How Can I Trade Forex in Kenya?

Several years ago I started to see a surge in the investing sector in Kenya, regarding something called Forex.  While I was initially intrigued, it all still seemed pretty much like a re-packaged version of the day-trading scenarios that had preceded it in the Stock Markets.

Well, so many years later, and Forex trading in Kenya is still around. So, I’ve decided to give the Forex thing another look-see, maybe delve a little deeper into the subject.  Who knows, maybe there’s something here worth a glance.

What is Forex Trading?

So, what is Forex, and what does it have to do with investing?  Well, I’ll do the best I can to sum it up as succinctly as possible.  Simply put, Forex is a currency exchange based on the largest financial market in the world. It trades 24 hours a day, 5 days a week, making it the most liquid market in the world

Forex investing starts with a basic principle familiar to any trading platform;  Buy low, sell high. Originally, Forex investing was only made available to large financial institutions like banks.  As of the late ’90s though, a paradigm shift in trading made it possible for regular people like you and me an opportunity to test the market.

Is Forex Trading Risky?

Before we go any further let it be known… As with any market, trading Forex can be both rewarding and risky.  Bearing that in mind, it is absolutely crucial that any aspiring investor exercise due diligence when it comes to learning the ins and outs of Forex investing.

Don’t fret though… This site is designed with the complete newbie in mind.  It has to be, have been a relative newbie myself, but surrounded myself with the best possible tools and resources to make Forex investing as painless a venture as possible, with as little of a learning curve as possible.

Simply read the posts and/or check out the resource links located throughout the site, but I digress.

Forex investing may not be for everybody, it may not even be for you.  But you’ve come this far, and you’ll never know unless you take the first few critical steps toward becoming a Forex investing veteran.  The beauty of the market is that initially it can be traded absolutely risk free!  That’s right, ABSOLUTELY RISK FREE!

How?

Easy! Knowing that investors may stay away due to the steep learning curve associated with any investing venture, many Forex brokers in Kenya allow potential investors to open ‘Demo’ accounts.  Now, that doesn’t mean the people who open these accounts are labeled as dummies until they reach a certain level of expertise.  Actually…

It simply means that any ‘funds’ you put into a ‘dummy’ account can be traded with absolutely no risk to the student investor.

‘Dummy’ accounts afford future Forex investors like you and me the opportunity to sharpen our skills in a 100% risk free trading environment

So, what are you waiting for?  Let’s dive in and see what it takes to successfully crack the Forex code, and let’s try to have a little fun in the process. With free practice accounts awaiting you at various sites, you truly have nothing to lose during the research process…

Forex Investing Takes Time – So Take Your Time!

Forex investing basically comes in 3 universal sizes: long-term, mid-term, and short-term forex investing. Long-term forex investing is also referred to as ‘position trading.’ ‘Swing trading’ is mid-term investing, while ‘day-trading’ is considered short-term investing and the most risky of the three.

For practiced forex investors, investing in short-term forex may not be the best. Learning how to pick long term trends is the key to long-term investing. If you pick the wrong trend, then you might lose a considerable amount of money from your bankroll. Investing in forex trading is best done by those who’ve done their homework, not the fly-by-nighters that the market will sometimes attract.

However, the forex market CAN BE ideal for short-term investing; it’s where you stay in the market from hours or even days. Traders sometimes invest in forex for years using only short-term investments, but they still manage to get to the top eventually. That’s why, when the short-term investors get enough experience, they graduate to long-term investments. It doesn’t matter what trading style you’re using, as long as it is an investment. It needs to be micro-managed or else it may go south quickly.

Forex investing has different methods. Making all the trading decisions your own is one way.

Also, trading as a group may be worth considering. At times, the group members will help each other learn how to trade, rather than trading individually and messing everything up. Ideally, you should try both.

Have a group that can help you invest, then place trades on your own. Having a group that you can depend upon in the market can be great fun at the beginning, because it can really help a newbie learn the process. But, you’ll eventually learn how to be independent of the group, as experience makes you more confident.

The forex Market is a serious market world-wide. Forex investing is not something that you should just do for fun, it’s a real job. Take it seriously, or else the market will get back at you by relieving you of your money. Taking it seriously is one of the major things that you have to learn, especially if you are investing. Successful people in the forex market got to where they are now by taking the market seriously, bottom line.

A good forex trading course starts with a desire to learn, and the drive to become a great trader. Learning with a free forex course takes dedication and a good tutor. But ,once you learn how to trade and do so successfully, your life will change and you’ll have options and financial resources you’ve never had before.

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Written by Patrick Mahinge, CEO, Kenya Forex Firm.
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