Five reasons why VIPortal must take blame for giving Kenyans the wrong view on forex - forex currency trading demo

Five reasons why VIPortal must take blame for giving Kenyans the wrong view on forex ~ forex currency trading demo

It seems that our analysis on VIPortal incorporated, a Kenyan forex entity, is not going away any day soon. Let it be known that we have nothing against VIPortal. We only think that we owe it to the unsuspecting public which has a right to know, online forex being an unfamiliar terrain to many Kenyans. 

Online forex trading is considered as such because of the
limited interaction between the forex trader and the market maker, who is basically the forex broker. Try and fix VIPortal into this scenario and you will be left wondering whether VIPortal is trying to redefine the meaning of online
forex trading or whether what they are attempting to do is what forex brokers should actually be doing. It cannot skip our minds that VIPortalhas also branded itself as an ECN provider. We will not delve into that discussion today. Let it be the subject of another occasion. Today we only aspire to show how VIPortal Incorporated has misled the Kenyan public interested in the trading of forex on what online forex trading actually entails?

1.      Forex brokers are market makers

Being a market maker simply means that you provide an avenue through which forex traders will buy or sell any currencies,  metals or any other commodities. In a sense you have to be trading against the client so that when the client buys it implies that you have sold. So far VIPortal has not shown that it has been a market maker to over 8,000 of its clients. When most these clients first opened accounts with VIPortal, the entity had no Meta trader 4, which it has recently acquired. Yet majority of Kenyans I have interacted with on matters forex now believe that what VIPortal has been doing is what the typical forex broker does. That is, taking money from the client and trading on their behalf. That belief is wrong. The best a forex broker can do is to assign a trader to an account manager who guides the trader on when and how to trade on any platform registered in the full names of the trader. I highly doubt if any of VIPortal’s clients can see the results taken on their behalf for the past few months through the Meta trader platform.

2.      Forex brokers have different payment options

VIportal seems to be the de facto neteller ambassador in Kenya. Neteller is a money transfer system that allows transfer between merchants and individuals. You could compare it to Lipa na Mpesa. We wonder whether during the signing of trading contracts clients were notified that they could only be able to withdraw their money through Neteller accounts. If VIportal is on some affiliate program with Neteller one can only try and guess how much money they have made from each of their clients that opened a Neteller account to get their money back. The Kenyan public should know that forex brokers provide various ways of cash deposit and withdrawal depending on what is convenient to the trader. Some of those ways include depositing or withdrawing by wire transfer, debit card, credit card, skrill or moneybookers, Paypal and many other ways. If VIportal is on an affiliate program with Neteller their clients must be let know under the principle of full disclosure. But as matters currently stand, all its clientele believes that Neteller is the only way to get their money back.

3.      Hedge funds are the only certified entities that trade for individuals and organizations

VIPortal is not a hedgefund and as such should not be taking money from its clients and trading on their behalf. It claims that its staff constitutes traders rated from three stars to five stars. Were the clients provided with the trade records of all of VIPortals traders so as to ascertain whether they were capable of bringing profitable returns to the trader’s accounts? I doubt. Probably no client asked to be furnished with such information; not because they lacked the guts to inquire but because they do not know that before anybody handles your trading account you need to see a certified document showing all the trades they have taken for a given period of time in a real trading account. Hedgefunds generally trade for others because as the name suggests they hedge their positions so that the loss they make in one trade is covered by the profits in another trade taken at the same time.

4.     Studying how to trade forex online should not be that expensive

Forex trading is not an elitist profession. It is the only sphere where even college dropouts can do much better than those with master’s degrees. And just if you did not know, you do not need a university degree to trade forex online. Of course VIPortal has in no way made forex seem like a science, but it has been charging abnormal amounts to those who would want to learn how to trade forex. In a previous article we attempted to answer the question whether forex trading can betaught. VIPortal’s high fees could be as a result of enjoying a monopoly due to their permanent presence unlike most self declared Kenyan forex tutors without addresses who disappear soon after getting hold of your money. What any Kenyan aspiring to learn how to trade forex should know is that there are many online forex tutors that charge far less to train anyone on how to learn to trade forex online. And you will be surprised to discover that most of what you will be taught after paying over Kshs. 100,000 for an advanced course at VIPortal is actually available for free in an online forex forum. They probably copied the course from one of those forums.

5.      Forex trading is not all about prayers

I am not discouraging anyone from sticking to their pious lives, but what you should know is that as a trader the market cares less about your background. Forex trading is not a sphere where you sow a seed (panda mbegu), and have profits henceforth. Bad trades in this sphere are not rebuked through biblical versus- it is a centre of realism. You are either profitable or a loser. Most of VIPortal’s reply to those with questions concerning its activities has been bible based. Visit their facebook page and you will discover that any concern raised is often rebuked through some verse from the New Testament. Forex is a murky world and most of those learning to trade under the tutorship of VIPortal will be devoured by this world when they open live accounts. My only hope is that they have not been insisting on the power of prayers to any of their students when it comes to the trading of forex. For forex trading is all about eating your just desserts.

