Successful Forex Traders in Kenya

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Recent decades have seen forex trading become one of the most lucrative activities. Additionally, it became popular in the U.S. and Europe, as well as in Africa. So it’s not surprising that there are many successful forex traders in Kenya.

Among the few African countries with decent regulations and an enabling environment for traders, Kenya is rarest. Trading forex is considered a highly specialised field that requires an in-depth understanding of the markets, a good intuition, and a lot of determination.

Several Kenyan traders have achieved success and made themselves known in the country. In this article, we’ll discuss the top five Kenyan traders’ success stories.

Top five successful Kenyan traders

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1.
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Even though the Forex industry in the country is still very young, it has already garnered the attention of many citizens. Kenyan youth are becoming more interested in trading as time passes. They view it as an opportunity to make a fortune and test their luck in the world’s largest market.

Kenyan Forex traders tend to have similar stories. Due to their concern for the company’s development and the escaping of financial hardship, they wanted to try something new that would benefit them greatly. Let’s explore some of them

Joshua Matumo

Even though he has already managed to become one of the top executives in Kenya, we should start with a relatively unknown trader. Founder and managing director of Fourth street Consultants, Matumo has more than a decade of experience. However, as a Kenyan, Matumo also experienced some difficult times. Most African countries are unstable both politically and economically, which led to hardships for him and his family.

Trading career

After graduating from Strathmore University’s economics program in 2009, he began trading shortly after that. His desire to improve his skills never wavered. Someone who wishes to be among the most successful Forex traders in Kenya needs to know this.

While many free courses are available online, you will fall behind if you do not spend money on learning. Traders such as Matumo made their living by trading currencies and commodities. It is a highly motivated and determined individual who is capable of doing anything to reach his goals.

As well as his excellent risk management skills, Joshua Matumo is skilled at professional market analysis, which makes him one of the most notable Forex traders. The Bloomberg Community further complements Matumo’s success.

He is the founder and CEO of the world’s largest social network and technology company, so we can already see how skilled he is. Forex trading is often the subject of his lessons, and he is eager to share his knowledge with anyone interested.

Additional activities

In addition to trading forex, Matumo is also a cheerful and easygoing individual with a wide range of interests. Kenyan Forex traders have a long career ahead of them, so he needs to maintain his ranking on the list of the top traders. Aside from courses and consultations, his company also offers Forex training programs.

Edwin Kamau

In the introduction to the article, we noted that most African countries are showing interest in Forex. In addition, it should not come as a surprise that most of those who want to engage in trading are young people who are well-versed in technology and finance.

The most notable example of someone who has been involved in forex trading is Edwin Kamau. Kamau is a typical Kenyan Forex trader who is a banker at the same time. Nevertheless, he made good use of the opportunities presented by Forex trading.

Trading career

His parents were also not extremely wealthy – they were a modest family. So forex trading became a way for him to earn some money apart from his main job and has become a hobby he enjoys. Though he has not had the greatest success trading forex in Kenya yet, he has great potential.

In addition to his job, Kamau earned some money through forex trading, but the banking industry in Africa is not well-paid, so many workers are forced to look for another career path. He makes money through Forex trading thanks to his motivation and decent Forex brokers. Everybody who wants to make money should consider it.

He is still a newcomer to Forex trading and still has a lot to learn, but the amount of progress he made on his path to becoming one of the most famous Forex traders is beyond belief.

Paul Mugenda Mwangi

Paul Mugenda is arguably Kenya’s top Forex trader. Like the Forex traders previously mentioned, life was similar to theirs. He had no idea he would be named among Kenya’s top Forex traders when he enrolled at the Technical University of Kenya in 2014. He borrowed money from his parents to make ends meet.

As soon as Paul turned 23, he began selling tea leaves at the bus stop. Although this was not very advantageous either, as luck plays a large role in our lives, he happened to be at the right place at the right time.

Trading career

The world of Forex trading was introduced to Mugenda by a friend. Despite Mugenda’s lack of trading skills and experience, he never gave up and tried again. His friend saved him without a doubt. Eventually, mentoring and teaching Mugenda the basics of Forex trading, including risk management, resulted in Mugenda beginning to earn good money.

Mugenda is now the owner of a Forex company he acquired after this landmark event. Bills are no longer an issue for him due to financial woes already behind him.

Since he has become so knowledgeable about Forex, he conducts seminars for young people in Kenya who want to become top FX traders. In addition, Mungenda wants to provide courses in trading to benefit his country.

Muganda never denied that the Forex market is indeed a risky business. World events and situations highly influence the global financial market. In his words, he spent a lot of money getting to his current location.

When you start trading, you are bound to lose money at some point, and Mugenda warns young traders about that. However, traders always experience profits and losses because that is how trading works.

