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Best Forex Trade Training Courses and Classes in Nairobi Kenya

bEST fOREX tRADING cOURSES IN nAIROBI

So, you are looking for the best forex courses in Kenya but you don’t know where to start. Relax. We’ve all been there. Before you leave here, I’ll show you some of the factors that you must consider when choosing a forex training school in Kenya.

Some guys purport to offer forex trade training, but they are only after your wallet. Beware of such fellows. I’d recommend that you do due diligence before you sign up for any forex training course in Kenya.

  1. How reputable is the person offering the course? 
  2. How is their presence on social media? 
  3. Are they full time traders or do they make their money simply from training new traders? 

If in doubt about a forex trainer, contact me. Chances are that I have information about the person.

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Note that there are no formal forex classes in Nairobi.

The lessons offered by many schools are meant to give you the knowledge and skills that you will need in order to get into the forex market.

There is no certification for most of the the forex courses offered in Nairobi.
These forex lessons are offered by individuals who got into forex trading some years earlier.

It is not in my position to say who these individuals are. Nevertheless, I will show you how you can choose the best forex expert in Nairobi.

forex trading in Kenya training

10 Steps to Learn Forex Trading in Kenya

Becoming a profitable and successful Forex trader does not happen overnight. There are of course certain things that the top Forex traders in the world do to trade Forex successfully. However, if you want to learn to trade forex it begins with some very simple steps:

Decide Why You Want To Learn to Trade Forex

It is important to understand why you want to learn Forex trading in the first place. You might say that everyone wants to learn to trade Forex because they want to make money, but that is too simplistic. More compelling reasons may include quitting your day job or having the freedom to travel the world while still earning an income. The more compelling your reasons are to you, the more likely you are to stick with it over the long term.
Just keep in mind that you are not likely to achieve these goals overnight.
You need to develop your strategies with free practice accounts and then move up to small and then eventually to larger trades, which leads to the second point…

Have Realistic Expectations

Please don’t fall for the exaggerated, atypical earnings claims are often touted in the Forex trading industry. As a result of this many beginning traders abandon perfectly good Forex trading strategies because they may compare their returns with unrealistic returns they see elsewhere.
Have realistic expectations of your Forex trading and realize that every journey begins with a single step. In the end it is about lifestyle. So if you can develop strategies that take care of smaller items like your monthly phone bill, then your groceries, then your rent or mortgage, you will eventually have a viable business model that may allow you to quit your day job if that is your goal. Just don’t quit your day job until you learn to trade forex in a manner that you feel comfortable with and doesn’t risk all that you have worked for in your life.

Ensure Sufficient Capital

Very little funds are needed for opening an account and to commence Forex trading. A minimum of $25 is enough to open a micro account. $400 would be enough to open a mini account.
A smaller account is advisable while formulating your trading system and developing your concepts. However, if your intent is to make a living out of being a day trader then a $25 account would certainly be insufficient. Several things must be taken into consideration when establishing what level of funding is needed. A couple of these factors are:
Profit goals: For example, if you have a goal of making $100,000 in trading profits, then a method which generates an annual rate of return of 100% will call for starting capital of $100,0000.
Maximum drawdown: Maximum drawdown must be considered when formulating your trading system. This is simply the largest peak to valley equity dip recorded on your trading history. To wit:
A maximum historical drawdown of $50,000 means that you should have more than $50,000 in your foreign exchange trading account. The rational being that having only $50,000 will not allow you much movement. Should you experience a $50,000 drawdown then you essentially have to suspend trading. Thus after you reach your drawdown level, you miss out on any trading opportunities that may come your way.

A Business Plan for Foreign Exchange Trading is a must

To ensure success in any business, a business plan must be present before operations commence. Forex trading is no different. Maintaining your focus and reducing ambiguity are prime benefits of planning. Effective Forex trading does not necessarily call for elaborate trading plans, but consistency is key.

Currency Trading Strategy Development

Most would consider this a given but a good number of traders engage in trading on impulse. The ability to determine market behavior may be a gift of some select traders. But for most regular people, a competent and proven trading system is the way to successful trading.

