Who are the most successful Forex traders in Uganda
The popularity of trading is increasing in Africa and you can hear about the people turning to Forex trading more often today than ten or five years ago. While some countries on the African continent are already famous for their trading communities, such as South Africa or Nigeria, the others are just shaping the Forex industry. Even though Uganda does not have a regulatory framework that would define the shape of the currency trading industry yet, it still dominates the list of the upcoming star-countries in the Forex industry. The lack of brokers that are regulated by the local financial authority and the absence of the investor protection policy should be making trading difficult for the local community, but surprisingly they are even more motivated and eager to trade and often approach the best international firms for brokerage services.
While these obstacles make it hard to trade it does not mean that there is no interest in Forex trading in Uganda. On the contrary, there are lots of people searching for brokers that accept Ugandan customers or general information about the successful Forex traders in Uganda. If you have been interested in it, you might find that there is no information about profitable traders in Uganda that reached success in Forex trading. Does it mean that trading currency pairs in Uganda is less profitable than in other countries? Of course not, the Forex market is international and is not defined by any country. So why are do not we hear about the best Forex traders in Uganda?
Why there are no famous Forex traders in Uganda
Forex trading itself is not easy and the trading environment in Uganda makes it more complicated. Since there are no regulations whatsoever and there are no reliable brokers to be found locally, many people who want to trade choose to setback and search for other opportunities. In addition to that, there is a lack of Forex education. Let’s take an example, one of the African countries where the Forex industry is relatively developed – South Africa. Once the government took big steps on shaping the industry and the popularity of trading grew many of the education providers have appeared. These are the reasons that partially explain why you have not heard about the successful Forex traders in Uganda before. But again, it does not mean that being successful is out of reach for Ugandan traders. Moreover, the coin has two sides and while there are no famous traders today, you can become one tomorrow.
How to claim the title of the best Forex trader in Uganda
The journey to successful Forex trading is similar for everyone does not matter where they live in. This is an advantage that Forex grants to every person that is interested in it. Undoubtfully, as a Ugandan trader, you might come across more obstacles than a person living in a country where the Forex industry is well-developed. However, being armed with the information you can easily solve the issues and become the best Forex trader in Uganda.
Choose the broker carefully
Choosing the right broker that has good features and service and most importantly is not a fraud is a difficult task for every beginner trader. For the residents of Uganda, this is even harder since there is no regulation and license. Hence, if you want to be a successful trader you need to choose your broker carefully. Generally, I never advise anyone to start trading with a broker that is not regulated by the local regulator. It is impossible in Uganda, but do not worry, there are tips and tricks that will help you determine if the broker is reliable or not.
As a person who wants to be among the richest Forex traders in Uganda, you will need to trade with offshore brokers. There are a lot of reputable brokers that offer their service to Ugandan residents. The first thing you need to consider when choosing is their regulations. Generally, regulations are protecting the residents of the country where the broker is regulated, for example, if the broker has a license from the UK’s financial authority, traders in the UK are protected from the wrongdoing of the broker. Hence, while trading with the regulated broker your funds will not be protected the same way, but if the broker is regulated by one or more regulators it means that they are reliable.
I advise you to get a broker that is licensed by the most reputable authorities in the world, such as FCA, CySEC, ASIC, or BaFin. On the other hand, stay away from the brokers that are regulated in Vanuatu, Marshall Islands, Belize, and similar countries.
Spend a lot of time on education
Earning the title of one of the most successful Forex traders in Uganda is impossible without proper education. You need to learn a lot about Forex trading before you make your first trade. The education in Forex can be divided into three core categories. The first one is the mandatory education that you need to have in order to understand the Forex and how it works. It is the basics of Forex that allows you to start trading. Once you learn about it you can advance your knowledge and learn about the different strategies and tools that can be used to make the trades profitable. The third category is something that is infinite. It is the knowledge that you are getting every time you are trading and that comes with the experience. To say in other words, no matter how good you are at trading and how much profits you are making, you should never stop learning if you want to be the best Forex trader in Uganda.
