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Why are we witnessing a sharp increase in trading culture in Africa?

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Forex trading is developing rapidly and in the past decade this field engulfed so many people in the world, one could not imagine in the past. While the trading culture first gained a foothold in the United States and European countries right now almost all of the states in the world are taking up trading as a side hustle.

 

Africa in recent years appeared to be at the forefront of the Forex industry. Numerous people from South Africa, Nigeria, Zimbabwe are involved in trading and some find it very unexpected. Trading culture is really developing on the continent and in this article, we will talk about the main reasons behind this huge surge in Africa.

Sharp technological advancement

Africa is gradually becoming one of the leaders in the fintech industry. Various countries have adopted new technologies that are already actively being in use. At the same time the development of the Internet, as well as the improvement of technological literacy, encouraged youngsters to try trading. We know that trading also includes the proper use of trading platforms like MetaTrader. So this is a very important reason.

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Promotions and bonuses

One of the main features of trading is the variety of offers and promotions that Forex brokers offer. This is the case in Africa as well. You can get no deposit bonus when you start trading and usually they are very helpful for beginners. For example, as this XM $30 bonus conditions show there is nothing very complicated in obtaining the bonus, thus more African traders like this fact when they can get something without additional charges.

Trading is the active management of your money

It goes without question that trading in the stock or Forex market carries risks, but it is one of the very few legitimate ways to become rich, earning an income that is several times higher than in conventional types of capital preservation. So Africans pay a lot of attention to this as well.

The market will help you scale your time

As Nassim Taleb says in his book The Black Swan – trading is a type of activity that scales, that is, a trader has the opportunity to add a few zeros to his regular income. This is a territory of great opportunity. Indeed for some people in Africa Forex trading is an incredible source for a side hustle when after a tiring job they can earn additional income. So this helps to improve the trading culture.

Personal growth

As a rule, trading tests us for strength, reveals our weaknesses, motivating us to work on them, to develop, defeating ourselves every day, every hour. Since the most difficult battles and the most brilliant victories take place inside a person, in his head, and not on the battlefield, that’s why there is a large percentage of people who leave trading, and such a small percentage who consistently make money. In trading, as in sports, our spirit is tempered.

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This concept is strictly followed by African trades. They know that by giving up nothing will change and it is fighting that is always hard to keep on.

Possibility of trading from any place

Modern technical means provide us with the opportunity to enter trading platforms from almost anywhere, the main thing is to have the Internet. We don’t need to call a broker, ask for a quote, go to the bank or do anything else that we did 20 years ago. Learn to trade and your vacation can be where you want it.

 

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Africans tend to follow this very carefully, as they can conduct trading from anywhere.

Trading is possible for everyone

It does not matter if you do not have a proper financial background under your belt. You don’t have to be a financial expert to conduct trading. Financial education, as a rule, gets in the way, contrary to popular belief. Other qualities are important here – discipline. In fact, the path to success in trading is open to everyone, regardless of their natural background. The following of discipline for Africans is the utmost priority for the development of trading culture.

Alternative to retirement savings

In Africa, more and more people are contemplating making savings for retirement. The African market is one of the most undervalued financial markets in the world. The growth potential is enormous. At a time when the state withdraws pension savings to cover its own needs, Africans sometimes do not even understand how, where, and by whom pensions are managed.

 

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 You should rely on yourself – make it a rule to add 10% of your income to trading where you can manage to earn even more.

A crisis for a trader is a sea of ​​opportunities

Knowledge itself does not give any profit. You can be smart, beautiful, and charming, but you cannot be a successful trader if you do not have a knack for trading. All this is only because the ability to correctly apply knowledge and skills is much more valuable. What is a crisis for an ordinary person is an opportunity for a knowledgeable person.

Highly-paid hobby

For some Africans, it has already become a hobby. How wonderful it is when, in addition to work, which is probably already boring, you have a hobby that pays well for. And this is not origami, not a cutting and sewing circle, but trading, which promises high income.

Opportunity to make it a business

Yes, because there are the same working capital, commissions, you pay tax, you make purchases and sales. This requires powerful self-control skills. Isn’t it a business? It all depends only on you.

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Conclusion

The moment when you realize that you can earn consistently, at a time when others are not included in this small percentage of people, is wonderful. This profession is one of the ten most difficult, respectively, the highest-paid. Even though you need a lot of experience and knowledge to become a professional in trading, the results will be outstanding. And this is what forces the most African youngsters to strive towards trading.

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