Use a demo or micro account first to evaluate strategies and methods of trading. Do not give in to the all too human weakness of just rushing headlong into the thick of it and commence your trades with substantial amounts of actual funds. Forex demo accounts are there to hone your skills before you play for keeps. Consider these demo accounts as a test of your worthiness to trade real money. After all, failure in your demo account will probably mean failure in your real money account given the same trading strategies.

Each new Forex trading strategy should be finalized in a demo account. Practice makes perfect should be your guiding principle.

Actually “Learn To Trade Forex”

Buying a Forex robot and letting it do your trading is not a good idea as a way to get you feet wet in the forex market, although they can be quite helpful later on in terms of automating the execution of your (well-tested) strategy. If you learn to trade forex by yourself, you are much more likely to get to a point where you can day trade forex consistently and successfully. Read up, browse the web, sign up for Foreign Exchange trading courses and use your demo account to try out your ideas.

Use only Risk Capital for Trading

Money you can afford to lose is another more popular term for risk capital. These are your speculative funds, if you lose all this money it will not significantly impact your life.

If you are using money you cannot lose then you are using scared money for your trading. Its the money that when in danger of dissipation, will create undue stress in the trader.

You are playing with fire if you trade with scared money. After all, even the greatest trading methods cannot always deliver the profit at exactly the time you need it, in the amount that you need.

Ability to Let go of a Losing Trade

A number of people fall in to this trap. Of course no one is happy about losing money. But losing is a part of Forex trading and even the most accomplished traders still take a loss every now and then.

Throwing good money after bad is justified by newbies on the grounds that it creates a better average price to their position. The logic here is that once things turn around then they will be able to break even more quickly. The problem is that things usually don’t turn around quickly enough and the market just increases their losses. This can create a large, disastrous loss out of a situation which started as just an minor loss.

The lesson here is plain to see. Don’t ever add to a losing trade if you intend to trade Forex successfully for a living.

Control Your Risk

Risk control equals reward control. When dealing with unknown risk levels, don’t trade. And until you have established an exit value to deal with market contingencies, the prudent move is not to trade.

Controlling your risk preserves your capital and extends your trading by way of eliminating unnecessary losses. For instance.

Given a $10,000 account and a risk of $5000 per trade, this allows you how many losing trades? Obviously, having merely two opportunities to profit is not advisable and one is well advised to look at alternatives that will allow for more opportunities to profit.

Be Disciplined With Your Trading

Quite a lot of information is available about trading discipline and the psychology of Forex trading. Disciplined trading is essential for success, a fact that is known to most accomplished traders. Forex trading tools will be rendered ineffective in the absence of discipline in your trades and mindset.

The ability to focus and keep to your trading methods amidst adversity is the prime benefit of discipline. In the long run, when you stay with a competent trading system it will help you profit and accumulate wealth in the Forex market. When rationality prevails over strong emotions, it will allow you to trade more effectively.

Ok, that’s it for our top 10 list. Keep these 10 Critical steps in mind as you learn to trade forex.

These rules are very important for anyone that intends to day trade forex for a living, and indeed for anyone planning to learn Forex trading even if it is only part time. Get all your ducks in a row before you submit your first trade, and increase your odds of success by a hundred fold!

Ok, time to get started.  It costs nothing to signup for a forex trading account and begin trading with a demo account.  This is the only way to really learn to trade forex, just get in there and try some things out. Day trade forex with play money to get a feel for how it works.

factors to consider when choosing a forex school in nairobi

What factors should you consider when you are hiring a forex teacher in Nairobi?

If you do not do your due diligence, you might end up wasting your money on a guy who does not know anything about forex trading.

·         Reputation of the coach/forex classes

A simple Google search for forex courses in Nairobi returns about 250,000 results!

Don’t believe everything that you read. Some of these ‘forex gurus’ have scammed vulnerable Kenyans a lot of money. Before you sign up for classes with any person out there, do your due diligence. Ask them to give a list of contacts for persons they have successfully trained.

A lot of the scammer forex classes in Nairobi will promise that you will make incredible amounts of money after you sign up for their training. The more decent trainings will never promise anything but solid information on forex trading.

·         Price of the forex lessons

Since forex trading is relatively new in Kenya, the guys who offer forex classes in Nairobi tend to charge an arm and a leg for their expertise. One of the forex experts, who also happens to be my close friend, charges a good 100K for forex training.

Other forex traders in Nairobi charge anywhere between 10 and 15K. This price is however negotiable.

