GT247.com is the DIY trading platform within the Purple Group, which was one of our founding CN&CO clients. Our own Kurt Solomon was based at Purple Group for a couple of years, where (among other things) he served as brand manager for GT247.com. That position is now held by Lesedi Mfolo, who sent us this interesting article about the platform and the people behind the Purple Group trading desk…
By Lesedi Mfolo, GT247.com brand manager
I’ve been told several times that “trading is the hardest way to make an easy living.” That’s the truth. The best traders in the world are extremely disciplined and always on top of the latest research and trends in the market. Since 2018 I’ve had the privilege to work for an online stockbroker and I must say, GT247.com takes the cup when it comes to online stockbrokers.
It is an online stockbroker who sees the trading world through clients’ eyes. It’s not about the house winning, it’s not like “The Boiler Room” or “Wolf of Wall Street”. Thanks to the no monthly fees, low cost trading, being the pioneers of CFD & spread trading, and the unmatched customer service, GT247.com is the go-to choice for all levels of traders looking for more than just an online broker.
POWER to the People…
One of the key priorities at GT247.com is our clients’ trading education and training. Our tools are designed to improve your knowledge so you can become an informed and successful trader and OBVS to get you making some more KA-CHING.
OK, Tell Me More?!
Traders will love how GT247.com makes online trading easy through its easy-to-use online platform. We truly aim to make your trading simple, focused, cost-effective and efficient across a wide spectrum of instruments, including forex, commodities, indices and JSE equity CFDs.
GT247.com has been around for nearly 20 years and the trading desk has well over 100 years’ of cumulative market experience. I guess that’s why they hardly miss a beat.
Let’s get to know the TEAM
(Head of Trading)
Favourite stock to trade: I really don’t have a favourite, if it moves and I understand it, I’ll do my homework and trade it.
Technical or Fundamental?: Both, using fundamentals to help me decide what to trade and technicals to help me decide when to trade.
Favourite stock of all time to trade: Transactional Capital
Technical or Fundamental? Fundamental. My dad was an accountant, so I grew up liking and understanding figures.
Who should trade? To trade you must understand the risk – often people only realise the risk when losses occur. It is my role to help manage the risk, especially with geared products.
Favourite stock to trade: I have a thing for gold stocks; I just love the volatility
Technical or Fundamental? Definitely technical
Risk Management, #FakeNews or the real deal? Real deal – Risk management is the only way to know how much risk you are taking (i.e. how much money you can lose) on a specific trade. If you don’t know this, it will only be a matter of time before you blow up your account. In my honest opinion, this is the only difference between trading and gambling.
Who should trade? Anyone who is prepared to learn: read, listen, talk to experts, and follow traders – successful ones and ones who lose! The more you learn, the more you will know what your risk appetite is.
Do you use indicators? If yes which ones? I do use indicators, and I particularly like the Fibonacci Retracement, which is an indicator that highlights potential zones of support and resistance between an instrument’s highs and lows within a specified timeframe.
What is the best market to trade and why? The ideal market to trade is typically a market that is very liquid i.e. a market that has a high number of buyers and sellers at any given point in time. Given this characteristic the US markets are a trader’s dream when it comes to equities. The forex market also attracts a lot of traders because of how liquid it is, despite the high volatility.
Favourite stock of all time to trade: I mostly trade indices but there are some stocks that stand out for me, namely Mr Price Group Limited (MRP), Richemont (CFR), BHP Group Plc (BHP) and the trade that put me on the map, Exxaro Resources Limited (EXX).
Is research or analysis needed before you place a trade? Ever heard the saying, plan your trade and trade your plan? Any person who believes that research or any form of analysis is not needed is a fool!
Who is you favourite trader of all time? Jesse Livermore, also known as the Great Bear of Wall Street. He placed his first trade at age 15 back in 1892. He was ahead of his time developing his own trading system plotting charts in his notebook from daily prices. He made $3 million trading the market crash back in 1907. The trade he is best known for is the short position he held before the stock market crash in 1929, which netted him around $100 million and his nickname. In the end he lost it all and killed himself. What a legend!
GT247.com is a one stop shop offering the ultimate trading experience and service. Daily market updates, technical and fundamental research, blogs, podcasts, educational notes and weekly trade ideas are just some of the many value added services you receive from the team.