You’re from Kenya and want to know what to start in the forex market with. You’re in the right place. Find out more about the advantages of trading in the forex market and the ways you can feel comfortable and confident as a novice trader. There is no need to mention how popular this way of making money is around the world, especially during the pandemic. Fasten your seat belts. There will be a lot of important turns you need to be aware of.
Things to Consider
- Forex trading is legal in Kenya.
- As a decentralized (over-the-counter) market, forex is available for trading operations round the clock, five days a week across the world. The timeframe is the following: from 5 p.m. EST on Sunday till 4 p.m. EST on Friday.
- London, New York, Sydney, and Tokyo are the major forex market exchanges. Choosing the right time for trading is crucial and influences your income.
- This market is highly accessible and easy for novice traders to learn. A lot of brokers provide various materials with recommendations on all important aspects of trading. There is also a possibility of using a demo account which can be also understood as the one for practicing.
- No, you’re not alone on the weekend when the market is closed. A lot of brokers made it possible for traders to contact their support teams 24 hours a day, 7 days a week. In case you have some important issues to resolve, feel free to request assistance. Just make sure that a broker you’ve chosen provides a 24/7 support service.
Getting into Forex Trading in Kenya
Successful trading is a result of your day-to-day work. This is all about managing your priorities, understanding your personality, and asking the right questions. Dive into the learning process that is supported by the practical part to achieve better results. The way you start as a trader defines your future in this field. You shouldn’t concentrate on how to gain profit and become rich, but how to gain knowledge to become confident in every trading move. If you ignore the significance of a step-by-step approach, you will likely find yourself completely lost – it starts from learning the glossary and up to closing orders with profit.
How Long Does it Take to Make Money on Forex
You won’t like the answer, because there isn’t one. It depends on your learning capabilities. On average, it takes up to 2 months to learn the basics. Is it enough for trading? Sure, but not on a real account where you have high chances to lose money because of the lack of expertise. A demo account will become your best friend in the first steps as a trader. That’s where you have access to the full functionality of the trading platform and can see the market inside out. And again, the duration of your practical learning on the demo account depends on the knowledge acquisition process. Once you see that the implemented strategy pays off for a certain period of time, it’s time to move on and open a standard account. The important thing to remember is that your successful trades aren’t the ones that were resulted from a fortuitous combination of circumstances, but those where you took control over the market behavior.
Understanding technical and fundamental angles of trading isn’t enough. It takes time to become psychologically ready for taking a step and making a deal with the emotional part since it does influence our decisions. It takes years and years of day-to-day work to acquire trading expertise. For some traders, 6 years were enough to feel that desired confidence, while for others, 2-3 years are more than enough to play for high stakes. Learning how to trade is considered to be a relatively easy part, while the difficult one is doing that with profit. And this is when practice comes to light.
Learning Process
The materials for your forex education are the determining factor of your trading proficiency. It’s crucial to be picky about what you read and watch. A good practice is a double check. It’s a good practice to bring some kind of information into a question, and it teaches you to read and follow reliable sources of information.
Glossary
There are a lot of words and phrases that you will find unknown. Don’t skip them, and always try to understand the main message in the context. You can find the forex glossary on Jusforex in case you’re struggling with understanding a certain piece of information.
Books and Articles
Reading licensed books with recommendations that have proved their effectiveness is a safe choice. The worthy ones are the following: "Currency Trading for Dummies" by Brian Dolan, "Forex Trading: The Basics Explained in Simple Terms" by Jim Brown, "How to Make a Living Trading Foreign Exchange" by Courtney Smith, and others. This is where the leading trading professionals share their helpful instructions to get you closer to trading realities.
Read more: Best Forex Trading Books For Beginners
You will also find a lot of articles on the internet, but not all of them are useful enough. In simple words, after reading an article on a certain topic, there has to be an understanding of the key points of that topic. Combining the theoretical part with the practical one (using the demo account) can greatly accelerate the learning process. There are a lot of materials and recommendations that you can find supportive on JMarkets.
Your Broker
Choosing what broker you want to work with is important since there are many of them offering different trading conditions. Make sure your broker has a support team ready to resolve your issues and answer any questions you may have.
Demo Account
It’s a must. Open a demo account on JMarkets to try your hand at currency trading. It’s a risk-free way to learn to trade in the most liquid financial market. A teaching account will help you learn trading basics and develop your own strategy before you invest any money. Learn trading today to take care of your future tomorrow.
Final words
Trading in the forex market is all about constant learning. What is important here? Discipline, patience, and vision. Once you nail down the fundamentals, consider opening a standard account where it’s enough to deposit just $1 to start trading.
About JMarkets
JMarkets is an international broker with clients from 197 countries. Millions of people have already opened trading accounts on JMarkets to benefit from the best conditions, including low spreads, commission-free withdrawals, and a helpful team of support, working round the clock to ensure that each of our clients has the most convenient trading experience.
by , 2021.06.23
