Forex trading in Kenya is an opportunity for beginners to learn the ropes in the world’s largest financial market. Although beginners may not need much help, there are several things to be aware of before entering the market. For starters, they should accept that it will be a long journey. Forex trading requires patience, which is a vital attribute for success. Traders must be able to wait for favorable market conditions.
Contrarian investing vs trend trading
When evaluating the pros and cons of contrarian investing vs trend trading, it is important to understand the difference between the two strategies. Contrarian trading is a strategy that involves buying an asset for a low price and selling it at a higher price later on. The goal of contrarian trading is to take advantage of overdone moves that have gone past their logical end. This is done by identifying irrational fear in the market.
Traders who focus on trend trading may be tempted to base their strategy on mean-reversion theory, which states that when the market declines, it will bounce back to the average value. However, since markets can go on for long periods in one direction, relying solely on current market sentiment can be risky.
Contrarian investing requires more research and patience. You may need to conduct in-depth fundamental analysis to find undervalued stocks. In addition, you may experience periods in which your portfolios underperform and you may have to wait for a long time before seeing profits from undervalued stocks.
MT4 platform
MT4 platform is an excellent choice for beginner traders, especially those who are just beginning their trading career. There are various benefits associated with this trading platform, including tight spreads, no commissions, and free educational resources. Also, you can use the platform to copy trade with the help of a professional or use the automated trading feature.
If you are a beginner trader, you should choose a broker who has a regulated account in Kenya. Brokers in Kenya are licensed by the Cyprus Securities and Exchange Commission (CySEC) in Europe and the Asia Pacific region. They also offer free educational resources and innovative trading tools. In addition to these, they also offer low commissions and low deposit fees. Traders can make deposits using credit/debit cards, and withdraw funds within minutes.
MT4 runs smoothly even on slow internet connections. Its powerful charting package and MQL4 scripting language allow traders to customize their trading experience. MT4 also offers a range of indicators and Expert Advisors. You can also view multiple charts on different timeframes. MT4 also works well on mobile devices, although some customisation options are lost on the mobile version.
XM platform
If you’re new to forex trading, you may want to choose a broker that is regulated by the CMA. You can search online for Forex brokers by CMA license number to find a broker that is regulated in your country. You can also look for ratings to determine whether a broker is regulated or not. The key is to find a broker that offers reliable data. In Kenya, you may want to choose an STP broker. This means that there is no conflict of interest between the broker and the customer. Also, this means that your broker has the same regulations as the best forex brokers worldwide.
Once you’ve decided to work with an XM broker, you’ll need to verify your identity and your location to begin trading. You’ll need to provide your full name and email address, as well as your telephone number. In addition, you’ll need to provide your Tax Identification Number, if you’re planning to trade in US stocks. You can also verify your account with your Kenyan ID if you’re a Kenyan.