It is our hope that you now know what it means to be an online forex broker. You also now understand that you can actually ask to be paid back your investment through any means other than Neteller as long as your contract did not spell out the means of getting your money back. You can get more information on forex trading from the article titled ten things you did not know about online forex trading in Kenya or from any of the articles listed below. 
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
Read: How Profit Venture Limited is stealing from Kenyan forex traders
Call us today on 0725 050 419 for the best forex trading orientation.
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Why are many Kenyans failing in the online forex business

Is online forex trading illegal in Kenya

How VIPortal got it wrong

Have courage to open a live forex trading account

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Is forex a scam - forex demo trading india

Is forex a scam ~ forex demo trading india

Is it a scam? Is it a gamble? Can it sustain a livelihood? Is it really worth millions of dollars? The online forex market is many things. And all these questions can be answered both in the negative and in the affirmative. Except for the last two questions, no one loves interacting with forex as a gamble or as a scam. Mostly it will be out of ignorance.

Forex can be a scam. To those traders who have deposited money with forex brokers that later went under, forex is one huge scam. To those that deposited money and traded for profits but can no longer withdraw their money because the broker keeps ignoring every other request for withdrawal, online forex is the biggest scam ever. To these people, society is to blame for sanitizing a draconian institution that robs the world day and night under the watch of toothless regulators. To them, forex is the best example of how capitalism has lost its human face. Be careful with the kind of broker you deal with because the wrong broker can only mean that to you forex will be nothing more than a scam.
Forex trading can also be a gamble. To some traders, there is no distinction between the events taking place in their meta trader 4 platform and the din in the casinos of Vegas. Traders that interact with forex as a gamble seek only to over leverage small positions with hundreds of trades. The end result is often a sad one; the account being wiped out. Gamblers in Vegas rarely go back home with profits because the casino has a lot of money and is always willing to bet against them. The same is true with the forex market. You cannot fight it. Those that attempt to do so are gambling and sooner rather than later, the market gains an outstanding victory against them.

Forex trading can also sustain a livelihood. The transformation can be overnight. Forex could be the only thing you need to live the rest of your life without the stress of a mortgage or how to repay your college loan. Thousands or even millions are living la vida loca (the good life) as a result of trading the forex market. This sort of interaction with the markets is of course reserved for those that have mastered their art of trading the markets. If you know what you are doing, then forex can sustain your livelihood.

Forex is a trillion dollar market. The high volatility associated with it makes it the most traded market. Institutional investors with large portfolios ensure that currencies are active in most times of the day. Small investors are also ripping big from this trillion dollar market with over thirty currency pairs to trade from.
Forex is many things. Fortunately, there are regulations that ensure decency and civility through the threat of sanctions or penalties. But just like in typical society, there are those online personalities that have little regard for laws or regulations. Those are the kinds that turn forex into a scam and a gamble.  

A part of the forex industry will not cease being a gamble. A part of it will also not cease being a scam. Be that as it may, forex remains a good means of sustaining a livelihood and a multi million dollar market. And I do not think that the scammers can ever win the war by stealing from every trader engaged in the trading of forex online. Gambling in forex is mainly caused by failure to believe in ones own strategy. So long as gambling with the markets does not translate into an addiction, there is always room for redemption when you choose to come back home to a place where forex is a means of sustaining livelihood.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars. 

Call us today on 0725 050 419 for the best forex trading orientation.


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Will the Blind Trade Forex Online Soon - forex trading news feed

Will the Blind Trade Forex Online Soon ~ forex trading news feed

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Seventeen basic forex jagons that every forex beginner must learn before trading live - forex trading live demo

Seventeen basic forex jagons that every forex beginner must learn before trading live ~ forex trading live demo

You are not ready to engage in the business of trading forex on the live charts using real money if you do not understand what the following forex terms refer to. Read them carefully and do detailed research if you intend to be a serious trader. Remember that self learning is the best strategy through which you can succeed in the trading of the forex market. You are your best teacher. Master the forex terms as part of the rites of passage in the forex readiness class.

1.      Spread

Spread is the ‘minor’ expense for engaging in a forex trade online. The spread charge is dependent on the whims of a forex broker. Your forex broker charges the spread depending on the bid and the ask price of a currency. We could say that the spread is the first commercial logic for undertaking the brokerage obligation and that an open trade is the infraction that induces the spread. Some forex brokers provide fixed spreads while other brokers’ spreads tend to vary. A spread charge can also vary depending on the type of account you are trading. Most forex brokers subject forex beginners operating micro and mini accounts to a spread between 3 to 5 pips. If you operate a forex account that can trade a standard lot, then you could be able to negotiate with your forex broker on the spread charge or the spread could be fixed such as at 1 pip. Spread also varies depending on the currency pair you are trading. There is a lower spread for the major currency pairs such as EUR/USD and GBP/USD. Minor currencies or exotic currencies on the other hand tend to attract a higher spread value. The reason for the varying spread charge between the major currency pairs and the other currency pairs is basically liquidity.

