Forex trading is quickly gaining popularity in Kenya, especially among youths seeking opportunities in the global economy.
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.
While some traders claim to have made a lot of money in the field, some have raised questions about the authenticity of their businesses.
Wambui Daniel, one of the forex traders in Kenya, claims to have made a lot of money from the business after quitting her formal job.
In an interview with presenter Ali, Wambui revealed she started trading in 2017, inspired by her sister, who is an expert trader.
She added that while the field is lucrative, it 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.
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“The person who introduced me to it told me that she makes $250 per day. So I knew by the end of the year I would have everything I’ve wanted. So, when I was coming in, I thought it was a get-rich-quick scheme, just like most people imagine. I wanted to prove to people I’m a millionaire at a young age, but it didn’t go like that,” she said.
Wambui noted that a lot of knowledge is required in Forex trading, even though most of the available information is not structured. She added that it took her two years to fully understand the business.
“You have to learn, practice, and then start small. I knew I had learned the trade when I realized I’m okay losing money,” she added.
She revealed that while starting out, she lost $5,000 (Sh646,250) in a month. She advises people to put the amount of money they are willing to risk because the market can be very hostile.
She notes that one of the things that has been helpful in her trade is having multiple accounts. According to her, having multiple trading accounts saves a trader in case one falls and the other blows.
The trader says that to rely on Forex trading fully as a sustainable source of income, one needs a big account, which will take time to build.
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