Refiloe Nkele, popularly known as Ref Wayne, is a South African author, entrepreneur, and forex guru who started trading at 16.
He made his first million at the age of 19 and his first billion 3 years after. He is the founder of pipcoin, the first virtual currency in Africa, in 2016. He developed an interest in forex and cryptocurrencies when he was in high school. He dropped out of school to follow his passions.
Not long after that, he met Mr. David Schwartz, who was a forex trading expert. He started to mentor him in his new path, he dedicated so much time to trading since he understood the benefits of trading the market, and at 16 years, he already made his first million.
He has published two books, namely ‘the art of trading’ and ‘top-down analysis.’ Also, He makes several webinars and live sessions to reach people about the importance of trading forex and guide the ones related to forex.
Ref Wayne founded the AfricannForex Insititute in 2013 to spread the awareness of cryptocurrency in South Africa. He also launched a digital currency called pip coin, which could be seen as contributing to cryptocurrency in Africa. He also created a trading robot that he named Armageddon.
Ref Wayne’s Tip for Forex Beginners
He believes that the forex market is a domain of wonders. The market is vast and highly profitable, but it needs a lot of experience. It is quite normal for a beginner to be intimidated, but it has to be approached rightly.
He says that losses are unpleasant but are part of the game since currency trading isn’t about making profit every day but making more profit than losses. He believes that consistent profit could be attained by following the right plan.
Some of his tips include:
#1 Have an impeccable plan
The trading strategies that traders use have to be on-point. If a novice trader is only pushed by the desire to make money, he will not make the right strategy, and he tends to over-trade. A new trader should spend time to have a strong plan because it is through that he will know much has to be achieved, how it should be achieved, and the problems such will come with.
#2 Different approaches and techniques
Against what many fore teachers say, Ref Wayne believes that traders should be free. You should learn to be flexible and be free to trade on any timeframe using different strategies and currency pairs. He discourages forex traders from trying to use the same technique every time. He advises beginners to learn different techniques with a demo account before trying them on a live account.
#3 Keeping expectations and risks minimal
He also advises traders to keep their expectations small and real. According to him, small trades help test the strength of strategies, and trying to make a million-dollar overnight isn’t going to work out.
He believes that traders should not risk too little and should not risk too much. A trader should dream big but also dream real and know when to draw the line.