- Forex Trading in Kenya
- Forex Trading in Kenya - Expert Advisors and PAMM accounts
- Trading with Regulated Forex Brokers in Kenya
- Best Forex Brokers Kenya for 2021
Forex Trading in Kenya
Rather, the market consists of a network of financial institutions and retail trading brokers which each have their own individual hours of operation. Since most participants trade between the hours of a. Forex Market Time Converter. Refresh page every minutes set refresh to 0 to turn off refresh. Holidays not included.
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Forex Trading in Kenya - Expert Advisors and PAMM accounts
As a rule, you should not use more than leverage. Stop-loss orders can be set along with any buy or sell trade. This means that the trade will be closed automatically at the set price, if there is an unfavorable movement of the currency and this unfavorable movement crosses a certain limit. Hence, it allows you set a maximum level of loss that you are willing to face on an individual trade. Traders should always set stop-loss orders with every trade they enter into. A guaranteed stop loss means that you cannot lose more money than your preset stop-loss order under any circumstances.
Sometimes if a currency value changes very fast, there is a slippage. You may not be able to exit the trade at the exact price of your stop loss. A guaranteed stop-loss is a solution to slippage during very volatile market conditions. Negative balance protection means a trader cannot lose more money than they have deposited. However, different brokers have a different interpretation of what that means.
Deal cancellation allows you to cancel a trade that has been entered within a certain time limit. A trader can enable deal cancellation before entering into the trade, if your broker offers it. But very few brokers offer this feature. There are certain common mistakes that a new forex trader needs to avoid. It is not advised to use high leverage, especially if you are a new trader as the losses can be much higher due to high leverage. Furthermore, a trader should never invest more money than they are prepared to lose. Investing or trading in forex markets is inherently risky and these markets are highly unpredictable.
Hence, a trader needs to be prepared to face a complete loss. Traders should never use unregulated brokers.
They are unsafe to trade with and a trader may lose all the money that they have deposited into their trading accounts. Unregulated brokers may also be conducting fraudulent practices which could adversely affect a trader. Traders should never follow trading advice blindly. Traders need to do their own research before investing their money.
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It is advisable to use a leverage of with a risk to reward ratio of atleast Also, educating oneself on the basic concepts of forex trading is crucial. Before starting to trade with actual money, a new trader should test their trading strategy through demo accounts. Something which is not key, but it's a nice-to-know fact, is that in everyday foreign exchange market trading and news reporting, the currency pairs are often referred to by nicknames.
The GBPUSD pair is known by traders as "cable", having the nickname its origins from the time when a communications cable under the Atlantic Ocean synchronized the pair quotation between both markets. So, if you attend a Forex webinar and the presenter talks about Kiwis or Loonies, he is not talking about going to a zoo. There are more nicknames, we won't list all of them, you get the picture. Forex trading involves transactions buying and selling of currency pairs.
That is, one user buys, the other one sells. To better understand how Forex works, it should be clear that the main objective is to speculate on the movement that the price of the currency pair may present. Hence, you are not saving when you trade, nor you are investing: you are speculating on the pair's price movement in the hope of making a profit if the currency pair moves on the way you have forecasted. Specialized Forex trading platforms display currency pairs as a financial instrument, and the user "buys" a certain number of what's called "lots", which are units of the base currency, and a sell of the equivalent value of the quoted currency occurs.
A key aspect to keep in mind is that despite talking about buying and selling currencies, in these types of markets, the value of the quoted currency is not physically acquired. What happens effectively is a transaction on that the exchange rate, no user obtains the amount of Dollars, Euros, Pounds, or Yens. What's called FX trading focuses mainly on transacting pairs in a relatively short term, to try to forecast the price movement and make a profit with the accurate ones. All trades are executed electronically through broker's apps that offer Forex trading, although there are also other alternatives such as banks or exchange houses who act as the intermediary.
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This one is a much more expensive option, though. Suppose that you are interested in becoming a Forex trader, then the question would be: how would you carry out Forex transactions in the real world? You would have to go to a bank or a foreign exchange shop, with a briefcase full of cash nominated in different currencies, Euros, Dollars, Pounds, Swiss Francs, Yens. Whenever you see that the price of one of the exchange rates is low at the moment, and you forecast that there will be a short term move on the exchange rate, you would buy the currency with another currency you hold in your briefcase.
Trading with Regulated Forex Brokers in Kenya
Suppose you intend to acquire Pounds with Yens. Do you have an idea of how complicated and expensive this transaction could be? There has to be a painless option to fulfill this transaction, which is through CFDs. CFDs are financial derivatives assets that replicate the price of the underlying financial instrument.
Traders use CFDs as the representation of a particular currency pair, of the exchange rate. So, CFDs allow them to speculate over the short term price changes of the underlying asset the one the CFD tries to replicate without actually having to buy the underlying asset.
Best Forex Brokers Kenya for 2021
Forex Trading platforms have excellent graphic interfaces, where it is not required to transact with a briefcase full of money. Clients can trade anywhere, through their phone. To buy a CFD, you have to search for it at the brokers' app, and then press Buy. To find out whether to buy or sell, he performed a technical and fundamental analysis on the potential price variation of the pair, which allows him to predict the decline of the US Dollar price against the Euro. At the time of opening the order, the exchange rate is 1. He monitors his trade, time passes, the price of the US Dollar falls, and on the other hand, the Euro price roses, reaching the exchange rate of one USD equivalent to 1.
So, the trader would have generated 2 pips in favor of the executed order:. And how much profit does this difference of 2 pips represent in real money? To calculate the equivalent of pips in terms of real money, you must calculate the CFD contract size combined with the leverage that was applied to it. It is a "loan" that allows you to multiply the initially invested capital, to have extra firepower available in the account. It is a loan provided to you by the Broker. If the leverage level is , it means that for every dollar or Euro you deposited, you will have available for trading.