Many South Africans are dipping into the pool of binary options trading. But until recently, South Africans had to go through too many restrictions on any type of financial trading. Capital control was a big problem because the country was in economic turmoil.
However, the government made laws regarding the transfer of funds. The new regulations were the first in many decades, and the financial trading was filled with new and prevailingly successful traders in South Africa. This was when binary options trading became popular in South Africa.
This led to the fact that today, South Africa is leading the charts among successful binary options traders. But all the success stories focus on a few key points that every trader should consider. It’s all about discipline and how you manage your money when you trade. We all know how trades can end, and there are only two options in the end. One is that you win a considerable amount of money, the other that you lose it.
If you want to make this the year of success with binary options, make sure to retake a look at money management. The difference between an amateur and a professional is the way each of them manages their money. If you are a South African looking to start your binary trading journey, this guide can help you. So, let’s get started.
How to become a binary options trader?
South Africa has one of the highest numbers of successful binary options traders in the world. Trading is a game of probability. There will always be a risk, but we need to lower that risk and increase the likelihood of winning. If you can lose more than your break-even ratio says, your money management should compensate. If you don’t do this correctly, you won’t last long in this business.
Find the right binre broker. You don’t need the best and newest tool that someone has just invented. You have to make the right choice regarding the broker you want to trade with. You need a reliable and trustworthy broker, and it is safe to entrust your money and trades to him. Read our IQ Option South Africa review to find out is this is a broker you find trustworthy. Once you’ve chosen a broker, make sure it’s a trustworthy, regulated broker with lots of good reviews that offers high-quality services and a platform.
Most CFD broker in South Africa offer a wide range of different assets. Some of them also offer and auto trading robot or a binary robot that you can benefit from. Most of them try to provide popular and exotic options that are attractive to new traders in South Africa. However, this can complicate things. We usually recommend newbies to focus on the global indices and forex pairs. These underlying assets don’t move as quickly as commodities like gold or oil.
Successful binary traders train to perfection
Some people think that becoming a binary options trader in South Africa is quite simple. Register with one of the brokers, deposit some amount, and voila! But it’s not that simple. There are specific steps you need to follow to become a successful South African binary trader. Only practice will lead you to the results. To navigate the flow of information that is incomprehensible to you, start reading useful books and watching training videos on YouTube. Binary options are not gambling, but whole strategies with their own rules. The path to success lies with learning the basics and successful practices from the trading guru.
Knowing the importance of technical analysis is key to succeed in binary trading
This aspect will teach you to understand the technical intricacies, indicators, upward and downward trends, and volatility. Besides this, technical analysis will help you track price movements, conduct market research, develop, and adjust your trading strategy.
Learn from the mistakes of other successful binary traders
Study forums, blogs, courses, and successful strategies of binary traders in South Africa with extensive experience. Remember that valuable knowledge is not laid out for free access to the Internet; it is usually sold, so do not skimp on self-education. Expert knowledge will help you prevent future monetary losses and get a stable source of income.
Develop a successful trading strategy of your own
An individual strategy is a path to stable deposit growth. Experienced South African binary traders are convinced that there are no magic binary options trading signals, indicators that will help you make money with a 100% probability. All they have achieved is the result of their discoveries, experiments, trial, and error. In binary options trading, you need to think with your head. To analyze personal experience, it is advisable to keep a trading diary where you will record your observations, discoveries, develop trading rules, and follow them.
Embrace the successful traders’ mindset
The psychological component of trading is the basis of trading. All binary traders in South Africa in their practice face losses. It is on your attitude to failure that determines how long you will last as a trader. Due to psychological unpreparedness and inability to overcome obstacles, about 30-50% of novice South African traders give up their venture in the first year.
How stability can boost your trading success
Stability is a psychological victory over failures. Being worthy of losing is a part of the success of a trader. It is essential to draw conclusions from each drawdown and not repeat your mistakes. The South African traders’ experience shows that it is reasonable to have a small but stable income than sharp jumps in profit and loss. Money management teaches you to adhere to a strategy not to bet more than 5% of the deposit amount. Hopefully, by following these steps a beginner can become a successful binary options trader.
How to make money with binary options?
