Refiloe Nkele, known as Ref Wayne, is one of the youngest and best-known South African multi-millionaires.
Wayne made his fortune at the age of 22 and is the founder of the African Forex Institute AFI, as well as being the mastermind behind the Armageddon System (AMG) and Pipcoin, which is the first digital currency in Africa.
Wayne has consulted for various companies and has spoken to over 250,000 people through television and seminars in South Africa and Botswana. He is also the author of the amazing book titled “The Art of trading.” In the book, he breaks down the Forex trading strategies and mindsets.
If you have wondered how old is Ref Wayne, well, he is a very young 26-year-old Forex trader. He was born in Meadowlands, South Africa on March 3rd, 1995.
The world of trading operations changed in the last two decades
There are many reasons that trading operations have changed over the last twenty years. For starters, the world has become a more open and easily accessible place. The improvement in technology has also played an important role. The Internet and mobile phones have opened up new avenues for trade and the market.
Currency trading through Forex has been an area where there have been great changes, and this has helped create wealth among thousands of people located in different parts of the world. In this piece of writing, we will tell you about one of the fascinating young Forex millionaire stories.
It will be interesting and also motivating for those who are from South Africa and want to develop their dreams to become millionaires. While Ref Wayne is really successful, some young Forex traders have explanations about how they built their wealth.
Ref Wayne’s early interest in Forex
Ref Wayne is a person who had a keen interest in trading even when he was in high school. He dropped out of high school in 2011 and started trading Forex. It is believed that by the age of nineteen, he had already built a fortune worth one million.
He has built his own success and also has some things to show for it when it comes to charity and philanthropy. Wayne created the Ref Wayne Foundation to help poor and disadvantaged children. In his book called The Art of Trading, he explains the practical and theoretical aspects of Forex trading. Therefore, his phenomenal success could be a great way forward for others who are interested in making big money trading Forex. Today, Ref Wayne’s net worth is around $500 million.
African Forex Institute AFI – African Forex institute Ref Wayne
Ref Wayne is the founder and one of the stakeholders in the African Forex Institute for the development of Forex trading software for automated trading. Ref Wayne is the person who is described as the developer and owner of these trading robots. Judging by the photos we saw on his Facebook page and social media it seems he created a luxurious lifestyle. In fact, this type of marketing is used to attract newbies who want to make money from online trading.
Ref Wayne Forex Trading Tips for Forex Trading Beginners
The fundamentals of Forex trading are crucial, according to Ref Wayne. Beginners cannot ignore them and proceed to trade in a live trading environment. This will certainly result in substantial losses that may exceed the trader’s initial deposit.
Beginning the journey of learning Forex and becoming a more advanced trader is an exciting undertaking. However, there are some steps that cannot be skipped.
There are many trading tips that beginners should pay attention to throughout their journey, as they are still applicable despite the trader’s level of experience, but they become second nature after a while.
Study and know the markets
The first Ref Wayne rule is to learn how the markets work.
The importance of educating yourself cannot be stressed enough when it comes to the Forex market. Traders should take the time to study currency pairs, what affects them, and how their prices move.
By ensuring that the research is done, traders can save a lot of money that they could have otherwise lost by indulging in Forex trading blindly.
Create a trading plan and stick to it
Every successful trader will not be able to stress this point enough as it is an essential part of successful trading. A trading plan should include the trader’s risk tolerance level, profit goals and objectives, methodology, etc.
No two trading plans are the same, and each is formulated to suit the individual profile of a trader. When the trading plan is in place, traders must ensure that their trades are within the parameters they have set in their trading plan.
This is another essential of Forex trading. You just can go straight into live trading. Forex trading requires skills, and the only way to develop such skills is to practice trading using a demo account.
Demo accounts closely mirror live trading conditions. However, in demo accounts, traders use virtual money while having access to the same functions as they normally would when trading live.
It also allows traders to familiarize themselves with the general flow of trading. And further prepare them for what they can expect when trading on a live account.
Learn to predict market conditions by performing analysis
By performing fundamental analysis, technical analysis, or a combination of both, Forex traders can learn to predict market conditions.
Fundamental traders base their trading decisions on news and other factors relating to financial or political data. Technical traders, however, use technical analysis tools such as Fibonacci retracements, among many others, to predict market movements.
Keep your emotions out of trading
The psychology of trading is a fundamental component in which traders must educate themselves in depth. It involves a clear understanding of the trader’s emotions and any triggers that may lead to certain emotions.
Traders must have adequate discipline and control over their emotions when trading. And it is necessary to know when the moment comes to take a break and avoid chaotic or sporadic trading.
Having a good trading plan and sticking to it is one-way traders can effectively manage their emotions. And therefore, a good trading plan is essential for successful Forex trading.