Tips to Becoming a Forex Millionaire in Kenya

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Most people in Kenya have turned to forex trading to earn an extra coin.

To start trading forex though, you need to have an account that will hold your money after your deposit and also help you with the withdrawal process. This is where both local and international forex brokers come in, to facilitate account opening processes.

Before opening an account, know that Forex trading is risky, and sometimes, beginning traders lose all their invested capital. And it is worse if you open an account with brokers who are not regulated in Kenya, or registered with the Capital Market Authority.

You also want to make millions like all other traders on YouTube and other social media platforms are making, I know! But, unless you understand the forex market and how it works before starting to trade, you will make part of the statistics saying, “99% of traders who join Forex lose money in the first year.”

To become a successful forex trader, in Kenya or elsewhere in the world, you must strive to make it to the one percent of traders who never lose money. And how do you do that, you ask?

You can do it by first learning how to trade; take all the knowledge you can about Forex before even opening an account. And when you are ready to open an account, open a demo account and use it for as long as it takes to understand the market before you switch to a real account.

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1 Quotex logo without background
  • Start trading with $1
  • Earn up to 95% profits
  • Fast payments
  • $10 minimum deposit
  • $10 minimum withdrawal

In addition to those, here are other tips that will help you become a Forex millionaire in Kenya

XM Forex Meta Trader Platforms

  1. Open a real trading account
  2. Open a demo account
  3. Forex Seminar
  4. MT4 / MT5 Platforms
  5. Explore Copy Trading
  6. XM Competitions
  7. Promotions and Bonuses
  8. XM Live Education
  9. Forex Seminar

1. Manage Your Hopes

Forex traders are advised not to be obsessed with chasing profits and to shed the view of being rich in a few sessions of trading.

High expectations in Forex may cause you to operate with greater risks even when making losses, hence endangering your capital.

As a rule of thumb, you should:

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  • Start trading with $1
  • Earn up to 95% profits
  • Fast payments
  • $10 minimum deposit
  • $10 minimum withdrawal
  • Trade only with your disposable income, that is, what’s left after you have paid all your bills and saved. The money you use in Forex should be what you are prepared to lose, not what you intend to use elsewhere.
  • Trade with up to 2% of your account balance: this ensures that you have something left in your account balance even on massive drawdowns.

2. Choose a Trading Plan

To become the next forex millionaire in Kenya, you will need to choose and/or devise a proper strategy.

Your strategy should include:

  • Goal definition: define what you want to achieve with your trading plan. Do you want to make money? If so, how much, after how long, by staking what, and when? Have all of that defined in your trading plan.
  • Choose a trading style; now this will depend on your urgency for profits. How long do you want your trades to run? Minutes, hours, days, months, or years? Knowing this timeline will help you choose the right strategy or style for your trades. For example, you would need to be a scalper and tune your strategy to fit scalping if you want to make profits fast in a shorter trade duration The opposite of this statement is true if you have chosen to become a swing trader. Check this box.
  • Trade amount: decide how much you want to stake per trade in your strategy. $1, $5, $10, or everything? Keep in mind, though, that having more skin on the market means more profits, and it also means more potential losses.
  • Develop your trading strategy: This strategy needs to outline your approach to the markets. Will you be using fundamental analysis to analyze the market? Will you stick to technical analysis? Or, you will use price action.

Simply put, many things go into creating a winning trading plan. If you want to learn how to develop a winning forex trading plan, spare 3 minutes to read my earlier post on the same.

Once you have identified which strategy to use, it is advisable to carry out an extensive test by back-testing the plan you picked until you are sure that it is secure.

Relying on accidental trading is not a sustainable approach to achieving success in forex trading.

3. Manage Your Feelings

Once you start trading with real money, you must also learn to make rational decisions.

My two-penny advice is to not let your emotions get the better of you.

After winning a trade, try not to be overconfident for the next trade. Your ancestors don’t control the Forex market.

And when you lose a trade, do not sulk for too long. Lest you miss that next important trade that would have made you profitable.

After staying in front of the scenes for too long and feeling tired, stop trading. Take a break. Bathe. Take a walk. Just make sure that you do not get tired. You will lose money.

