5 Reasons why Kenyans are some of the best Forex Traders in Africa
Forex trading in Kenya has been increasing in recent years as it is one of the most important sources of income for Kenyans. Not only are more Kenyans trading in the Forex Market, but Kenyan traders have shown impressive skills in Forex trading.
There are numerous successful Kenyan traders who have made substantial profits from their Forex trading endeavours such as Ken Githaiga.
Ken started off with a small amount of capital and spent a lot of time conducting research into Forex trading, analysing charts, and probabilities along with observing the markets. He is among several Kenyan traders who have had the opportunity for great gains.
1. Kenyan traders are natural entrepreneurs
Kenyan people are some of the most optimistic people who have a great love for trying out their entrepreneurial skills. Kenyan traders seize very economic opportunity regardless of whether it is risky as they know the potential for gains are great.
Kenyan traders harness the volatility of the market and use such conditions to their advantage by making use of strategies that accommodate times of high volatility instead of shying away from it.
2. Choosing the right broker
Kenyan traders have access to some of the best trading conditions from popular, well-regulated, and reputable brokers that welcome and accommodate traders from around the world, including most African countries.
Exness is a preferred broker for Africans.
These brokers offer Kenyan traders with competitive trading conditions, some of the most sophisticated, yet advanced trading platforms along with state-of-the-art trading technology and solutions, promotions, and more.
Choosing the right broker which is suited for the trading needs and objectives of the trader provides the trader with the extra edge that they need to refine and hone their trading skills in any market through trading tools, research, education, and more.
3. Time spent on developing a trading strategy
Kenyan traders approach the Forex market methodologically with trading strategies that have been developed, adjusted, and back tested on various platforms and in various market conditions so that they work for the Kenyan trader.
There are numerous trading strategies, each catering for a different trading need, objective, and style. Kenyan traders are dedicated to ensuring that their strategy is not one that assures quick profit but rather sustainable profit over a long-term.
4. Keeping up with the news
Economic and financial news are two of the driving forces behind price movements in the Forex market and by keeping up to date, Kenyan traders can prepare themselves for changing conditions, allowing them to harness these changes with their strategies.
5. Risk Management
By managing their risks when trading Forex such as correctly applying leverage, using stop-loss orders, take profit, and trailing-stops, negative balance protection, and others, Kenyan traders can effectively mitigate their risks and minimize their losses.
Forex trading is intimidating and daunting to some, but Kenyan traders are some of the best traders in the industry due to their methods, their superb trading psychology, and the enthusiasm that they display towards the opportunity of making profits in the Forex market say Erik Marais – Senior Forex Analyst at Makariosfx.com