Why do most of South African traders struggle to make consistent profits from forex trading?

Forex trading should be treated as a business and being independent needs a very strict routine to keep up with your own financials and it is not the same as waiting for a paycheck at the month end. Making money daily gives you a comfort of spending knowing that you will make it back the next day or the next trading opportunity. It is not so easy to manage new money and that is where most of people lose focus.

• Bills – All the necessary business bills or your own bills if you work from home, if the bills are more than the 25% of the profit you are making per month, you probably need to cut down your expenses.

• Invest – You may invest in your business or any other platforms you wish to grow your money from.

• Entertainment – It is advisable for anyone to enjoy themselves once in a while, but this one depends on how much you enjoy entertainment. If you are not into entertainment that much you may cut down and add this percentage to the bills account.

• Savings – This one is for future purposes, there will be a time where youll need quick money and this will be at your rescue. You can also use it for any type of personal issues but you really have to be extra vigilant when it comes to this one, it is not good for car to run without a spare tire.

There are also a few points that keeps traders in a loop of not growing as traders.

1. Poor forex education.

2. Changing strategies every now and then you encounter a losing streak.

3. Poor risk management.

4. Not having a trade management and an exit strategy, many traders only have an entry strategy.

5. Not familiar with themselves and the forex psychology.

6. Trading with high-risk and unregulated brokers.

In South Africa we have seen more platforms that proves that South African likes easy and fast money, we have seen WhatsApp group stokvels, online stokvels, forex classes scams, forex brokers shut down etc. There is a lot of “get rich quick platforms” that they have developed and this is the idea one should dump when they want to be successful with their trading career. Find out more on www.wikifx.com for more valuable content to grow your trading career.