Is investing in online forex trading worth it? This is one of the most common questions we get asked by fellow Kenyans who want to invest in the forex market, but they are not sure whether it is worth it or not.
There are a few other common questions that we get asked now and then. So, in addition to answering whether investing in forex is worth it, we will also be looking at the other 6 commonly asked questions.
But first things first:
Is Investing in Forex Trading Worth It?
When new traders are asking this question, they actually have a number of questions vested in one:
- Should I spend time learning how to trade the forex market?
- Is online forex trading a promising venture, or is it a waste of time and money?
- Can one become wealthy (read millionaire) by trading forex?
These are all worthy questions. You really need to know what you are getting into before you start trading. You need to know whether it is worth to spend your time and money learning how to trade forex or whether you should look for another means of investment.
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If you are asking this question, you probably fall into one of two categories of Kenyans:
- You know that you can make money trading forex. You have seen your friends or family become rich by simply investing in forex. But you have doubts as to whether you can personally do it.
The short answer here is simple. If others can do it, you also can. You don’t have to be a genius or have high academic qualifications. You only need to be dedicated, disciplined, and serious.
- The second category consists of those who have a slight clue that they can make money trading forex, but they don’t know just how much they can rake in. They probably don’t have anyone they can look up to who’s been trading forex successfully.
If you fall under this category, you probably have a few comparisons to make, and you are looking for an investment that will give you the highest return on investment in the shortest time possible.
I like to use the example of a doctor while explaining this. If you are to become a doctor, which is one of the highest paying jobs in Kenya, you’ll need to spend at least 7 years learning. After you’ve graduated, your starting salary would be around 500,000/=, and that is if you are highly specialized. To earn this much, you’ll also be required to put in at least 8 hours of work per day.
Average high school teachers in Kenya make about 60K per month. Bank tellers make about 30K per month, and a janitor will take in at most 20K at the end of the month.
Now, let us look at how much you can make as a forex trader.
The earnings of forex traders in Kenya vary greatly. Each trader’s earning will depend on factors such as their trading style and their account size. However, once one learns how to trade forex and starts trading profitably, there will be no limit to the amount of money they can make per month.
Say for instance, you open a forex trading account with a deposit of $2000 (200,000 KSh), and you consistently make a profit of 20% per month. After three years, this account will have grown to $1,417,603.75 (that’s more than 141 Million Kenya Shillings!)
If you start withdrawing your monthly profits after your account has grown this much, you’ll have yourself a month income of $283,520.75 (Ksh 28,352,075- yes, that is 28 million Kenya Shillings.) A lot of forex traders in Kenya have been able to achieve this, and so can you.
But Can You Really Make 20% Per Month?
I am going to tell you something that I always avoid saying. The way most forex traders trade, making 20% per month is a piece of cake. I don’t usually say this, lest I be accused of misleading people. But the truth is, you can make more than 20% per month trading online forex.
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So, Is Forex Trading Worth It?
Compared to other jobs, an investment in forex trading is a worthy investment. It has less hassles, stress, and risk. Once you become a profitable forex trader, all you have to do is check a few charts per day. You’ll literally be spending less than 60 minutes on your computer per day, and making more than you’d have made on an 8-5 job.
It’d be imprudent for us to end this article without a risk disclaimer. Forex Trading is profitable, yes, but if you do not follow the right track, it is also the easiest and fastest way to burn your money. You can lose a lot of money in this business. You can even lose all that you have- I’ve seen this happen to a few fellow Kenya traders.
Don’t rush after wealth and riches. Aim to understand the ins and outs of the market first, and everything else shall follow. If you liked this article, kindly share and comment.