Someone posted on here a few days ago asking about forex and forex trading in Kenya, I have gone through the responses and clearly, most people don’t have an idea. It is 3am in the morning and am in a good mood so let me make this post. This will be a comprehensive and lengthy post so grab a pen and paper and sit down. We’ll be here a while. FIRST OF ALL, who am I..? I am a forex trader, in Nairobi, Kenya..i have been actively involved in forex since I found out about it in Feb 2016 when I somehow ended up in a wealth creation seminar (lol) in pride inn Westlands, the one close to Mpaka Rd. Luckily for me, it was not one of those AIM global meetings or I’d be on Facebook selling God knows what those guys sell. I did not take it seriously till August of the same year and I have been active ever since. I don’t teach, mentor or sell a course or signals, I trade my own money. I am also posting from a throwaway account because I don’t want KRA on my ass. What the fuck is forex and forex trading. In simple plain English, forex is like the stock market but for currencies. Stock Market = Shares, forex = currencies. If you want more in-depth explanation, google is your friend. These currencies are pegged on specific countries, united states- dollar, UK- pound, euro zone- euro, Switzerland- Swiss franc, Kenya- Kenya shilling.. you get the point. Now, there are specific events and happenings between these economies that affect the movement and values of the currencies, driving their value (purchasing power up and down). Forex trading exploits these movements to make money. When the value is going up, we buy and vice versa (down –sell) Is forex trading illegal in Kenya? Is it a scam? Illegal, no. scam, no. All the banks in the world do it (KCB made about 4 billion from trading forex in 2019) Have there been scams involving forex in Kenya? Yes. Here is one that happened recently. This one is the most infamous one yet. Best believe that this is not the end of these type of scams because the stupidity, greed and gullibility of human beings is unfathomable. However, by the end of this post, I hope you won’t fall for such silliness. What next how do I make it work..? Am glad you asked. Generally, there are two ways to go about it. One, you teach yourself. This is the equivalent of stealing our dad’s car and hoping that the pedal you hit is the brake and not the accelerator. It is the route I took, it is the most rewarding and a huge ego boost when you finally make it on your own. Typically, this involves scouring the internet for hours upon hours going down rabbit holes, thinking you have made it telling all your friends how you will be a millionaire then losing all your money. Some people do not have the stomach for that. The second route is more practical, structured and smarter. First Learn the basics. There is a free online forex course at www.babypips.com/learn/forex this is merely an introductory course. Basically it is learning the parts of a car before they let you inside the car. Second, start building your strategy. By the time you are done with the babypips, you will have a feel of what the forex market is, what interests you, etc. Tip..Babypips has a lot of garbage. It is good for introductory purposes but not good for much else, pick whatever stick to you or jumps at you the first time. Nonsense like indicators should be ignored. The next step is now the most important. Developing the skill and building your strategy. As a beginner, you want to exhaust your naivety before jumping into the more advanced stuff. Eg can you identify a trend, what is a pair, what is position sizing, what is metatrader 4 and how to operate it, what news is good for a currency, when can I trade, what are the different trading sessions, what is technical analysis, what is market sentiment, what are bullish conditions what is emotion management, how does my psychology affect my trading (more on this later) an I a swing, scalper or day trader etc Mentors and forex courses.. you have probably seen people advertising how they can teach and mentor you on how to trade forex and charging so much money for it. Somehow it seems that these people are focused on the teaching than the trading. Weird, right..? Truth is trading is hard, teaching not quite. A common saying in the industry is “Those who can’t trade, teach” you want to avoid all these gurus on Facebook and Instagram, some are legit but most are not. Sifting the wheat from the chaff is hard but I did that for you. The info is available online on YouTube, telegram channels etc. am not saying not to spend money on a course, if you find a mentor whose style resonates with you and the course is reasonably priced, please, go ahead and buy..it will cut your learning curve in half. People are different. What worked for me might not work for you. Here are some nice YouTube channels to watch. These guys are legit..
