Forex Trading, The Solution to Kenya’s Unemployment Problem

Youth in Kenya are experiencing much higher unemployment rates than the rest of the Kenyan population,youths aged 15-19 and 20-24 years had unemployment rates of 25 percent and 24 percent, respectively, almost twice as much as the overall unemployment of 12.7 percent for the whole workforce.This is made worse by the growing problem of terrorism from the Al-Shabaab Militia group. The recent wave of terrorism has foreign investors skeptical about Kenya. Tourism which is a major part of the Kenyan economy has also been hit hard because of this. These and many other factors are leading to the growing problem of unemployment.

Kenyans are very much used to the traditional setup of getting an education followed by a Job. It’s high time Kenyans started to think out of the box and create employment for themselves. With the installation of the Fiber Optic Cable in most parts of urban Kenya, many online ventures come on to the scene. One such venture is Forex Trading. It is gaining popularity at such a fast rate that it is threatening to overshadow every other online venture.

When it comes to Forex Trading in Kenya, many youth from Nairobi have started learning and trading. While people from other areas are also starting to learn about it, their numbers still remain few.

Forex is one of the best ways you can start making money. It’s easy to learn. There are many Free learning resources available online. It doesn’t require a huge starting capital. You can work part-time as a trader. Working hours are pretty much flexible. No such things as physical hard labour! Still suitable for non-finance professionals. Opening an account is easy, takes no time at all! Adding and withdrawing funds can be done instantly via credit/debit cards. Forex market is open 24/5. The list goes on and on.

Learning Forex Trading is not hard. Anyone with a passion to hard work and reading will be good at it in a month- at least as far as knowing how to trade a particular strategy is concerned. I would advice anyone wanting to trade to open a Demo/ Practice account and use it to learn.

Learning to trade can take a significant amount of time. If you seriously do want to start trading with real money, an easier way around the learning time is forex trading signals. Trading signals are alerts which tell you when to buy or sell a currency pair and at what price. If you follow a professional trader you can copy the trades they are making. There are many signal services out there, some free and some paid. Of course the paid ones being much better than the free ones.

There are a few local Kenyan Forex brokers working in Kenya and a few introducing brokers as well. Introducing brokers, help you open accounts with other brokers and offer Value added services. In return introducing brokers get paid by the broker they are working for.

Like any other business, Forex Trading requires due diligence. One needs to be careful and only invest money that they are willing to loose. Even with all the advantages of trading, it is still a risky business. Trading without adequate knowledge can result in significant losses.

Source by Zohaib Mohammed