Five reasons why VIPortal must take blame for giving Kenyans the wrong view on forex - forex currency trading demo

Five reasons why VIPortal must take blame for giving Kenyans the wrong view on forex ~ forex currency trading demo

It seems that our analysis on VIPortal incorporated, a Kenyan forex entity, is not going away any day soon. Let it be known that we have nothing against VIPortal. We only think that we owe it to the unsuspecting public which has a right to know, online forex being an unfamiliar terrain to many Kenyans. 

Online forex trading is considered as such because of the
limited interaction between the forex trader and the market maker, who is basically the forex broker. Try and fix VIPortal into this scenario and you will be left wondering whether VIPortal is trying to redefine the meaning of online
forex trading or whether what they are attempting to do is what forex brokers should actually be doing. It cannot skip our minds that VIPortalhas also branded itself as an ECN provider. We will not delve into that discussion today. Let it be the subject of another occasion. Today we only aspire to show how VIPortal Incorporated has misled the Kenyan public interested in the trading of forex on what online forex trading actually entails?

1.      Forex brokers are market makers

Being a market maker simply means that you provide an avenue through which forex traders will buy or sell any currencies,  metals or any other commodities. In a sense you have to be trading against the client so that when the client buys it implies that you have sold. So far VIPortal has not shown that it has been a market maker to over 8,000 of its clients. When most these clients first opened accounts with VIPortal, the entity had no Meta trader 4, which it has recently acquired. Yet majority of Kenyans I have interacted with on matters forex now believe that what VIPortal has been doing is what the typical forex broker does. That is, taking money from the client and trading on their behalf. That belief is wrong. The best a forex broker can do is to assign a trader to an account manager who guides the trader on when and how to trade on any platform registered in the full names of the trader. I highly doubt if any of VIPortal’s clients can see the results taken on their behalf for the past few months through the Meta trader platform.

2.      Forex brokers have different payment options

VIportal seems to be the de facto neteller ambassador in Kenya. Neteller is a money transfer system that allows transfer between merchants and individuals. You could compare it to Lipa na Mpesa. We wonder whether during the signing of trading contracts clients were notified that they could only be able to withdraw their money through Neteller accounts. If VIportal is on some affiliate program with Neteller one can only try and guess how much money they have made from each of their clients that opened a Neteller account to get their money back. The Kenyan public should know that forex brokers provide various ways of cash deposit and withdrawal depending on what is convenient to the trader. Some of those ways include depositing or withdrawing by wire transfer, debit card, credit card, skrill or moneybookers, Paypal and many other ways. If VIportal is on an affiliate program with Neteller their clients must be let know under the principle of full disclosure. But as matters currently stand, all its clientele believes that Neteller is the only way to get their money back.

3.      Hedge funds are the only certified entities that trade for individuals and organizations

VIPortal is not a hedgefund and as such should not be taking money from its clients and trading on their behalf. It claims that its staff constitutes traders rated from three stars to five stars. Were the clients provided with the trade records of all of VIPortals traders so as to ascertain whether they were capable of bringing profitable returns to the trader’s accounts? I doubt. Probably no client asked to be furnished with such information; not because they lacked the guts to inquire but because they do not know that before anybody handles your trading account you need to see a certified document showing all the trades they have taken for a given period of time in a real trading account. Hedgefunds generally trade for others because as the name suggests they hedge their positions so that the loss they make in one trade is covered by the profits in another trade taken at the same time.

4.     Studying how to trade forex online should not be that expensive

Forex trading is not an elitist profession. It is the only sphere where even college dropouts can do much better than those with master’s degrees. And just if you did not know, you do not need a university degree to trade forex online. Of course VIPortal has in no way made forex seem like a science, but it has been charging abnormal amounts to those who would want to learn how to trade forex. In a previous article we attempted to answer the question whether forex trading can betaught. VIPortal’s high fees could be as a result of enjoying a monopoly due to their permanent presence unlike most self declared Kenyan forex tutors without addresses who disappear soon after getting hold of your money. What any Kenyan aspiring to learn how to trade forex should know is that there are many online forex tutors that charge far less to train anyone on how to learn to trade forex online. And you will be surprised to discover that most of what you will be taught after paying over Kshs. 100,000 for an advanced course at VIPortal is actually available for free in an online forex forum. They probably copied the course from one of those forums.

