Forex trading has become quite a sensation in Kenya with many people especially the youths risking in the world of foreign exchange trading, hoping to make big money.
Initially, the sector was mainly dominated by banks and large financial institutions but with the advent of technology, the trade has become more accessible to individual traders.
However, the popularity of online forex trading has come with heightened risks of fraud with fraudsters stepping up with tactics intending to defraud unsuspecting investors.
Those who have been careful on the platform have however witnessed success. Wambui Ng’ang’a, a successful Forex trader says she doesn’t regret quitting her hospitality job for forex trading.
In an interview with YouTuber Mungai Eve, Wambui revealed Forex Trading is not a get-rich-quick scheme as many people think but it’s a serious investment as it entails a lot of background work.
She revealed she invested a seed capital of Sh500,000 into the trade after witnessing success from her sister who introduced her to the online trade.
According to her, to succeed in Forex trading, one has to highly invest in knowledge. She says it took her almost three years to fully understand the trade.
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”If you don’t have someone to teach you, it means you will end up being taught by brokers who will only teach you the basics.”
”This means you will have to do the extra work of researching some things on Google or YouTube. If you don’t take time to learn you will end up losing all your money and call it a scam,’’ she says.
According to her, the amount of money one makes in Forex trading depends on the amount invested as well as the field of specialization. She explains that one can make money on the platform either as a trader, trainer, or as a marketer.
”Don’t believe those people showing flashy lifestyle online claiming its Forex. I’m not saying they are fake but you will need to dig for yourself to know who is legit.”
”This is because most of the very good traders are not famous and don’t show it off because the market is unpredictable. You will make money today and the next day you are broke,’’ she added.
She notes that to rely on Forex trading fully as a sustainable source of income, one needs a big account which will take time to build.
She however says if done correctly, Forex trading is one of the best investments one can make given the currency. Wambui notes that Forex traders reap big, especially at a time like now when the local currency is depreciating against the dollar.
She says one has to ensure they deal with licensed brokers who link them to the market. In Kenya, online trading brokers are licensed by the Capital Markets Authority (CMA).
Dealing with brokers licensed by CMA gives an investor a legal redress through the CMA in case of wrongful practices.
Wambui advises people intending to try Forex trading to take it as a business, take time to learn practice, and have the right mindset. Additionally, one needs to be well prepared financially.