Practice until you feel ready
While getting mandatory education in Forex, many people make a simple mistake and start trading on the live accounts right away. I can understand the excitement about starting trading and making the money but it is not the smartest decision that a beginner trader can make. In order to ensure your success, it is better to start trading on demo accounts that make it possible for beginner traders to practice. You can learn more about the demo accounts and their availability for the Forex traders in Uganda here. While using the demo account, it is important to know when to switch to the live trading account. While demo accounts are great for practice, they do not provide the same trading environment and experience as it is on a live account, simply because there is no money involved. Therefore, once you see that you are doing good on demo accounts, open a live one.
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Follow the example of other successful Forex traders
One of the best ways to start Forex trading and be profitable is to follow the example of successful Forex traders in your country. This way you can learn what mistakes you should avoid and how to trade in a correct way. Unfortunately for Ugandan traders, it is not an option since there are not many successful Forex traders in Uganda. But you can see how the traders from other African countries have reached their goal and became successful. Since the environment can be relatively the same and their examples can be a really good lesson for you.
Who can become the best Forex trader in Uganda
It is possible for any person who is interested in Forex trading to become the best FX trader. While you need to consider the advice I have provided above, there are more things to take into consideration. Mastering trading and being continuously profitable with it requires some personal characters that can be developed. First and foremost, if you want to be a successful Forex trader in Uganda you need to have patience and determination. These two things can almost guarantee your success. At the same time, you need to keep your emotions out of the trades and make decisions on a clear mind.
So how do you start trading Forex?
Trading Forex got incredibly popular among the young generation representatives and many of them already know where and how to start. The very first and the most important step is to find a reliable broker that you can entrust your money to. It usually requires thorough research to find the most suitable option for you, however, fortunately, there are some highly qualified brokers who established themselves on the market as leading authorities. One of such credible brokerage firms is XM Forex broker, which is offering its clients a wide range of brokerage services and a simplified platform for all levels of traders. You can find the real account registration process at XM explained in details below:
1.Visit the website xm.com and find the green box “Open an Account”. Do not choose to open a demo account unless you would like to test the trading platform without the involvement of real money, or real profits.
2.Start filling in information by providing personal details about yourself. The information should be valid and verifiable by the legal documents. Personal details include your first and last names, the country where you are currently residing, and the language of your preference. The phone number and email address also need to be authentic, as you will be receiving a confirmation link on the email that you indicate here. You cannot add another email address to your account as per the website’s rules.
3.In addition to personal details, you have to decide on the types of trading platform and account. The trading platform comes in two types at XM – MetaTrader 4 and MetaTrader 5. Both of them allow trading Forex, however, MetaTrader 4 is more focused on Forex traders, while MT5 is flexible in the choice. Account types vary according to the client’s needs and preferences, whether he or she wants special conditions for deposits and trading volume or is fine with the standard set. If you do not have any specific requirements, proceed with choosing the Standard Account.
4.Once again, select the correct date of birth, as it will be verified later by the XM system. Write in the address of your residence and make sure that it matches the address that is provided in your supporting documents. Indicate if you are a US tax-payer.
5.Choose the preferred currency of your account and in case you are eligible for the account bonus, choose that you would like to receive the bonus, as well. You can check for more information regarding the bonuses on the official website of XM. In the section on Investor Information, you should start with selecting the estimated amount for your initial deposit, the purpose of the transactions, your employment status, and either the nature of the business that you are conducting or the source of your financial funds. Set your level of acquired education, your estimated income, and estimated net worth.
6.For improved user experience, XM is collecting information regarding its clients’ knowledge and expertise in trading. Answer the given questions correspondingly. Your answers will not affect your account in any way, it only carries the informative value for XM and enhances the quality of services that the broker will offer to you. After completing the section, set your account password and proceed next.
7.At this stage, you will have to check for an email from XM which will include the confirmation link. After you follow the link, you will be taken to Members Area where you can log in using the user ID assigned to you and the password that you set in the previous step. The website will require the supporting documents to be uploaded that verify your identity and residential address. Afterward, you can consider yourself as an owner of a real Forex trading account and can begin your experience in online trading in Uganda.
Key takeaways
Yet Uganda does not have a well-developed Forex trading industry and community. There is no regulatory framework or license for the Forex brokers. However, it does not mean that trading or being successful in it is impossible for the residents of Uganda. There are a lot of ways one can start Forex trading with reliable Forex brokers, get the necessary education and learn from profitable traders all around the world. With Forex trading getting popular in Africa it is expected that the traders’ community in Uganda will develop and as a result, the list of successful Forex traders in Uganda will grow.
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