After a short period of time, you will be able to sniff out bs teachers with relative ease. You will also discover some of your own and expand the list. Two tips, start with the oldest videos first and whichever of these resonates with you, stick with till the wheels fall off. How long will it take until things start making sense Give yourself time to grow and learn. This is all new to you and you are allowed to make mistakes, to fail and discover yourself. Realistically, depending on the effort you put in, you will not start seeing results until after 6 months. Could take longeshorter so there is no guarantee. Social media, Mentality, Psychology and Books Online, forex trading might not have the best reputation online because it takes hard work and scammers and gurus give it a bad name. However, try to not get sucked into the Instagram trader lifestyle as it is nowhere close to what the reality is. You will not make millions tomorrow or the day after, you might never even make it in this market. But that is the reality of life. Nothing is promised, nothing is guaranteed. Your mentality, beliefs and ego will be challenged in this market. You will learn things that will make you blood boil, you will ask yourself daily, how is this possible, why don’t they teach this in school..bla bla bla..it will be hard but growth is painful, if it wasn’t we’d all be billionaires. Take a break, take a walk, drink a glass of whatever you like or roll one..detox. Chill with your girl (or man) Gradually you will develop mental toughness that will set you up for life. Personally, I sorta ditched religion and picked up stoicism. Whatever works for you. Psychology, this is unfortunately one of the most neglected aspects of your personal development in this journey. Do you believe in yourself? Can you stand by your convictions when everyone is against you? Can you get up every day uncertain of the future? There will be moments where you will question yourself, am I even doing the right thing? the right way? It is normal and essential for your growth. People who played competitive sports have a natural advantage here. Remember the game is first won in your head then on the pitch. Books: ironically, books that helped me the most were the mindset books, Think and grow rich, trading for a living, 4 hour work week, the monk who sold his Ferrari..just google mindset and psychology books, most trading books are garbage. Watch and listen to people who have made it in the investing business. Ray Dalio, warren, Bill Ackman and Carl Icahn. This is turning out to be lengthier than I anticipated so I’ll try to be brief for the remaining parts. Brokers You will need to open up an account with a broker. Get a broker who is regulated. Australian ones (IC Market and Pepperstone) are both legit, reliable and regulated. Do your research. I’d avoid local ones because I’ve heard stories of wide spreads and liquidity problems. International brokers have never failed me. There are plenty brokers, there is no one size fits all recommendation. If it ain’t broke..don’t fix it. Money transfer. All brokers accept wire transfers, you might need to call your bank to authorize that, avoid Equity bank. Stanchart and Stanbic are alright. Large withdrawals $10k+ you will have to call them prior. Get Skrill and Neteller if you don’t like banks like me, set up a Bitcoin wallet for faster withdrawals, (Payoneer and Paypal are accepted by some brokers, just check with them.) How much money can I make..? I hate this question because people have perceived ceilings of income in their minds, eg 1 million ksh is too much to make per month or 10,000ksh is too little. Instead, work backwards. What % return did I make this month/ on this trade. Safaricom made 19.5% last year, if you make 20% you have outperformed them. If you reach of consistency where you can make x% per month on whatever money you have, then there are no limits to how much you can make. How much money do I need to start with..? Zero. You have all the resources above, go forth. There are brokers who provide free bonuses and withdraw-able profits. However, to make a fulltime income you will need some serious cash. Generally, 50,000 kes. You can start lower or higher but if you need say 20k to live comfortably and that is a 10% return per month, then you can do the math on how big your account should be. Of course things like compound interest come into play but that is dependent on your skill level. I have seen people do spectacular things with very little funds. Taxes..? Talk to a lawyer or an accountant. I am neither. Family? Friends? Unfortunately, people will not understand why you spend hundreds of hours watching strangers on the internet so it is best to keep it from them. Eventually you will make it work and they will come to your corner talking about how they always knew you’d make it. The journey will be lonely, make some trading buddies along the way. You’d be surprised at how easy it is when people are united by their circumstances (and stupidity) I have guys who are my bros from South Africa and Lebanon who I have never met but we came up together and are now homies. Join forums, ask questions and grow. That is the only way to learn. Ideally, a group of 5-10 friends committed to learning and growth is the best model. Pushing each other to grow and discovering together. Forex is real and you can do amazing things with it. It is not a get rich quick scheme. If you want a quick guaranteed income, get a job. And now it is 5am, fuck. This is oversimplified and leaves out many many aspects. Happy to answer any questions.
