If you can trade Forex in Kenya successfully, then I bet you don’t need a job.
You don’t need a main hustle because the Forex market is open from Monday till Friday every week of the month.
I see that a lot of Kenyan youths are expressing interest on how to start Forex trading in Kenya, and the trend is just growing.
When I look at the number of people who are interested in this topic, I see that indeed there is a genuine interest to learn how to.
So this post is about how to start Forex trading in Kenya and make money in the process.
Who knows, if you’re good at it, you can make it a full time job.
But before that, are there any successful Forex traders in Kenya to prove that there is money to be made as a trader?
Well, I have never met one at all. But of course I have read about a few guys who do it here in the country.
Ken Githaiga is among the few names that were mentioned in the passing.
A blog called Work at home Kenya alleged to have carried out a one on one interview with this guy.
When I read that post, I felt like this was more of a marketing stunt that a genuine interview meant to expose the real ”Forex gurus” in Kenya.
First of all, I do not believe on interviews which cannot be verified.
If I wanted to market someone to earn commissions, I could as well write a short story here using my own creativity and lying to Kenyans that I have interviewed a successful Forex trader in Kenya.
Would that story/interview be credible? Of course my audience would think it is.
The bottom line is this, I have never met someone in Kenya who trades Forex full time.
What I have seen are folks who advise themselves on Facebook ads as traders who will train you how to trade Forex in Kenya.
They claim to possess the knowledge of trading, and that if you pay them a certain amount of money, they will pass these skills to you.
My question is, if these guys have been training Kenyans since the introducing of Forex trading in the country, where are students who graduated from their training?
How well are they doing? Who exactly are these guys?
Or are we chasing some kind of illusion that really successful Forex traders exist in Kenya?
As far as am concerned, I can say that yes, Forex traders who are successful in the job exist.
But they are very few. They can be counted, and that number cannot exceed 5 in the country. That’ I can assure you.
How about when you cross boundaries to look for successful Forex traders? Of course you will find them.
But then again, they dot the surface of the planet as Forex trading is not an easy job like you think it is.
How to start Forex Trading in Kenya: what to do
If you aspire to start Forex trading in Nairobi for instance, there are a few things you need to know before you can focus on making money from currency fluctuations.
There are two ways to trade Forex in Kenya.
You can either start learning price action (where I talk about support and resistance in price action-Campforex.com) or opt to use trading software which will make your work a little easier.
To decide which way to go, please read this post from my other blog, Campforex.com.
With that knowledge, you should be able to decide on your own whether you want to learn or use software instead.
The two options have trade offs as well. If you decide to take the bull by its horns and learn how to trade, it’s gonna take you time in learning and practicing.
You need someone who is a real life trader to teach you how to trade, not someone who talks about trading and does not have real hands-on experience in trading.
By the way, one way of spotting a fake Forex manager or trainer in Kenya is when that person puts more emphasis on teaching people how to trade.
I see those ads on Facebook quite a number of times. Desperate Kenyans comment on ads asking how they can get training or where that person’s office is situated in Nairobi.
If I am that successful in Forex trading, why would I concentrate more on training people how to trade than spending time trading the Forex market myself?
It would suggest that am making more money off people who want to learn how to trade compared to when I gamble with my money in the Forex market.
For your information, these so-called Forex trainers in Nairobi are people who attempted and lost money while trying to trade Forex.
Then somewhere along the way, they decided to start Forex trading platforms in Kenya to make money as mentors rather than traders.
If I was a student, I would never gamble my money by giving it to that person.
This also explains why there are not so many successful Forex traders in Kenya. But of course you will find them in the world. I have met a few, so I know what am talking about here.
How to start Forex trading in Kenya: Learning the basics
For those who can buy expensive trading software (they go for Ksh30,000 a license), that would be convenient. But again, there is a big challenge in identifying what works from what doesn’t.
I have seen many people getting conned by scam software vendors who purport to sell snake oil. They tell their prospective victims that if they purchase the software, they will make instant riches.
I believe that we are not looking for a quick way to riches here. If you’re not sure, you can engage me in the process of helping you find a legitimate trading software in Kenya. This will save you the hustle of having to learn.
But if you want to learn, you will spend money on training. But that fee is quite affordable. Anyone who seriously wants to learn how to trade can raise that money.
Courses do teach price action trading in relation to patterns, support and resistance zones, and many other things which I do not wish to discuss here.
Training takes a month. But it is advised that you should horn your experience on a practice account which can take you up to 3 months to become proficient (if you were trained properly).
That’s it. There is no magic involved in How to do online Forex Trading in Kenya.
But of course the surest way to get misleading information is when you spend time looking for Forex trading forums in Kenya.
Currently, I don’t know of any active Forex trading forum in Kenya. The ones that are oriented towards making money online don’t tell you how to get started and what to do.
Most of them discuss irrelevant subjects as well. Keep off these sites.