A broker may have an online version platform, which you should check out. If you watch THIS DvD , you will see numerous live trades and how you can replicate the same that score a modest pips in 5 hours or less.
Because of that, they are often targeted and racketeered by corrupt police officers and public officials. Companies are charged with illegal status or some pyramid schemes and the officials extort money from both the brokers and their customers. Brokers now often approach the government and ask them to introduce proper Forex regulation, so that brokers can legally operate and traders trade there. Your main tool as a Kenyan trader will surely be your computer. It means you will also need a good trading platform.
It is not that difficult for brokers to get one nowadays as Metatrader 4 is available with most brokers across the world. The platform has a lot of useful features inside of it, such as: You can also do backtesting of your strategy there. All most popular technical indicators there and you can create one of your own if you know how to do some programming on the station. Somebody else can do that for you too.
You can use a robot that will do trading for you, so you will not have to sit glued to your pc screen all day. A broker may have an online version platform, which you should check out. Test out the trading platforms before you deposit. Brokers charge fees from their customers for transactions. In Forex, a fee is a spread, which is the difference between buy and sell price.
Spreads are either fixed or variable. Fixed spreads are often between pips for major pairs and for crosses. Variable spreads are lower. They can be 0. However, when markets are affected by fundamental news such as interest rate decisions spreads tend to widen 10 or even 20 times for a few minutes.
Then everything comes back to normal and spreads are the same as under normal market conditions. A great advantage that a trader can have trading Forex is an account type based on the size of his capital.
You can start trading currencies with as little as a few hundred bucks. If you have over one thousand dollars you may try a mini account and trade mini lots which are 10k. Your risks and rewards increase exponentially if you trade this type of account. If you intend to trade much larger volumes and have over 10 thousand dollars you can try to apply for a standard account and trade volumes that exceed k.
Remember, the bigger the amount you trade with, the bigger the risks are. As brokers make money charging fees spreads on your transactions it is absolutely normal to expect good customer service on their behalf. It does not matter whether a broker is native or foreign, they should service you in your native language or dialect. They should also resolve trading connected problems and issues in a fast and effective way.
If a broker ignores you, you should not open an account with him or close it if you have actually opened it. Brokers compete with each other trying to gain as many customers as possible and they often do it by offering extra services. Those may include free educational materials in video, audio and text formats, various market analysis on a weekly and daily time frames, financial news feed reuters, Bloomberg and etc.
You may expect some annual, quarterly or even monthly contests for traders. So, the more extra services they offer, the better it is for you to see whether the broker cares about their traders or not.
Despite the fact, there is no legal framework for Forex regulation in Kenya, brokers there are quite active and you may cautiously proceed to open an account with the most reliable broker. We have laid out the best of these brokers below.
We hope that the information provided in the article will help you to choose one of the best brokers operating in your country. Best Forex Brokers in Kenya A USD account with 1: This means that you need, on average, to make 33 pips each day earning a dollar a pip for you to make 33 dollars a day or USD Kshs, a month. Is it possible to make 33 pips a day? Many good traders average 50 to 60 pips a day. If you watch THIS DvD , you will see numerous live trades and how you can replicate the same that score a modest pips in 5 hours or less.
You can view it for mathematical comparison. No borrowed money or money that you cannot afford to lose. In short, you are trading a relaxed style and not trading to pay rent or trading to get food money. You will probably have noticed that to use USD to get another USD at the end of the month is to ask that we double our account every other month.
It is possible, and it has been done by many traders, but it is not a very practical thing in the long run. We divided pips by 30days. This is not correct. The market is not open on Saturdays and Sundays, so minus these two days every week we are left with 22 days. That now brings out total trading days to 14 days.
Now, let us assume that all 14 days, Tuesdays Wednesdays and Thursdays, you are making awesome trades. What is your target in this case?
We suddenly are faced with a tall order there. Factor in the fact that not all your Tuesdays Wednesdays and Thursdays will be purely profitable and you begin to see the house of cards tumbling down….