But unlike the forex trading in kenya answers for interview from which it originated, there are some peculiarities about online forex trading that can only be kenya forex answers only in Kenya and other regions where the concept is still largely a new form of investment. Unlike developed economies of the world, online forex is still unregulated in Kenya.
There are no laws to govern the relationship between forex brokers and the traders. This can probably be explained by the fact that Kenya has had no home grown forex broker hence the need for laws has never been thought of. Begin a life of financial independence today by opening a trading account with a regulated and trusted broker. You do not need huge capital to start trading. 100 you will now be able to gain extensive knowledge on how the market works. Most of these so called tutors have a dormant blog or static website that contains nothing but their mobile phone numbers.
Forex prices are manipulated before a rise or fall. That traps so many traders who lack knowledge on how to read the charts. The catch is that you will be able to determine trends as they begin and when they end. That means that you only get to interact with your broker by email or skype and a telephone call. Kenyan forex traders so far as determining whether or not the broker is a scam or legit. Forget about all other ways of making money online such as data entry or writing and spending countless hours raising a blog. Do not confuse this with private online forex trading.
As a blogger I must admit that the recent development in the forex industry in Kenya has led to more traffic to my site. A while back the most searched thing by Kenyans over the internet was how to kiss. It is my belief that if a new survey is conducted today, how to become a successful forex trader will make it to the top five list. You cannot trade the Kenyan shilling online. I will not dwell much on this as I have covered it in an older article titled why you wont trade the Kenyan shilling online. Men are the ones who have so far shown greater interest in online forex trading in Kenya.
By now you know that Kenyan youths are considered among the tech savvy in the world and are actually playing on a league of their own within Africa. This makes them able to unearth most online forex ventures ahead of any other group. Forex trading involves the trading of micro, mini or standard lot accounts. The account type you trade will depend on your portfolio and your risk tolerance level.
If you had fears it is my belief that they have been assuaged by this article and any of your questions have all been answered. 50 Dollars per month, Questions on recommended brokers and strategies. Is online forex trading illegal in Kenya? The Basics Here are the basics you need to know in relation to Forex trading in Uganda. Although Forex trading seems complicated, it is really quite simple once you understand how it is done.
1,000 and you get back 3,700,000 UGX, or a profit of 75,000 UGX. Of course, you may have noticed that you need a lot of money in order to make a profit from Forex, but this issue can be addressed easily, as we explain below. Forex Brokers and Leverage Trading Forex is usually done through a broker. You need to use the services of a broker since there is no central exchange to trade forex, unlike stocks or other securities.
The broker acts as an intermediary between you and a buyer or seller. This means that you will usually only pay the broker a few dollars for a trade that is worth thousands of dollars. You interact with a broker using a trading platform. This is a software program that allows you to enter and exit trades and also offers a variety of other features, such as access to real time Forex data and charting software that allows you to create charts using price data so you can identify trading opportunities. The term forex trading software can actually refer to two very different things. You could be referring to robots that are used to automate trading. Today I would like to talk about forex trading robots and whether it is a good idea to do automated trading.
This topic is not mine alone. I would also like to hear your say. So, kindly make sure that you have dropped a comment at the end of the post. History of Automated Forex Trading Software The history of forex trading software can be traced back to 1999 when online forex trading became first accessible to small scale traders. However, bigger companies were able to automate forex trading from way back in the 1970s. Automated software trading is currently used in spot forex trading. I have never used any automated software to trade forex, and I cannot tell how profitable trading using robots is.
You are therefore free to treat any information on this page as mere hearsay. Do your research, and establish whether trading forex using bots will earn you more money than manual trading. Types of Automated Forex Trading There are two broad types of automated forex trading. Fully automated trading: Machines use an algorithmn to decide the best entry and exit points plus the trade size. The software will also execute all trades on your behalf.
Autotrading using signals:The computer algo makes orders but leave you the freedom to decide whether you are going to execute those orders. Those who argue the case for using automated trading insist that by using software to trade forex, you can enter many trades in many markets than you would normally do trading manually. A very good argument if you ask me. There are puritan traders who, on the other hand, will never trust a forex robot to make decisions for them.