My advice to you is avoid forex. My experience is almost always, only institutional investors have the capabilities and technology to survive this market.
In short what @Alchemist didnt mention is that that $1000 investment in forex buys you $200,000 worth of forex due to leverage. This is a double edged sword. You can make a lot with every movement to your position, but can also loose alot when your position moves against you. You will almost certainly loose at your level of trading. And the high costs associated with each side of a trade. And also forex is highly unregulated. So all kinds of shady activities go on on that market. There was a firm that would trade any position you had. That is they could take out any stop loss you had.
Forex is a classic newbie trap. Futures are slighly better. But they need lots of training , screen time and experience. They also have very high leverages. And costs. The advantage is the markets are regulated.
http://www.investopedia.com/articles/forex/07/forex_leverage.asp
There is leverage yes. The question is, are you forced to utilize it? Why not learn proper position sizing?
Seems to me like you started trading with a blind desire (hoping to be a millionaire overnight)
I have been at this game for two and a half years now and I cannot get out. Eight years from now you will know what mindset can do to your life.
As for my returns, even a 7% per month with my current account gives me three times what any company can pay me (against my university degree). So you see I can make 7/20% a day =0.35% and I am good. Meanwhile someone goes on steroids (leverage) and is burst in a month.
Know thyself and avoid the seven deadly sins, greed among them
…we have 20 trading days a month
I get to learn a lot on the internet. Thank you people. Nitaanza kusoma vizuri
Do you know firms that do professional forex trading here in Nairobi? Name a few priis
There is this online platform https://www.orbex.com/en/ i have been using a demo account while learning trading. Whats your advice on using such platforms?
The only trading firm I know of in Kenya trades futures.
Inaitwa FuturesFirst, apo delta towers. http://www.futuresfirst.com/
Pande ya forex I only have a network of individuals, a circle of professionals not a firm.
That is an online broker. FX traders utilize their services to trade. It is good to learn their platform (MT4 which is what most FX brokers use anyway).
However, when it comes to live trading you will do a little bit of deep research about your chosen broker.
e.g their bid ask spread, slipage, speed of execution, profit withdraw period…
peer review, registration, leverage (especially to scapers)
@Alchemist and @Simiyu22 thanks for your infor. I think ill have to take alot of classes on the issue, i hope in future you i may ask you a couple of questions concerning the issue
Majaliwa. As long as we live and can type we will be of service.
Another word: DO NOT accept teaching/mentoring from any individual who cannot show you their current trading account and history. Scams are real! Usije ukasema akina @Alchemist walikupoteza man.
I have bookmarked this thread. I met a nigga who claimed he would teach me and friends for 50k. Well, he even claimed that he’s a trader in which we were to have an agreement that:
We invest $1000-$4000 in him and in return get 15% of the cash every month.
$5000 were to attract 80%. Then i read @denis young 's advice nkaambia mjamaa aketi -------------->>>>. He sounded genuine because he was to involve a lawyer but again uoga za kugongwa ni moob sana.