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Hitching to trade in Forex? You need these golden tips

SEE ALSO: Kenyans caught up in Beirut blast speak out SEE ALSO: Camera traps helping in monitoring endangered bongos SEE ALSO: Push for reforms at law school

 

You wouldn’t go into forex trading without the necessary skills. Would you?

Forex trading is popular among traders and investors around the globe. The currency markets are open 24 hours a day with a large volume of trades leading to higher liquidity. In recent years, the demand for forex trading has been growing Kenya.

According to the most recent estimates, there are more than 70,000 traders who participate in forex trading.  One of the reasons for the growth in popularity of forex trading in Kenya is that the CMA has started regulating the sector since 2018.
Even though the sector is regulated, it carries a high amount of risk. Therefore, first-time traders should be wary of the pitfalls associated with forex trading.
According to local website Trade Forex Kenya, “Traders need to educate themselves on the basics of the Forex market and learn safe trading practices like risk management before actually investing in forex.”

SEE ALSO: Kenyans caught up in Beirut blast speak out

“Every trader needs to deploy proper risk management techniques so that losses could be mitigated.”
Let’s take a look at a few tips that need to be kept in mind before diving into the currency markets.
Educate yourself before trading

It is critical to know your way around forex trading before you start investing real money. You should start by finding out the basics such as how to make forex trades, how to manage your risk, what are the active trading times, what do the common forex trading terms mean, how to conduct market research, what makes the currency market fluctuate, and so on.
Once you know the basics, you should start by opening a demo account with an established forex broker. This demo account will allow you to practise trading without using actual money and help you find your way around a trading platform or app.

SEE ALSO: Camera traps helping in monitoring endangered bongos

Experience is the best teacher when it comes to forex trading, and don’t worry if you make a lot of bad trades when you first start out. The most important thing is to keep learning.
Only start trading with real money once you know have understood and practised the basics.
Only trade with CMA-regulated brokers

A forex broker carries out your trades in the forex market and holds your money in its account to allow you trade. Not all forex brokers are regulated, and it is important to only trade with regulated brokers.
In Kenya, there are only three forex brokers that are regulated by the CMA (Capital Markets Authority of Kenya) licensed as Non – Dealing Online FX Brokers. They are Pepperstone Kenya, EGM Securities (FXPesa), and Scope Markets (SCFM Limited).

SEE ALSO: Push for reforms at law school

Regulation means that CMA has oversight over these brokers and does not allow any unfair practices, fraud, or excessive risk.
There are several benefits to trading only with regulated brokers in the forex market. A regulated Forex broker offers a transparent trading environment. They cannot manipulate the market and they need to submit periodical financial reports to the regulator viz. CMA.
A regulated forex broker needs to keep your funds separate from its own funds. Hence, it cannot use your money to conduct its own operations or transactions. This means that your money stays safe and protected for you to use.

The Kenyan regulator CMA protects you from any fraudulent practices of brokers and in case you experience any fraud, you can approach the justice system to seek damages but only if you traded with a regulated forex broker.
Compare trading costs
Different forex brokers charge different fees. The overall cost that you would incur when trading with any broker will be different.
Before you choose a broker to trade with, you need to check the overall cost associated with trading with it.
There are four major components to the overall cost of trading. The spread, commissions, overnight charges, and other hidden fees such as deposit and withdrawal fees or inactivity fees.
For example, if you want to buy EUR/USD at a live price of 1.1000, your broker will show you the bid price and ask price. You will need to pay a higher price to buy EUR/USD (say around 1.1002) and the difference in price will go to the broker as revenue – called the spread.

Similarly, the broker may charge an additional commission on each trade that you make. Additionally, if you make a trade and hold it overnight, you will need to pay overnight charges that are associated with each currency pair.
You need to check how much your overall costs will be for trading with any forex broker.   
Use leverage with caution
Forex trading allows you to use leverage. Every broker offers different leverage. Your broker may be offering 1:100 leverage. This means that you can enter into trades worth $100 by investing only $1 of your money.
Even though leverage can increase your profit margins, it also amplifies your losses.
For example, suppose you have $100 in your trading account and you use the entire money to buy EUR/USD using 1:100 leverage at the price of 1.1000. With $100 by using 1:100 leverage, this would mean that you can place buy order worth $10,000 on EUR/USD.
Suppose the price of EUR/USD drops to 1.0050 (50 pips down), this would mean a loss of $50 for you and 50 per cent of your entire capital will be wiped out in a single trade.
Use risk management tools
There are several risk management tools such as stop-loss, negative balance protection, risk-reward ratio, etc., which can help you manage your risk associated with every trade.
You should use all or any of these techniques every time you trade so that you do not experience excessive or unforeseen losses.
For example, a guaranteed stop loss ensures that you exit from a trade before your losses exceed a certain amount.

