Alternative sources of income seem to be all the rage in our struggling economy. I say this because when we interviewed an online forex trader last year there was a lot of interest around the topic of online forex trading but unfortunately, it’s a topic we were learning at the same time as our readers… Later on, we stumbled upon a Udemy Forex course that was curated by a Zimbabwean and we felt that would be helpful to people starting out from the Zim context.
Most excitingly, there’s a Forex trading association being launched locally this weekend. Forex Trading Association of Zimbabwe aims to be Zim’s first registered association of online forex, commodity and future market traders and trainers in Zimbabwe. The association was founded towards the backend of 2018 and will now be getting officially launched on the 26th of January.
FOTRAZ estimates that there are over 8000 online forex traders in the country and with the number growing they feel there is need for an association that represents the interests of traders. FOTRAZ will have two chapters; one in Harare and the Headquarters which will be in Bulawayo.
What are the goals of the association?
According to one of the representatives of the association, they want to “enable a safe striving environment for traders in Zimbabwe”. Considering the high unemployment and need for alternative streams of income it does seem like forex trading is something worth looking into.
The association looks to reach this goal through the following:
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To promote, support or oppose as may be considered desirable in the best interest of members, any proposed legislative or other measure which may affect those interests.
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To develop a trading culture in Zimbabwe, making it an option to have an extra revenue stream.
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To promote the development of a recognised trading course in our Zimbabwe learning institutions that recognizes our specific skill sets.
Where will the launch event be?
The launch itself will also be hosted in Bulawayo at the Theological College of Zimbabwe from 9 am to 11 am. Best of all there will be a training session for 250 people to get training on the day.
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13 comments
Good news
agreed!
On point, its high time for Zimbabwe ingage in the most lucrative business in the world!
I agree
Only 10% of traders actually ever come out on top. The house always wins…this is just glorified gambling. But anyway its better than drinking your money away.
The craze is a spinoff from the bitcoin craze. There is a huge difference between trading and investing.
Very risky and tempting ,must be careful when choosing to that way.
I still fail to see the need for an association. How do they intend to help their stakeholders? What legislature can they effect, when all brokers are offshore brokers and as such our courts and regulatory authorities have no jurisdiction over them?
Interesting question. I think formalising it will help develop it into something more accessible to people and create a community than many separate communities and i am sure eventually they will develop better systems its a good start.
See you there
Being a seasoned forex trader for the past 10 years, I can honestly say the only advantage of such an association would be to continuously advise its members of how risky this method of income is and ensure that anyone who ventures into forex trading should only do so with funds that they can truly afford to lose.
good business ,but internet is expensive in Zimbabwe
Trading the financial markets is very risky, a very very small percentage of those thart participate make it. Those that glorify the business are those that own these so called forex companies as they make money off the courses they offer, their clients most of them never make it, if this association does protect people from such then there would be doing a good job.