Trading in foreign exchange (Forex) can be done by anyone with access to the internet. It's thrilling, enlightening, and full of possibilities for traders, but it's also quite risky.
When it comes to the foreign currency market, many people who try their hand at trading end up failing miserably. It's for this reason that a sizable fraction of Forex traders end up in the red.
YOUR CAPITAL IS AT RISK
Trading on the foreign exchange market (or any other financial sector) is not something you can master overnight. Making money in the forex market is best done in one's spare time by trading currency pairs that don't require regular monitoring.
If you're just starting out or don't have much experience trading, an automated trading platform may be your best bet.
While foreign exchange markets are open 24 hours a day, 5 days a week, a trader's liquidity, or the ease with which a position can be sold, tends to be highest during periods of heavy trading volume.
The success of non-automated traders relies heavily on their own self-discipline and objectivity. For part-time traders, the best strategy is to capitalise on chances when they emerge, rather than waiting for higher spreads and gains.
This requires self-discipline in volatile situations where profitable spreads may widen. Since market trends can reverse at any time due to external factors, successful traders know to take their profits when they can.
Traders-to-be may now find more resources than ever before to help them learn the ropes of the foreign currency market.
Unfortunately, this endeavour cannot be finished without a firm grasp of financial fundamentals and the ability to accurately analyse and manage risk. When things in the trading world seem to be going wrong, it might be helpful to look to the examples of those who have found success.
To this end, we have listed the 5 most successful traders in Kenya.
Trading foreign currency was where Silah Obegi's professional career got its start in 2012, and he hasn't looked back since. On the other hand, despite the fact that Silah Obegi is also a successful Forex trader in Kenya, he achieved his goals by following a more conventional path.
Following the completion of his studies in business management at Moi University, Obegi launched his professional career in the banking industry.
He established the Nairobi School of Forex, which he now directs and manages. On this training ground, others might take up his technique to trading Forex and the automated systems that he uses on his own trading desk.
Silah is the founder of Meta Capital and currently serves as the company's Chief Executive Officer. Foreign currency (FX) traders can take advantage of the company's cutting-edge trading tools and it is headquartered in Kenya.
Obegi is now the proud owner of an exceptionally successful automatic Forex trading system, which he attributes in large part to the expertise that he gained working in the financial field.
Over the course of the past few years, numerous individual traders as well as institutional traders have utilised Silah's automated tactics, accumulating a total portfolio worth greater than $40 million.
Ken Githaiga has a career arc that is both fascinating and inspiring.
After finishing college, he entered the field that would eventually make him one of the most successful Forex traders in Kenya. In spite of his lack of expertise in the trades, he was confident he would never be an office drone.
Ken was eager to begin making money online but lacked direction. After researching internet opportunities to amass substantial wealth, though, he settled on currency trading as the most suitable for him.
Ken resolved to educate himself on foreign exchange trading and begin engaging in it on his own. Through his exploration of sites that offer free FX education, he was gaining a better understanding of Forex, the market, and currency trading.
He also watched some online tutorials and talked to experienced Kenyan Forex traders to round up his education. Already committed to Forex trading as a career, he was eager to prove himself.
Ken now shares his trading ideas with aspiring traders in the hopes that they would succeed where he failed.
In 2014, Sylvia Muchai started working in the fx market. But it was a risky venture, and in just five days after depositing the initial $250, she had lost it all. Still, she wasn't about to give up.
Sylvia spent two years learning everything she could about forex trading in Kenya. She educated herself by going to both virtual and real-world trading seminars, as well as by reading multiple books on the subject and enrolling in the BabyPips trading academy.
Sylvia opted to learn as much as she could about forex trading in Kenya by reading the literature at her disposal.
Sylvia's Traders Lounge was established by Muchai to serve as a hub for newbies to the field of financial trading. Because of this, she decided to educate herself on trading and is now one of the most successful dealers in the country.
In 2014, Mugenda started doing foreign exchange trades online. Unfortunately, he lost the initial $300 loaned to him when his trading account was wiped out. For this reason, he would have to wait for a few months before he could completely understand his trading tactics and begin making money.
Because of his market success, Paul is now generally regarded as Kenya's top binary options trader. His company, Paris FX Kenya, does a lot more than just instruct people in the finer points of binary options trading; it also provides expert trading guidance.
YOUR CAPITAL IS AT RISK
Patrick graduated with a degree in the lowest division. After that, he applied to many media companies for positions as a journalist. His ambition to make it on his own financially was, at the moment, his sole accomplishment.
Following a friend's recommendation, he began engaging in foreign exchange (FX) trading online in order to better his chances of financial success. Since then, he has become a successful trader who provides as a guidance to other traders via his Kenya Forex Firm.