Economy
Success Stories of Forex Traders in South Africa: Insights From Traders Union
Forex trading can make people millionaires over time, but it’s not about luck. It’s about knowing when to enter and exit the market. Traders Union (TU) experts emphasize that success comes from having a strong strategy and the right indicators. It’s not just about timing; it’s about understanding the market. Discover the top 5 successful Forex traders in South Africa.
South Africa’s wealthiest Forex traders
In the world of Forex trading, South Africa has produced a group of inspiring individuals who have defied the odds and achieved remarkable success. TU’s analysts delve into the stories of these enterprising traders, highlighting their journeys from diverse backgrounds to becoming influential figures in the Forex industry.
1. Reabetswe Shongwe – from retail sales to wealthy Forex trader in Africa
The analysts highlighted Reabetswe Shongwe’s journey from a low-paid retail job to becoming a successful female Forex trader. She’s now a member of Trade4Africa’s Women in Forex and Entrepreneurship (W.I.F.E.) division, showcasing the growth of Forex trading in Africa.
2. Ref Wayne – South Africa’s top Forex trader and financial educator
He is one of South Africa’s top 10 Forex traders and used his trading skills to become a multimillionaire at a young age. He’s not only the creator of Pip Coin but also a financial literacy teacher, offering free Forex lessons and establishing the African Forex Institute.
3. Jabulani Ngcobo – a self-made Forex millionaire’s journey
At just 37 years old, he is among South Africa’s wealthiest self-made millionaires, with a $2.4 billion net worth. Before achieving success, he worked as a laborer and later started his own debt collection and Forex trading companies, exemplifying the potential of hard work and dedication in Forex trading.
4. Louis Tshakoane – empowering traders and making a positive impact
Founder of Undercover Millionaire’s Currency in South Africa, aimed to create a platform for business collaboration. His book “Forex Millionaire in 365 Days by God’s Grace” has achieved significant sales, and he provides free Forex signals to those who cannot afford premium services.
5. Shaun Benjamin – from struggles to founding a Forex academy
His journey began with financial difficulties but led to him becoming a Forex trader. He established the Benjamin Forex Academy, an organization focused on helping others achieve financial freedom and reducing unemployment in South Africa.
A roadmap to success
Becoming a successful Forex trader in South Africa can be achieved by following these key tips from Traders Union analysts:
- Keep learning – start by acquiring knowledge. Invest time in learning about the Forex industry through guides, videos, and books.
- Practice wisely – when you’re confident, practice using demo accounts. Be cautious not to overstay in demo mode, as it can hinder your transition to real trading.
- Manage emotions – avoid emotional trading, which often leads to impulsive decisions and more losses.
- Take advantage of mistakes – welcome them as chances for growth. Keep a record of your trades to analyze and improve your skills.
These tips are valuable for both beginners and experienced traders.
Forex trading as a promising career
Understanding the South African financial market can be difficult, but Forex trading offers an opportunity to earn money from the comfort of your home. It does not require a significant initial investment. TU’s experts consider that the key is finding the right broker with favorable trading conditions and minimal fees.
Brokers in South Africa’s thriving financial industry provide trading knowledge and global market access, often enticing new investors with promotions.
Forex trading demands knowledge, skills, and ethics. Learning Forex terminology and principles from books, articles, and videos is essential. While it can be a rewarding career, beginners should be aware of the risks involved. Success stories in Forex trading often originate in places like South Africa.
Conclusion
Forex trading is not about luck but about strategy and understanding the market, as emphasized by the Traders Union. South Africa boasts remarkable success stories in Forex trading, such as Reabetswe Shongwe’s journey from retail to success and Ref Wayne’s ascent to the top 10 traders. Jabulani Ngcobo’s self-made millionaire status and Louis Tshakoane’s mission to empower traders also inspire. Shaun Benjamin’s path from struggles to founding a Forex academy shows the potential for financial success.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a mixed outcome on Wednesday, January 15 after it welcome a new entrant.
Paintcom Investment Nigeria Plc joined the OTC securities exchange yesterday with shares admitted at a unit price of N10.72 and a market capitalisation of N8.5 billion.
However, when trading activities closed for the session, the alternative stock exchange went down by 0.10 per cent, with the NASD Unlisted Security Index (NSI) depreciating by 3.03 points to 3,093.16 points from the 3,096.19 points recorded in the previous session.
But the value of the trading platform increased by 0.7 per cent or N7.54 billion to settle at N1.068 trillion compared with the preceding day’s N1.061 trillion.
The volume of securities traded in the session went down by 83.2 per cent to 666,494 units from the 3.97 million units recorded in the preceding session, while the value of shares traded during the session jumped by 98.2 per cent to N16.5 million from N8.3 million, with the number of deals going down by 20 per cent to 20 deals from 25 deals.
