Judith Phiri, Business Reporter
FOREX trading has become one of the most innovative ways being used by a number of people in the country for a living.
Bulawayo-based forex trade broker Mr Kuda Mazanga said most people especially youths have turned to online trading in currencies as a way of enhancing their earnings.
Mr Mazanga operates a Forex Trading School in Bulawayo, which he has been running for 12 years.
“At the Forex Trading School we teach people how to trade stocks, forex, futures, options and warrants trade in the financial market so that they can also earn extra income. Those synonymous with risk and financial markets, especially students are the ones we teach forex trading although everyone is welcome to learn and advance their trading skills,” said Mr Mazanga.
Forex trading in simple terms is the trading in currencies from different countries against each other online. It is a global decentralised market for the trading of currencies and includes all aspects of buying, selling and exchanging currencies at current or determined prices.
Forex trading is different from the money exchange business although it also deals with currencies. Forex traders are those who buy and sell currencies against each other to make profit and do not offer a money exchange service to people. A student trader, Mr Mcdonald Mashawi said foreign exchange has enabled him to be financially independent.
“I have been trading for about two years now and it has helped me to be independent in some way financially and less dependent on my parents for fees,” he said.
Mr Mashawi said he has since embraced forex trading as a business largely due to its profitability.
“For me forex trading is like a business, I take losses as part of business. Even big institutions suffer losses sometimes but it’s part of learning and day by day we learn something. So risk management is key in forex as we try as much as possible to risk less money,” he said.
Another scholar, Miss Samkeliso Sibanda said she has managed to embark on other income generating projects from the profits realise from forex trading.
“I have been trading for two years now, soon after my A-level studies and the impact has been positive. I have managed to sustain myself financially and even started a couple of other income-generating projects,” she said.