Since February, Shoprite has found a strong support (floor) at R188.00.
This means that sellers are refusing to sell below this R188.00 level, which makes the level a strong place to buy at. So the trick is to find these support levels on charts, buy them and hold them as the price goes up.
Support levels are the most important levels I use, to help find high profitable trades for my Red Hot Storm Trader
Q. How do I sign up on a trading platform?
Answer by Timon Rossolimos:
Nowadays when you sign up with a Forex or CFD broker, they will offer their trading platform to you.
With every trading platform you’ll be able to:
• View charts where you can add indicators and lines
• Buy and sell financial instruments
• View your portfolio balance
• View a depth table (where you can see the bids and offers coming in)
So, all you’ll need to do is go to the registered broker’s website and look for the sign up button… Fill in the FICA documents and fund your account, and they will then send you a link to get access to your trading platform…
If you’re not sure which platform you’d like to get started, we have three recommended brokers which you can have a look at.
Click here to read about them.
Q. How much is the minimum you need to trade?
This purely depends on what financial instruments you would like to trade.
If you’d like to dabble in the Forex market, then you’ll need no more than R500 to get started.
You won’t have to worry about any monthly fees or any brokerage costs. Only thing you’ll have to worry about is the tight bid and offer spread that you’ll pay to get in and out of your Forex trade.
For CFDs and shares, I’d personally recommend you start with around R5,000.
The reasons are you want to:
• Be able to pay any brokerage fees
• Pay the small monthly JSE data fee to stream any instrument
• Be able to buy or sell more than one stock at a time
• Grow your portfolio at a good rate.
Also, I’d suggest you phone your broker to find out exactly what their minimum requirements are to get started, as they all differ.
You never know…
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