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9 Most Successful Forex Traders in Kenya

The 9 Most Successful Traders in Kenya revealed. We researched and found the most successful Kenyan traders.

This is an in-depth look at the most successful traders and their trading secrets.

In this in-depth article you’ll learn:

  • What is a successful trader?
  • Who are the most successful Kenyan Traders?
  • Who are the best forex brokers in Kenya?
  • Tips to become a successful trader?
  • Which brokers do these successful traders use?

 

And Lots More

So if you’re ready to go “all in” with the best-tested tips on becoming a successful trader

Let’s dive right in…

Updated : August 31, 2022

1. Patrick Mahinge

Patrick Mahinge

👉 Patrick Mahinge is best characterized as a serial webpreneur as he has websites marketing amazon affiliates. Patrick Mahinge is the creator of Kenya Forex Firm, which offers forex traders in Kenya training and portfolio management services.

 

👉 However, Patrick claims to have earned more money via forex trading. Patrick began FX trading in 2014 and while he had a turbulent beginning in forex trading. However, he breached a key norm and suffered severely for it.

 

👉 Patrick has no academic credentials in finance and was a journalism student at Egerton University. He earned a lower-division degree and after graduating, Patrick applied to many firms for journalist positions. 

 

👉 Back then, he had nothing to show for himself but a strong ambition to attain achievement and financial independence.

 

👉 This ambition to excel first drew him to online FX trading and on the recommendation of a friend, he began trading on the forex market and has since become a successful trader who mentors other traders via his Kenya Forex Firm.

2. Sylvia Muchai

Sylvia Muchai

👉 In 2014, Sylvia Muchai began trading currencies. She is the epitome of boundary-pushing, and it is almost difficult not to respect her determination and charm. Her forex trading career started after she earned a bachelor’s degree in Finance from Kenyatta University.

 

👉 The voyage, however, was fraught with danger and five days after creating her first $250 trading account, she immediately lost everything. Despite this loss, it did not diminish her desire to become a successful forex trader.

 

👉 For two years in a row, Sylvia looked for knowledge on how to succeed as a forex trader in Kenya. She studied multiple trading books, digested the BabyPips trading course, created a multitude of demo accounts, and visited both online and offline trading seminars.

 

👉 During her early trading years, Sylvia encountered resistance from forex trading teachers who demanded exorbitant fees to teach her how to trade.

 

👉 Sylvia spent two years researching and reading all she could get her hands on forex trading in Kenya. Muchai enrolled in many online trading courses, established numerous demo accounts, and visited both online and offline trading seminars.

 

👉 Muchai is the creator of Sylvia’s Traders Lounge, which assists novice financial traders in developing effective methods. She is now one of the most successful traders in the nation, having taught herself how to trade more effectively.

 

👉 This involves reading books and attending seminars as well as setting demo accounts. Today, she is eager to teach forex beginners the fundamentals, regardless of whether they have previous trading experience.

3. Edwin Kamau

Edwin Kamau

👉 Edwin Kamau is one of the most prominent instances of new people entering the Forex market and apart from being a prominent forex trader in Kenya, Kamau is also a banker.

 

👉 Kamau has been able to supplement his income with Forex trading in addition to his usual day employment, allowing him to work towards becoming one of the most successful traders in Kenya.

 

👉 Kamau is still regarded as a novice in Forex trading, but his development towards being one of the most well-known Forex traders in Kenya is without a doubt remarkable.

4. Paul Mugenda

Paul Mugenda

👉 Paul Mugenda started trading forex in his 20s and he is the founder of Paris FX Kenya. Not only is he a phenomenally successful forex trader, but he is also a guide to many eager novices in Kenya.

 

👉 Paul, like every other successful forex trader on this list, started from humble beginnings. It took him many years of arduous work and study to become one of the leading forex traders in Kenya.

 

👉 Before Paul Mugenda became a successful forex trader, he worked as a tea leaves vendor at the Githurai 45 bus terminal and then as an insurance salesperson for different insurance firms in Kenya.

 

👉 In 2014, Mugenda was introduced to online FX trading by a friend. He borrowed $300 as initial cash, but regrettably, he lost it all when his trading account was wiped out. It would take him many months to master his trading tactics and achieve profitability.

 

👉 Paul has built a reputation for himself in the market and is regarded by many as Kenya’s top trader in binary options. His firm, Paris FX Kenya, not only provides training on how to trade binary options but also provides interested parties with trading tips.

