Is Forex Trading The Easiest Way To Get Money in 2021? | How youths are becoming wealthy

[Music] but for now let me jump straight into welcoming my next guest this morning her name is wanjiru gishangi and she's a forex trader and she does it full time she's turned this into a business for herself and goes ahead to even coach those who are interested in learning about forex trading today she's here to tell us about how she got into this um activity industry and then built it into a business uh for herself caribousana to the show the forex market has always seemed like something very elusive for a lot of kenyans right to nadia to shilling kenya and so by the time we start saying that we're trading forex uh it it almost feels like it's very far off did you have any sort of business experience or banking experience how did you figure this out how did you get into it um thank you for having me today forex is not so elusive neither is it so new because the first time you get that name like the foreign exchange is in maybe primary school when you're learning that we use different currencies in different countries but it gets to just definition then you get to high school you're doing business studies you find it there there's a whole chapter on it but it also gets to just definition in different currencies then you go to college or university if you're lucky to do the the business course that has a public finance unit then that's where you learn now forex in depth and that's my first experience uh with forex in college yeah in college okay i did a term paper in public finance and my term paper was forex market okay yeah so you've actually built this into a business and the truth is a lot of the times when we hear about these things especially vitus are online kenyans can immediately begin to say that's just another scam and we've had many scams in this country i think you'd agree so do people actually make money from this is it a scam no forex is not a scam it's a market actually it's a real market just like we have the combined kenya there is a market for money and that's where i am from right like it's a real market it's not a scam but you just have to have the right information uh rather you find yourself in a scammer's pocket right talking about forex that is not real real but it's a real thing what sort of background does one need though to become a forex trader you did a whole term paper on public finance already you sound like a chopi but like for the rest who maybe didn't do economics or finance you know is is forex trading something that they can get into as well or what sort of skills does one need actually uh forex doesn't need my finance background or economics or anything all you need is an appetite for money and your way around the computer and some mental discipline because being a marketer of our money there is lots of money but you need to be disciplined enough not to approach that market with a gobbling mentality like i want to be the next millionaire tomorrow that won't work that won't happen so anybody can get into forex market you don't have to be a from a business background or to have i don't know what certificates degrees no as long as you you have a desire to earn you're disciplined to learn you're patient because that market moves with uh cycles and patterns you can force them you have to wait so we've got the patients you are computation and the discipline you're good to go okay so walk me through now how exactly does it work how did how does forex trading you know happen okay so this is like when i wake up in the morning i don't have an office to go to my office is my workstation like i open my computers before then you're supposed to have a trading account a trading account you get it from a forex broker in kenya we are lucky we have two we have the egm and we have scoop markets that's like local ones then we have hundreds of them international ones okay so as long as you're having a trading account all you have to do is load some money in that trading account in uh you don't have to have a dollar account it can convert you do the conversion to dollars so i can put my candy shells kenya shillings now converted to dollar through the platform then you open the platform the platform just gives you charts and graphs about what the market is doing how is the dollar moving against this other currency because our currencies are bought and sold in pairs you can't just buy one right they are in pairs okay so you wake up in the morning and you check the chats or rather you do what you call market analysis okay now after you've done your analysis it's where like if you've been trained you know what to look for right so once whatever you're looking for has happened then you're either a buyer or a seller you buy let's say in an instance say you're buying you buy and then wait for that money to uh you know to increase in the price and then you sell it or rather you close your trade and whatever you've made as profit is your money okay yeah but it sounds like you have to be like you you is he where is he dramatizing like you have to constantly be on it because you need to be monitoring whether it's upwards down uh no you you're not glued on the computer all the time you glued there for maybe an hour when you're doing the market analysis okay when you're doing the market analysis or rather when you're waiting for the trade setup now you have to be glued okay then after you've gotten your setup and you're in the market now you just have to set something we call a stop loss that is the material risking in that market and you take profit the match you anticipate to earn and then you can just close off your computer and maybe get busy