Most successful Forex traders in Kenya and how to be the next one
Who are you thinking about when you think of successful Forex traders? Probably the first person that comes to your mind is Warren Buffet, George Soros, or any other giant of the FX market. This is why many people get the impression that becoming a successful Forex trader in Kenya or elsewhere in the world is almost unthinkable for ordinary people like you and me. People believing in this statement consider that being successful comes with years and years of trading, millions of dollars to invest, or simply out of luck. While it is absolutely far from being true, it is not surprising that people have such an idea, as these big players are often the only ones that are featured with the title of the most successful Forex trader. Unfortunately, quite many trading enthusiasts get intimidated by the given fact and hold the view that the goal of succeeding at Forex trading is a lost cause. In reality, if we look at self-made millionaires, who were the regular admirers of Forex trading just like you and me and by staying true to their passion wrote the glorious stories of success, we get a perfect example of how success can be achieved in Forex trading industry.
This is one of the beauties of Forex trading, anyone with the right approach and determination is able to be successful in it, even without investing thousands of dollars right away. Hence, you can find traders that are successful anywhere in the world and you can find the stories of forex millionaires in Kenya too.
Forex trading rises in Kenya
Generally, Forex trading is getting more and more popular in African countries. Kenya, as one of the leading countries on the African continent, is not an exception. The main reason behind Forex getting popular and more common is the opportunity of having an additional income, or replacing the job you have with trading that offers more flexibility and higher income, if done right. It is not a secret that the newer generations in Kenya are much more adapted to the digital and technological trends than the past generations in the country. At the same time, young people in Kenya, as almost everywhere on the African continent, are seeking better job opportunities than what the job market offers them. As Forex trading requires only a laptop and an internet connection, it is easy to access the Forex market and a large number of free educational materials makes it possible for everyone to get mandatory knowledge in trading. As a result, the number of people who start trading and the number of successful Kenyan Forex traders is increasing.
Most successful Forex trader in Kenya – Ken Githaiga and his story
The story of Ken Githaiga is truly one of the most interesting and exciting stories in the industry, especially since any reader can relate to it. It is not a “get rich overnight” type of story that makes people feel like being successful is something that miraculously happens to a chosen person. Rather, the success story of Ken shows the full road of learning about Forex and how trading became rewarding for him, including making mistakes and losing money.
One of the most successful Kenyan Forex traders started his journey when he left college. At that time he did not know much about trading but he knew one important thing – he did not want to have an office job. As Ken stated himself in one of his interviews, he thought that making money online was a great option, but like most people, he did not know how to do it. After searching for the options a person can do online to make a good amount of money to support himself, he found out about currency trading and understood that out of all the opportunities it was the best match for him.
Ken decided to learn more about Forex trading and get the necessary education to start trading himself. He was learning what is Forex, how the market moves, and how to trade currencies on websites that offer free FX education. He was also watching a lot of youtube videos and was meeting successful Forex traders in Kenya to understand trading better. At that time he had already made up his mind that Forex trading was something he wanted to do and was determined to get successful in it. Ken started trading in 2008 and faced a lot of challenges before his trades finally began to turn out profitable. He was making all of the mistakes that any beginner trader can make and as a result, from time to time he was losing a lot of money. However, it was not a reason for him to stop trying, instead, he was constantly analyzing his errors until the time when his trades were continuously profitable.
As Ken himself stated, after trading Forex for some time he understood that it does not take a lot of time and hence can be one of the best online jobs that a person can think of. However, it must be stated that he is a trained accountant and from a young age was fond of charts, numbers, and similar things, which also made him interested in Forex from the beginning. Like many traders in Africa, one of the richest Forex traders in Kenya is trying to help beginner traders become profitable and successful. He is training young traders not to make the same mistakes as he was making when starting out and teaches them the strategies that he is using for his trades.
Challenges you might face while trading Forex in Kenya
As I have mentioned before it is possible for every person to be successful in Forex does not matter where he or she lives. However, there are some challenges that each person can face based on the environment and depending on how developed is the Forex trading community there. Here are some challenges you might have to overcome if you want to be one of the best Forex traders in Kenya.
A wrong approach to the financial market
If someone is considering starting Forex trading his ultimate goal is to be successful in it and make profits. To do so, everyone needs to have the right approach to trading on the financial market, and generally to Finances. The wrong understanding of it and poor money management is a problem that is challenging a big population of African countries including Kenya. The reason behind it is the lack of financial knowledge. Hence, if you strive to be successful in trading you need to make the first investments in education. In investment, I do not mean the money, but the time and energy you need to set aside for getting better in personal finances and understanding the financial market. This will help you understand your financial capabilities for investing in currency trading and the risks that you as an individual might have. It will be a big step forward to becoming one of the best Kenyan Forex traders. When you are fully aware of how much money you can put in trading for a short and long time of a period and know exactly how much money you can allow yourself to lose you will be able to manage your trading account better.
