Can I become a full time forex trader - forex news trading auto click

Can I become a full time forex trader ~ forex news trading auto click

The allure of becoming a successful full time onlineforex trader is irresistible for most Kenyans hoping to make money online. The picture of a successful full time online forex trader is so clear and rosy in the mind of every Kenyan beginning to trade forex. The Kenyan beginning online forex trading is fired up by the fact that the online forex business is a 24/7 affair. The belief of becoming a successful full time online forex trader among Kenyans is further entrenched by the fact that online forex trading is a self employment affair with no boss to be accountable to. There is no risk of being fired late one evening. Kenyan online forex traders are also attracted to full time forex trading because online forex trading can easily be done from the comfort of a home- there is no requirement for an office set up as long as the Kenyan forex trader can access internet services. Sounds sweet not so?

That image of a successful full time online forex trader in Kenya is however distorted and to a larger extent unrealistic. The dangers of turning yourself into a full time forex trader should be assessed by every Kenyan wishing to make money online through the sole business of successfully trading forex. The dangers of becoming a full time forex trader far outweigh the advantages that will be derived by any Kenyan in the process. It is not recommended to quit your daily job simply because you want to be a full time forex trader from Kenya.

Below is a summary of the reasons as to why engaging in full time forex trading is not ideal for any Kenyan hoping to make money by successfully trading forex online. Get your live trading account after reading this.

·         Full time forex traders end up as victims of overtrading

To survive in the online forex market, you must learn to undertrade. Undertrading implies taking only the best forex setups when executing a trade to make money online. Now the best forex set ups don’t show up daily unless you are trading the lower timeframes, in which case you will be a victim of mere trading setups that reveal little about the mood of the market.

Every Kenyan trading the online forex successfully and making money is either trading the daily charts or the 4 hour forex charts. If you are trading the daily charts then you’ll most likely execute your trade between 12am and 1 am Kenyan time. That is late in the night. So why then would any Kenyan want to become a full time forex trader? Full time forex trading is associated with trading the lower timeframes which derail your success in online forex trading in the long run. Trading the lower time frames such as the 1 hour chart or below is generally referred to as scalping- a situation where you enter a forex trade with a few pips hoping to exit in a few minutes. Forex traders engaged in this form of trading generally trade the news.

Full time forex trading will turn every Kenyan aspiring to make money online into a bitter loser because there is a high emotional attachment to forex trades taken off the lower time frames in online forex trading. Every Kenyan’s attempt at making money online through successful forex trading can hit a rock due to overtrading. And one of the major causes of overtrading is the desire to be referred to as a full time online forex trader.

·         The best Kenyan times to trade forex successfully don’t require one to be a full time forex trader

In the article What are the best Kenyan times to trade in the online forex market?, we noted the best times to successfully trade forex in both the 4 hour and daily forex charts. In the 4 hour forex chart it was stressed that 11am, 3pm and 8pm are effectively the best Kenyan times to execute a trade in the online forex market and trade successfully. On the daily forex charts, 1am Kenyan time was stressed as the best time to execute a forex trade at the close of the New York charts. We however stressed on the advantage of entering trades only between 4pm and 8pm Kenyan time when the New York and London sessions overlap.

This emanates from the need for high volatility for the currency pair you are trading in the online forex market. The need for high volatility for a currency pair is essential for every Kenyan that targets successful forex trading and making money online in the process. Becoming a full time online forex trader implies ignoring these essential hours for executing a forex trade and the likely outcome is disappointment with the online forex market.

What will the full time online forex trader in Kenya do then at the period when only the Asian Session is open? Subject his hard earned cash to the dangers of low volatility just to be called a full time trader?

The Asian session overlaps with the London session at 12pm Kenyan time and that could be the only time for you to successfully trade the yen, which is the dominant Asian currency and which is not as volatile as the dollar, euro or pound that could be successfully traded in the London and New York sessions overlap. So why not keep your day job and learn that successful forex trading comes about even by being a part time forex trader. Every Kenyan wants to earn double and there is really no reason why you should not earn from your current job and the forex market at the same time.

Success in the forex market comes by treating the market with contempt. Ignore the market when volatility is low by doing other needful things. Don’t get trapped into the urge of becoming a fulltime forex trader in Kenya simply because the phrase “full time” sounds good.

This should not be interpreted to mean that there are no full time forex traders in Kenya. There are actually Kenyans who do nothing but trade forex and make money online. These however are the exception few that have mastered the art of online forex trading and know exactly what to expect after each month. They can afford to pay their rent by only trading forex no matter the number of their losing trades per month. They are never surprised by their winning trades, neither are they surprised by their losing trades in the forex market.

In conclusion, be sincere to yourself before arriving and settling at the fact that you can actually be a successful full time online forex trader in Kenya. What you should know is that you can actually trade forex successfully by only looking at the forex market once a day and executing the trade if your edge is present. You will infact discover that the lesser the trades you take, the more money you make in online forex trading. I see no need for you to become a full time online forex trader in Kenya.
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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