Simply put, a forex pip is the smallest price change that a currency pair can make. More precisely, a pip is the change in the fourth digit in a forex quote. Let us look at an example. If you buy the EURUSD pair at 1.3902 and sell it at 1.3905, you have made a (5-2) 3 pip profit, otherwise known as a 3 pip win. On the other hand, if you buy at 1.3640 and sell at 1.3634, you have made a 6 pip loss. I hope you can calculate and see how we have arrived at that figure.
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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;
So, you want to trade forex?
The path you wish to travel is fraught with treacherous perils and scary pitfalls. Fortunately, at the end of the rainbow there is, very literally, a pot of gold so hang in there and take this advice from an older trader.
Any Forex Trader you meet whether in Kenya or anywhere else in the world for that matter, will fall into one of these 3 categories. Based on your individual resilience and abilities, you can pick whichever trading style that best suits you and make a fulfilling, enjoyable and life altering full time or part-time career out of it.
These are the 3 types of traders that we have in Kenya, Namely, Scalpers, Day traders and Swing traders.
I have traded on the online platforms of many a forex broker and my experience with each has been, let me say, different. This list of my top five is not cast in stone. In the comment section at the bottom of this page you can share your own experience with any forex broker of your choice and vindicate (or vilify) my list. All comments are welcome on this site 🙂
Like the new craze in town, Social trading seems to be the ‘in-thing’ and buzzword among forex traders. Many trainers, ebook authors and seasoned traders swear upon the social trading alter and claim that it is a sure-fire way to make huge sums of money without ever losing a cent. Really? I don’t think so.
What is Social Trading?
You are anxious. You are impatient. You are fidgeting. You cannot wait to place your first (profitable) forex bid.
You have read a hundred and one blog posts, ebooks, articles, watched as many youtube videos as there are youtube subscriptions, but you are still asking the same question, HOW THE HELL DO I TRADE FOREX?
This is the hell how 🙂