Unrealistic expectations on Forex trading
This is something that unites all of the beginner Forex traders. Many of them turn to trade simply because it seems so lucrative and profitable that one can get rich almost overnight. I blame the media for it since it showcases the success stories of Forex traders in Kenya or anywhere in the world as a miracle that happens to some people and lacks to show how much effort and failures these stories include. In any way, one should not have unrealistic expectations about Forex trading. As a beginner, you should understand that trading requires knowledge, skills and a lot of practice and success will not come right away when you start. You can still be successful and make high profits just not as fast as you might think from the beginning.
Quitting Forex trading when the success is around the corner
This is a very tricky situation many beginner traders might find themselves in. As I have mentioned success does not come right away and you should be well aware of it. The story of Ken Githaiga shows it very well. Once you start trading you will lose the money not because you are bad in it or because it is impossible to make money through Forex, but simply because it is a part of the journey. Making mistakes that lead to losing money is more than natural when you are an inexperienced trader, you should not feel defeated instead you need to analyze your mistakes and learn from them. This is why it is important to be aware of risks, this way you will not lose more money than you are allowed to and you will not damage your finances. Most of the top forex traders in Kenya are those who understand that mastering Forex takes time and are not quitting when facing challenges.
Secrets of successful Forex traders in Kenya or elsewhere
While there is not an ultimate success formula for Forex trading there are still some tips that can help you become better with your trades and shorten your way to success.
- Make a plan that shows your short and long-term goals that are realistic and measurable. Stick to it but at the same time be flexible and ready to maneuver when it is necessary.
- Keep a trading journal and write down your trades, how profitable were they, and which strategies you have used. Time after time go back to them, it will help you see what you are doing well and what you need to change.
- Even if your trades are successful do not stop educating yourself and learn from the successful Forex traders in Kenya that were once in your position.
- Do not invest a lot from the beginning and concentrate only on one or two currencies, this way you will not be overwhelmed and will be able to make decisions with a clear mind.
The Steps to Becoming a Forex Trader
One of the most frequent misconceptions about getting started with trading Forex is the assumption that it requires enormous resources, research, and considerable expertise. Even though, the statement contains some truth, actually, most of it is contrary to that. It is not recommended to start trading with huge sums of money, to overly depend on studying the market trends, as it is too volatile to be completely analyzed and expertise obviously comes with experience. When finding stories of successful forex traders, one can notice that many of them started trading with reliable brokers. However, finding the best suitable broker for you does need research and some expertise, too. Fortunately, there are few brokerage service provider firms that are famous for their credibility, professionalism, and dedication for the best user experience. XM Forex broker is undoubtedly one of them and we are going to show you the steps necessary for registering a real trading account with XM below.
1. Visit the official website of XM Forex broker and find the “open an account” option. In case you are not ready to start trading with a real account, choose “open a demo account” instead, which will allow you to test the simulation first, before setting up an initial trading account. However, if you have made up your mind to start the real experience, go along with opening an account.
2. The first step is to complete the registration form which will ask for your personal details, such as your first name, last name, country of residence, preferred language, phone, and email addresses. The email address should be valid and working so that whenever you receive the confirmation link from XM you are able to proceed with verifying the address. No two email addresses are allowed for a single user on XM.
3. The registration form contains questions regarding trading platform type and account type. The trading platform type depends on the products that you would like to trade with. If you decide to trade Forex then MetaTrader4 is for you, in any other case, it is advised to choose MetaTrader5. Account types differ according to limitations and unique conditions or opportunities. Check for the specifics of the accounts on the official website of XM. If no strict preference, then proceed with the Standard Account type. Go to Step 2.
4. Step 2 requires you to submit the correct data regarding your date of birth and residential address. Be sure to include the correct information, as it should match with the data provided in your legal documents later. Fill in the address details, similar to how it is provided in the proof of residency, and choose the corresponding option if you are a US tax-payer.
5. You will need to select the trading account details – account base currency and account bonus. In the investment information, you will have to select the approximate amount that you are planning to invest on your trading account, purpose, and nature of transactions. You will also be asked to submit your employment status and the nature of the business of your employment, or sources of your funds. Indicate the level of your education, your total estimated income, and your estimated net worth.
6. XM will need to know about your trading knowledge and experience, to better suit your level of awareness while offering the brokerage services. Select the professional qualifications or experience in trading, the number of times that you have traded over the past three years, and whether you have conducted at least 25 trades on a demo account over the past 12 months. At the end of the form, set your account password and confirm it.
7. After submitting the registration form, you will receive an email at your email address with the confirmation link. Proceed with the link and it will take you to the Members Area access page, where you have to log in with your MT4/MT5 ID and password. On the Members Area page, you will need to upload supporting documents to verify your identity and residential address, after which you are officially the trader with a real trading account at XM.
The story of Ken Githaiga, one of the richest and most successful Forex traders in Kenya demonstrates that everyone can reach the same success in trading. He went through all the steps that can be in the Forex trading journey, finding out the opportunity, getting interested, learning about it, starting trading, making mistakes and learning from these mistakes, and finally becoming a professional and successful trader. To repeat his success and be the next best Kenyan trader you should avoid common mistakes such as setting high expectations, starting trading without understanding the financial market, or being afraid of the challenges. At the same time, you can use the advice of the best Forex traders in Kenya and use the tools and tricks that helped them gain this title.