2.      Stop loss order

Stop loss is a confidence building measure. It is the point at which you exit a losing trade. It limits damage and enables you to multi task by entering a trade and performing other non forex related matters without the fear of losing your entire forex investment in your account.

3.      Take profit order

This is the point at which you exit a trade that has been a winner. Take profit level does not mean taking the exact top for a long position or the exact bottom for a short position. It must be in tandem to the dictates of risk reward.  When the take profit order is triggered your current position is exited and your forex account is credited with the amount you’ve made through the trade. It is an order that you must leave with your forex broker if you hope to make some money in case the market goes in your favour to a particular point of resistance or support.

4.      Trailing stop

Trailing stop locks in an already acquired profit in case the market is moving in your direction. It is also the number one reason why the best market result that most forex beginners ever get is 1:1. Trailing stop has the ability to pull you out of the market before you get your preferred risk reward ratio. A market moving in your favour will also retrace back to where it’s coming from. If you move your trailing stop too fast it may be knocked and you’ll be pulled out of the trade and will watch in dismay as the markets retrace and keep moving higher and higher.  The trailing stop only rises with the market but never falls when the market falls. That is why it is best to place it after acquiring at least a risk reward of 1:1.5 or more.

5.      Resistance

Resistance is the ‘mean point’ where the highest market points of previous days or weeks have been converging. It plays a greater role in determining your exit or take profit level in an uptrend market. It also helps in ascertaining where to place your stop loss in case you are going short on a trade. Most times resistance is also used to refer to the inability of price to break above a particular point on the charts.

6.      Support

Support is the ‘mean point ‘ where the lowest market points of previous days, weeks or months have been converging.  It plays a greater role in determining your exit or take profit level in a downtrend market. It also plays a greater role in determining where to place your stop loss in case you are going long on a trade. It can also refer to the inability of a price to break below a particular price on the charts.

7.      Risk reward ratio

This refers to the ratio of the amount you are willing to risk compared to your probable gain in the market. There is nothing mathematical about it. You simply have to look at the raw price action charts for the number of pips between your entry level and stop loss level compared to the number of pips between your entry point and take profit level.  For a better risk reward, the pips between your entry level and the take profit level must be larger or more than double the number of pips between your entry and stop loss level.

Margin

Margin refers to the lowest amount of money that must be present in your forex account to sustain a forex trade. Be careful about margin because some forex brokers will let you enter a trade even in the absence of margin and then debit your bank account afterwards. Some forex brokers don’t also demand a minimum margin before you can execute a trade.

8.      Margin call

This comes about when an open trade is nullified due to the absence of sufficient margin in your trading account. It comes about when a forex trader has not used a stop loss or when the stop loss fails to execute and the forex trader’s portfolio is wiped out.

9.      Leverage

Leverage refers to the extent to which you are utilizing the freely available money from your forex broker on any particular trade. If you over-leverage and the trade turns into a loser, you may lose a lot of your real trading capital. Likewise, if you over-leverage and a trade turns into a winner you will have made a lot of money. No forex beginner should trade on a live account before understanding how leverage works. A forex trader must do his risk assessment and find out whether he or she is comfortable with risking a particular amount of money. Leverage is more about what you are bound to lose than what you will gain.

10.  Pending order or limit entry

This is an order you place with your forex broker after confirmation of your trading edge. Its effect is to let you enter the market at a particular point when the market has moved to your preferred direction. The moment your pending order is triggered you will have an open position in the market.

11.  Roll over charges

These are charges in form of commissions deducted from your forex trading account by your forex broker whenever you hold an open position overnight or for more than twenty four hours. Traders of the lower time frames are not subject to the roll over charges. It is mainly subjected to the traders that trade the daily or weekly charts.

12.  Quote

Quote is the currency that comes second in a currency pair. For example in the EUR/USD pair the USD is the quote currency.

13.  Base

Base is the currency that comes first in a currency pair. For example, in the EUR/USD pair the EUR is the base currency.

14.  Open position

Open position refers to a position that is still active and from which a trader can be subjected to either a profit or loss

15.  Closed position

Closed position refers to an inactivate position that is not subjected to the current market conditions. It can arise as a result of a trader manually closing his trade or when the take profit or stop loss order is triggered.

16.  Breakeven point

Breakeven point refers to the point at which you exit a trade without a profit or loss. It arises when you obtain a risk reward of 1:1.

17.  Market order

Market order refers to a situation where a trader buys or sells at the best available market price. You don’t have to wait until the price moves to a particular point. The broker executes the market order at the current rates.

Feel free to leave below any forex terms that I left out which you would like to be defined. Remember, there are thousands of forex terminologies but only the basic ones are of essence to the retail trader. Do not spend time mastering the whole forex dictionary with terms that you will never apply in any trade.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
Call us today on 0725 050 419 for the best forex trading orientation.

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