Forex Trading in Zimbabwe Cheat Sheet: Must Know Read Before You Get Started 01.

 

Forex trading in Zimbabwe has become increasingly popular over the past decade, thanks to the potential rewards and low barriers to entry that it offers. But this doesn’t mean that everyone should jump into it without doing their research first, as there are some things you should know before you start forex trading in Zimbabwe. To help, here are things you should know before you start forex trading in Zimbabwe.

What is Forex Trading?

When someone says forex, they’re referring to foreign exchange, which is a currency market where pairs of currencies are traded against each other. In simple terms, you could think of forex as foreign currency trading.

 By buying and selling different currencies, investors can generate returns by locking in gains (or minimizing losses) when a particular currency’s value appreciates relative to another.

A system called spot pricing determines how much one currency should be worth compared to another—in other words, how many units of one currency you need to trade for a single unit of another. If you’re planning on getting into forex trading for profit, it’s important that you have a firm grasp on spot prices and how they work.

In a nutshell, you are buying and selling currencies based on where you believe their value will change later. Essentially you are trading money.

What are the Possible Benefits of Learning How to Trade Forex?

Since there are no underlying assets you must purchase, it is easy to enter and exit positions, which could be attractive if you need to cash out your investment quickly.

Compared with other markets, trading currency pairs on forex is less expensive.

Opportunity to make money from every corner of the world by easily accessing markets through your computer or smartphone.

Ability to trade in both directions so you can still have opportunities to trade even in a market downturn.

You control your own working hours. The market is open 24 hours a day, 5 days a week.

Manage and control your own risk, estimate exactly what you are willing to risk, and create your own goals and plans to achieve these goals.

In addition, you can usually short-sell a currency pair by borrowing from your broker at a low cost.

You may also find it more accessible than other markets because there are fewer barriers to entry; all you need is an internet connection and some money to start trading.

Is Forex Trading in Zimbabwe Legal?

There is a misconception that forex trading is illegal in Zimbabwe. Forex trading can be regarded as illegal only if it is done through an unregulated broker. Online forex trading is legal in Zimbabwe is it is different from street money changing. However, you need to use a regulated broker like Exness and Deriv.

Is Forex Trading in Zimbabwe Gambling?

Forex Trading is not gambling and should not even be in the same conversation as gambling.
Trading is about taking calculated risks based on reading charts and analyzing what the market is telling you; there is no guessing involved.

In this course, we will teach you technical analysis which is letting the market tell you what it wants to do next and reacting based on market feedback.

The goal of trading is to make money consistently, day after day, week after week, month after month, and year after year. You are not trying to risk everything in each trade and hit a huge home run. You want longevity and consistently pull money from the market, which is what professional traders do. To become a professional, you need to be an expert in risk management.

When you lose you lose small, when you win you win big. We will be going through this all as we have an entire section dedicated to risk management and trade psychology.

Get Started On Forex Trading: Enrol Now

How to Start Forex Trading In Zimbabwe?

1. Learn about forex trading: Forex trading is not as complicated as it may sound. However, forex trading is a project of its own and specialized knowledge is required. Check out this beginner online course that teaches the ins and outs of forex trading.

2. Set up a brokerage account.  To kick start your forex trading journey, you need to open a forex trading account with a brokerage firm. A broker will execute buy and sell orders you place as a trader. Our recommended brokers are Exness and Deriv.

As a beginner, we recommend that you first practice on a demo account and trade using virtual money before moving to a real account on which you will be asked to make a deposit.

3. Develop a trading strategy: Forex trading is not gambling therefore, for you to succeed you need a trading strategy that acts as your trading road map. The reality of your situation and finances are some of the factors that should influence your trading strategy. Your forex trading strategy should put into consideration the amount of cash that you are willing to risk when you open positions when you exit positions as well as your risk-to-reward ratio. At times it can include the number of positions you enter per day, week, or even per month.

4. Cultivate emotional equilibrium: As a beginner troubled by unanswered questions as well as emotional roller coasters.  It is important to not get carried away by your trading positions and to cultivate emotional equilibrium across profits and losses. Only open and close positions, when necessary, Be Disciplined.

What are the best forex trading brokers in Zimbabwe?

To kick start your forex trading journey, you need to open a forex trading account with a brokerage firm. A broker will execute buy and sell orders you place as a trader.

By far, Deriv is the best broker for forex traders in Zimbabwe. This is because Deriv offers a wide range of instruments from currencies, synthetics, stocks & indices, cryptocurrencies, basket indices, and commodities.

Deriv also offers flexible deposit and withdrawal methods. You can deposit into your Deriv account using Ecocash, Zimswitch, and even cash via payment agents and their peer-to-peer platform.

How do Forex Traders in Zimbabwe Deposit and Withdraw

Many people think it is hard to Deposit and withdraw your Forex Trading Account while in Zimbabwe. However, that statement is not true, it is not hard to deposit and withdraw in Zimbabwe. Brokers like Deriv allow you to deposit and withdraw in your trading account using Ecocash, Zimswitch, and even cash via payment agents and their peer-to-peer platform.

The FBC MasterCard also plays an important role for forex traders in Zimbabwe as it enables them to deposit and withdraw from their Exness Trading Accounts.

Is Forex Trading in Zimbabwe Profitable?

Investing in Forex can be very profitable, but it all depends on the investor’s level of experience and on its negotiating skills. If you are a Forex trader that knows how to apply the right strategies, this market can be very rewarding.

Which is the Best Forex Trading Course in Zimbabwe?

The Capital Gains Forex course covers all the basics of trading, meaning everything you need to know from beginning to end so that you can easily apply the strategies we show in this program. If you know nothing about trading, this covers all the basics and foundations to get you up to speed.

How Much Do Forex Traders in Zimbabwe Make Per Day?

Considering the nature of forex trading, there is no fixed amount that you make per day. However, a successful trader can even earn around $100 a day. To earn this you need a deposit of at least $200 and you can trade the EUR/USD currency pair, with leverage of 1:100, and uses a successfully aggressive strategy. Your profit is usually proportional to your deposit that is the bigger the deposit, the bigger the profit.

Common Mistakes that Forex Traders in Zimbabwe Make

If you’re looking to try your hand at forex trading, don’t be fooled into thinking it’s easy. It’s not. Investing in Forex isn’t for everyone—in fact, a staggering 95% of new traders fail within their first year. The risks involved with trading currencies can be high and they’re complicated. If that sounds scary or confusing to you, no worries! Why do so many people fail at forex trading? You can read about the 10 reasons why 95% of forex traders fail here.

Advice for getting started in forex trading

Know your limits. It’s great to be ambitious, but it’s also important to know what you can afford to lose and be realistic about how much money you’re able to risk. When first starting out, plan for losing trades; it happens to even the best traders. The key is not to let losses get out of hand, so know your risk tolerance before trading and keep it in mind as you start off.