Crucial Aspects to Put In Place Before Starting Trading In Zimbabwe
Forex Trading in Zimbabwe must be approached with great caution, Losses can come in various forms and from all directions due to unforeseen events. The technical analysis might be ok , the setup might be supper and still the trade might go wrong. This essay will cover other aspects and unique challenges that are being faced by traders in Zimbabwe due to the geographical location and legging behind of the country in terms of technological and financial infrastructure.
Buy Both Net one and Econet Lines
Network is still a problem in the country, the infrastructure is poor the boosters are still very few and they cant accommodate the usage and growing demand , other areas have limited networks, so you will notice that each network provide has geographical areas of strength. When you want to get involved in trading you need strong network base, avoid trading basing only on one network provider, I cant pinpoint which one is the best to use but its best to have all alternatives to be thoroughly organized is having also a Zol line so that they all balance each other. Make sure before you start trading that you have at least two Data options if another fails quickly switch to the other, this will avoid losing.
Secure a Crypto deposit Alternative
There are common means of funding accounts in Zimbabwe you can use Payment agents , Bank deposits through VISA and Master Cards all these methods are good and reliable, but as they say in the streets trades moves best during the night as people are sleeping, either it is a fact or mere speculation it doesn’t matter, the facts remains most of traders in Zim trade also during the night if you would like to take night trades its best you have a cryptocurrency means of funding an account. The Banks they don’t open during the nights in actual sense they close at 3:30 pm, same applies to agents they prefer Cash to eco cash so you cant deposit via them at night and its not a wise thing to wake up someone in the middle of the night because you want to do a top up or fund your account, have your own crypto wallet that you can use for your convenience at all times.
Don’t trade as you Go
If you don’t want to lose money do not attempt to trade as you move around, as we have said earlier the network infrastructure will frustrate you, most network providers are still revolving on the 4g network which will auto transit to 3g which is not good when you are monitoring your trades. Its best to be stationed you don’t need a network hiccups whilst doing other things which might be requiring your undivided attention.
Zesa Load shedding
Electricity in Zimbabwe is always on a serious load shedding, this is a living reality every trader must come to terms with. Network rely on power and as well as those traders that use Desktops to trade power is always a must have. Measure must be in place before you start trading to have a secondary source of power incase there are some power cuts. Electricity has inconvenienced a lot of traders so an advice for free never enter a trade without a stop loss