5.      Forex trading is not all about prayers

I am not discouraging anyone from sticking to their pious lives, but what you should know is that as a trader the market cares less about your background. Forex trading is not a sphere where you sow a seed (panda mbegu), and have profits henceforth. Bad trades in this sphere are not rebuked through biblical versus- it is a centre of realism. You are either profitable or a loser. Most of VIPortal’s reply to those with questions concerning its activities has been bible based. Visit their facebook page and you will discover that any concern raised is often rebuked through some verse from the New Testament. Forex is a murky world and most of those learning to trade under the tutorship of VIPortal will be devoured by this world when they open live accounts. My only hope is that they have not been insisting on the power of prayers to any of their students when it comes to the trading of forex. For forex trading is all about eating your just desserts.

It is our hope that you now know what it means to be an online forex broker. You also now understand that you can actually ask to be paid back your investment through any means other than Neteller as long as your contract did not spell out the means of getting your money back. You can get more information on forex trading from the article titled ten things you did not know about online forex trading in Kenya or from any of the articles listed below. 
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.
Read: How Profit Venture Limited is stealing from Kenyan forex traders
Call us today on 0725 050 419 for the best forex trading orientation.
Related articles:-

Why are many Kenyans failing in the online forex business

Is online forex trading illegal in Kenya

How VIPortal got it wrong

Have courage to open a live forex trading account

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Take Bonus With Sigma Forex - good forex trading apps

Take Bonus With Sigma Forex ~ good forex trading apps

Take Bonus With Sigma Forex

Take Bonus Due to increasing demand on our enhanced live accounts, SigmaForex LTD is extending its live accounts bonus program till 31 December 2008Don not waste your chance! And open your live account today!SigmaForex LTD is pleased to have you as a loyal client, and we would like to thank you for your continued support and interest in our trading programs.As appreciation and gratitude we are offering you a chance to join our bonus program and have up to 5% bonus credit on your deposit.All current and new clients are eligible to participate in this program. Qualifying clients earn up to 5% bonus credit on all new deposits received and credited to the account before the close of business day 31 December 2008.The bonus credit to the account is effective when the new deposit is credited and is subject to the client opening at least 100 lots and closing the trades on or before the close of business day 31 December 2008.If you have any questions, please feel free to contact our customers care department ator, call us at +44 84 50 56 54 51SigmaForex LTD, in its sole discretion, will determine if a client’s deposit and trading activity entitles it to retain the bonus credit.Good luck

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Take profit small number of Pips per trade is Safer in Forex - cara trading forex news

Take profit small number of Pips per trade is Safer in Forex ~ cara trading forex news

What is harder to do?
to make 30pips per day? or to make 10 pips per day?
which one according to real life forex has the biggest risk losing?

the 30 pips?
or the 10pips?
the first one has 3 times more chances to lose and to wipe out the whole account, even with a lot of 0.1!

in my system, u lose, thats it! you move on,

tell me one system, with no crazy money in 7 months, a more realistic one, which it is more effective and u don;t need to be the King of Pips to survive in this business!

Even if u trade the 2.5% of your account in one year still u can make a really good living out of it without going crazy for pips!!!!!!!

a bigger lot size with a smaller amount of pips per month it is much safer than go nuts for pips and being cheap and stress out because u don;t want to loose 2 or even 3 times per month which is 30 pips according to my plan!

I have already started applying my plan to my demo account, and one week now i have no negative pips! I will stick to my demo for at least 3 months! if not even more!

10 pips, and i walk out!
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Why the forex market is tough for traders that take trades daily - forex trading news alert

Why the forex market is tough for traders that take trades daily ~ forex trading news alert

Trading the  forex market on a daily basis is a misconception held by most forex beginners and the entire “greedy club” of forex traders. Since childhood you’ve heard people say that too much of everything is dangerous. In medicine the doctor warns about the dangers of an overdose or addiction. In nutrition, the nutritionist talks about the need for a balanced diet to avoid the dangers of going out of shape. Similar warnings are endlessly reminded to every trader engaged in the business of of trading forex online.As a forex beginner you are constantly reminded that trading the  forex market on a daily basis is nothing but a bad idea.

The truth is that the markets hate constant attention through interraction. Constant desire to have a live trade has disastrous effects for any forex beginner. Trading the forex market everyday is an addiction born out of the desire to make money quick. It eats your account up like a disease that attacks your born marrow and slowly emaciates you into a skeleton. The  forex market rewards only if it’s given its room to breathe. Ever heard of those love relationships that die because one of the parties was not giving the other some little space? Well that applies to forex trading and forex accounts too. If you are trading on a daily basis, it means you are losing more because the more you lose the more your online forex account gets suffocated by your wrong decisions.