Binary options are easy to trade. Without knowledge, you can get involved in the binary market and participate in the price developments of the major underlings such as gold, the Dax, or Apple. This is what every newbie wants to read. Unfortunately, this is not true. Making money with binary options trading is not that easy and requires knowledge and training. So, here are some binary options tips on how you can make money with binary options the right way.
- The first and most tip is to learn to trade binary options in the demo account. IQ Option Demo Account is one of the best we know of
- You should find and adjust a trading strategy
- Stay away from turbo options! You need to identify trends and then make your decision. This is impossible within 30 or 60 seconds.
- You have to deal with technical chart analysis. This is the only way you can interpret market responses.
- Pay attention to trading signals, indicators, and market dependencies.
Let’s explain these points. To make money with binary options, you have to gain extensive knowledge. There is no one winning strategy, no one concept to successfully trade binary options. To make money, you have to change your perspective. You cannot win every trade, and you will not always be right with your estimate. It is impossible to correctly predict course scenarios. Nevertheless, course developments are based on basic market economy rules. It is, therefore, possible with the appropriate preparation to shift the risk in your favour. This creates an important basic rule for making money with binary options – you have to trade many trades that are often right than wrong. To be right than wrong more often, you won’t be able to avoid one of the most important things: preparation. Again and again, we encounter binary traders in South Africa who act based on their instincts. Honestly, this is the beginning of the end. Casino traders are usually those traders who trade binary options unsuccessfully and lose a lot of money. Justify each of your trading decisions. Sources like chart analysis market analysis, financial news, trading signals Indicators, trends can help you make smarter trading decisions. The sum of this information, combined with binary options strategies, can shift the risk in your favour. This is the only way you can be successful with binary options in the long-term.
How to trade binary options profitably?
To trade binary options in South Africa profitably, you must follow profitable binary options trading strategies. A good strategy allows binary traders in South Africa to make profits as the price rises and falls. Various binary options strategies can lead to profits depending on the market situation. The most important that every South African trader should know are: Trend following strategy. If the price runs in one direction, the trader can follow this trend with binary options (not just one). Since 2013, a tool called “Ladder” (ladder) was created, especially for buying in the trend direction. Volatility strategy. In troubled markets with large price swings, this strategy can be used with call and put options as well as with touch options. Hedging strategy. Hedging is also possible with binary options, both through the binary option against another value, for example, a share, and with binary options against each other. This strategy requires a lot of experience and good market knowledge.
How to follow these strategies?
Binary traders in South Africa can profit from any market behaviour. Before entering the transaction, the direction of further price movement in the selected period is chosen, and the contract opens. Even if you predicted that the price of the underlying asset would fall, i.e., If the market is “bearish,” then you will get a predetermined profit if the forecast is correct. Thus, it is possible to combine trading to lower and increase the price of the underlying asset while receiving equal profit. The recognition of a trade signal is always the starting point for the trade. It can be seen in the live chart of the underlying asset and is decisive for a trading strategy. If there is no trend, then no trend-following strategy can be used, but certainly another strategy. To gain security for this, binary traders in South Africa have to deal with chart analysis. It is one of the elementary foundations of trading in general and especially of trading in derivatives. With binary options, which are often bought in brief periods, it is also possible to apply fundamental market data. However, technical chart analysis takes precedence because of the short periods of the trade. For the application of specialized techniques that result from a particular chart situation, Option Builder is suitable as a tool that many binary options brokers offer. This allows the trader to construct his binary option.
Best Trader in South Africa
South Africa has become one of the best places for traders due to a series of success stories, where millionaires are young. And all these thanks to their smart thinking and understanding of the market. Here is the list of best traders in South Africa:
George Van Der Riet
George was born in Cape Town. He moved to Manchester to study finance. After gaining experience in many financial institutes, he started trading. On his return to South Africa, he started his trading venture, and his expertise helped him to become one of the best South African traders. Currently, George is working with Sandil Shezi to help young people gain experience in the financial markets.
Sandil Shezi AKA The youngest South African millionaire to earn his living, was born in 1993 on the dusty streets of Umlazi. Faced with serious economic difficulties in childhood and adolescence, he was single-minded and determined to overcome the extreme poverty surrounding him. He learned trading by reading articles from Zandile Zugu, a well-known South African media and mining tycoon, and attending George Van der Riet seminars. He created the Global Forex Institute (GFI), a forex training institute where he offers first-hand training programs to everyone interested in becoming a professional forex trader and new millionaire. His net worth is more than 2.3 million US dollars.