5. Ken Githaiga

Ken Githaiga

👉 The narrative of Ken Githaiga is one of the most engaging and thrilling in the business, particularly considering that it is relatable to any reader. It is not a “get rich quick” tale that gives the impression that prosperity is a gift bestowed on a select few.

 

👉 Instead, Ken’s success story illustrates the whole of his Forex education and how trading became profitable for him, including the fact that he made errors and lost money along the way.

 

👉 When he graduated from college, one of the most successful Forex traders in Kenya began his career. Though he lacked trade expertise at the time, he was certain about one thing: he would never work in an office.

 

👉 Earning a living online was appealing to Ken, and he said as much in one of his interviews, but he was just as clueless as the rest of us when it came to getting started.

 

👉 After researching online chances to earn a large amount of funds to support oneself, he discovered currency trading and realized that, of all the opportunities, it was the greatest fit for him.

 

👉 Ken chose to study more about Forex trading and get the required training to begin trading himself. Using websites that provide free FX education, he was studying what Forex is, how the market operates, and how to trade currencies.

 

👉 He also watched several YouTube videos and met with prominent Forex traders in Kenya to have a deeper understanding of trading. During this time, he had already decided that he wanted to engage in Forex trading and was motivated to achieve success in it.

 

👉 Ken began trading in 2008 and encountered several obstacles before his transactions began to be lucrative. After trading Forex for some time, Ken realized that it does not need a great deal of effort and is thus one of the finest online professions a person can imagine.

 

👉 However, his experience as a professional accountant and his passion for charts, figures, and related subjects, sparked his interest in Forex, helping him to become successful.

 

👉 Today, Ken trains inexperienced traders not to make the same errors he did when he was starting and teaches them the trading tactics he employs.

6. Silah Obegi

Silah Obegi

👉 In 2012, Silah Obegi began his career as a foreign exchange trader. Silah Obegi is a successful Forex trader in Kenya, but he achieved his success more conventionally.

 

👉 Obegi started his career in finance after graduating from Moi University with a degree in business management.

 

👉 He established and currently runs the Nairobi School of Forex, an educational institution where students may learn his Forex trading methodology and use the automatic instruments he created.

 

👉 Silah is the CEO and creator of Meta Capital, a Kenyan financial services firm that provides forex traders with innovative trading tools. Since Obegi has worked in a variety of financial sectors, he has amassed the knowledge necessary to create a very profitable automated Forex trading system.

 

👉 During the past few years, Silah has helped many retail, as well as institutional traders, automate their strategies, leading to a combined portfolio of more than $40 million.

 

👉 According to Silah Obeji’s LinkedIn Profile, he has established five companies in the past 10 years, involved with providing solutions in:

➡️ Real Estate

➡️ Online Foreign Exchange Trading

➡️ Blockchain

➡️ FinTech

➡️ Banking

7. Vincent Nyagaka

Vincent Nyagaka

👉 Vincent Nyagaka has over six years of experience as a forex trader. After his regular income was insufficient, he decided to engage in forex trading, taking online courses and acquiring as much knowledge as possible.

 

👉 Years later, Nyagaka established Benstride, where he instructs students in Forex trading. On his website, he provides both a free forex course for novices and a premium forex course.

8. Ester Mofrey

Ester Mofrey

👉 Esther Mofrey is a Kenyan Forex Trader and influencer who is extremely passionate about creating content related to Forex Trading, including:

➡️ How to Start Forex Trading

➡️ Forex Trading strategies that work

➡️ How to grow a small trading account

➡️ Forex fundamentals

➡️ Tips and Secrets to Become a Successful Forex Trader

9. Joshua Matumo

Joshua Matumo

👉 Fourth street Consultants was founded by Joshua Matumo, who also serves as its managing director. Matumo started his trading career in 2009 at Strathmore University, where he specialized in currency and commodity trading.

 

👉 Joshua Matumo is renowned for his proficiency in both risk management and professional market analysis. Matumo is a member of the Bloomberg Community, the world’s biggest financial network and technology firm, and he routinely teaches Forex trading.

How to choose the right Forex Broker in Kenya

👉 Kenyan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

 

Regulations and Licenses

👉 This is the first vital component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Kenyans must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.

 

Account Features

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

 

Deposits and Withdrawals

👉 Kenyans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

 

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Kenyans must consider what they wish to trade and what is available.

 

Customer Support

👉 Customer Support is another crucial factor and Kenyans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

 

Trading Platform

👉 A trading platform is the Kenyan trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

 

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Kenya

👉 In this article, we have listed the best Forex brokers that provide forex trading to traders in Kenya. We have further identified the forex brokers that offer additional services and solutions to Kenyan traders.