If you want to make sustained profits while trading in the forex markets, then you need to understand all these risk management techniques and how to use them effectively.
Always make sure that you have at-least 1-2 risk-to-reward ratio for any trade that you place.
Research and gain experience
There are two ways to start trading more effectively and profitably.
You need to read as much literature on forex trading as you can. You also need to practice your hand at trading on demo before investing any money. You should do your own research on every currency pair that you intend to trade rather than following any ‘expert’ trade advice or calls.
You must also keep abreast of international news and know how it affects the price of different currencies.
For example, the current trade war between the US & China, and risk aversion due to the coronavirus situation is having a large effect on the price of many emerging market currencies.
Review your past performance
To grow as a trader, you need to learn from your past mistakes.
After every trade, you should take some time to review that trade and figure out what you could have done better. You should study your own emotions while trading and try to trade analytically – relying on fundamentals & technical analysis as much as possible without letting your emotion get in the way.
While trading, rely on your past experiences and the past history of the currency market to make informed decisions. Making sustained profits in forex trading takes time and effort, and there are no shortcuts to becoming a good trader.

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Online Trading platform SIRIX

best-forex-demo

SIRIX|  Online Trading platform SIRIX Review

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Everyone that has been trading for some time has most likely traded on the metatrader 4 trading platform of metaquotes. This has been the standard in the industry for the last couple of years.

 

But more and more brokers Like CMSTrader and UBCFX are offering alternatives that might suite certain traders even better then the MT4 as they have a lower learning curve and are designed more intuitive.
One of these platforms is the Sirix Trading Platform.
The Sirix Trading platform is

Sirix, a fully packed trading software with numerous with numerous options and special indicators that are designed by the software company to present you with a personalized trading experience.

Positive features and benefits of the Sirix Trading Platform

Ease of Use: if you are a trader you will be able to access your Sirix trading platform and see all your trades and other information at any place and time. The Web-trader is a fully function trading platform that does not require you to do any download. This has more or less become the norm of the industry and if you for example take the Sirix Trading platform of LegacyFX you will be able to have a download desktop version, a web version and a mobile version.
these in general all have the same functionalities but of course is the mobile version a bit more limited due to the smaller screen real estate.

Indicators and Options: this platform provides build I more than 50 Indicators which for most traders is over kill but it does allow most traders to find the right indications to match their trading behavior and trading strategies.

The Charting Package that Sirix provides is easy enough to understand and gives you as a trader all the information you need, there are different time frames that in combination with the ability to display lines and annotations make this platform feel like it is designed for you.

Social Trading: Sirix has a full feature social trading module that allows you to watch the trades of others which might give you new insights and trading ideas. If you come a across a trader that is particular successful you are able to copy that traders’ trades and create a full automated copy trader,
You as the trader are still in charge and you have the option to trade with lesser or higher amount then the trader you are copying.
In order to use the social trading, you have to open an account with their social trading community.

This can only be done by using a nickname an order to protect you identity. When you are part of the community then you are part of all the brokers that offer this feature to their traders. Meaning you are able to follow a trader that is trading with 12trader while you are trading with account from UBCFX or any other broker that has Sirix.

Now I have to mention that if you look to only trade social then the Etoro Platform is still a better solution s this system is built only for social trading and they have pretty much defined the concept.

 


Sirix Crypto Trading Platform

this is the latest platform that was launched by Leverate.

it focuses , just like the name says more n the trading of cryptocurrencies.

as this company understands that this is the direction where the market is going and more and more traders are asking for trading in Bitcoin or ripple trading to just name a few they have added this feature to the Sirix Platform , this means that every broker that has the sirix trading platform is in theory able to offer trading in cryptocurrencies.

in addition they have launched also a platform that is only trading cryptocurrencies but that will be another review as i have yet to see and play with this system


Conclusion
The Software company Leverate has created a very user friendly platform with inbuilt social trading and news functionality. When they launched this platform in 2012 it was already a good platform but today it rivals the best of them easily.

