The reason why many forex traders in Kenya are losing their trading capital within the first week of funding their live trading accounts - why is forex demo trading necessary

The reason why many forex traders in Kenya are losing their trading capital within the first week of funding their live trading accounts ~ why is forex demo trading necessary

Mainstream forex bloggers are failing to report on one thing; that the number of Kenyans making losses trading forex online far outstrips those that are making it big. Forex has not been a source of greener pastures to every Kenyan trader. Most that have had the courage to try have ended up losing most of their initial capital if not
all.

Just because you deposit money into a forex account does not mean that you will soon be walking the forex red carpet and get enrolled into the forex trader’s hall of fame. It is therefore worth mentioning that forex has been a nightmare to most Kenyan traders. But why is that the case? Why should someone lose his entire investment where others have made it big? What vital resource is lacking in the trading arsenal of these Kenyan traders condemned to a cycle of loses? The answer, I think, lies in the nature of today’s Kenyan youth. I stress on the youths because they constitute the largest number of individuals trying it out in the online forex sphere.
Kenyan youths want to succeed like yesterday. Most want to start trading forex online the moment they first hear about it. Tell a Kenyan youth that he will need a minimum of six months studying everything forex before he can trade and he will either give up or ignore your advice. I have seen a lot of traders lose all their first forex trading deposits before going back to forex 101. It befubbles me that an individual who has spent more than half his life in school can not appropriate only six months to study and change his life forever.

Why should someone decide to fund a forex trading account before even demo trading. And demo trading does not imply knowing how to open or close a trade in your meta trader 4 platform. It is more than that. Unfortunately for the new crop of Kenyan forex traders, the belief that knowledge of how the mt4 operates is all one requires to trade forex has been overwhelming. A greater fallacy that has seen most forex trading adventures end in doom rather than spell a new dawn to the new traders.

That lack of patience becomes even ruinous when combined with ignorance. Online forex is still an unchartered territory in Kenya. There are know universities or certified tutors that could honestly take you through the art. One needs to study a lot online before going live. Yet few ever do that. I know of people who do not know the different types of candlesticks but still call themselves forex traders. Press them on how they trade and they will brag of how they trade news. Press them further about how to trade news in the forex market and you will be shocked to discover that they do not know and cannot distinguish news trading essentials such as the relationship between interest rate, inflation and GDP to the possible strength or weakness of a currency. You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 

In the forex sphere ignorance is the worst disability any forex beginner can suffer from. Sadly enough ignorance is more often than not self imposed; meaning that if any potential trader compels himself into learning before trading he or she will have climbed dozens of steps in the ladder of success to forex trading.

Liberate yourself from self deceit. You have no reason opening a live trading account if you have not demo traded and back tested your strategy. In forex you are your own judge and jury, attacker and defender. It becomes difficult to be objective if what you are dealing with is foreign to you. Thousands of successful forex traders are self taught. You too could achieve that. But success will only come after toil.
Begin a life of financial independence today by opening a trading account with a regulated and trusted broker.You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 
Call us today on 0725 050 419 for the best forex trading orientation.

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