To keep the training fee even lower, consider using online manuals and forex blogs to learn the theory and the basics, and only hire a forex coach to show you the practical bits of trading.

·         Mode of training- one-on-one versus online training

Usually, a lot of training in Kenya is done online but if you understand the intricacies of forex trading, you will insist on a forex coach who will physically train you to trade forex.

I do not recommend online forex trade training. You need to be there to see exactly how the trader executes the trades.

During the one-on-one training, the forex advisor should take you through the different forex trading strategies as well as guide you on risk management.

·         Venue of training

Since most of the forex trade training in Kenya is done by individuals, finding a convenient venue to hold the lessons remains one of the biggest challenges for the trainers as well as for the trainees?

Are you willing to go to the trainer’s residence for the training? Or would you like the trainer to come to your place?

Before you allow to hold the classes in a private residence, make sure that your trainer is of reputable morals.

Generally, when I am offering classes for the first few times, I prefer meeting my students in a public place such as a restaurant. To learn more about my forex training course, contact me.

Alternatives Ways You Can use to Learn Forex Trading in Nairobi

If you don’t have the cash to invest in forex trade training, you can use other methods to learn the trade.

I personally learned what I know by investing in expensive books and courses that teach forex trading and watching YouTube Videos.

Learning to trade forex is also an ongoing experience. The learning never stops. After you have learned the much that you will learn from your trainer, you need to keep yourself adept by visiting blogs that are dedicated to teaching forex trade analysis and strategies.

One of the other best ways to learn forex is by using a forex broker’s website. Many brokers have a lot of invaluable training materials on their websites. Such is the case with the forex broker that I use, XM Global.

Once you have identified a broker who you think will accommodate your trading preferences, spend some time on their website looking at the training materials that they have to offer.

Although these alternative ways of learning forex do not come anywhere close to attending a live forex class in Nairobi, they are a good place to start when you do not have a lot of money to invest on one-on-one training.

Forex Trading in Kenya: Overview Lessons on Online Forex Trade

 You have probably heard about the new business in town; online forex trading in Kenya. In fact, it has become so popular that it is threatening to overshadow every other online earning venture in Kenya.

Nairobi has the highest number of online forex traders in Kenya. But this number is still less than expected, more so considering the number of Kenyans who are asking questions about it. 

Needless to say, the trade is enjoying the limelight and will soon become one of the best investment opportunities for any interested person.

Here are just some of the very few benefits that you stand to reap by taking action to invest in online forex trade right now.

  •  Forex Trade Markets are Open 24 Hours- What this means is that you can adjust your lifestyle to trade at the hours that best suit you.
  • High Liquidity:-Forex trade is the most liquid trade in the world. Trades worth of trillions of dollars are traded daily. There are always traders on the look out to trade currencies in the market.
  • Free to Trade:- You can trade forex at no fees at all or at a reduced fee if you choose to use forex trade brokers (recommended). Many forex exchange brokers will provide you with a free demo account which you can use to familiarize yourself with the ins and outs of the forex trade.  Follow this link to open a free demo account if you would like to start practicing forex trade now.
  • Very Low Startup Capital:- You can start trading forex in Kenya with as little as $50 in your online account. That is less than 4K! This is possible through macro and micro forex trade accounts that are offered by some forex brokers.

How To Get Started With Forex Trading in Kenya

Before you read the rest of the article, I recommend that you have a look at the resources in the widget table below. They have been monumental in building my knowledge about forex trading in Kenya. Some of them are free while others are available in Amazon.Com for less that 500/=.

Additionally, investors who are early adopters are teaching people how to go start trading forex in Kenya. There are particular Kenyan Facebook groups, pages and blogs that have dedicated themselves to the subject of online forex trade in Kenya.

If you are one of the action takers in Kenya, you could be soon on the path to eradicating the financial instabilities posed by insufficient salaries, unemployment, aborted business ideas and unmet dreams by letting your money work on your behalf, which is what forex trade does.

In Kenya, there is actually no law prohibiting private online Forex trade. This is probably one of the reasons why it’s becoming one of the most lucrative businesses in Kenya today. Anyone who is interested with trading forex in Kenya can do so with the assuarance that there are no illegalities involved in trading forex in the country.

