South Africa emerged as a Forex hotspot over the past decade. The FSCA, South Africa’s Forex regulator, established itself as an industry-leading regulator, and South Africa spearheads the African Forex market in innovation and success. The South African Forex trading infrastructure supports most trading strategies. I have compiled a list of the most successful Forex traders in South Africa, which beginners can use as inspiration.
Top Forex Brokers
How to Become a Successful Forex Trader in South Africa
Do you want to rank among the most successful Forex traders in South Africa, trade for a living, and fulfill the ultimate goal of Forex traders?
Forex trading is as diverse as there are Forex traders. While no approach fits all traders and personalities in South Africa, some similarities exist. I created a list to help beginners get started and point them in the educational direction to shorten their learning curve and avoid mistakes as they embark on their Forex trading journey.
Tips on becoming a successful Forex Trader in South Africa:
- Invest in education
- Master discipline
- Practice patience
- Exercise flexibility
- Study risk management
- Follow your own path
- Trade a strategy suitable to your personality
- Ignore the recommendations of others
- Learn from your mistakes
- Respect Forex trading as a high-skilled profession
- Fine-tune numerous Forex strategies
- Ensure you are using one of the best Forex brokers in South Africa
Top South African Forex Traders
Jacobus Majola
Jacobus Majola started Forex trading in February 2021 as a self-taught Forex trader from Cape Town. He prefers a focused approach and trades primarily the EUR/USD, and if the opportunity presents itself, diversifies via trading the Hong Kong 50 index.
The Positive Lessons in Jacobus Majola’s Success Story
- Jacobus Majola followed the path of many successful Forex traders by learning how to trade and partnering with a trustworthy brokerage
- He chose to focus his trading development on the EUR/USD and master price action in one currency pair, with an average profit shy of $80
The Cautionary Lessons in Jacobus Majola’s Success Story
- Focusing a strategy on one currency pair or a handful of assets adds concentration risk and missed trading opportunities
Nkosi David
Nkosi David is a Forex trader from Johannesburg who transitioned to full-time trading in March 2021. His strategy seeks trading opportunities in the EUR/USD, GBP/USD, EUR/AUD, EUR/JPY, and XAU/USD. Nkosi David prefers a medium-term strategy, as supported by his results.
The Positive Lessons in Nkosi David’s Success Story
- Nkosi David trades a handful of Forex pairs and relies on trading gold as a hedge and for diversification
- Based on his results, he looks for average gains of $100 per position
The Cautionary Lessons in Nkosi David’s Success Story
- Using a fixed profit target is not suitable for every asset and can lead to missed opportunities
James Naidoo
James Naidoo joined the growing list of successful South African Forex traders in May 2021. He is from Maputo and exclusively trades Forex with a medium-term strategy. His preferred currency pairs are EUR/USD, GBP/USD, NZD/USD, AUD/USD, and AUD/JPY.
The Positive Lessons in James Naidoo’s Success Story
- James Naidoo is a pure Forex trader and does not mix asset classes
- He favors major currency pairs, where liquidity ensures the lowest trading fees, which increases his profits, with an average profit of $45 per trade
The Cautionary Lessons in James Naidoo’s Success Story
- James Naidoo suffers from correlation issues, as all but one of his preferred assets has the US Dollar as the quote currency
Sandile Hlongwane
Sandile Hlongwane became a Forex trader in June 2021. This trader from Pretoria favors minor currency pairs and trades the CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/NZD, and GBP/CAD.
The Positive Lessons in Sandile Hlongwane’s Success Story
- Sandile Hlongwane stays clear of the crowd and prefers to trade minor currency pairs
- He made volatility his friend and created a strategy that functions in a higher-cost environment, netting an average profit of $110
The Cautionary Lessons in Sandile Hlongwane’s Success Story
- His trading approach is not well suited for everyone and requires more discipline and focus
Thomas Mthethwa
Thomas Mthethwa hails from Johannesburg and emerged in the South African Forex scene in March 2021. Unlike many peers, he prefers to trade non-USD currency pairs with few exceptions, as he trades the GBP/USD, CAD/CHF, EUR/GBP, and NZD/CHF.
The Positive Lessons in Thomas Mthethwa’s Success Story
- Thomas Mthethwa successfully developed a strategy for minor and exotic currency pairs, avoiding direct exposure to the USD in most of his trades
- He makes an average profit above $80 per trade
The Cautionary Lessons in Thomas Mthethwa’s Success Story
- Trading minor and exotic currency pairs requires a more demanding trading infrastructure
Jan Mabaso
Jan Mabaso is a Forex trader from Kimberly, active since August 2021, who created his portfolio by trading the AUD/NZD and XAU/USD.
The Positive Lessons in Jan Mabaso’s Success Story
- Jan Mabaso combined a highly liquid asset with a minor currency pair
- He values a focused portfolio with a long-term strategy and an average profit of $455
The Cautionary Lessons in Jan Mabaso’s Success Story
- His low volume, focused strategy magnifies lost opportunity and concentration risk
Mandla Mathebula
Mandla Mathebula from Antananarivo trades EUR/USD, XAU/USD, and GBP/USD and has started to make a name for himself since March 2021.
The Positive Lessons in Mandla Mathebula’s Success Story
- Mandla Mathebula solidifies his success by trading major currency pairs and gold
- His medium-term strategy yields average profits of $80 per trade
The Cautionary Lessons in Mandla Mathebula’s Success Story
- His trading style is exposed to the US Dollar on every trade
Tshepo Zwane
Tshepo Zwane from Gqeberha became popular among South African Forex traders in August 2021 despite being an index trader using the DE30, US30, and US100.
The Positive Lessons in Tshepo Zwane’s Success Story
- Tshepo Zwane successfully uses his index trading strategy in the Forex market
- His average profit is $250 per trade using a medium-term trading strategy
The Cautionary Lessons in Tshepo Zwane’s Success Story
- Using primarily US indices creates a one-sided approach and centralization risk
Peter Adams
Peter Adams from Maputo ranks among the best South African Forex traders for trading minor currency pairs focused on AUD/CAD, AUD/CHF, EUR/JPY, and GBP/JPY.
The Positive Lessons in Peter Adams’s Success Story
- Peter Adams understands how to spot trading opportunities in less crowded markets
- His short-term approach yields an average profit above $35 per trade
The Cautionary Lessons in Peter Adams’s Success Story
- Using minor currency pairs can result in higher trading fees
Thabo Louw
Thabo Louw uses a Forex-index combo strategy trading the DE30 and CHF/JPY. He is from Durban and entered the South African trading scene in February 2021.
The Positive Lessons in Thabo Louw’s Success Story
- Thabo Louw successfully combines two asset classes and a liquid and illiquid trading instrument
- His low-frequency strategy yields average profits above $1,685
The Cautionary Lessons in Thabo Louw’s Success Story
- Using a low-frequency, low-volume approach with an illiquid asset is a niche approach
Bottom Line
Trading with the best Forex brokers in South Africa is crucial, but it takes more than that to rank among the most successful Forex traders in South Africa. Forex brokers provide the trading infrastructure and determine which strategies they actively support and passively discourage, but Forex traders must ensure the trading conditions are competitive. Every journey begins with in-depth education, and while similarities exist, beginners must plot their course through the vibrant Forex market to become long-term successful South African Forex traders.