 

Best MetaTrader 4 / MT4 Forex Broker in Kenya

Overall Rating

Min Deposit

110 KES equivalent to $1

Regulators

FCA, ASIC, CySEC, EFSA, JSC

Trading Desk

• MetaTrader 4
• MetaTrader 5
Admirals Mobile App

Crypto

Yes

Total Pairs

35 Forex Currency Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Admirals is the best MT4 forex broker in Kenya. Admirals gives investors access to several stock, currency, and CFD markets.

 

👉 Superior research materials and advanced MetaTrader 4 features, like the Supreme add-ons, are available from Admirals.

 

Best MetaTrader 5 / MT5 Forex Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

60

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FP Markets is the best MetaTrader 5 forex broker in Kenya. FP Markets uses ECN electronic bridges to boost client value.

 

👉 FP Markets suggests leveraging the Equinix NY4 Data Centers and MetaTrader 5 to access liquidity sources without dealer intervention.

 

Best Forex Broker for beginners in Kenya

Overall Rating

Min Deposit

USD 0 / 0 KES

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on IG Group’s website

👉 Overall, IG is the best forex broker for beginners in Kenya. Users of IG have access to a plethora of learning materials in a variety of forms. IG also offers an educational mobile app called IG Academy.

 

Best Low Minimum Deposit Forex Broker in Kenya

Overall Rating

Min Deposit

USD 5 / 578 KES

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on HFM (Formerly Known as Hotforex)’s website

👉 Overall, HF Markets is the best Low Minimum Deposit Forex Broker in Kenya. More than a thousand assorted products in many asset types are available for trading on HF Markets to Kenyans.

 

👉 The minimum deposit required to open an account with HF Markets is just 590 KES ($5).

 

Best ECN Forex Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11660 KES

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, BDSwiss is the best ECN forex broker in Kenya. BDSwiss has over 1.6 million users in 186 countries. There is no ambiguity or confusion about how to trade on BDSwiss.

 

👉 When trading with BDSwiss from Kenya, you could make use of some of the most advanced electronic communication network (ECN) technology available.

 

Best Islamic / Swap-Free Forex Broker in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

IFSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

300

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, SuperForex is the best Islamic / Swap-Free forex broker in Kenya. SuperForex serves 150 countries. SuperForex provides KES-denominated accounts and Swap-Free Accounts to Kenyan Muslims.

 

Best Forex Trading App in Kenya

Overall Rating

Min Deposit

$0 / 0 KES

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, TD Ameritrade is the best forex trading app in Kenya. TD Ameritrade’s innovative mobile trading systems provide Kenyans with the lowest prices and highest quality when it comes to trading stocks.

 

👉 Additionally, Kenyans may anticipate the most innovative research on the market as well as the most comprehensive beginner-friendly resources in the field.

 

Best Kenyan Shilling Trading Account Forex Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on Exness’s website

👉 Overall, Exness is the best Kenyan Shilling trading account forex broker in Kenya. Because of features like multiple currency support and micro-lot trading, Exness is regarded as one of the top CFD and Forex brokers for Kenyans.

 

👉 To give Kenyans a leg up in the foreign exchange market, Exness provides them with the MetaTrader 4 and 5 platforms.

 

Best Lowest Spread Forex Broker in Kenya

Overall Rating

Min Deposit

USD 5 / 584 KES

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

👉 Overall, XM is the best lowest spread forex broker in Kenya. XM offers the lowest spreads across several account types, starting from 0.0 pips on instruments like EUR/USD.

 

👉 Kenyans can use either MetaTrader 4 or MetaTrader 5 to access different financial markets.

 

Best Nasdaq 100 Forex Broker in Kenya

Overall Rating

Min Deposit

50% of your initial deposit

Regulators

Trading Desk

MT4, MT5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Scope Markets is the best Nasdaq 100 forex broker in Kenya. CMA-regulated Scope Markets provides MetaTrader 4 and 5. Kenyans can also trade commission-free Nasdaq 100 and other indexes.

 

Best Volatility 75 / VIX 75 Forex Broker in Kenya

Overall Rating

Min Deposit

USD 100 / 11560 KES

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, AvaTrade is the best Volatility 75 / VIX 75 forex broker in Kenya. AvaTrade’s index CFDs provide attractive fixed spreads and no deposit or withdrawal fees.

 

👉 AvaTrade is the top VIX broker that provides some of the best market research and trading tools.