Now that most Kenyans are curious to learn more about forex trading, it should be the high time for you to go the same route.

If you are not sure where to begin, the next section of this article will give you the basics that you need to master in order to start trading forex in Kenya.

Step I:     Open an Online Forex Trade Brokerage Account

If you want to trade forex in Kenya, you will have to do so through a broker. This is basically a firm that handles the trades for you. You make your orders through them just like you do when trading stocks and securities at the NSE.

It is important that you research on different brokerages to find one that works best for you and is reliable. Doing your due diligence before you invest your money in forex trade also steers you away from the path of cons, scams and fraudster. I personally recommend XM Forex Brokers.

How to Choose Forex Trade Brokers

I have written a great guide on how to choose a forex broker in Kenya. If you have not done so, make sure that you’ve read it here.

Give these factors a consideration when selecting your forex brokerage firm:

  • Look for forex brokers who have been in this industry for many years, say, over 10 and have a good pack of experience. Experience simply indicates that whichever the company you have approached, it fully understands its job and treats its clients well.
  •  Check to confirm that the forex brokerage firm is regulated and its reputation is way up there. There are oversight bodies that are in charge of this. If the broker you selected voluntarily submits oversights to their government, you can have the confidence and assurance about its transparency and honesty.
  • See the number of products offered by the forex broker. In case the broker trades securities as well as commodities, for example, you know that the broker in question has a larger client base plus good business reach.
  • Read the forex broker’s reviews but make sure you are careful while doing this. In some cases, unscrupulous brokers may go into the sites and publish reviews boosting their standing and reputation. Reviews only give you a taste of the broker not what the broker really is. It’s a grain of salt.
  • Visit the brokerage website. The broker’s website must appear very professional, with active links. If you find anything like “Coming Soon!” or simply unprofessional looks, then you have no deal with that broker.
  • Check the costs incurred in transacting. Remember to find out how much you will be charged by your bank to wire money over to your forex account. Optionally, consider trading with a forex brokerage firm that allows you to fund your forex account using Paypal and other convenient online money transfer methods widely used in Kenya.
  • Focus carefully on the essentials. You require outstanding customer support, transparency and easy transactions. Gravitate towards brokerage firms that have a nice reputation.

Step II Request information for opening a forex account.

You can either open a personal account or select from managed accounts. With personal accounts, one can perform his or her own trades while with managed accounts, the broker you registered with will perform trades on your behalf.

Before you start trading with the brokerage firm you have selected, it is important that you fully understand the type of accounts that they operate.

What I personally do is ensure that I have contacted customer support with any little query or doubt that I have. It is my money that I am risking and the next thing I want is to walk into any business idea or investment blindly.

Step III Fill out the necessary paperwork.

You may request for the paperwork via mail or simply by downloading it as a PDF file. Remember to check transaction costs for getting your money into your bank account from that of the brokerage account. You never know the fees may cut into your hard earned profit so first find out on that.

Activation of your forex trading account. Usually, brokers send you emails that contain links for activating your account. Just click on the link and follow the simple instructions to get going with trading.

Step IV:  Starting Forex Trading in Kenya

  1.    Do an analysis of the market. There are several different methods you can try:
  • Technical analysis: This involves the process of reviewing historical data or charts to help you in predicting the shifts in currency with past events as the touchstone. You can make use of a trusted platform such as Metatrader 4 or just charts depending on your preference but the two will actually do the work.
  • Fundamental analysis: it involves analyzing a country’s economic base and deciding based on this factor.
  • Sentiment analysis: This type of analysis is in one way subjective. Ideally, you try analyzing the market mood in bid to figure out whether it’s “bullish” or “bearish.” While you may not on a regular basis put your fingers on the market sentiment, you may often guess well hence influence your own trades.
  •  Determination of your margin. You can proceed with investing little bits of money whilst making great profit advances. However, this largely depends on your broker’s laid down policies.
  •  For instance, if you need to trade10, 000 units at a 1% margin, the broker will ask you to deposit $100 cash in your forex account as security.
  • Any gains or losses increase or reduce the amount in the account. It is therefore for this reason that you are advised, as a general rule, to only invest 2% of your total ash in any particular currency pair even if it’s very profitable then.

Step V: Place Forex Orders Through Your Forex Broker

There are three different types of forex trade orders that you need to familiarize yourself with.

