Billion Forex Group founder Blaine Josephs announces a slight delay in the seminar. But when the time came, they were nowhere to be found," he says. Market data - October 3 Market data including bonds, unit trusts and fuel prices.
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He left home at the crack of dawn to come to the city of gold with hopes of improving his lot. In the conference room, attendees stare at laptop screens flashing with colourful candlestick charts and zigzagging lines. There is sudden silence. He addresses his audience in conservative tones, thanking them for attending the seminar, especially those who travelled long and far.
There is money in forex, guys. You just have to learn how to trade," he says. Josephs, 32, founded the forex-training company in December , with his first class comprising eight students who each paid R7, for a five-day session.
The company now has as many as 1, students, with about in the US, England, Dubai and parts of Asia. The cost and the length of the trading course have come down to R3, for a two-day intensive training session. Students are split afterwards into WhatsApp groups in which they discuss trading strategies and receive continuing mentorship.
They have either been somewhere before and got burned or gave money to the wrong people to trade on their behalf," says Josephs. Unlike most South Africans, Josephs is not depressed by the political climate. So we actually want Jacob Zuma to stay on as president because the more cabinet reshuffles he makes, the more money we make. Nine years ago, Josephs was earning R a week as a temporary yarn spinner at a carpet factory in Pietermaritzburg.
After seeing forex trader Jabulani Ngcobo on television hosting a R1m two-day birthday party aboard a yacht, he reconsidered his prospects, he recalls. Ngcobo, who goes under the name "Cashflow" on social media, is the epitome of an Instagram forex trader.
They portray their lifestyles in galleries of glitz and glam. Cashflow poses next to his collection of extravagant cars, wearing tailor-made suits and top-of-the-range watches. At times he is pictured holding or lying next to stacks of money. I was blowing accounts and losing money week in, week out. This carried on for about a year-and-a-half. But giving up was not an option. I increased my capital when I moved to Joburg, where I worked two jobs. I only withdrew profits for emergencies.
I have never looked back. But when the time came, they were nowhere to be found," he says. By the time he turned 31, he had driven every car he liked, lived in luxurious houses and had reached the point where he wanted to help others learn how to get rich.
It is six hours later. The attendees have been taught how to conduct technical and fundamental analyses of the market and sit attentively during a question-and-answer period.
As the mentors conclude the session, the youngster from Tzaneen bows his head, hurries to the door and sneaks out. Home is km away. Market data - October 3 Market data including bonds, unit trusts and fuel prices.
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