Forex trading is a prevalent way of generating income online in this internet age, not just in Kenya, but worldwide. It would seem easy at a basic level; you only buy and exchange one foreign currency for another, but forex trading is deeper than that.
The most successful forex traders did not become successful overnight. They spent their time mastering trading platforms, as well as studying signals, price movements, and the forex market. If you’re looking to succeed in the FX market, it is ideal to look up to these top forex traders. By imitating their trading patterns, you not only learn, but you also make wins.
In that view, here are the best forex traders in Kenya.
Best Forex Traders In Kenya
1. Ken Githaiga
Ask around for influential individuals in the Kenyan forex trading space, and you must hear the name “Ken Githaiga.” He is a trained accountant and that you could say is related to forex. Ken began trading forex far back in 2008 when he had just finished college. Forex trading was his go-to source for getting income online.
Ken developed an interest in forex trading when he covered what it entails. According to him, he loved working with numbers, which is everything the forex market is about. He learned how to trade forex using free online sources, including YouTube training videos and ForexFactory articles.
As a new trader, Ken Githaiga made many trading mistakes, which resulted in the loss of funds. These mistakes were his biggest lessons, and it helped shape him to be the renowned forex trader he is today. Ken runs forex trading classes for new traders just to make sure the same mistakes are not repeated.
Interestingly, Ken spends an average of just 30 minutes studying forex charts now. When he started off, it wasn’t so. According to Ken, you should have full confidence in your trading pattern to be a successful trader. Also, traders shouldn’t expect to get rich overnight.
2. Paul Mugenda
Paul Mugenda is just a man in his 20’s and yet the CEO of Paris Group of Companies – a forex trading company. From an individual trader to the CEO of a forex trading company, how much more can one be successful? His venture into forex trading was for the same reason as many people – to make money.
While hustling during his days at the Technical University of Kenya around 2014, Paul came across an insurance broker and delved into the niche. However, he didn’t record much success and was forced to forfeit. Not long after, a friend of his introduced him to forex trading, and that was the calling for Paul. Paul believes that economic and political events are the biggest drivers of currencies in the forex market. According to him, forex traders should make sure they carry out proper market analysis before venturing into trading, to avoid losses.
He doesn’t believe succeeding in forex trading depends on how hard you work. Instead, he sees forex trading as a bet where you make income by making smart moves. Paul Mugenda runs mentorship programs in Kenya. According to Paul, this is his way of giving back.
Popular Forex brokers in Kenya
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
¹ Variable spreads vary according to the current market conditions, recorded for EUR/USD on 06.05.2020 at 10:42 GMT+1. * Available to traders outside the European Economic Area
3. Silah Obegi
The third on the list of best forex traders in Kenya is none other than Meta Capital Limited’s CEO, Silah Obeji. Currently, he is the director of Nairobi School of Forex. Silah Obeji studied at the Moi University from 2009 to 2013, where he got a bachelor’s degree in business management. He began trading forex in 2012, and 3 years later, in 2015, he launched his own forex trading company.
It wouldn’t be wrong to say that Mr. Obegi has contributed the most to forex trading in Kenya traditionally. Having been trading for close to a decade, he has helped develop over 500 automated trading tools. Over time, he has helped other clients in forex trading and commands a more than $25 million portfolio.
Silah equates forex trading with stocks trading, as he believes it’s easy for a trader to switch between both markets. He advises traders to follow two major trading approaches – fundamental analysis and technical analysis. He also takes a strong stance in automated trading as he is a skilled programmer with certification in Python.
Bottom line on who are the top forex traders in Kenya
There you go! The best Forex traders in Kenya!
Before these traders got to the top, they started just as any regular trader. Although making the top list of forex brokers is not easy, such status takes years to achieve. However, if you spend quality time studying and understanding how the FX market works, practising, and trading, you too might get to the top with time. You could join the forex millionaires list and compete not just with the best forex traders in Kenya but the best forex traders in the world.