Sean Benjamin admits that he is one of the few who can say that they first earned a million rand with 21 years. He was accepted to study technology after graduating from Newcastle High School in 2012. However, the tides were not in his favor, and he had to fall out due to a lack of finances. The decision not to refuse to be someone important led him to start trading on FOREX, and he ended up giving up his work after collecting enough funds to open the Benjamin Forex Academy.
Kgoposto Mmutlana, whom many know under the name DJ Tseleke, is one of the youngest millionaires in South Africa. He said that he became interested in Forex trading after he heard about Forex from his friend at Leolo High School. He started with binary options trading; then he switched to forex trading. DJ was the organizer and CEO of Forex Broker Killer Institution. DJ has an exciting story for all the novice traders starting their journey.
Richest binary options traders
To become the richest binary options trader, you need the right strategy, training, and how you can take advantage of it. Trading binary options is an easy way to earn a fixed profit by speculating on the price movement of financial instruments. This is one of the best ways to start trading financial instruments without having to invest huge amounts. Many traders make money in this market by applying proven trading strategies and using the available tools provided by the broker. One of the main advantages of binary options trading is that you will know the potential profit or loss. Each transaction usually has two possible outcomes. If the transaction is successful, you will receive a fixed profit. If the transaction fails, you will lose your investment. This makes it easy to identify transactions in which the profit potential is higher than the loss potential. Another advantage is that many brokers will not charge commissions or transaction fees. This allows you to save as much of your earnings as possible. Brokers are different, so you must choose a broker who does not impose a commission on your transactions. Some brokers even cover transaction fees that a processor may charge you when depositing or withdrawing funds from your account. Trading binary options is also quite simple. All you have to do is analyze the price movement of a particular financial instrument and assume whether the price will rise or fall over a certain period. As a binary options trader, you can only invest $ 1 in a deal that includes a tool that costs a lot more than that amount. There are no liquidity problems since you do not have an underlying asset. Many binary options brokers offer a wide range of useful tools and functions that make it easy to track financial markets, manage your account, and try out various trading strategies. They usually come at no extra cost and are available on their platform. Finally, binary options trading gives you access to the various asset classes available in financial markets around the world. As long as you have access to your trading account, you will be able to access any open market. A trader should always follow his chosen trading strategies in the process. This way, you can become a long-term binary options trader.
Binary options millionaires in South Africa
Hoping for a stable income from binary options immediately is impossible. It will happen after the trader has learned about the entire market and the features of the options. And then, this is only a small part of what needs to be done for a stable profit. The market is an endless space in which you are a shark. Your task is to hunt for powerful options, so you need to wait and ponder. Many South Africans are interested in the question; how long will it take to earn the first million on binary options. This is not a simple question and requires a comprehensive answer. It is impossible to know precisely how much time will it take. It may take a year or 10 years; it all depends on the degree of preparation and the traders’ efforts. Let’s give you an example of how long it will take to reach a million dollars. If you start trading binary options in South Africa, and your starting capital is $ 500, theoretically, if you earn 15% monthly, you will become a millionaire in five years. You will be a millionaire after 55 months of stable trading with an average monthly yield of 15%. And according to calculations, after 60 months you will have 2.2 million dollars. With an increase in start-up capital, you can achieve the cherished figure many times faster. The table can be downloaded using the button on the side so that you can change the starting capital yourself. I’ll say right away if you want to join a millionaire club, you have to deposit a large sum. It’s not worth dreaming of significant earnings with a binary trading minimum deposit of $10. Many also wonder if there are truly no deposit binary options brokers. Given that one plus binary options transaction gives you about 70-92% of income, earning 15% per month is not so difficult. Remember that with an increase in the amount, you must psychologically control yourself very well and not forget about money management (never bet equal to your total amount). In general, it’s entirely possible to get a million from binary options trading in South Africa, but it should be understood that this will not be an easy way and be prepared for risks. But if the trader has already set himself the goal of achieving success, he must begin to study and work on himself. Otherwise, nothing will work. Binary trading South Africa is an opportunity to make money, despite all those who say the opposite. But you should also take into account that opportunity is only half the success. To take advantage of the opportunity, you need to study a trading strategy, read analytics and articles from successful South African traders.