 

Best NDD Forex Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FXTM is the best NDD forex broker in Kenya. FXTM stands out as the best NDD broker because of the quality of its customer service and educational offerings.

 

👉 All Kenyan customers are offered free access to both training webinars and demo trading accounts.

 

Best STP Forex Broker in Kenya

Overall Rating

Min Deposit

USD 10 / 1156 KES

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

👉 Overall, Pepperstone is the best STP forex broker in Kenya. Pepperstone’s goal is to be a competitive broker by providing interbank execution and low spreads.

 

👉 Pepperstone provides institutional-grade STP spreads from 0.6 pips on MetaTrader 4, as well as Straight Through Processing (STP) and Electronic Communication Network (ECN) execution.

 

Best Sign-up Bonus Broker in Kenya

Overall Rating

Min Deposit

USD 1 / 116 KES

Regulators

CySEC, FSC

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, InstaForex is the best sign-up bonus broker in Kenya. InstaForex gives new Kenyan traders a $1,000 No-Deposit Bonus when they open their first trading account.

 

👉 InstaForex is a flexible broker that provides a variety of Educational Materials for novice Kenyan traders as well as Trading tools for more seasoned Kenyan traders.

Defining Success in Forex Trading

Defining Success in Forex Trading

👉 Success is a mental state, not a noun. Every adventure has a rocky start, but as you go through the many challenges you face, you learn to become more adept at dealing with them. Our definition of “success” is not limited to monetary gain.

 

👉 Success requires not just physical preparation but also mental readiness. Therefore, many factors contribute to the overall definition of success. That having the right mental attitude is crucial to success is highlighted by this idea.

 

👉 Most beginner traders in Kenya believe they can tidy up after themselves once they start making money, but this is seldom the case.

 

👉 A millionaire professional might nonetheless be mistaken in their outlook. Consequently, the most crucial factor is the frame of mind you bring to the situation.

 

👉 If you have a firm grasp of market fundamentals, you should have all the information you need to begin your trading career.

 

👉 The right trading attitude, according to successful traders, is the most important aspect in maintaining stability in the market. Successful trading requires not just the right mentality, but also self-discipline, tenacity, and consistency.

 

👉 To claim success as a trader in the foreign currency market, you must first demonstrate a consistent ability to generate a profit.

 

👉 Trading now ranks among the most complex careers in the world. Even a little slip-up might result in a significant monetary loss. Try to maintain orderly conduct to locate beneficial transactions more quickly.

 

👉 Let failed orders go and keep your eye on the prize. If you lose money trading the market and then win a lot of money, you can simply go back to even.

 

👉 Discover the best method for gauging market emotion and you could spot and avoid erroneous trade setups in no time. Learn as much as you can about trading based on price movement since this is the key to making a lot of money in the market.

What makes a successful Forex Trader?

What makes a successful Forex Trader?

👉 There is a common set of distinguishing qualities that great traders share. If you can mimic some of these trader habits and use them with your existing expertise, you could improve your chances of making profitable trades.

 

 

Create a Trading Plan and keep to it

👉 Successful traders create a solid trading plan that they use for every trade that they execute. Position size, entry point, stop-loss exit, and take-profit exit are just some of the tactical details that successful currency traders consider when entering and closing a trade.

 

👉 Successful traders can adjust their take profits when market conditions change, sometimes accepting smaller gains if they feel that is all they can safely take at the time.

 

👉 However, to preserve gains, they will not alter their stop-loss orders from their initial placement until the market moves in their favour.

 

Adopt a level of flexibility

👉 Successful forex traders do not let their positions affect their emotions. They understand that the focus should be on maximising profits and reducing losses rather than on establishing moral superiority.

 

👉 Instead of waiting for the market to force them out of a trade, news- and information-driven traders are fast to close out of a trade if it becomes clear that the market is moving against their position.

 

👉 They are also on the lookout for new market prospects and ready to capitalize on them. Having a cushion for new roles is essential for preparedness.

 

Keep Updated on the Technical Details

👉 Successful currency traders are aware of key technical levels in the currency pairs they trade, even if they do not actively use them in their trading strategies.

 

Always stay focused

👉 Many proficient forex traders limit their attention to only one or two currency pairings. By doing so, they may better understand the pricing structures and trends in such marketplaces. It also reduces the volume of data and information that must be constantly monitored.

 

👉 Most importantly, they can adapt their strategies from one currency pair to another since they understand the inherent differences between them.

