traders can incur significant losses when support or resistance is broken, which happens most often during the more volatile times of day.
The results are not good. However, once we factor in the time of day, things become interesting.
This next chart shows the exact same strategy over the exact same forex after hours trading window, but the system does not open any trades during the most volatile time of day6 am to 2 pm ET 11 am to 7 pm London time.
The difference is dramatic. By sticking to range trading only during the hours of 2 pm and 6 am ET, biggest forex trades typical trader would have been far more successful over the past ten years than the trader who ignored that time of day.
What About Other Currency Pairs? Professional clients can lose more than they deposit.
All trading involves risk. South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.
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Description:The best Forex trading times from South Africa will be: The four major Forex market trading sessions are as follows (all in SA Time) 1. New York (USA) opens PM to PM the same day. 2. Tokyo (Japan) opens AM to AM the next day.