Get Another Income By Forex Trading In Kenya

Get Another Income By Forex Trading In Kenya

Everyone has a certain point when it comes to ideas on how to get an extra source of income. The forex market in Kenya can be one of the most profitable sources and interestingly, it doesn’t take up much time. Forex is not like office work from 9 am to 5 pm, it is about financial independence and freedom. Forex stands for “foreign exchange” or forex and represents currency trading on the global market. It is one of the largest and most liquid markets in the entire globe. The amount of money trading in it is up to USD 5 trillion and you could be a part of it by visiting to get more information.

Have you ever exchanged money into other currencies, for example, dollars or euros? Congratulations, you have your first knowledge of Forex trading! The whole idea is not as difficult as you think: between two currencies, there is an exchange rate based on supply and demand. This exchange rate shows the price of one currency against another. This value is constantly changing, with one increasing and the other decreasing. All transactions involve two currencies in pairs, with the first being called the base currency, while the second being the counter currency. You will always see two prices because you can buy or sell currencies. This price always refers to the first currency in the pair, so in EUR / USD you can see the value of one euro against the USD.

If you believe the euro will strengthen shortly, then you can buy it. But if you think it will weaken, then you can sell it. The difference between the initial price when you opened the trade and the final price when you closed it is your profit. Yes, in general, Forex is very simple. There are some “pitfalls” there, but you can overcome them with theory and practice. The most important thing about the Forex market is that there is a broker you cannot trade without it. A broker is a company that provides you with access to a trading platform, and in practice, allows you to buy and sell currencies. So choose your broker carefully.

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