yeah yeah um so how do i need a lot of money to begin with first of all because already when you think about our kenya shilling we know that the dollar is a lot stronger so how much would you say one needs to get started that basically depends with the broker you're using because it's the broker who determines the minimum deposit okay and also what you want to trade right because if you just want to in the forex market there are so many things that you can trade you can trade metals like gold you can trade oil you can trade commodities and currencies so if you just want to do currencies which is the easiest and actually uh that is less heavy yeah you can do five fifty dollars that is five thousand kenyan shillings a little bit comfortable for beginner okay i know people can do less and they have done less like 20 uh 20 dollars that's 2 000. but for me as a mentor or as a coach i usually say start with something that can absorb your shock because when you're dealing with real money it really gets tough because as you're learning you'll be landing on a virtual account okay which is a demo that just has virtual money with no consequences but now once you go to a live account there's that emotional baggage you just you're scared so you need money that can really hold you back like and can hold your account so that you don't get uh your first account is blown in right you suffer so when you're talking about profit i mean because you said people make a living out of this and they're doing it for you're doing it full time can you give us a range maybe of like how much profit one can expect i mean hopefully on a good day or what are some of the i guess the highlight stories i'd say of the sort of profits that people have been able to make out of forex trading that usually is a tricky one because they have students out there watching i don't want to give return figures and this is what i usually say what you will earn on that market equals like return equals your discipline your patience your skill so yeah so let me know give big guns for the secret right students watching out there and i don't want people to go live they are still on demo because one girl said they can get these millions yeah so oh millions okay well at least we heard millions but students focus and pay attention to your teacher first follow the process um very very interesting uh before we we let you go and we go on break you've talked about like at some point you kind of need to get you know more into in intellect or understanding about how to actually do this and that's where the market analysis comes in so it sounds like there's certain skills that you develop as you go about this what would be sort of your top two or three tips as far as the best skills to be successful at forex trading okay one would be a disclaimer robots don't work you know everybody wants automated trading nobody wants to do the hard work if you can send a robot to cucumber to buy you a pair of shoes don't do that in forex yeah you're going to waste money you're going to cry and you're the people who come online and say it just come and everything while you did not do due diligence you didn't work where work was needed okay the second thing would be like you need to trade to uh with the market makers there are market makers in this market the people who sweat the market these are banks government you can never trade against them and that is why most of the retail traders are not successful because we're so focused into indicators having uh automated trading things out there you don't get to ask where are the banks investing in and you need to invest in the banks are investing you need to trade with the market makers the that thing will be like you got to be patient right you really got to be efficient and speaking of that patience for those who want to follow you along then and learn on this journey like approximately how long is one a student before you sort of release them to the real world of of forex trading uh you're a student for three weeks okay do i also if you got through me i give you lifetime mentorship because sometimes life happens right and in this field i've learned that it's all about your mindset i can give you the skill but sometimes life will happen and you forget so i give you lifetime mentorship okay so how can people reach you then so i have a forex page on facebook called forex exploits so you can hook me up there okay all right thank you very much juan jiro for coming onto the show and uh just illuminating our lives i like that you're saying that you can begin with even 5000 bob right so still an investment but you know you've not like put in your entire life savings so that if something happens and goes wrong you're really stranded so thank you very much for coming i think we've learned something new today and i'd be very curious to hear from you guys in the sms is how many of you are going to give this a shot forex trading uh double two triple nine is the sms line with that said it is a few minutes to nine o'clock and so we need to get ready for our second hour and in it we're going to be looking at art for entrepreneurship we're going to be talking about personal development so in art we're going to be talking about the skill of jewelry making and the personal development will be looking at self-love and acceptance and our focus on tech and innovation today will be looking at foyer awards that's the founder of the year awards all that coming to you at the top of the hour stay tuned this is full circle with joyce [Music] you

Channel: Switch TV

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Id: 7QLJnqAChHU

Length: 11min 49sec (709 seconds)

Published: Fri Mar 26 2021