When it comes to Forex trading in Botswana, Kennedy Thabo Kgosietsile is regarded as one of the very best – that’s why they call him the GOAT!
Known as Rayon FX Goat, with a Facebook following in excess of 103, 000, The Voice sat down with the Tonota native to find out more.
Pulling up in his signature orange Hilux, the down-to-earth youth did his best to shed some light on the confusing, often-misunderstood world of Forex. From the highs of making P70, 000 to the lows of losing P10k, this is his story…
Who is Rayon FX Goat?
My birth name is Kennedy Thabo Kgosietsile born and bred in Tonota 32 years ago. I am the first born in a family of three. ‘Rayon’ means to visualize events before they happen, it is a spiritual code.
And why do you call yourself the GOAT?
(Laughing) It means the greatest of all time – like Lionel Messi in football. Actually it’s a nickname Batswana gave me after seeing how successful I am at trading in Forex.
How long have you been trading for?
I have been involved in Forex trading for the past 11 years. My initial interest developed from a passion for computers. One day while surfing the internet I stumbled across Forex and dollars. The dollars caught my attention and I wanted to know more as I did not have money.
Did you go to school for it?
No, I am self-taught. I read books and PDF’s. I also used information online even though it was not enough to make me a qualified Forex trader as every time things change.
After ‘stumbling across’ Forex online, how long before you started trading?
It took me six months to understand the culture of Forex. It’s not something that’s easy to do; it takes time to master it.
Forex is a calling that can be done by anyone as long as they are determined. Most Forex traders did not proceed to tertiary level and some left school in their first semesters. I went to Limkokwing University studying Computer Engineering and dropped out in my first semester as I was no longer interested in school. I was already trading.
Break it down for those of us who know nothing about Forex – what exactly is it?
Forex trading is the act of exchanging one currency for another (e.g US Dollars for Euros).
And how does it work?
Traders predict whether the value of one currency will increase or decrease against another currency, and then buy or sell accordingly. The primary goal is to profit from the difference in the exchange rates between the two currencies.
Getting slightly more technical, there are two types of markets: currency and synthetic. Synthetic are open 24 hours a week while currency is only open on Monday to Friday.
Myself I trade synthetic, with the Deriv Broker, which is a platform for trading and MT5. A broker is an individual or institution who facilitates the buying and selling of foreign currency for you as a trader. MT5 is used for trading and it is where we read the charts and the market.
So on average how long do you spend in front of the computer every day?
I only take two hours a day and I trade everyday because it is a daily thing. To me it is like a job and in a day I trade once or twice.
What is the biggest profit you’ve ever made in a day?
The biggest win was on 22 January this year when I made P70, 000.
Wow! On the other end of the scale, what’s the most you’ve lost?
I lost P10, 000 and I felt bad but I knew I could recover because rule number 1 is to only invest money you don’t mind losing. Also, never invest your last money or borrowed money from Motshelo funds.
Do you trade for people and do they pay you for that?
I can definitely trade for them but I do not like doing it. If I trade for them, they fund their accounts and I do their trading, they do the cash out and we share profit.
What does one need to do Forex?
You only need a smartphone, an Ipad and a computer is just a bonus. With them you are good to go.
What’s the key to making a killing with Forex?
Discipline is the first skill to consider if you want to be a Forex trader. One also needs to be patient to make it in the Forex industry because the market is a bit tricky as you have to wait for the right opportunity to trade.
Sounds like quite a stressful occupation?
Yes it is, it can depress and needs a lot of meditation!
After being seen as the ‘in-thing’, Forex seems to have waned in popularity in recent years, especially since Betway was introduced in Botswana. How do the two differ?
Forex is real and it is still there. It is just that Betway is advanced as one can bet with P1 but with Forex one needs 10 US dollars minimum amount. Whether it is different from Betway, yes it is but I cannot say much about it as I do not bet.
Are you employed or a full time hustler?
I am not a hustler; I am a Forex trader and a farmer. My farm is at Shashe Bridge. I am also into property.
There has been an outcry from traders who have been scammed by so-called reputable Forex Traders. How safe is Forex in Botswana?
It is safe, the problem is that the government is not doing enough to support us and make us recognized. The reputation of Forex is dead. Not all social media Forex traders are real, some are scammers.
What tell-tale signs should one look out for to avoid being scammed?
If someone goes into your inbox and asks to trade for you, no it’s a scam. Why can’t they wait for you to approach them? The other thing, Forex is not a get rich scheme where you trade today and tomorrow you are a millionaire. You do not risk the money you do not want to lose!
President Duma Boko has talked about creating a trading platform for our commodities such as diamonds. What’s your opinion?
It is a good initiative but this is totally different from the Forex I am trading. I wish one day to meet and discuss and show them what Forex is and how it can make an impact into the economy of the country.
Do you have a platform where you impart your knowledge?
I have a WhatsApp group where I discuss the market, teach and impart knowledge on my students.
Is Rayon FX giving back to the community?
I have done charity work for many, many settlements in Botswana by donating food hampers and clothing. I have also imparted some knowledge on people interested in Forex, as I just mentioned. I do not give because I have enough to; I give because I have been a giver since a young age. I like putting a smile on someone else’s face.
I understand you have a charitable club called Mekoko, tell us about that?
Mekoko Adventures 4*4 Club is a crew that was founded in 2019. Our mission is to promote the tourism sector by travelling around the country and visiting Game reserves and parks. Adventure is what we love most, seeing these old machines getting stuck in the Delta or CKGR and rescuing each other makes it the funniest and coolest activity. We also promote giving back to the Community.
Tell me more about your family?
I am married to a very beautiful wife called Mma Kennedy. I met my wife eight years ago at Chicken Express at Railpark mall and we got married after being in a relationship for a year. We are blessed with two kids.
Away from Forex and the farm, what do you do for fun?
In my free time I do travelling and safari adventures. I am not a clubbing person and I do not drink.
And finally, Thank God It’s Friday. Anything exciting planned for the weekend?
I will be at the farm looking after my goats.