I have matched up with at least 9 gorgeous Chinese women from Hong Kong or Singapore who seem to follow a similar pattern, so I think this must be a scam. I wasn’t foolish enough to go all the way through with this to verify, but I figured someone else has and can validate my suspicions.
Chinese girl matches with you - not in your geographic area
Chinese girl is always young, beautiful, and wealthy (lifestyle includes golfing, high fashion brands, expensive resorts in photos)
Chinese girl asks you for your WhatsApp almost immediately; she sends messages daily and even throws in some cute videos or pics to bait you. She may occasionally actually call you for a brief moment (to make you think it is a real woman but I suspect there is one girl calling hundreds of guys for a minute per guy)
She asks you about your profession or business if you have one and says she does something very similar (to build trust and affinity)
She casually brings up Forex trading and says she makes lots of money trading Bitcoin - USD or some other variation on forex
She tells you to try it, that she will teach you how or even offers to introduce you to her teacher She will send you screen shots of her earnings (one woman sent me a screen shot showing she made $75,000 on a trade)
Once you agree and download MetaTrader 4 as instructed (even though there is a Version 5 out), she directs you on when to execute sample trades (usually late at night during HK or Singapore opening hours)
After you do several simulations (mine generated up to $14,000 per trade in profit), she asks how much you will invest in real money. She or her teacher suggest you start with $50,000 USD or more.
If you prove useless or say you are not interested, she will stop contacting you.
I'm 99% sure someone is trying to scam me. Opinions please?
About a month ago I met this girl on tinder. We started talking and we got onto the topic of investing. We are both interested in it so we started talking about it a lot. Specifically Bitcoin and trading etc. We have become quite good friends but I haven't met her and I've had so many red flags making me think she is trying to scam me. Amazing because she is playing a really long game. Heres some of the red flags I noticed:
Soon after we started talking she took a solo vacation to Italy, which she sent me pics of. (Italy has been in quarantine so I dont know how that was possible)
One of the photos looked strange. Her arm looked almost pixelated so i decided to run her pictures through imageedited.com and every single one came back as "probably edited". She has sent me over 30 pictures and each one comes back the same, even when i tell her not to use any filters.
She has been scalping bitcoin on metatrader and wanted to take me through the method. I am not stupid when it comes to trading etc so i decided to follow using a demo account and see what its all about. She gave me "her old practice account" to use.
This is where it gets really interesting, the broker she uses allows 200x leverage on btc trades and she uses this frequently. I've traded with her a few times and shes won every time. I mean thousands of dollars in a couple of minutes. I decided to google the broker she is using and it didnt come up at all which was a major red flag for me. I eventually plugged in a demo account for a trusted broker onto my metatrader to follow the trades and see if I would still win, which I did. This leads us to today. I told her I cant find the broker that she is using online so she sent me the website. I looked through it and its raising more red flags. The address is in london, but the site was registered in hong kong (incidentally the country she comes from, and has since returned to because of this covid crisis), I did a street view check of the address and it looks like the company doesn't exist at that address. I did a whois search for the domain and it was registered on the same day that me and her started chatting a month ago (coincidence?). She told me she has been trading btc for over 6 months already. I haven't called her out yet on these red flags because she hasnt pressured me into sending money anywhere and hasnt asked me any personal information. I'm also learning a lot by following her trades using a demo account so im actually gaining some value for now. What do you guys think? What should I do? Is there any agency or something that will help confirm my suspicions? Thanks for the read guys. Edit: After looking at replies and votes it seems that you guys strongly in favor of me ceasing contact with this person so I am going to block their number immediately.
