Online trading has grown exponentially during and post-Covid-19 as more and more people looked for ways of making additional income in global markets and financial instruments such as bonds, cryptocurrency, stock indices and forex.
The widespread use of smartphones and mobile devices in South Africa has fueled the popularity of online trading. Anyone can trade as long as they have internet connection. They can do research and equip themselves with knowledge and understanding of how the market works which ultimately will save consumers money and tears.
Many consumers have fallen victim to the allure and dreams sold by so-called forex traders who in some cases take people's money after promising them outrageous returns in a short time. "The reality couldn't be any more different. Trading, just like anything else, requires discipline. It requires patience and it requires time. There are people with those characteristics who are consistently making money trading off because they understand the ins and outs and the complexities and the risks involved in trading. What I will urge people to do is, if you are seeing these influencers on social media, make sure you do research and your own due diligence.
Again, I want to demystify that trading will make you a millionaire overnight, just like anything else diligence and patience [are key]. And if you have those characteristics, and there are many case studies in my experience of people, who have made a lot of money from trading.