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
State pledges to enact Older Persons Bill by 2027
Government says Older Persons Bill 2024 to be enacted before 2027
Kenyan Wawira Njiru named in TIME100 Next list for 2026
County Oversight Accountability Bill violates provisions of the Constitution
KHRC warns El Nino response could deepen human rights violations
Tobacco farmers seek tax relief as MPs review Tobacco Control Bill
Stakeholders support Tobacco control law, propose measures to tighten regulation
Tharaka University student drowns in River Kathita
Lawyer Nyachoti seeks to withdraw from Sh145 billion KCB case
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."