The offshore FX and CFDs broker KONTOFX has its focus on binary trading options. It offers a number of binary assets for trading on an oversimplified trading platform. It also offers maximum leverage of a 1:200. Before considering this broker for trading please follow our scam broker KONTOFX review.
About the KONTOFX:
The broker offers binary options of more than 20 cryptocurrencies from popular Bitcoin to Ethereum and many more. The minimum investment of $250 is needed to start trading with KONTOFX. This minimum deposit is in accordance with the current market situation but several regulated brokers provide the same services at the cost of $ 5. The Estonian firm NTMT Transformatic Markets OU is the owner of KONTORFX and the operations are handled by Northside Business Centres located in Hungary. It has also another office located in Moscow, Russia that manages clients outside of the EU. To offer its services in the EU any Estonian firm required to be regulated by Finantsinspektsioon the local Financial Supervision Authority. When checked with Finantsinspektsioon there is no evidence of this broker’s registration. The terms and conditions section of this brokers mentions that the broker is not bound to process withdrawal requests made by the traders. Meaning that the profits gained by the traders can not be withdrawn. This condition is utter nonsense as traders do trading to earn profit and use them as per their convenience. The available spread at KONTOFX on bitcoin-us dollar pair is around $170 that is higher. On the contrary, the information on the website talks about low spreads at 0.6 pips. The offered leverage is up to the ratio of 1:200. When tried to test the provided trading platform we came across very few CFDs offered on binary options and not at all on other commodities. This means the broker is advertising itself falsely as the leader in binary and other commodities CFDs providers. The payments are entertained only with cards and all other means of payments are unavailable. As mentioned earlier this broker does not provide world-leading MetaTrader platform. Instead offers to trade on some unproven web-based terminal. The fact of worry about this broker is, there is warning issued against it by the Financial Conduct Authority, UK.
Is KONTOFX legit or scam?
The offshore broker KONTOFX makes false claims every now and then. The terms and conditions of this broker are very strange. The broker KONTOFX is unregulated and unlicensed and has a high risk of fund loss. All in all this broker can be a potential Forex scam broker. Avoid it for the safety of your investments.
New PrimeBit WebTrader, Tether accounts, and USDT Pairs
For the last months, we’ve been working on a completely new trading app. It’s ready. At the moment we are running the final tests, and it looks like the planned release date is safe. From mid-March, when you go to app.primebit.com you’ll land on the new PrimeBit WebTrader. You can log into your account with the same email and password. After logging in you can manage your DEMO and LIVE accounts using either the slide-in menu in the top left corner or the drop-down menu in the top right corner of the app. The new PrimeBit WebTrader is faster and provides a much better user interface. In a single view you get:
The chart with technical tools and indicators. You can customize the chart’s layout and save the configuration. You can easily make a snapshot of the chart and share it
A quick look into the current market Depth and Order book
Your Open Orders, Pending Orders, Orders History, Fills History, and Balance History
Finally, in the right-hand window, you get all the actions grouped together. You can get all the information about the position you want to open with the PrimeBit calculator, open orders, adjust the leverage, and add funds.
We are sure you are going to love it.
Tether accounts and trading pairs
With the new PrimeBit update we also introduce new Tether accounts. Apart from funding your trading account with Bitcoin, you can also use USDT for deposits and withdrawals. Here’s why you may consider it:
Keeping your funds in Bitcoin works great when the value of the cryptocurrency goes up. However, the Bitcoin price has been very volatile, and many traders don’t want to add another layer of uncertainty to their strategies. Tether is a stable coin pegged to the dollar, which makes its price much steadier.
Tether popularity is growing very fast. You can easily exchange it with any cryptocurrency or fiat many on multiple exchanges. You can also make direct payments with USDT.
We support both Omni and ERC-20 Tether protocols. The first is based on Bitcoin tokenization and the second run on Ethereum, which makes the transfers much faster than with Bitcoin accounts.
