Forex Trading in Kenya Beginner’s Guide 01.

 Forex trading in Kenya has boomed considerably in recent years, providing the growing middle class of the country to invest in foreign exchange for quick profits. After careful consideration, we have compiled an exhaustive list of frequently asked questions about Forex Trading

Why Do Forex Traders in Kenya Fail?

It is a heart-breaking fact that 95% of forex traders in Kenya fail. Why? In my opinion, the high rate of failure for new traders is related to the 6 major obstacles that a trader faces, we have summarised them below:

• Lack of adequate skills or knowledge.

• Lack of adequate capital

• Lack of patients

• Setting unrealistic goals

• Over trading

• High-risk aversion

How to Make Money Doing Forex Trading in Kenya

Considering the nature of forex trading, there is no fixed amount that you make per day. However, a successful trader can even earn around $100 a day. To earn this, you need a deposit of at least $200 and you can trade the EUR/USD currency pair, with a leverage of 1:100, and uses a successfully aggressive strategy. Your profit is usually proportional to your deposit that is the bigger the deposit, the bigger the profit.

How Much Do You Need to Start Forex in Kenya?

Until the early 2000s, it was impossible to trade forex markets with anything less than $10 000. These days, brokers like Deriv allow you to trade with a much smaller amount such as $10. However, we encourage you to have at least $100 or more in trading capital that you can afford to lose.

Don’t expect to start an account with 10 dollars and expect to become a millionaire. Forex trading is not a get-rich-quick scheme.

Is Forex Trading Banned in Kenya

There is a misconception amongst Kenyans that forex trading is banned in Kenya and trading forex is regarded as illegal. Forex trading is not banned in Kenya and online forex trading in Kenya is legal. However, when trading Forex in Kenya you should use a regulated broker. The Kenyan government has created a legal framework for locally based Forex brokers and the local regulator, the Capital Markets Authority (CMA), has established an accompanying licensing regime. Brokers like Deriv and Exness have been regulated by the CMA.

Best Forex Trading Brokers in Kenya

We have tested 100+ forex brokers which accept Kenyan forex traders, including all the CMA-regulated brokers. When checking a forex broker, one much check their regulation, how friendly are their trading platforms, their withdrawal, and deposit methods as well as the instruments they offer.

Whether you’re just getting started or ready to take your trading to the next level can help. As the global market leader, Deriv offers tight spreads on over 90 pairs and access to 600+ markets. Learn more about what it’s like to trade with the largest forex trading broker and open an account.

A trader with a Deriv account can trade CFDs on underlying financial assets such as Forex, Stocks, Commodities, Cryptocurrencies, and Indices. With tight spreads, and commission-free stock investing they are a leading global brand.

Exness is another best option for forex traders in Kenya. It offers tight spreads starting from 0 pips and leverage of up to 1:2000. Besides foreign currencies, it also offers other trading instruments, including indices, stocks, and cryptocurrency. As for the trading platform, you have plenty of choices, including MT4 & MT5. Open an account here and trade with the best.

How Much Do Forex Traders in Kenya Make Per Month

Considering the nature of forex trading, there is no fixed amount that you make per day. However, a successful trader can even earn around $1000 a month. To earn this you need a deposit of at least $200 and you can trade the EUR/USD currency pair, with a leverage of 1:100, and uses a successfully aggressive strategy. Your profit is usually proportional to your deposit that is the bigger the deposit, the bigger the profit.

How Do l Become a Successful Forex Trader in Kenya?

1. Learn about forex trading: Forex trading is not as complicated as it may sound. However, forex trading is a project of its own and specialized knowledge is required. Check out this beginner online course that teaches the ins and outs of forex trading.

2. Set up a brokerage account.  To kick start your forex trading journey, you need to open a forex trading account with a brokerage firm. A broker will execute buy and sell orders you place as a trader. Our recommended brokers are Exness and Deriv.

As a beginner, we recommend that you first practice on a demo account and trade using virtual money before moving to a real account on which you will be asked to make a deposit.

3. Develop a trading strategy: Forex trading is not gambling therefore, for you to succeed you need a trading strategy that acts as your trading road map. The reality of your situation and finances are some of the factors that should influence your trading strategy. Your forex trading strategy should put into consideration the amount of cash that you are willing to risk when you open positions when you exit positions as well as your risk-to-reward ratio. At times it can include the number of positions you enter per day, week, or even per month.

In this online course, you will learn everything you need to know about developing a trading strategy.

4. Cultivate emotional equilibrium: As a beginner troubled by unanswered questions as well as emotional roller coasters.  It is important to not get carried away by your trading positions and to cultivate emotional equilibrium across profits and losses. Only open and close positions, when necessary, Be Disciplined.

Read also: How to Identify Trading Trends in Forex

Which is the Best Forex Trading Course?

The Capital Gains Forex course covers all the basics of trading, meaning everything you need to know from beginning to end so that you can easily apply the strategies we show in this program. If you know nothing about trading, this covers all the basics and foundations to get you up to speed.