4. Be up to date with the market

Market movements in forex trading are determined by news, political events, and Central Bank announcements, and is advisable that any trader is well-informed.

Traders are advised to pay close attention to the fundamental news, as it is key to market movements.

Make healthy decisions based on market analysis and risk management. Avoid believing that risk will not abandon you. Luck, remember, is not infinite.

Pro tip: all forex trading platforms have news calendars. Check those calendars every day to see expected news and the time it unfolds. This will always save you from trading in the wrong direction.

5. Avoid over-trading

How to trade on XM Forex

Have I already mentioned that trading with too much volume and frequently could be dangerous? My bad. Overtrading is another reason most beginning traders lose money to brokers.

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  • Start trading with $1
  • Earn up to 95% profits
  • Fast payments
  • $10 minimum deposit
  • $10 minimum withdrawal

Remember the trading plan we talked about in point number two? Make sure it also defines the number of trades you can place in a day.

Strict adherence to this plan will help you curb overtrading. Because what’s the benefit of placing 10 trades to only win 1? The place another batch to win 2?

Will you be making profits or losses? If it loses, then this will take a toll on your profits.

6. Develop self-control in the business

Self-control in forex trading is important as it helps foster consistent decision-making and helps you navigate market difficulties.

If your trading plan says, “John Doe must not trade on Wednesdays,” then self-control dictates that you do not trade. FOMO aside, you will save yourself money in the long run.

7. Select the Right Broker

This should have been my point number 3, but I imagined you still wanted to learn more about forex before creating an account.

But just like I mentioned in the introduction of this blog post, having the right broker will give you confidence and assurance that your investment is safe.

Some of the most common things that traders consider before creating a trading account are:

  • Regulation: Is the broker you are choosing cleared by CMA to do business in Kenya? If not, how reputable are they? How long have they operated? And where else are they operating? A broker may not be regulated in Kenya but has stronger regulation elsewhere, say in the US, and they accept international traders. Would that still pass as a bad broker?
  • Brokerage charges: if a broker charges low fees, then there is a chance you will make good money with them. That’s if we assume that they don’t have hefty withdrawal charges imposed on their clients.
  • Minimum deposit: though forex should be a preserve of the rich, you and I also want to make money online. And what better way to convince us that we have a chance at becoming rich with forex than by lowering the entry barrier? For brokers who still believe that Forex is not for everyone, the minimum deposit allowed is $1,000 but you could still access the same market with a different broker for only $5. You can also choose a broker based on what you intend to invest, and/or what they accept. At XM Forex, the minimum deposit is only $5.
  • Tech: it is also important to create an account with a broker that values tech. Look for a broker that can integrate with other platforms, like TradingView MT5 and MT4. This will give you an advantage in analysis and trade execution.

8. Diversify

Expand your trading portfolio by exploring various financial assets, and trading opportunities.

If there is a good opportunity to trade crypto, jump on it. If you notice another interesting opportunity on indices, jump on it.

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1 Quotex logo without background
  • Start trading with $1
  • Earn up to 95% profits
  • Fast payments
  • $10 minimum deposit
  • $10 minimum withdrawal

Do not lock yourself in currency pairs, even if you are not making money.

9. Small wins matter

Successful Forex traders are not concerned with a high win rate or trying to trade every day and make millions regardless of market conditions.

Rather, they are concerned with the overall profitability of their portfolio after a given period.

Instead of winning big today to lose more tomorrow, win small today and for a long time. Of course, also put your losses in check.

10. Know when to walk away

Every gambler knows… that the secret to surviving…

Those who have mastered the art of trading know when to walk away and when to continue trading.

After a win, try as much as possible to take a break. Do not risk too much to recover after a loss.

If it helps, do not trade again until you have forgotten about that loss

Conclusion

If you want to trade forex in Kenya, these are the best forex brokers to choose from. Recommended by rich forex traders in Kenya.

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1
  • Offers 1000+ Trading Instruments
  • Spreads as low as 0.6 pips
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2
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5
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Open a live trading account and claim up to 50% deposit bonus today. Trade CFDs on Forex, Commodities, Indices, and Shares with Vantage
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  • Earn up to 95% profits
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