Additional activities

Paul teaches future traders using his platform. Eventually, he expanded the business to include an insurance agency, coffee shops, and a real estate agency. In the future, he aspires to become the best young entrepreneur in the country. Paul Mugenda would be able to accomplish this challenge as well. He is the wealthiest Forex trader in Kenya.

Ken Githaiga

It is also fascinating to read about Ken Githaiga. When he graduated from college, he wasn’t sure what he wanted to do with his life. After considering the prospects of a job, he decided to make money online rather than being an office worker. So when he first found out about Forex trading, everything began with a Google search.

Trading career

He did not risk money in trading like Paul Mugenda. Initially, he examined every detail carefully and spent a lot of time looking at a computer screen to understand trading better. After that, he became extremely knowledgeable about trading.

Like Edwin Kamau, he does not trade Forex full-time. Instead, he prefers to monitor his trades. Through the Internet, Githaiga acquired knowledge and believes a successful forex trading strategy stems from a correct strategy. Kenyan Forex traders benefit from his experience, and he says both success and failure help them develop.

Trading strategy

To become a successful trader, he advises everyone not to be too greedy and use too much leverage to get rich quickly. The majority of such cases fail. Instead, one should approach trading slowly and moderately to be successful.

Rather than risk losing everything you have by being too quick, it is better to earn money over time. Effective use of leverage can minimise your losses. Kenyan traders look up to Ken Githaiga’s success, and he is a prominent figure in the country.

Silah Obegi

Silah Obegi, a very experienced and intelligent forex trader, is the fifth and final successful trader on our list. Born in Kenya, Obegi gained a Bachelor of Business Management degree from Moi University.

Trading career

A few years after graduating from university, he decided to pursue a career in finance. The head of a Kenyan company called Meta Capital Limited is one of the top Forex traders in Kenya. Throughout his trading career, Obegi developed an automated trading system that proved very profitable.

He recommends every trader give the system a try. Additionally, he serves as a director for the Nairobi School of Forex. Interestingly, forex trading is somewhat like stock trading, as well as vice versa. Thus, someone who is involved in one can also pursue the other.

Trading strategies

Silah Obegi describes three main indicators for Forex trading success: technical analysis, fundamental analysis, and automated trading. All three are closely related, so you should not neglect the second or third if you learn one. Forex traders typically follow this pattern.

Also, the trader mentioned above, Silah Obegi, tries his best to prevent Forex traders in Kenya from making erroneous assumptions about the currency market. He conducts training seminars and workshops.

Other Kenyan traders

Thousands of traders emerge each day in Kenya’s forex market as it develops step by step. Their earnings are great; however, they are not as popular as the others. Traders who want instant money often lose money due to their need for instant money.

Yet, we cannot ignore the fact that Kenya has the potential to surpass Nigeria and South Africa – two mammoth states in foreign exchange trading – to become the hotspot of trading in Africa.

Learning from the best brokers are essential

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Nigerian traders, while working hard for their success, also had mentorship. The best way to learn about trading is to learn from someone who has more experience, and in the case of Kenyan forex traders, brokers often assume this role. Rather than the stock market, for example, why Forex?

Over more than four decades, the Forex market has proven to be very stable. Despite all the global economic shocks, the foreign exchange market has not yet experienced a crisis.

The possibility of operating in the market with very little capital, using leverage, and the possibility of obtaining virtually unlimited profits due to differences in exchange rates within a given period increased the trust of traders.

Also, the ability to forecast future market movements based on fundamental, technical, and graphical analysis is another market flex. Forex brokers play an important role in trading. Customers can copy a professional’s trading strategy through various courses and guides they offer.

In time, you will probably be able to develop your own trading strategy, but for the moment, using someone else’s is more important. The stories of Kenyan Forex traders demonstrate this.

When it comes to becoming a decent trader in Kenya, choosing the right Forex broker is vital. Imagine the situation for the traders as mentioned above if they had not used a good trading strategy or chosen a good broker. A good broker would have further encouraged a novice to trade.

It is necessary for the broker that provides direct access to trading through the terminal to accept, process, and execute the orders of traders to purchase or sell foreign currencies, thereby representing the interests of traders on the open foreign exchange market.

For a trader, choosing a reputable Forex broker is of utmost importance. When choosing a broker, a few factors like trading conditions, flexbility in deposit/withdrawal, customer support, and spreads must be considered.

Bottom line

Those who have been successful in the Forex market in Kenya have a huge potential to do even better, and Kenya itself can become a leading country in the market.

Currently, people lack adequate knowledge about trading and are not interested in learning more. However, as a general rule, young people are more critical, open to changes, and study the Forex market extensively to invest their money.

Forex brokers in the country are unreliable, forcing people to look for assistance outside the country. Nonetheless, with proper management and a strategic approach, the African country can experience success.

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