Amateur Forex trading all the rage in Boca Raton

This is the age of the remote worker, the gig-freelancer and the side hustler. If those terms are getting you reaching for your dictionary, don’t worry – essentially they all describe different ways in which technology is revolutionizing the workplace and even more to the point, is blurring the boundaries between work and home life.

The last of those three terms is, perhaps, the most interesting. A side hustle is essentially a way of making a little extra money outside the confines of full time work. It might be something that someone in full-time employment does in their spare time, such as earning money from their personal blog, or it could be something that a stay-at-home parent does to bring in a little extra money into the family coffers.

Technology has increased the scope of side hustles exponentially, and there are some activities that can start out as something that literally brings in a few dollars a day and can grow into something else entirely.

Forex trading for beginners

This brings us to the topic of currency trading. The old TV ad from the earliest smartphone days that said “there’s an app for that” proved incredibly prophetic. Today, there’s an app for just about everything, and trading on the currency markets is no exception. Forex trading is, in a way, the ultimate side hustle, as with the right software and knowledge of some simple successful Forex strategies, you are ready to start small and take your trading to whatever level you choose.

That’s not to say trading is easy, or that it is a guaranteed way to make money. The Forex market used to be something that amateur investors didn’t want to go near, and the reason behind that remains as relevant today as it ever was. Trading Forex is a specialist activity, and it requires an investment of time if you are ever going to really make a success of it.

The internet age has made it easier for us to learn about numerous topics that 20 years ago seemed enshrouded in mystery, and Forex is a perfect example. However, just as you can look up general relativity or Ancient Latin online, that doesn’t make either of them any easier to learn. Failure to recognize this fact is, perhaps, where so many amateur traders go wrong in misunderstanding just how much work is really involved in mastering this unique topic.

 

Support for traders in Boca Raton

That doesn’t mean Forex trading is something you need to be afraid to touch, however, only that you need to go into it with your eyes wide open and without underestimating what is involved. It also means that you should take full advantage of all the help, advice and support that is available.

There is plenty of that available online, but also in more traditional face-to-face settings in Boca Raton and the surrounding area. Here are a few examples:

South Florida Bitcoin and Forex Trading Club has more than 250 members and has regular meetups at Dunkin Donuts on West State Road 84 just outside Fort Lauderdale.
Boca Raton Educational Institutional Forex Trading Group is an online group that has face-to-face meetups at Peppertree Plaza in Margate.

West Palm Beach Day Traders is a group dedicated to discussing trading strategies in person rather than online. The group meets approximately every two months at different venues in Palm Beach.

You can find out more about all these groups, including how to join and when the next meetups will take place, at meetup.com.



Use online resources too

It should be clear by now that educating yourself is the most important part of becoming a successful Forex trader. Study all the online tutorials and resources you can find, but also be a sponge whenever you get access to the opinions of those who have been there and done it.

There is definitely something of an art to successful trading. An aspiring painter, writer or musician can learn as much from studying the works of experts in their field as they can from text books and lessons, and the same applies to traders on the currency markets.

Visit the major trading websites, read the blogs and watch the podcasts. Some of it is as entertaining as it is educational. If you’ve never heard of Kenny Glick, take a look at his YouTube channel, HitTheBid and prepare to be amazed – you will never see Forex trading in quite the same light ever again.

Also, take full advantage of social media. There are numerous groups on LinkedIn and Facebook dedicated to Forex trading, and plenty of experts out there ready to share valuable and lucrative tips. Ultimately, the secret to success in modern day Forex trading is never to stop learning. And this is one area in which there is no shortage of teachers. Good luck!

Forex trader Ramerafe believes in superiority of his candlestick theory

A Johannesburg forex trader/researcher known as the “Grandmaster of Forex” is on a quest to demystify foreign currency trading through a unique strategy he’s researched, developed and is now implementing.
Ramerafe Nkele, from Meadowlands in Soweto, says he wishes to be seen as the father of modern forex, because of the strategy which he calls “Lerumo” that he has discovered.

Lerumo means spear in Sotho. “I have discovered that the secret of modern forex is knowledge of the characteristics and tendencies of a candlestick,” he says.

The candlestick is a thin vertical line showing the price movements of a security, derivative or currency.

He describes as platform-based trading (PBT) the manipulation of candlesticks for easy identification of the highs and lows of price.

Nkele says he’s the first person to put emphasis and focus on candlesticks as a basis for teaching forex, a $5.3trillion-a-day (R66.75trln) industry.

“My aim is to prove that pure modern forex trading is possible without dependence on technical and fundamental analysis,” he says.

“My contention is that the current forex is basically traditional and conservative, and it is grossly under-utilising the basic features of the trading platform.”

He is against the fact that traders still depend largely on technical and fundamental analysis to inform decision-making.

Precise execution of trades, he says, is made difficult by a lack of basic teaching of the trading platform.

“We are therefore about to embark on a global PBT literacy programme, to make sure that forex is no longer conducted by the rule of thumb,” says Nkele.

He admits that the most important thing for every trader in the forex market is to make profits through precise execution of trades.

He says traders are constantly in search of a better strategy, yet the issue is not the strategy but the inadequate approach to the trading platform. “What I did with the Lerumo strategy is that I learn the general characteristics of the movement of price on a single candlestick, which gives you the edge over the market,” he says, maintaining that the knowledge of the nature and characteristic of a candlestick is a solution to modern forex trading.

“It gives traders the edge and opportunity to make precise trades without consideration of the fundamental and technical analyses,” he says.

He is confident that the Lerumo strategy would revolutionise the way forex trading is viewed.

“If you hunt with this strategy in the forex market you will not go wrong,” says Nkele.