 

Use Stop-Loss Order

👉 Each successful trader experiences a loss at some point. Long-term success may be attributed to their careful risk management and vigilant guarding of their earnings.

 

👉 The single most important thing you can do to protect your trading account from routine losses is to use a stop loss. However, you should know that using stop and limit orders does not ensure that your losses will be kept to a minimum.

 

Keep a Journal on Your Trading Activity

👉 Your trading account will be in one of three states at the end of each month, quarter, or year, depending on whether you earned a profit, broke even, or lost money.

 

👉 No matter what camp you find yourself in, keeping and reviewing a trading history is essential to better your outcomes in the following period.

 

Only Risk what You can afford to lose

👉 Even the most well-intended plans may indeed backfire, and the same is true in business. Successful traders will only risk a tiny portion of their account on every transaction, regardless of how promising the setup seems to be.

 

👉 While it is exciting to make a deal that may quadruple your account worth, it is not wise to risk losing your whole account equity. By reducing the stakes on each transaction, successful investors may put the odds in their favour and benefit from the law of big numbers.

 

Prepare for Different Outcomes

👉 The greatest traders are like the most strategic chess players—always one or two moves ahead of the competition. Profitable forex traders anticipate future occurrences and evaluate how much the market has priced in (or not priced in) a predicted result.

 

👉 They also evaluate the expected responses if the event fits – or fails to match – those expectations, and then develop trading strategies around those potential outcomes.

 

Know what the Market Could Do

👉 To succeed in the foreign exchange market, one must be able to determine if the market is trending or will stay range-bound. If they see a trend developing in the market, they prefer to ride it out rather than try to reverse it.

 

👉 Successful currency traders are constantly prepared, at least as much as feasible in a market that’s open 24 hours a day, five days a week and exposed to unpredictable occurrences from half a globe away. Successful forex traders must prepare for the following:

➡️ Economic data released at least a week or two weeks ahead.

➡️ Scheduled speakers – finding out who they are, what they have previously said, and what they are planning to discuss in upcoming events.

➡️ When and when the central bank announces changes to interest rates.

➡️ Notable events where financial leaders gather, such as G20 meetings or Eurozone events.

➡️ Any Liquidity conditions.

➡️ Unexpected events may cause price movements that are outside of normal ranges.

 

Protect your Profits

👉 Whether it is via a partial take profit (cutting the size of a winning position), adjusting a stop order, or squaring up and stepping back after a beneficial market movement, successful traders consistently try to take profit and reduce losses.

 

Keep an eye on other markets

👉 Currency trading does not occur in a vacuum, thus savvy investors always monitor developments in other global financial centres. Their main interest is in the yields of major currency benchmark bonds.

 

Control Your Emotions

👉 As opposed to other traders, central banks, or your broker, you are the biggest threat to your trading performance.

 

👉 Many inexperienced traders, whether pleased by a run of winning trades or disheartened by a string of losses, abandon their well-drafted trading plans when they allow their emotions to take control.

 

👉 In trading, especially, it is easy to let your emotions get the better of you and make irrational decisions that end up costing you money. The best traders know how to control their feelings, and they know when to take a break if they feel their emotions becoming too high or too low.

Conclusion

👉 Forex trading is a very risky endeavour that has resulted in many losses for Kenyan traders. However, some have found ways to make profits consistently. Most successful traders share the same characteristics and have achieved success after years of trading consistently.

FAQ

Can Forex Trading make you rich?

Forex trading can be a lucrative venture for many traders. However, between 60% to 70% (and more) of retail traders lose funds when they trade forex and CFDs.

 

Why is forex trading so hard?

Forex trading is challenging and risky because the forex market is the most volatile and liquid market, with billions of people who participate in foreign exchange daily.

 

Is forex a gamble?

There are some similarities between forex and gambling. However, forex trading involves a lot more strategy and risk management than gambling.

 

How long does it take to learn forex?

While there is no set time during which everyone can learn how to trade forex, it can take months, and even years, to learn how to make consistent profits, and even then, constant success is not guaranteed.

 

Can I learn forex alone?

There are several educational materials and resources available on the internet that can help you learn forex. However, it is recommended that beginners attend webinars, seminars, and discussions to further their knowledge of forex.

Conclusion

👉 Now it is your turn to participate:

➡️ What inspired you to start trading forex?

➡️ What have your experiences been in trading forex?

➡️ Which risk management strategy can you share with other traders?

👉 Regardless, please share your thoughts in the comments below.

 

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, all financial markets feature a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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