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Ever stopped and wondered who the best forex traders in Kenya are? Ever thought of the kind of names you thought you would find here? This question is a rather complex one, much harder than showing you how to join the list of the rich forex traders in Kenya. This article takes you on a journey of joining the successful traders in forex in Kenya, showing some of the best Kenyan forex trading courses out there.
Becoming a forex trader is a movement that is gathering pace in Kenya, especially among the youths. Some consider this one of those get-rich-fast schemes that have grazed Kenyan youths since around 2015. To others they consider forex trading as gambling. The truth is, if you don’t take the right amount of time and teach yourself all you need to learn about forex, then it’s going to gambling, and nobody wants that.
But if you know, forex and have taken the time to look closer at it, and you know that it’s not a get-rich-quick kind of scheme. So far, the number of top forex traders in Kenya has grown to more than 100,000 traders.
Compared to the world population of forex traders, this is just a tiny fraction. The total amount of money traded in a single day in forex trading now sits at over $5 trillion. In a day! As you may have already seen, there is just no limit to the number of forex traders that can exist in this trading market. Of course, the more, the merrier, as you may have already guessed.
Instead of talking about all the statistics on forex trading in Kenya and worldwide, let’s get into the nitty-gritty of how you can join the list the richest forex traders in Kenya.
Successful Forex Traders in Kenya: Do They Exist?
One of the questions that newbies are always about is how they can turn into the richest forex traders in Kenya easily and fast. There are many ways to go about it, actually, but what does it mean to be a successful forex trader in Kenya?
Over 90% of forex traders don’t make it to the list of the best forex traders, not just in Kenya but worldwide. Why? The difference between successful forex traders and others is the mindset. It’s not about having a high win, as most newbies will have thought. There are steps to this.
There is no lie the larger the amount you have in your account, the more successful you are. To be a successful forex trader in Kenya, you should make sure of the following:
- Remain consistent in your trading. This can mean that you set aside some hours, possibly 2-3 hours in a day, where you either trade or teach yourself forex trading.
- Learn discipline. This will let you know when you need to trade and when you need to call it a day. It will show you when you should agree with your strategy and when you should second guess it.
- Have realistic expectations when you trade. Don’t expect that you will probably turn into a millionaire after forex trading in a week. It takes time. Even to the lucky people who got away with the billion-dollar in profits from forex trading, they had to take time and learn forex and learn it good.
- Have objectivity or choose a strategy that minimizes your objectivity. This is preferable to pick a process that tells you when to enter the market and leave and leaves you with less emotional attachment to your trades.
If you still wonder who are the successful forex traders in Kenya and whether they exist, they do. Most of the rich forex traders in Kenya keep their account balances on the hush, and you wouldn’t find them on social media bragging about how great they are in forex trading. This makes it hard to identify the best. However, you can still be the best forex trader in Kenya and be the one keeping all your wealth on the down-low.
Top Forex traders in Kenya: How to Join the List of
Joining the top forex traders list in Kenya remains simple if you have what it takes. Take a breath because you probably will have all it takes to be a successful forex trader in Kenya and even beyond by the end of the list. Hopefully, you know how important it is to have the right skills and discipline when trading in forex.
Here is a list of 10 essential tips that will turn you from a beginner to among the top forex traders in Kenya.
Learn and Understand Your Goals and Strategies
There is no successful trader without discipline and understanding. You should be able to know which is the best trading strategy for you. It should be dependent on your personality in this way. If you think you can sleep and let your trade carry forth, you are fit for night trading. However, if you cannot stomach that thought then, you should probably rely on day trading.
The strategy you choose will come with different risk profiles. Pick a design that has a low-risk profile, especially if you are a beginner in forex trading. The strategy plays an essential role in allowing you to keep in touch with the power of the buyers and sellers in the field then and any situation that might affect the market. It would help if you had a strategy that works for you and fits your personality.
The Broker and Platform You Use
The broker plays a vital role because they give you a chance to trade with the different currencies present in the market. Always go for a broker who has a good reputation and is regulated by tier 1 or 2 regulators. In Kenya, the best brokers are regulated by Capital Markets Authority (CMA). They also determine the kind of platform that you will be allowed to trade with.
To choose the right broker, you will have to understand the policies and terms of trading they come with. Take time to read reviews about them and the kind of platforms that they allow. Check and make sure that the platforms are compatible with the trading strategy that you intend to use.
Want to Start Trading? Here is our List of Recommended Forex Brokers
|Broker Name||Minimum Deposit||Spreads||Regulation||Website|
|Fx Pesa||5$||0.01||CMA||Open Account|
|Scope Markets||20$||Spreads from 1.2||CMA||Open Account|
|Exness||10$||From 0.0||CySEC and FCA||Open Account|
|Hot Forex||5$||From 0.0||FCA, DFSA, FSCA and FSA||Open Account|
|Pepper Stone||None||ECN spreads from 0 pips for EUR/USD||FCA, ASIC and DFSA||Open Account|
|FXTM||50$||0.1 on ECN accounts and 0.5 on Standard accounts||CySEC and FSC||Open Account|
Know Your Environment
As forex trading is not gambling, it just might turn to it if you have no idea what you are getting yourself into. It would help if you learned about the markets that you are trading in. How can you do this? If you choose to trade with, let’s say, the currency pair of EURUSD, at least have the basic understanding of what affects these markets. This will give you a huge advantage because you can already anticipate how the market will react when these factors start affecting it. It’s always about keeping your money safe long enough to get you some more money.
In the real world, practice makes perfect, but practice makes you more competent and experienced in the forex world. Always practice using the strategy you have chosen while following new market trends, news, and new trends in forex trading. You can do this through trading using a demo account. Here you can learn about your trading strategy and practice as much as you may want in actual market conditions.
