How Can I Start Forex Trading in Kenya as a Novice?
Focus on one or two instruments, and very carefully watch when it moves, how it moves. Then see if you can build a repeatable strategy around that movement that will give a positive expectancy.
Don't go around trading XAUUSD, then US30 the next hour, then GBPUSD the next hour. I'll repeat it again, only focus your attention on few instruments.
When you are able to do it profitably, then think about scaling up. Meaning, how can you trade that exact same strategy on the same instrument, but on a bigger lot size.
If you don't know what you are doing, don't make your drawdown bigger than it has to be. Only scale when you have a clear strategy with an edge that you can follow without messing up (this is important, because even if the strategy is great with an edge, but you are messing it up, then you will find it hard).
And I'll also repeat what has already been added before, only trade with a CMA licensed non-dealing forex broker if you are trading from Kenya. Don't deal with unregulated brokers.
As a novice you should educate yourself on the basics of forex by learning the terminologies. You can find this information online.
After that, you can register with a Capital Markets Authority (CMA) licensed forex broker (the ones authorized by the Kenyan government) see the list here: https://licensees.cma.or.ke/licenses/5/
After registering with a forex broker, proceed to open a Demo Account (an account for practicing how to trade with fake money), do not rush into opening a live account yet.
You can begin to experiment with the demo account and everything you had learnt about forex terminologies will begin to make sense once you are practicing with a demo.
Keep learning with the demo account until you are sure you have understood how to trade and make a profit, and how to manage your risk (it might take a couple of months).
After the demo account, you can proceed to open a live account but only deposit an amount of money you can afford to lose in to the live account.
The live account will teach you how to manage your emotions of fear, greed etc. which was not present on the demo account because you were not trading with real money.
When trading with a live account, only trade small lot sizes of 0.01 and once again only trade with money you can afford to lose and not shed a tear.
If you are a beginner you need to start by learning about the market and the regulations so you don't get scammed. After that you need to go on a quest for knowledge, do not go after forex signals or look for shortcuts. Look for online resources and take time to read.
As a novice you should educate yourself on the basics of forex by learning the terminologies. You can find this information online.
After that, you can register with a Capital Markets Authority (CMA) licensed forex broker (the ones authorized by the Kenyan government) see the list here: https://licensees.cma.or.ke/licenses/5/
After registering with a forex broker, proceed to open a Demo Account (an account for practicing how to trade with fake money), do not rush into opening a live account yet.
You can begin to experiment with the demo account and everything you had learnt about forex terminologies will begin to make sense once you are practicing with a demo.
Keep learning with the demo account until you are sure you have understood how to trade and make a profit, and how to manage your risk (it might take a couple of months).
After the demo account, you can proceed to open a live account but only deposit an amount of money you can afford to lose in to the live account.
The live account will teach you how to manage your emotions of fear, greed etc. which was not present on the demo account because you were not trading with real money.
When trading with a live account, only trade small lot sizes of 0.01 and once again only trade with money you can afford to lose and not shed a tear.
Start with learning the theory and terminologies used in forex trading. You need to understand what the forex market means and how all the parties are interconnected online. After you understand the basic workings of the market, then register with a CMA authorized forex broker like Pepperstone, HFM, Exness, FXPesa, Scope Markets. IC Markets, FP Markets; then download their trading app (desktop preferably).
Proceed to open a test account (they call it demo account) then use this account to learn how to open and close trades. The test/demo account uses fake money so dont worry about losing your money.
Practice with the test account for some months (till you are sure you are getting better) before you open a real account and deposit your hard earned money.
Even after you open a real account, only trade small sizes, if you broker offers a cent or micro account you can go for it because these accounts are for small volume trading. Dont risk too much.
I started by downloading a forex trading app to my phone, then I started fidgeting with it. I opened a demo account (which contains fake money) and began to place random buy/sell trades.
From there, I got more curious and started watching YouTube videos on trading. I noticed they were using industry vocabulary such as spread, stop loss, position, lot, margin, etc. so i googled the meaning of those terms online.
I then went back to my forex app and kept practicing on how to place orders and set stop loss. I didn't that for some weeks before I opened a real trading account and deposited $20. I started trading with real cash and I lost all the money.
I went back to the drawing board to find out why I lost those trades. I watched more trading videos on YouTube, and joined an online forex trading community. I funded my account again and kept trading till i started getting profitable.
So, if you want to start forex trading in Kenya i suggest you do the same.