Forex Trading: Play Smart, Trade Safe

[https://media.mesh.life/mes... James Mwangi

Every Forex trader has one target..to make money. Ni nani hataki kuomoka akuwe sonko? 

Zi… Hakuna! 

Kutrade Forex ni one way you can earn online as a Kenyan.  

I will share experiences from my 7 years trading Forex. In my first 4 years, I made losses. However, the learning and experience were the building blocks I needed to find a consistent way to win in trading. I will help you best understand the bumps and joys awaiting your future trading forex markets. 

WHAT IS FOREX TRADING? 

Forex trading ama FX ni short form ya Foreign exchange trading. Forex trading ni the buying and selling of one foreign currency for another across the globe to make a profit. Ni kama trading your Kenyan shillings for U.S. dollars pale kwa forex bureau mtaani, but with digital forex trading, unaweza ifanya from your phone or computer and at any time![Text Wrapping Break] 

To make a profit, you need to sell the currency for more than you bought it. For instance, you buy 100 USD for 12,000KES, and sell when the 100 US dollars are worth 15,000KES. You make a nice 3,000KES profit.  

The risk is that your 100USD will lose value against the Kenyan Shilling. Your 100 USD can suddenly be worth only 10,000KES. You now lose 2,000KES of your investment.  

Watu wakitrade forex, rada ni kumake predictions on whether currency moja ita strengthen or weaken against another. Whatever the case, if you’re right, profit inaingia. But if the market goes the other way, yaani against your prediction, hapa ndio doh yako inakunywa maji. 

Ni a fast-paced market ya buying low and selling high—or selling high and buying low—na with practice, na tips nitakupea leo, hata wewe unaweza learn how to navigate the ups and downs.  

HOW LONG CAN IT TAKE TO MAKE MONEY WITH FOREX TRADING?

Usually, every trader experiences varying timelines toward making consistent profits with manageable risks. In my case, it took 3 years with a memorable loss of og Kes 55,000.00 

Some Forex trading learners can work with mentors, shortening the learning timelines drastically. Equally, poor learners and implementers of helpful tips will take awful long timelines to grasp the essentials of profitable trading.  

 HOW MUCH CAPITAL DO I NEED TO INVEST AS A FOREX TRADER? 

Rule number one is: never invest more than you can afford to lose! Start with small amounts and scale up as you gain experience.  

PRACTICAL TIPS FOR STARTING FOREX TRADERS 

Are you scouting for the best formal school to train you on Forex trading? 

Poleni Haiko! 

Your success trading the FX industry has no relation to the number of academic qualifications you hold! Your general economics and finance knowledge can serve as a starting point. 

SOAK UP SOME KNOWLEDGE.  

Make a habit of watching YouTube videos of successful traders [https://www.youtube.com/wat...]. Na pia listen to helpful podcasts [https://podcasts.feedspot.c...

JOIN ONLINE COMMUNITIES AND CONVERSATIONS 

Reddit [https://www.reddit.com/r/Fo...], and Quora [https://www.quora.com/How-d...] have vibrant communities focussing on improving the knowledge bases of both newbies and expert FX traders. Continuous learning and support communities and resources. Usijifungie saana. Keep links with mentors, friendly traders, and professionals in the FX arena. Share by posting your knowledge freely and ask for helpful insights from them. 

BUY ONLINE COURSES AND COMMIT TO STUDYING THEM

Good forex trading courses help you fill in your gaps towards building your experiences in the Fx markets. And for your information, free courses are equally helpful. In reality, most professionals charge you because they know you do not value free helpful stuff! Some good courses I can vouch for are The Trading-academy [https://howtotrade.com/trad...] and Forex Strategies [https://www.udemy.com/cours...

PRACTICE WITH DEMO ACCOUNTS 

Demo accounts offer virtual capital that is risk-free (no actual money) and ideal for testing forex trading. Most brokers allow the free opening of demo accounts. 

To open demo accounts, access the brokers' website and search for demo account openings. You can try out demo accounts at brokers who are regulated by the Capital Markets Authority like FXPesa [https://www.fxpesa.com/ke-e...], thinkmarkets [https://www.thinkmarkets.co...] or exness [https://www.exness.com/demo...

The account opening requires a valid email and phone number. Always be careful of scams when demo accounts ask you to connect a payment method. You could risk losing your investment.  

BEWARE OF THESE COMMON FOREX SCAMS IN KENYA 

The last thing you want as a newbie in Forex is falling into a scam!  

Only work with regulated brokers.  

Never trade with brokers with no regulation or registration with credible government bodies. 

Hapa Kenya, cheki broker wako na Capital Markets Authority [https://licensees.cma.or.ke...] (CMA). 

Check out brokers with Kenyan regulations like FXPesa, Exness, Pepperstone, ThinkMarkets, and FXCM among others. 

Pro-Tip: Avoid Crappy Marketers offering free pieces of quick training and bonuses on deposits. If it’s for free …Bro/Siz kaa rada…unaeza kuwa we ndio the product!

Here is a brief list of the red flags to spot scams…ukae rada! 

• Traders requesting capital to trade on your behalf. The red flag here is how can they prove to be consistent winners in the long run. Plus, do they want to trade with your capital for free? 

• Guys who want deposits after connecting via social media platforms. Especially after sharing images of accounts with very high amounts of capital. Are they messiahs to help you for free? 

• Situations promising huge and guaranteed returns. The higher the returns, the higher the risk. Are you willing to take the risk? I recommend you best trade risking smaller amounts as you learn the skills personally 

Although FX is risky, kaa rada na uavoid losing your capital via scammers. 

This post aims to help newbie aspiring traders who may never have done Forex trading but have heard about it. You will get clarity regarding most of your questions. Good luck trading! Play smart and stay safe.