Sawubona! Goeie Dag! Molo! Dumela! Heita! Howzit... So, you're a South African resident interested in learning to trade forex? Well, you've landed on the right page. I shall attempt to make it as simple for you to understand and hopefully get you on your way to becoming a successful trader. Consider this your free forex trading training all on one page. No need to fork out thousands of Rand for a 3-day course.
You shall learn the different indicators used by traders, and how to deposit cash into your account to get you on your way.
Please note that what you will learn also applies to binary options trading. There is no difference.
The first thing we need you to do is download the IQ Option platform on which you shall be trading. Tap or click on the button that applies to you.
OK, so by now you must have downloaded the IQ Option platform onto your mobile device. It's a small file, so you don't need plenty of data on your MTN, Cell-C, or Vodacom device.
Once you open the app (on your mobile) you might come across something that looks like this. Yours might look a little different (it might not necessarily show Stellar), but that's not an issue.
Your next question is obvious. What do I do now ? Ndibhidekile ! Ke ferekane ! Ek is deurmekaar ! Don't worry. The purpose of this page is to make trading become second nature to you. If you're on a laptop, you should see something similar to the image below.
OK, just so you know, everybody gets a FREE $10,000 demo trading account to practice with. In order to access it, all you have to do is tap/click at the top-right (next to the "Deposit" button. You should see a drop-down menu with two options. The second one is the demo. Go ahead and select that.
So, trading consists of guessing whether the price will go up or down, right ? Not quite. Experienced traders use something known as indicators to help them increase their chances of closing a successful trade, and minimise losses. Sometimes you cannot just look at the chart and guess where the price will end up after 5 minutes, or 5 hours. Before we continue, watch the video below that explains the different types of charts contained within IQ Option.
Is this all starting to become less confusing ? Good. Let's move onto the next step now. Let's teach you about the different indicators used for trading forex.
How do we choose what asset to trade? Do you see the + at the top-left? Tap that, and you should see a drop-down menu that you can select from. You have Crypto (where you will find bitcoin and the likes), Digital, CFD (company stocks), and Forex. This is on the mobile phone. On the PC/laptop version, there is a fifth option, and it's called Options. This is where you will trade binary options. Unfortunately, it's not available on the mobile app.
Trading forex or binary options without the use of indicators is tantamount to driving blindly - it's not smart, and quite dangerous. When it comes to trading, it's very risky indeed.
There are 12 indicators (15 on mobile) on the platform that are at your disposal, and you can use these to your advantage. South Africa, are you ready to learn trading ? Let's get this ball rolling. Open up your platform (if you're on a mobile phone), and look for that symbol at the bottom-left that's circled.
If you're on a laptop/PC, then it should look something like this (see image below). The Indicators button is right at the bottom. Don't worry about those lines and dots. You're about to learn all about them. Those are some of the indicators, by the way. :-)
Once you click the button, you should be presented with a list of all the indicators available on the platform. Let's briefly run through a forex trading indicator tutorial for each of them, shall we ?
So, by now you must have an idea of how trading works. Now it's time to put it into practice. Have you downloaded the platform yet? Don't forget that you have to register and verify your new account. This shouldn't take too much of your time at all. You should receive an OTP via SMS, and you'll be on your way.
In case you have yet to get your free binary and forex trading demo account, you can do so below.
RISK WARNING: YOUR CAPITAL MAY BE AT RISK
By now you should have probably gone through all the indicators that IQ Option has to offer for your binary and forex trading options. You want to deposit real cash.
Don't forget that you get a FREE $10,000 demo trading account with IQ Option. This equates to about R136 000. It's recommended you use this until you feel comfortable.
Let's say you are ready to start trading with real funds, how do you go about it? You can use your VISA/Mastercard from any of the major South African banks. These include FNB, Capitec, Nedbank, ABSA, and Standard Bank. If you have an account with any other bank, it shouldn't be a problem. All you need is either a VISA or Mastercard debit or credit card.
NB. During your first deposit attempt, the transaction may decline, and this is expected. What you must do is call your bank and just inform them that you are trying to make a deposit to IQ Option. Once they authorise your card, it should go through the second time.
For illustration purposes, let's see what the deposit screen looks like on a mobile phone. You can see the options given to you. Now, the minimum you can deposit is $10 (about R125), but for trading this is too small an amount. It is recommended that one deposit an absolute minimum of $100 (R1650). If you can start with $5000, then all the better! Your profits will be higher. $5000 is about R68 000.
The minimum you can use per trade is $1. It's recommended that you use no more than 5% of your balance for trades. For example, if you have $300 in your IQ Option account, then the most you should trade with is $15.