  • Market orders: With this one, you will instruct the broker to perform the transactions based on the current rate in the market.
  • Limit orders: The orders instruct the broker to perform a trade only at specific prices. For example, you may buy currency only when it reaches certain price(s) or simply sell currency in case it lowers to a specific price.
  • Stop orders: Stop orders are choices to purchase currency only when it’s above the current price in the market. This is usually done in anticipation of an increase in value or selling the currency anything below market price to lower losses.

Never at all get emotional. This is a volatile market and along your paths ups and downs will knock and wave. The only thing that matters here is doing your research very well; holding on to your strategy and watching your profits rise.

Do you have any questions regarding trading forex in Kenya? Always feel free to ask. We have an expert in the house waiting to tackle them all.

Forex Trading in Kenya: 8 Incredible Tips for Day Traders in Kenya

Forex trading in Kenya is starting to take momentum. To keep you up-to-date on how you can invest in the forex trading industry in Kenya, we have lined up a series of lessons that will make you start trading like a pro. To make sure that you do not miss any of our forex trading lessons,  Press CTRL=D on your keyboard right now to bookmark this page.

If you would like thorough training on forex trading, make sure to check out our training modules, which are available here.

There are three main styles that you can choose from when trading forex in Kenya.

However, before you pick a style that suits you, you need to place several considerations into mind. The major consideration is your lifestyle.

Are you available to monitor the money markets throughout the day or are you only available during certain times? If you have a fulltime job, it may not augur well with your boss if he happens on you stealing time off to monitor the forex markets at work.

You also need to take into consideration the amount of money that you are willing to risk in forex trading. As a rule of thumb, never use money that you cannot afford to risk on speculative trading. For clarity’s sake, money you cannot afford to lose is money that will cause a noticeable disruption in your lifestyle if you lost it.

In this article, I discuss a forex trading concept known as Day Trading or short-term trading.

Why Day Trading?

Day Trading is for persons who have a lot of time on their hands. It is the easiest strategy of trading that does not involve too much technical analysis. However, you will be required to be in front of your monitor most of the time in order to place and close trades.

A lot of day traders use instincts to trade forex.

How to Start Trading Forex Market as a Day Trader in Kenya

If you are going to trade the forex markets using the short-term strategy (day trading) or what I personally refer to as guerilla trading, and what other forex traders refer as scalping or jobbing the market, you are going to need a few trading strategies.

Short-term forex traders enter into a trade and close it almost instantly. The longest that day traders hold a trade is a few minutes, typically less than 5 minutes. The main aim of scalpers is to benefit from only a few pips. In order to ensure that you are not losing your money as a short-term forex trader, you need to take into consideration a few factors:

  • Make sure you capture at least 3-10 pips to offset the spread

Many forex brokers place a spread of 2 to 5 pips on retail traders. In order for you to break even, you will have to put into consideration the spread at which you entered the market. You should also factor in the pip when considering the amount of loss you are willing to take.

Do not hold on a losing position hoping that the tides will soon turn to your favor. The most disciplined day traders have a position working for them or close it sooner than they can blink an eye.

  • Develop proper the short-term trader’s discipline

As a short-term trader, you need to have very high levels of financial discipline. Do not let your emotions cloud your judgment and obscure your objectives. If your main aim is to profit from only a few pips, then it follows that you cannot afford to lose more than a few pips.

  • Only trade in currencies with the highest liquidity

Liquidity is the greatest for a day trader. Currencies that are highly liquid are the most ideal for short-term forex traders. The liquid currencies include USD/EUR, USD/JPY, EUR/GBP, EUR/GBP, EUR/JPY and EUR/CHF.

These currencies have tight spreads and less impromptu price jumps. You can therefore make a prediction of which the side the market will be moving in the next few minutes.

  • Only trade during the peak hours of the forex trade market

Like liquidity, a volatile market is fodder for the day trader. The forex market usually peaks at European trading zone, which is around 9 a.m. to 7 p.m. Kenyan time.

At this time, the Asian and the American markets overlap with the European zone. Other time zones are not ideal for a day trader.

  • Focus your attention on only one currency pair only

For you to adeptly follow minute-by-minute price changes on the market, you need to narrow on only one of the most liquid currency pairs (see no. 3). Focusing on a single currency pair also improves your ‘feel’ and intuitiveness on the currency pair.

