“The financial market, also known as Forex is a market wherein traders trade currency pairs connected through networks of banks. It is one of the largest, if not the largest market in the world with a net flow of 5 trillion USD per day. It is a 24hr market open 5 days a week”. That is according to Investopedia.
The Lounge sat down with the brilliant 16yr old Aidan Kangandjera, a young man who ventured into forex trading at the tender age of 14. Aidan started out mining Bitcoin with the assistance and support of his family, but has since moved on to Forex trading since learning that Bitcoin mining is illegal in Namibia.
As a Grade 10 learner at Hochland High School Aidan shows discipline and dedication to his school career as well as making time to learn and develop his skill as a trader. He does so by attending seminars and workshops in person and via online lectures with his mentor Sandile Shezi, the creator of the Rivoltare App as well as Jason Noah.
As part of giving back and as a way of introducing other young people to the art of Forex trading, Aidan is part of a team (Wealthy God’s Forex Institution) who host 2-day seminars in Windhoek, at which he speaks and teaches.
“Anyone can start trading from anywhere in the world regardless of their educational background, but you need to have the knowledge and skills of forex trading to be successful and make profitable trades. All you need is a PC/Phone/Tab, an internet connection, capital and the skills and knowledge of it.
If you want to trade forex you should be emotionally strong so as not to take losses personally and that is where risk management comes in” says Aidan. “It is not something I always wanted to choose as a career but it will always be something to be squeezed into my daily routine after work”.
Trading is not for the faint hearted and one needs capital to venture into it. All trades are not profitable, about 35% of trades may very well be at a loss and it is advisable to risk small amounts of capital in order to avoid making huge losses.
If one is considering trading, it is not a good idea to go into it hastily and without the proper training, research and time. First start off with a dummy account as a training tool, until you are comfortable and have found your own rhythm.
Many have questioned the sudden increase of ‘forex traders’ in the market and there are doubts about the legitimacy of many of these ‘get rich’ overnight schemes. Many traders have no credentials or a track record to show, but they swindle many followers with flashy cars and the facade of an expensive lifestyle.
Forex in itself is not a scam, rather the people who make a point of taking advantage of the naivete of most laymen when it comes to trading and robbing them of their money. These people are often times clueless about the currency market and blow their accounts due to lack of education on forex. It is also illegal for a trader to take money from people and trade on their behalf, without a license to do so.
Whether trading works for you or not is entirely up to you, how much work you are willing to put into learning and understanding and developing your own rhythm when trading. Also be mindful of the con artists out there who are eager to make a quick buck at the expense of others.
Aidan can be contacted on Instagram @aidanprince_na