Financial trading is becoming increasingly popular in Kenya and each year new trading celebrities are born in the country. Best FX Kenya traders inspire novice traders to try harder and learn more to become professionals.
To trade financial markets successfully, traders need to develop a solid understanding of the markets they are trading, have a well-defined trading plan, and be disciplined to manage their risks properly.
Success can be defined in many ways. In this article we will discuss the success stories of the most successful traders in Kenya.
Patrick started currency trading in 2014 and soon became one of the top Forex traders Kenya has. Patrick doesn’t hold any financial degree. He has studied Journalism at Egerton University.
Patrick started trading using borrowed money. He borrowed 55,000 Kenyan Shillings and invested all in Forex trading. Patrick says that he placed a short trade on the USD/JPY pair after the pair made a new all time high for the day. The main idea behind the trade was that after the rally, the price would come down and make a correction. However, this didn’t happen and Patrick lost the money. We can see from this case that even the best traders can make multiple mistakes when starting out their trading journey. Trading using borrowed money is never a good idea. Financial trading carries high levels of risk, especially for beginners. Patrick used high leverage and placed a trade against the trend, which are both critical mistakes most beginners make. Patrick never gave up, he borrowed more money and invested in trading courses and books. Years have passed since and Patrick Mahinge is considered to be one of the most successful Forex traders in Kenya. Successful Kenyan day traders and position traders are taking notes from Patrick.
Upon completing college in 2014, Mugenda realized that he needed to find additional ways to make money and discovered Forex trading. Mr. Mugenda is involved in various businesses and has founded a Nairobi based company, Paris Group. The company deals with insurance, forex trading and hospitality products. Paul started a tealeaves vendor business in Nairobi’s populous area of Githurai. Soon he found himself selling insurance and trading currencies to supplement his income. For Paul success formula in Forex trading is the following:
- A lot of patience
- Lack of greed
- And training from professionals
These qualities are highly beneficial for traders indeed. Luckily, Paul had various side businesses and could afford to wait for his orders to work out. Many traders overtrade because they feel bored as they don’t have side businesses to spread their attention.
Ken Githaiga was a college dropout when he started his Forex trading journey. Today Ken is one of the successful Kenya traders. He didn’t know much about trading currencies or where was the best place to trade with them, but he knew for sure that he didn’t want to be an office worker. After finding success in trading, Ken started Jay Forex Trading School to train new traders. He’s formula for success is the following:
- Have long term and short term goals. Your goals need to be measurable and realistic. Plan in advance and stick to your plans, but also be flexible and change your position when it’s necessary.
- Create a trading journal. Keep track of your trades and find areas that need to be improved.
- Keep learning from other successful traders, even when you already are successful.
- Do not invest too much right from the start. Instead, focus on one or two currency pairs.
- Never give up on our dreams. Trading can be difficult from the start, but traders who never give up and keep improving, will make it.
Aly-Khan Satchu is a famous investment banker, financial analyst, and entrepreneur in Kenya. He is the founder of investment advisory firm “Rich Management Lst” which primarily offers advisory, investor relations and digital media services to blue chip companies. Mr. Satchu actively invests in the Nairobi Securities Exchange (NSE). He invests both his personal finances and those from his investors. Aly-Khan Satchu was born in Mombasa, Kenya, in 1966. After school he was moved to the city of London where he got a starting position at Credit Suisse. He worked hard to learn how investing works and was given an opportunity that launched him onto his career. In this first year, Mr. Satchu was set a million dollar target by the company, which he exceeded by 14 million dollars, that secured his future in trading. Aly-Khan Satchu can often be seen on Al Jazeera, CNBC and BBC Radio making commentary on ongoing financial events globally and in Kenya.
Reading the stories of Kenya successful traders can show us that there’s no one way to success. Patrick Mahinge started trading journey with multiple mistakes as he was trading without a winning strategy using borrowed funds, and later became a professional trader. While Aly-Khan Satchu was given a trading opportunity by an investment firm. Ken Githaiga is a college dropout that achieved great success in trading and founded a school for a new generation of traders. Overall, while successful traders have many unique characteristics, they all have one thing in common: they all work hard to succeed and often manage various businesses simultaneously.
FAQs on the most succesful traders in Kenya
How much Forex traders make in Kenya?
Income from trading depends on many factors. Some traders lose money instead of earning any. Some of the best traders in Kenya are hired by institutions where their salaries range from 15,000 KES per month to 300,000 KES per month. Income of retail FX traders is highly diverse and depends on risk tolerance, account balance and trading strategy.
Who is the most successful Kenyan Forex trader ever?
Success can mean different things to different people. Some of the richest traders in Kenya that started from the bottom are Patrick Mahinge and Ken Githaiga. Patrick has an estimated net worth of around 750,000 USD and Ken has around 96,000 USD net worth.
Has anyone become rich from Forex in Kenya?
Kenya trading success stories are countless. Ken Githaiga was a college dropout, and Patrick Mahinge started trading using borrowed money. Both are highly successful traders now.