Forex Trading Guide in Kenya Step by Step
Forex trading is making money through the exchange of currencies. A large number of systems now exist which the new investors can utilize to educate themselves with the skills necessary to succeed in Forex. Below is a step-by-step guide on how to carry out Forex Trading.
Learn the Basics of Forex Trading
The best way to start Forex trading is by learning everything there is to learn about forex trading. There are several ways you can choose from to learn how to trade. These are:
- Teach yourself by reading online tutorials on websites such as babypips.com, watching YouTube or reading a book.
- Enroll for a purely online course from tutors such as Adam Khoo
- Learn in some of the best forex trading schools in Kenya for one-on-one trading with experienced traders
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Raise Enough Capital to Start Trading
Most people do not raise enough money to enable them to trade successfully. Some traders deposit 10 – 50 dollars into their trading accounts and still expect to earn handsomely. You must have some good deposit to make good money in the Forex industry. It is actually recommended that you have an initial trading capital of at least $250 before starting to trade.
Choose a reliable Forex Broker
You now have your skills and capital ready. To start trading, you will need a forex broker and there many Forex brokers in the world. If you have any doubts about a broker, read reviews by other people who have used the broker before on ForexPeaceArmy.com. CMA licensed forex brokers like FxPesa and Scope Markets are the easiest to use for beginners in Kenya.
Open a Demo Account
A Demo account is good in helping you develop the trading strategy you learnt in school. Still with demo account, you can test any trading strategy without risking your hard-earned money.
Open and Fund Your Trading Account
In order to start trading online forex in Kenya, you will need to sign up with a trustworthy and reputable forex broker. It will be an added advantage if the Forex broker accepts M-pesa as a means of funding and withdrawing money from your account. Some of them include LiteForex, XM, and HotForex. Opening the trading account with the brokers is supper easy and fast