Greedy forex

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Mangudya reprimands forex greedy manufacturers.

THE Reserve Bank of Zimbabwe governor, John Mangudya says foreign currency demand from manufacturers is too much, considering their low exports.

His call comes after imported raw materials rose to 36% from 16% last year.

Addressing guests at the launch of the Confederation of Zimbabwe Industries (CZI) Manufacturing Sector Survey 2017 yesterday in Harare, Mangudya said the appetite for foreign currency was unwarranted considering manufacturers do not generate foreign currency.

“The utilisation of foreign currency is too much. You have seen yourself last year when there was a drought, we were utilising 84% (raw materials) from the local market, now there is no drought in 2017, they are utilising 64% but output has gone up. If they (manufacturers) are using foreign currency, they are using imports to produce,” he said.

Mangudya said he was “concerned by the statistic”.

“We need to increase production, but the problem with manufacturing sector is that the production is increased by using foreign currency. I have never seen a sector that utilises foreign currency like you (manufacturing), I think that is in Zimbabwe. This sector called the manufacturing sector, they only export 13% if you include other minerals, which are manufactured but if you take pure manufacturing products in this country, they are between 5 and 10% for exports,” he said.

The survey covered the period January to September 14.

“… so, it means that this year, the companies in industry are now using more foreign currency than before,” he said.

According to statistics from RBZ, 100% of exports from the manufacturing sector are retained by the sector, raising concerns over the rise in forex demand.

The high demand stems from manufacturers wanting to pay foreign suppliers as credit terms were no longer being offered. Despite this, manufacturers were still being frustrated by the banks.

The survey reported that the foreign currency backlog was $651 million.

According to the survey, 22% of the companies have to wait more than three months for foreign currency, with 23% waiting one to two months and another 23% less than two weeks.

Companies said they were now sourcing 25% of their foreign currency from the parallel market, leading them to raise their prices to accommodate the 20% to 50% premium spent to purchasing the cash.

Mangudya warned companies to stop using these premiums to determine their pricing, as some companies got 75 to 100% foreign currency allocations from RBZ and banks.

“You need to change to ensure that prices in Zimbabwe are reasonably priced. Some people, companies and firms get 75% to 100% foreign currency from the RBZ, but they still choose the marginal opportunity cost pricing system, I think that should desist this is why you cannot be competitive,” he said.

About 97% of the companies that participated in the survey said they were negatively affected by cash shortages and foreign currency challenges.

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And this is why Zimbabwe is poor. A government that is both willfully ignorant of basic business and economics as well as totally indifferent to their needs.

Are You a Greedy Forex Trader?

Several traders and their accounts have suffered because of greed. In fact, this is how the saying “Bulls and bears make money; hogs get slaughtered” came about. No other animal embodies greed better than the hog and in the trading business, the markets show no mercy to hogs.

The Merriam-Webster definition of greed is “a selfish and excessive desire for more of something (as money) than is needed.” Sound familiar?

Let’s face it, it’s our desire to acquire handsome returns that drives us to trade, but this desire becomes unhealthy–even dangerous–when it is EXCESSIVE.

That is why greed is often considered the most dangerous emotion for traders; even worse than fear. Fear can paralyze you and keep you from trading, but your capital is preserved for as long as you keep your hands in your pockets. On the other hand, greed PUSHES you to act, in ways and at times when you shouldn’t; that’s why it is dangerous.

In particular, greed can prompt you to act irrationally. For traders, this usually comes in the form of overleveraging, overtrading, chasing the markets, or holding on to trades you know you should’ve exited long ago.

When you think about it, greed is not that different from alcohol; it can make you act foolishly when you have too much in your system. When it comes to a point that greed clouds your trading judgment, you are practically drunk with it. Like many other worthy endeavors, overcoming greed requires a lot of effort and discipline. It isn’t easy, but it can be done. It’s all a matter of taming your ego.

You will have to admit and accept that you won’t make the right call every time. There will be instances when you won’t catch the market’s full move, or times when you will miss a nice setup altogether.

But that’s just how trading goes. When you accept that the market is bigger than you, and that you’re bound to make mistakes, then you’ll be more focused on following your trading plans instead of succumbing to greed.

A lot of successful traders have said that they’d rather be lucky than good. For them, it’s better to attribute success to luck than their own skills. It might not be good for the ego, but it’s definitely good for your trading psyche. And that’s probably one of the secrets of trading. Don’t be a hog and you won’t get slaughtered.

The key to everything is patience. You get the chicken by hatching the egg, not by smashing it open. Arnold Glasgow.

BabyPips helps individual traders learn how to trade the forex market.

We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We're also a community of traders that support each other on our daily trading journey.

How to Overcome Greed in Forex Trading.

The Swiss proverb above couldn’t be more true for us forex traders. As you may know, many traders (and their accounts) have suffered because of greed. In fact, this is how the saying “Bulls and bears make money; hogs get slaughtered” came about. No other animal embodies greed better than the hog, and in the trading business, the markets show no mercy to hogs.

What is greed?

The Merriam-Webster definition describes greed as “a selfish and excessive desire for more of something (as money) than is needed.” Sound familiar?

Let’s face it, it’s our desire to acquire handsome returns that drives us to trade, but this desire becomes unhealthy–even dangerous–when it is EXCESSIVE.

That is why greed is often considered the most dangerous emotion for traders; even worse than fear. Fear can paralyze you and keep you from trading, but your capital is preserved for as long as you keep your hands in your pockets. On the other hand, greed PUSHES you to act, in ways and at times when you shouldn’t; that’s why it is dangerous.

The dangers of greed.

Greed prompts you to act irrationally. For traders, this usually comes in the form of overleveraging, overtrading, chasing the markets, or holding on to forex trades you know you should’ve exited long ago.

When you think about it, greed is not that different from alcohol; it can make you act foolishly when you have too much in your system. When it comes to a point that greed clouds your trading judgment, you are practically drunk with it.

Overcoming greed.

Like many other worthy endeavors, overcoming greed requires a lot of effort and discipline. It isn’t easy, but it can be done. It’s all a matter of taming your ego.

You will have to admit and accept that you won’t make the right call every time. There will be instances when you won’t catch the market’s full move, or times when you will miss a nice setup altogether.

But that’s just how trading goes. When you accept that the market is bigger than you, and that you’re bound to make mistakes, then you’ll be more focused on following your forex trading plans instead of succumbing to greed.

A lot of successful traders have said that they’d rather be lucky than good. For them, it’s better to attribute success to luck than their own skills. It might not be good for the ego, but it’s definitely good for your trading psyche. And that’s probably one of the secrets of trading. Don’t be a hog and you won’t get slaughtered.

The worst part of success is to try to find someone who is happy for you. Bette Midler.

BabyPips helps individual traders learn how to trade the forex market.

We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We're also a community of traders that support each other on our daily trading journey.