Kenyan forex traders face dream and reality gap, experts say
Business
By
Gerard Nyele
| May 18, 2024
Forex trading in Kenya is evolving from a part-time engagement into a full-fledged profession.
The shift is being fueled by factors such as increased sanitisation, regulation and the availability of trading platforms.
However, for many Kenyans, the dream of making a living from trading still remains elusive.
According to Bernd Skorupinski, CEO of Online Trading Campus, there is a global deficiency in proper training curricula and certification for traders.
"Globally, there is a lack of proper training curricula and certification for traders," he says.
READ MORE
Prof Mutua should face MPs for grilling on victims payouts
Government should address issues raised by young people without resorting to intimidation
Subaru driver in a dramatic high-speed chase after alleged hit-and-run in Nairobi
Bottled water exempted from excise duty
Kenya out to increase its participation at LA28
Initiative to upskill youth in construction sector launched
Cyril Maloba: The math teacher who refused to stop
Knec call for KCSE candidates as curtain falls on 8-4-4 education system
'A criminal act of the State,' Orengo says of Lichuma torture claims
From Kenya to Zambia: Kenyan firm wins role in school meals overhaul
Skorupinski suggests that the trading profession should develop a form of training and certification program.
This, he observes, would not only increase credibility but also reduce losses for those seeking to join the profession in a world with diminishing job opportunities.
"A trader needs to be able to control their emotions and stick to a trading plan and strategy. This is especially important in managing risk by using stop losses or taking profits at set points," he advises.
He also cautions traders to seek learning materials only from credible and certified trainers to avoid losses.
On the topic of global trades affecting the sector, Skorupinski notes that election cycles are major informers of indices.
"The market is on a predetermined path informed by election cycles, based on data over the last 50 years," he explains.
However, at the local level, he says, the lack of capital is a significant barrier for many young people aspiring to become professional traders.
Skorupinski notes that the lack of financial literacy in society hinders growth, as trading is often perceived as an easy cash-in platform rather than an investment.
Jesse Ogola, a senior accounts manager at FXpesa, says, "As a trader, don't focus on the money, because you can lose it easily."
Revealed: Why millions are unable to afford Sh387 daily spent
The World Bank warns that rising fuel costs, weak job creation and widespread informal employment could push up to 2.4 million more Kenyans into poverty in 2026.Agoa extension gives industry breathing room, results in highest-ever export earnings
The extension of the Growth and Opportunity Act (Agoa) until the end of 2028, has promoted certainity to exporters in textile industries and also created jobs in Kenya.County workers' pension at risk in Sh2 billion Lapfund real estate mess
The Auditor General has flagged irregular contract changes and project delays that risk the loss of Sh2 billion at the Local Authorities Provident Fund (Lapfund).Beverage price wars loom as Indian billionaire acquires Kenyan firm for Sh4.8b
Kenya's soft drinks market is on brink after Indian billionaire Ravi Jaipuria snapped up a Kenyan dairy and juice plant for $32 million (Sh4.8 billion).SRC gazettes regulations to strengthen remuneration governance in public service
The Salaries and Remuneration Commission has introduced new regulations to improve transparency, link pay to performance and help control Kenya’s rising public wage bill.MOST READ
- Agoa extension gives industry breathing room, results in highest-ever export earnings
FINANCIAL STANDARD
- County workers' pension at risk in Sh2 billion Lapfund real estate mess
FINANCIAL STANDARD
- Beverage price wars loom as Indian billionaire acquires Kenyan firm for Sh4.8b
FINANCIAL STANDARD
By Brian Ngugi