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OUR MISSION

Forex trading in South Africa has turned into a circus, no lies in that statement. People are now scamming newbies into buying their products and services, new forex traders are at risk of being scammed off their hard earned money. It’s easy to scam newbies, you acquire the necessary skills to trade…make sure that you know more than them and start selling what they want (signals & robots) the customers will come pilling in earning you thousand each month. That’s unfortunately how it’s done. At FOREXLAMB our mission is to alert you of new scam methods, teach you what we know and be with you throughout your trading journey. Trading is not easy so brace yourself as it’s going to be one hell of a journey.

HARD WORK vs TALENT

It’s often said that hard work beats talent. but why? Well first of all a person who gives something their all has more odds at succeeding that someone who’s just talented in the ‘something’ the more effort we put in in getting something right the closer we get to getting it right, someone with the talent to do what you want to do will certainly get it right but they won’t be as experienced as you, as you will have to go through what they never went through and that is the sweat, the sleepless nights and the moments where you feel like giving up. Tie your shoe laces and be ready to learn forex from A-Z with us, we’re with you every step of the way.

A TRADERS JOURNEY

A traders journey is not nice at all, we face losses daily, we go through a series of emotions which we have to lean to control because at the end of the day this is the path we chose nobody forced us to become traders. As a trader you will definitely and without a doubt lose money and sometimes there’ll be days where you have losing streaks (losing trade after trade) fortunately this is normal. Some of the things beginner traders think or people who have no clue what forex trading really is, is that they think that whatever they deposit into their brokerage account will turn into thousands overnight (people also get scammed this way…”send me $50 you’ll get $300 by the end of the week”) unfortunately this is not how it works…while that person may have the skills to turn the $50 into $300 by the end of the week, why don’t you ask yourself why they need your $50? Why can’t they use their $50 and that way they get to keep 100% of the profit they’ll make? This is one of the methods used to scam people off their money. A traders journey is long and tiring, some take 6 months, some 2 years, some 5 years, some more than 7 years to become profitable.

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THE FSCA

In South Africa it is illegal for forex traders to provide financial services such as signals without the FSCA’s approval, forex traders must apply for a license which prove their legitimacy as financial service providers. If you have been scammed before report it to the FSCA, gone are the days where forex traders could scam you off your money. Remember what we said, we will alert you of new scam methods ensuring that you stay on top of the latest methods used to scam persons off their money, FOREXLAMB is not affiliated with the FSCA, this is not a paid ad. The forex trading industry has turned into a real joke, even 14 year old’s are now selling signals and robots…see what we mean? We’ll leave the FSCA’s numbers below and a link to their website.

FUNDED ACCOUNTS

Now imagine you had $15 000 in funding from a prop firm, and you get you get your first $1700 payout paid to your account, it would be nice right? But hold on there’s a catch…and no it’s not the income taxes you’ll have to pay from the payout (although you have to, in South Africa forex trading profits are taxable depending on how much the amount is) what we would like to focus on is the fact that prop firms are lowkey hiding something from us. What is it? Every business has to make money and in the industry of prop firms making money is fairly easy. Allow us to tell you a little story, you as a trader purchases a $15k account for as little as $110, this already messes and you’re given a set of rules such as the 5% overall drawdown (total amount you can lose from the $15 challenge) and a 3% daily loss limit (total amount you are allowed to lose daily)but should you lose 3% it’s highly possible for you to lose the challenge with some prop firms (we also don’t understand how because we haven’t hit our overall limit) okay so you’re given a profit target of 10% meaning from the $15k account you must make profit of $1500 during the challenge phase and if you can get to $1500 you will be given a $15k live account and some prop firms even refund you back your money.

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