Here are 15 reasons why you should trade forex in Kenya.
For the disciplined trader, there are very many reasons why trading forex is the best thing ever. Of course if you are not disciplined or are greedy or emotional with little or no money management strategy, the forex market will eat all your money in a split second. But if you are calm, composed, focused, disciplined and with a specific target you wish to achieve by trading forex, consider the following 15 reasons a Godsend in your favour;
1. The forex market is THE LARGEST SINGLE MARKET in the whole world. 4 trillion dollars in cold hard cash is traded EVERY SINGLE DAY. No other market, whether stocks, securities, commodities or even bonds, comes even close. With a market this size even if you get your 0.00000000000000001% share, that is still a mind boggling amount!
2. You can trade forex from virtually anywhere. If you have your PC or laptop (Smartphone platforms now available) and a stable internet connection, you can trade from the bus, from home, from the office, from the park and (ahem) from the loo!
3. The forex market is open day and night 7 days a week** This means you can even wake up in the middle of the night and make some money before going back to bed and continuing with your slumber.
4. Many employed people, especially those who quit their day jobs to start trading forex, quote this as the best reason to trade forex – YOU ARE YOUR OWN BOSS! Nobody hovering over your shoulder telling you what to trade, when to trade, how to trade then yelling at you if you do something different.
5. You can start trading with as little as 100USD!! In a separate article I show you how to grow a 100USD account into a 1000USD account (Click HERE to read it) and if you are a shrewd investor, this should be a piece of cake.
6. There are very many currency pairs to chose from so even when the major pairs like EUR/USD and GBP/USD are not giving you swings that will yield major profits, you can specialize in exotic pairs like AUD/USD and USD/CAD and make a killing.
7. Because of leverage, your small amount of money can control a very huge market share. Eg if you have 1000USD with leverage leverage of 1:50, you can buy and sell lots worth 50,000USD using your 1000USD. All the profits made with the 50,000USD trade will be yours! Unfortunately, leverage amplifies losses too so be careful with very large leverages.
8. In other markets, eg commodities and bonds, you lose money when the market is falling. In forex however, you can buy when the market is going up and sell when the market is going down. So you have the opportunity to make money regardless of a financial crisis or even economic depression.
9. No other market in the world gives you the opportunity to make so much money in such a short amount of time. When financial news breaks and markets begin to rally uncontrollably, you can ride on a buy/sell wave and make millions within an hour or less. Such opportunities however are few and far apart so you will need a hawk eye to anticipate and spot such chances.
10. There are no deadlines to close a market position. If the market rallies against you but you are sure things will turn for the better, you can leave a position open for a day, a week, a month or even a year until the trade becomes profitable again. If you decide to do this, have a large enough account to prevent a margin call and keep one eye on rollover interests.
11. Forex trading is the easiest money making craft you can learn if you have access to the right resources and support group (like those provided on this website). You might need a 4 year college course to manage a hedge fund, but get into my class or grab the trading system here and and you will be trading before the week ends!
12. The ROI on forex is ridiculous to say the least. While you expect 3, 5 or 10% Return on Investment for shares and bonds, there are forex traders who have been known to make up to 20,000% returns on their net capital value. How else can you describe this if not ridiculous?!
13. There is very high liquidity in the forex market. While you might be required to hold on to some bad shares for a long time as you wait for a buyer, there is ALWAYS a buyer and a seller in the forex market so all trades are executed immediately you click on buy or sell.
14. Have you tried to learn how to trade forex but you still can’t understand a thing? Not to worry! We now have social trading (Click HERE to read more about this) where you copy the trades of more seasoned traders, known as signal providers, and trading robots which are programmed to detect a market cue and execute and order on your behalf automatically. All you are left to do now is monitor progress and count your profits.
15. Finally (I saved the best for last) if you are a Kenyan, trading forex is the easiest job you will ever do. Compared to tilling your land, lifting boxes, walking from shop to shop, attending meetings and preparing reports, trading forex is ‘brain-work’ that involves sitting in front of your computer and watching charts. It doesn’t get any easier than that.
Do you need any more convincing that forex is the best financial market or do you have any general queries? Drop a comment below and I will get back to you as soon as it shows up on my dashboard.
I wish you happy and prosperous trading.