The Intuitive aspect of this platform is one of the key features and makes the threshold of trading lower for newbies. There is also a fastn amount of Sirix Tutorials out there that will help even the total beginners with the Sirix Platform

Now of the traders that need bots and more indicators then there sis still nothing that beats the metatrader 4 trading platform but for many traders Sirix offers more then enough and makes the trading experience easier then with MT4.
More and more brokers are offering this alongside their other trading platform so you as a trader will come across more and more brokers that have the Sirix Trading platform in their arsenal.

These are some of the Best Broker for trading on Sirix

UBCFX
LegacyFX
12Trader
CMStrader

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Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Bringing DLT Specialists Together:

 

 On September 11, Sweden will host Blockchain & Bitcoin Conference Stockholm organized by Smile-Expo – international coordinator of business events.

The conference will introduce various topics regarding blockchain and will drive attention to the most topical problems of the cryptocurrency market today.

Key speakers:[yasr_overall_rating]

One of the invited experts is the Member of Swedish Parliament Mathias Sundin who is involved in the Tax Committee and the Finance Committee. The specialist has co-founded a revolutionary technological organization Warp Institute and joined financial company Goobit. At the event, the speaker will analyse the power of decentralized systems, evaluating its long-term strenghts.

Head of Digital and Innovation at Landshypotek Bank Merete Salmeling will deliver the presentation, too. She will explain how DLT can be integrated into the real estate, and what advantages it brings.

President of Blockchain Alliance Europe Tanja Bivic Plankar will join the conference as well. Being an initial coin offerings expert, she will share knowledge about ICOs, describe recent innovations in the token sale sphere and talk about the regulatory framework.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

Regulatory and legal challenges coming with innovations will also be discussed by Dr. Guenther Dobrauz-Saldapenna – Partner & Leader PwC Legal Switzerland. The speaker is a lawyer, VC investor, and banking specialist. He provides business consultations and has already written 10 books discovering innovative processes, money and technology.

See the full list of Key speakers here

Blockchain & Bitcoin Conference Stockholm is the second crypto event in Sweden carried out by Smile-Expo. The company has already held 40 successful crypto conferences in 25 countries.

Use an opportunity to meet leading DLT specialists, ask questions and learn new topical information about the blockchain industry at first hand at the conference!

Blockchain & Bitcoin Conference Stockholm

Details of the event and registration are available on the official website of Blockchain & Bitcoin Conference Stockholm.

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Go Visit the Blockchain & Bitcoin Conference Stockholm

Go Visit the Blockchain & Bitcoin Conference Stockholm

The Blockchain & Bitcoin Conference Stockholm is a highly anticipated crypto event in Sweden.  and is being held for the second time.

after the success of the first one they look to make this event a annual one.  since the crypto industry is going more and more out of the shadows and becomes more mainstream you will find that the quality of people involved also grows.

this is clearly displayed in the extensive list of speakers at this event.

Event goals:

bringing together the international business community in order to share their experience of integrating blockchain and cryptocurrencies; discussing blockchain industry issues and finding ways to solve them; encouraging a balanced growth of the cryptocurrency market.

Conference topics: 

  • blockchain in various sectors: energy industry, real property, newsmaking etc.
  • Legal regulation of the blockchain sector
  • token models and their application
  • ICO regulation.

Speakers:

the list of world-renowned blockchain experts, including government officials, foreign investors, entrepreneurs, lawyers, and developers is impressive and should get this event the notice it deserves.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

who should not miss this Event :

investors, business people, lawyers, startup founders, and those aiming to launch a token sale.

why should not miss this Event :

:to receive full information with case studies about the blockchain application, to discover how to comply with the legal norms in the blockchain industry, to find business partners, and to enhance your brand awareness.

Prices of the Event

Standard ticket  – 240 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

Student ticket – 121 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

A valid student ID should be presented at check-in. No refunds on the day of the event.

Buy Your ticket Now


Blockchain & Bitcoin Conference Stockholm is a part of the series of Blockchain World Events held in 25 countries. The organizer is Smile-Expo International Company.

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