By: Mpho Shelile
Maseru – Katiso Moalosi, fondly known by friends as Taylor Rhené, embarked on his forex trading journey in 2021, but the story of his introduction to this dynamic financial market dates back to 2018. Initially, he dismissed forex as a scam, influenced by the skepticism that surrounds the industry.
However, in 2021, Katiso decided to explore the world of forex more seriously and enrolled in an online class with a mentor named Loso. This decision sparked his passion, and since then, he has been dedicated to mastering the art of trading in the foreign exchange market.
Katiso candidly shares with Informative newspaper that his first two years, 2021 and 2022, were filled with significant ups and downs. “Esale ke poqa haholo,” he reflects, acknowledging the initial struggles and the steep learning curve that many new traders face. These formative years were marked by trials, errors, and countless lessons about market behavior, risk management, and emotional control. However, it was in 2023 that he decided to make a pivotal shift — to fully commit to trading as a career.
In 2023, Katiso made a bold decision to dedicate more time and focus to forex trading. “Forex trading needs time too, it’s a learning journey,” he says. It was through this commitment that he truly began to understand the intricacies of the forex market. He realized that success in trading requires not just skill but also time, patience, and discipline. It is a continuous learning journey where one must constantly adapt to new information and market dynamics.
Katiso describes himself as a day trader. He prefers to enter and exit trades within the same day, avoiding the uncertainty of staying too long in the market. This style suits his personality, as he dislikes the anxiety that comes with holding positions overnight or for extended periods.
For his technical analysis, Katiso relies heavily on TradingView, a popular charting platform known for its robust analytical tools. When it comes to placing trades, he uses MetaTrader 5, a widely recognized trading platform. “Different people use different software,” he acknowledges, “but for me, TradingView and MetaTrader 5 provide the right combination of tools for analysis and execution.”
Through his journey, Katiso has observed several common mistakes that new traders often make. “Honestly, there are so many mistakes that new traders make,” he says with a laugh, noting that the most prevalent one is the lack of emotional control. “Re greedy re le batho,” he remarks in Sesotho, pointing out how greed can drive people to make poor decisions in the market. New traders often fail to control their emotions, leading them to risk more than they should or ignore their trading rules, ultimately resulting in significant losses.
The forex market is highly active and volatile, influenced by global events, inflation, and decisions made by central banks. “For example, the U.S. dollar keeps changing in value as interest rates rise or fall,” Katiso notes. He believes that the market will remain unpredictable for the foreseeable future, requiring traders to stay vigilant and adapt to changing conditions.
He also highlights that the current market structure is somewhat different from the past, rendering some traditional strategies less effective. This further emphasizes the need for continuous learning and adaptation in trading.
Katiso underscores the importance of discipline and emotional control in trading. “Financial markets trading e hloka motho a disciplined haholo,” he states. While having technical skills is crucial, he believes that psychology plays an equally vital role in a trader’s journey. Trading is not just about making money; it’s about managing losses, staying calm under pressure, and maintaining a realistic outlook on market returns. “Expect realistic returns on the markets; tlohella ho lebella 10k while you invest 100.00,” he advises.
Katiso emphasizes that trading should be treated like any other business. “You will lose a lot of money while trying to make more,” he says, encouraging traders not to be discouraged by initial losses. He reminds aspiring traders that the road is not easy and that experience is essential. “DO NOT BE MISLED,” he warns. “Financial markets trading is not an easy road; you definitely need to gain as much experience as possible.”
Katiso Moalosi, or Taylor Rhené as his friends call him, embodies the spirit of resilience and commitment in the world of forex trading. His journey from skepticism to passion, marked by a constant pursuit of knowledge and growth, serves as an inspiration for both new and seasoned traders. With a disciplined approach, a commitment to continuous learning, and a realistic mindset, Katiso continues to navigate the complexities of the forex market, one trade at a time.