In the daily office life people cheat to get a day off. Some extend their sick leave just to have a day out of work while others report their bosses to labor officers if their annual live is not granted. So why is it that people engaged in trading forex online love working everyday? What is with the urge to be online on every single hour executing a trade in the forex market? This whole misconception is caused by traders non- familiarity with the dangers of over-trading.

When we log into our forex trading accounts, we never find a notice left by the forex brokers stating “we are closed.” This unlimited access to our online forex accounts pushes further the idea that the online forex market is a 24/7 roller coaster. That’s wrong; markets do go to sleep even though our forex accounts remain accessible to us. The only reason you can choose to trade the online market daily is if your intention is to benefit your forex broker. Whether you win or lose, the forex broker always gains and that is why his trading station will never regulate your hours of trading. The virtual online world does not go on holiday and pays little regard to weekends.

What wisdom is it for a man to trade daily but lose his entire forex capital in a month? It makes no sense. Longevity of a trader in the  forex market is only ascertained by the extent to which that trader is mean at executing new trades. If you are too generous and liberal in your interpretation of the forex market, you’ll make no money and your final campaign will be aimed at giving the  forex market a bad name.

Trading is so punishing to traders who believe that idle fantasies alone can move the  forex market. If you view the forex market using rose colored spectacles, you end up forgetting about the risk involved in trading the market and what follows are losing trades. You lose because your execution of a particular trade was based on a hyped up trading setup on a lower time frame. Fantasies about the  forex market are common to those who trade daily.

Forex tutors have warned so many times that we shouldn’t enter trades with setups that form over the weekends, during certain important holidays, and over the month of December. But that should not mean that we are free to trade the  forex market as we like from Monday to Friday or from January to November. Online forex tutors only state the acceptable minimum threshold about the  forex market and the rest is up to you as a trader in search of success to figure out. How long it takes you to figure out is commensurate to how fast you will drain out your online forex trading account.

December

December is never a good month for the forex market because during that month traders are just unavailable and this implies that liquidity is low. The fact that December is a festive season means that the major market players are not really giving the market much attention and so the tussle between buyers and sellers witnessed in other months dies down. Low liquidity means you are paying more renewal fee for the open orders you have with your forex broker until the time your entry is triggered or your profit target is reached. This comes in form of roll over costs.

Weekends

Saturdays and Sundays are not good days to trade forex either because market activity dies down on Friday when the New York Stock Exchange closes. The market dies out completely on Saturday because both New York and London Stock centers are closed. There is little resumption of trading on Sunday evenings when the Asian sessions reopen. We’ve noted in previous articles the need to trade only the London and New York sessions and that should supply more clues on the need to avoid trading the online forex market on Saturdays and Sundays.

Public holidays

Public holidays in England and the USA matter a lot to the activities of the forex market. This is especially so if the public holiday falls on a week day. It implies that the market will remain closed for the whole day and this has an effect on currency volatility. For example, trading the forex market on a holiday like Independence Day in America might bring mixed results if the holiday is on a week day because that means that only the London Session is left active in terms of volatility. Trust me when I say that it hurts when no one is willing to buy a currency that you just bought at a reasonable price within a reasonable timeframe.

Conclusion

Thinking that you can trade the online forex market on a daily basis is an idea based on either greed or misconception. If it’s based on misconception, I hope this article opened you up to the folly of thinking that you can trade the online forex market on a daily basis. If its greed, you are suffering an addiction of wanting to have more every single day. It won’t be long before everything is taken away from you. You can only trade the forex market when your best trading setup is present with all the supporting factors. That doesn’t occur everyday and you need to be patient for weeks or months to wait for the perfect opportunity to enter a trade. In the trading of forex online, the waiting is always worthwhile.

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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10 Pips Per Day Positive Thinking - forex currency trading news

10 Pips Per Day Positive Thinking ~ forex currency trading news

I think 10 pips a day every trading day is possible.....I dont wish to be rude but the problem with the people who cant seem to get aleast 10 pips a day, is because of the negtive thoughts they hold in there minds ("All that a man achieves and all that he fails to achieve is the direct result of his own thought")
Have a great day.
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