Industrial and General Insurance (IGI) Plc gained 3 Kobo to close at 30 Kobo per share versus 27 Kobo per share, Mixta Real Estate Plc increased by 23 Kobo to N2.58 per unit from N2.35 per unit, and Central Securities Clearing System (CSCS) Plc added N1.15 to settle at N23.20 per share, in contrast to Tuesday’s closing price of N22.15 per share.
Further, Afriland Properties Plc grew by 75 Kobo to N16.25 per unit from N15.50 per unit and Geo-Fluids Plc expanded by 13 Kobo to N4.79 per share from N4.66 per share.
On the flip side, 11 Plc fell by N27.74 to close at N253.10 per unit compared with the previous session’s N280.84 per unit and FrieslandCampina Wamco Nigeria Plc lost 55 Kobo to finish at N38.95 per share versus N39.50 per share.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 3.4 million units worth N134.9 million, followed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and Afriland Properties Plc with 690,825 sold for N11.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 23.5 million units sold for N5.3 million, trailed by Geo-Fluids Plc with 8.9 million units valued at N43.0 million, and FrieslandCampina Wamco Nigeria Plc with 3.4 million units worth N134.9 million.
By Adedapo Adesanya
The Naira depreciated on the American currency in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, January 15 by 0.09 per cent or N1.45 to close at N1,551.10/$1 compared with the preceding day’s N1,549.65/$1.
It was the fourth straight session the local currency was losing value on the greenback in the official forex market as the deadline to end the access of Bureaux De Change (BDCs) to the official trading platform nears.
Also, Nigeria’s inflation neared a 29-year high as it rose for the fourth straight month to 34.80 per cent in December 2024 spurred by high festive activities.
On the British currency, which is the Pound Sterling, the domestic currency depreciated by N24.79 to wrap the session at N1,904.43/£1 versus the previous day’s N1,879.64/£1 and against the Euro, it weakened by N14.74 to sell for N1,600.79 per Euro versus N1,586.05/€1.
At the parallel market, the Nigerian Naira traded flat against the US Dollar yesterday at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, most of the tokens gained as the anticipation of Mr Donald Trump’s inauguration as US president is building bullish sentiment for the market, which was also encouraged by a highly anticipated CPI inflation data report in the US.
Litecoin (LTC) grew by 17.7 per cent to quote at $119.82, Ripple (XRP) expanded by 9.0 per cent to a six-year high of $3.10, Solana (SOL) appreciated by 7.2 per cent to trade at $202.81, Dogecoin (DOGE) rose by 5.3 per cent to finish at $0.3789, Ethereum (ETH) increased its value by 4.7 per cent to end at $3,376.28, and Cardano jumped by 3.3 per cent to settle at $1.06, Bitcoin (BTC) gained 2.8 per cent to close at $99,707.22, and Binance Coin (BNB) improved by 1.6 per cent to trade at $710.31, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Adedapo Adesanya
The oil market rose more than 2 per cent on Wednesday, supported by a large draw in US crude stockpiles and potential supply disruptions caused by new US sanctions on Russia.
Brent crude futures appreciated by $2.11 or 2.64 per cent to $82.03 a barrel and the US West Texas Intermediate (WTI) crude grew by $2.54 or 3.28 per cent to close at $80.04 a barrel.
The US Energy Information Administration (EIA) reported an inventory dip of 2 million barrels for the second week of the year.
The change estimated by the EIA compared with a modest draw of around 1 million barrels for the previous week, which also saw sizable fuel inventories build that dragged oil prices lower.
For the week to January 10, the EIA estimated an inventory build of 5.9 million in gasoline, with production averaging 9.3 million barrels daily. This compared with a build of as much as 6.3 million barrels for the previous week when production averaged 8.9 million barrels daily. That build was the second sizable weekly one after 2024 ended with a build of 7.7 million barrels in gasoline inventories.
The latest round of US sanctions on Russian oil could disrupt Russian oil supply and distribution significantly, the International Energy Agency (IEA) said in its monthly oil market report.
The Paris-based agency said that the sanctions on Iran and Russia cover entities that handled more than a third of Russian and Iranian crude exports in 2024, adding that the market will be in surplus this year as supply growth led by countries outside the Organisation of the Petroleum Exporting Countries and its allies, OPEC+ exceeds subdued expansion in world demand.
This aligns with an earlier projection by the EIA which assumes that OPEC+ would roll back its production cuts and that non-OPEC production would continue leaping forward.
Limiting the gains was fresh developments in the Middle East as Israel and Hamas agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners.
OPEC in its monthly oil report on Wednesday forecast stronger demand growth than the IEA of 1.45 million barrels per day this year and, in its first look at 2026, predicted a similar expansion of 1.43 million barrels per day next year.
OPEC expects global oil demand to rise by 1.43 million barrels per day in 2026, maintaining a similar growth rate to 2025.
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