  • Preset your forex trading volume to save time

Time is of utmost importance to a day trader. To minimize the amount of time you spend setting up your trading options, consider presetting the trading volume that you will use throughout your day trades.

  • Choose your forex brokers carefully

To be successful as a day trader, you need to work with forex brokers who offer click-and-deal trading platforms. This saves you from delays that might be occasioned by execution orders.

  • Do not trade around the time data is being released

While data releases are a major ally to long-term traders, they do not augur well with short-term traders. Trading 30 minutes prior to a major data release is equivalent to tying a noose around your neck. The forex markets usually go into a flurry minutes before the release of such data.

That is it for the forex day traders in Kenya. Next, we shall be looking at the medium term forex traders in Kenya, and what you need to do to break even in the market.

How to Trade Forex in Kenya Using Mpesa

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Forex is the largest and by far the most popular financial market in the world, which is traded by vast number of individuals, organizations and major banks. The second largest financial market namely New York Stock Exchange (NYSE) averages a daily trade volume of $74 billion which is no match for the daily trade volume of the forex market at an astonishing $4,000,000,000,000.

This $4 trillion market provides real time access and superb liquidity of the global currency exchange as there is always someone ready to buy/sell a currency to/from you, permitting you to place trades instantly. Forex is not limited to a rising market, you can also profit from a falling market.

Initial Investment

Large capital or large investments are not required. In fact you can join millions of other traders from as little as $25 and open trades from $2.5. Many Forex service providers offer generous leverage, typically x400 converting your $25 to 10,000 units of tradable currency.

The Currencies:

There are numerous currencies available to trade on a forex platform. A few have been listed below which can be cross traded with one another.

EUR (Euro) GBP (Great British Pound) USD (US Dollar) NZD (New Zealand Dollar) AUD (Australian Dollar)
JPY (Japanese Yen) CHF (Swiss Franc) CAD (Canadian Dollar) HKD( Hong Kong Dollar) SGB (Singapore Dollar)
MXN (Mexican Peso) TRY (Turkish Lira) DKK (Danish Krone) NOK (Norwegian Krone) SEK (Swedish Krona)

On a forex platform you are not only limited to currencies. The majority of broker trading platforms include commodities such as gold, silver and oil which are also tradable. Also some brokers extend to stocks, allowing you to diversify your portfolio of trades.

When/Where Can I Trade?

Forex trading using Mpesa in Kenya

Access to the forex market is available from the comfort of your own home, empowering you to trade instantly from anywhere on a 24-hour market. Demo accounts are available with live rates and virtual money enabling you to master your skills prior to real investment. You do not require previous experience, just sheer enthusiasm and the dedication to learn is necessary. The FX market can be traded whether you are employed full-time or part-time, giving you financial independence and allowing you to be your own boss.

Forex Brokers That Accept Mpesa

Have you been thinking of trading forex but you are afraid of losing your money?

Fear no more.

XM Forex Global– a reputable forex brokerage firm based in Greece, offers a free bonus of $30 when you open a live account.

You do not need to deposit any money in your live forex trading account to access this discount.

Simply open a Live Forex Trading Account and you are ready to roll.

You can withdraw all the profits you earn from the Live Account at any time that you want.

The most convenient way to withdraw your forex profits in Kenya is using Moneybookers/Skrill. You can withdraw funds from Skrill right into your Mpesa account in Kenya.

If you do not have a Skrill Account, click here to open one for free.

 

XM Forex Bonus on Deposits

One of the reasons why I always recommend XM Forex Brokers to my forex proteges is because of the low amount of minimum deposits required to operate an account.

The minimum deposit stands at $5.00 only.

And incredibly, you get up to 50% bonus on the amount that you have deposited. So, whenever you deposit $5.00 into your XM forex account, you will get a bonus of $2.50. Your total trading balance will therefore be $7.50.

The 50% bonus applies to all amounts below $1,000. For amounts exceeding $1,000, a 20% bonus is included.

The XM Forex bonus keeps accumulating with every subsequent deposit you make until you have earned a total bonus of  $5,000!

If I were you, I would be headed to XM Forex Brokers right now to claim my bonus.

Click on this link to open your account and claim your bonus right now.