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The internet is littered with these ads. You’ll be happily going about your internet way and one of them just pops up. Or you hear a voice in the background saying something along the lines of: “Start your financial freedom today! While one in the past could’ve easily dismissed these get rich quick promises, it’s harder to do now because of the real people, particularly with an online presence, who claim forex trading has indeed worked for them.
These traders are also not too shy to show off the lifestyle forex trading has afforded them. The biggest financial mistake I have made was not thinking big enough. A post shared by CEO G. They even stunt on their exes. Forex trading seems be garnering so much of an interest in South Africa that even UNISA now offers a short course on it.
One of the biggest promises of forex trading is quick returns on investments. And it boasts of huge returns that fund the lavish lifestyle of some forex traders, at least as evidenced on social media. Even better, this can happen at a relatively young age. Just the other year, Sandile Shezi was dubbed South Africa’s youngest self-made millionaire at the age of just 23. Simz D’ Mandla is another one. There is also the lure of not being bogged down by a 9 to 5 job, but instead the flexibility to determine your own working hours while earning much better than a regular job could offer. Forex trading changed my life ,9-5 is a hell no,earn anytime you want at any please in any currency you want.
So, when people say they are into forex trading what exactly do they do? Because if we go by social media, to trade requires an open laptop with a moving graph. Simply defined, forex trading is the buying and selling of currencies based on market activity. Forex traders speculate on whether the exchange rate will go up or down and just like any other form of speculation, they want to buy a currency at one price and sell it at a higher price in order to make a profit. For example, if they think the euro is going to rise against the U. USD currency pair low and then sell it at a higher price to make a profit.
They will then lose the trade or the money they risked on that specific trade. However, there is no way of accurately predicting how the currencies will perform. According to Jaba Investments, forex traders “take calculated risks by relying on statistical probabilities to determine trades”. But it’s not quite that simple. All emphatically share the sentiment that it is far from easy and definitely not a get-rich-quick scheme. These people are overpromising because quick returns are largely not possible.