Know Your Limits
This article has repeatedly discussed the importance of understanding what you are good at and what you are not good at. By doing this, you get an idea of what you are willing to trade, and therefore, you know what you can risk and what you can’t.
You also get an understanding of when you will trade and when you can’t trade. This ensures that you are very comfortable with your strategy and the duration you choose to trade-in.
Always Analyze Your Trading Strategy
Forex is work just like any other, so don’t surprise that there are many things that you have to look out for. You can do this after every trade you make or do it every weekend when the markets are closed. This analysis would show the pitfalls of your strategy, allowing for you to read and reread feedback loops which will prepare you for a better trading chance come the next trading week.
Simultaneously, you can analyze the market after every trading week, giving you a chance to look at the significant factors that affected the market that week. The result of this is that you get to understand what you expect from the following week.
Always Keep Records
For the future, it is excellent if you can keep a record of your trades. This should be oriented and should include why you choose to start a particular trade and the decision-making process you went through every trade. Here you can highlight the reasons as to why you got swayed from strategy, if you did and what the repercussions were. This acts as a reminder of all the choices that you made in your trades, both successful and unsuccessful.
Always Focus On Small Losses
Learn to accept that slight losses are bound to happen either way. This is why people are advised that the trading money they use should not be the money they expect to carry out their daily expenses. Besides making sure you learn from your losses, you are assured that no matter what happens in the trade, the money doesn’t go with your daily bread.
Don’t Forget Your Positive Feedback Loop
A positive feedback loop is created from many well-executed trading. Keeping tabs on this will allow you to see and understand your strengths during trading. You will also know what works for your strategy. By looking at your positive feedback look, you will be reminded of your successes, making you more confident about your trading strategy.
Don’t Get Carried Away by Emotions
As in the case of all risks that a human undertakes, any loss incurred should be replaced by a profit huge enough to cover the loss. This is called revenge trading in forex, and it is hazardous. If you carry out a trade and your strategy fails you, take time away from trading to read and understand the market. It should be done instead of getting back in the trade to make back the money you lost.
Where Can I Learn Forex Trading in Kenya?
The number of courses and training centers that you can find in Kenya is limitless. However, not all of them are legit. Picking the right training center for fore trading on your quest to join the rich forex traders in Kenya is vital. Among the few things you should look into include:
- The course should be mechanical and fully functional. This means that the materials being used are fresh and always up to date.
- The lecturer should be proficient in forex trading. This means that they should not just be a lecturer but also a trader.
- The materials should appeal to every learner present, and the teacher should be engaging with the students.
- After course completion, you should at least have a mentor or an account manager. This is true for most forex training schools around the world.
With that being said, you already know a few things that you should expect to realize the best forex training course in the country. In most cases, the amount you get charged lays between $100 to as high as $1,000 here in Kenya.
The best Forex training course that you are assured of getting the most out of is the beginner to advance forex training course offered by Brains With Concepts. How bout we start checking out if it does complete our checkout list?
Are Brains With Concepts forex training course mechanical and functional? Of course, it is. The materials that the learner is subjected to are as current as they should be. Is the lecturer proficient? He is. What’s more, is that he is a trader himself too. He doesn’t have any YouTube channel where you can find him, but he is among the best in the field.
Is the material appealing to every learner? As much as the reviews show, the materials are current, but they are appealing to everyone who may want to know how to trade with forex. Finally, do they provide mentorship? They do. They help you choose the best broker for you, a strategy, and the best platform you could use.
If that doesn’t sound like the cream on top, then their prices will blow you away. For their course in forex trading, they lead you on your journey to joining the list of the best forex traders in Kenya, from beginners course to an actual pro at only $250. Everything is inclusive of the cost. The course takes 3 months, dependent on the schedule of the learner.
You can find the forex training course by reaching out to the company through active social media pages. On every platform, you can find them as Brains With Concepts. You can also make a scheduled visit to them since they are located in Roysambu along Lumumba Drive.
Can I Learn Forex for Free in Kenya?
Nothing does come for free if you are planning to learn forex trading for free in Kenya. The truth is there is no reputable institution that offers forex trading for free. You can find some that offer low fees as low as $100 with really nice training materials and everything, but you can hardly find free forex training courses with certificates.
However, you can opt to learn as much as you possibly can through Telegram forex channels and YouTube. You could also choose to learn forex trading through blogs that teach them or other sources such as Facebook and forex learning forums. You could always reach out to a person proficient in the same if you need a mentor.
Importance of Professional Forex Training and Mentorship
As earlier stated, practices do make you smarter and experienced in the forex. What most forex trainers will do is teach you about the various strategies in the market and how to read charts to predict what happens. They will then show you the best strategy to pick for yourself and rhymes with your personality.
They then help you start in forex by helping you choose the best forex brokers possible and create an account for you. The mentor that you are assigned will always help you where you get stuck in your trading quests. A mentor will shorten your learning curve and enables you to realize new possibilities. Plus, in spaces where you don’t understand what is happening, you can ask questions and get guidance.
Best Forex Trainers in Kenya: Why We Are the Best
Brains With Concepts is a great leading forex training course provider not just because they are affordable but because they are legit. They do give you a mentor and someone to walk with you through your forex trading journey. This may surprise you, but to date, they haven’t had a single student who hasn’t made it to the 10% list of the best forex traders in Kenya and globally.
They don’t get to rush the course because they believe that for every student, it’s no0t about the time, but rather what you get out of it. What makes them one of a kind is that they prefer to keep their students few to provide the most and the best forex training possible. Good luck, joining them.