Additionally, as of March 3, you’ll get access to new Tether trading pairs: BTCUSDT, ETHUSDT, LTCUSDT. If you still want to trade with MetaTrader 5 (MT5) apps or the old WebTrader, they are still going to be available. You can access them through the slide-in menu. We’ll keep you up to date with more news before the upcoming update.
03-20 17:35 - 'Forex CashPower Indicator NON REPAINT Signals *LIFETIME LICENSE*' (self.Bitcoin) by /u/ForexIndicator removed from /r/Bitcoin within 55-65min
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I somehow created an account and now I can trade with Metatrader 4 ?? wtf am I doing ?
Hey, posted this on cryptocurrency and didn't get any useful responsesy maybe you guys can help me ? I somehow created an Account on LH-Crypto. I don't really know what i'm doing. I then downloaded Metatrader 4. Its complicated looking program. I can open long and short positions on pretty much anything. Gold, Stocks, Forex and I think they use my Bitcoin for it. I sent bitcoin to the LH-Crypto account address. So I think everything is working as intenden. I have a few questions now:
I suspect that LH-Crypto is my Broker and thats why I can trade everything with bitcoin ? is that right ?
Is every Broker on the same "Market" ? Like if I trade gold, is my trade on the same "Market" someone else trading gold ?
How do I know on which Market I am trading ? If I type in "Gold" on https://www.tradingview.com/ it shows me what it is, the most traded thing being a stock on NYSE. If I trade Gold with Metatrader 4 and an account from LH-Crypto, am I trading Gold on NYSE ?
Are there other, maybe bigger or better Brokers that I can use to do the same thing (Like a common one everybody uses, the coinbase equivalent of Brokers so to speak. Does it even matter what I use ?)
If my Broker is LH-Crypto or any other broker for that matter. Am I still trading btc for example in the same "pool" as everyone else ?? or can they like manipulate their own btc charts (binance, bitmex, and all the exchanges have their own "prices" right ?) Or in other words, on what exchange am I trading BTC / USD when I use Metatrader 4 & LH-Crypto ??
PANDORA Introduces A Cryptocurrency Platform Drawn Upon FX Trading Technology PANDORA, a next-generation cryptocurrency trading platform, is pleased to announce its launch to the public. PANDORA The complete guide and tutorials how to buy sell (Trading) Cryptocurrencies Bitcoin, Litecoin, Ethereum on Metatrader (MT4 or MT5) forex platforms. Trading Bitcoin with leverage, allows you to take a position with less capital. (Increased leverage increases risk) Improve our trading potential. Speculate on both rising and falling markets, hedge your Bitcoin risk ... Can I trade Bitcoin on MetaTrader platforms? At this time, Bitcoin trading is not available on the MetaTrader trading platforms. Bitcoin was created in 2009, and since its launch, t he cryptocurrency trading hype has been picking up. Especially, after its all time high with its a Cryptos are known for its price volatility and developments. At that time, it was not easy for the traders to invest or trade in cryptocurrencies, as it is in today’s market. Bitcoin is commonly used worldwide for online payments. As a cryptocurrency, there are several platforms that you can trade with. Metatrader 4 is a great platform with various advantages. It is also referred to as MT4. In the forex market, Metatrader 4 is widely accepted by users. It acts as a broker for Bitcoin trading.
How to Trade Bitcoin On MT4 and be most profitable
Get an additional $10 in Bitcoins from Coinbase when purchasing through my referral link http://fredyen.com/get/Bitcoins Here is a quick beginner's guide on ... visit http://tradarz.com/expert-advisor-download/big-breakout.php or view the new version on https://quivofx.com/expert-advisor/big-breakout-ea/ If you dont know what you doing trading BTC on Margin within MT4 You will get drug! You want to be able to find solid entries to maximize profit. Heres some key points to look for. Buy some BTC ... Find out how to set up the software Meta Trader 4 to trade cryptocurrencies like Bitcoin and Litecoin on the btc-e exchange. MetaTrader 4 tutorial MT4 (Part 2) --Stop loss, Trailing stop, add/delete indicators, etc - Duration: 8:45. iLuvTrading 129,225 views