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.
Related articles:-

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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Why every forex trader should avoid love at first sight with a forex broker - forex news trading broker

Why every forex trader should avoid love at first sight with a forex broker ~ forex news trading broker

A few unscrupulous forex brokers have given the forex market a bad name and ruined the chances of traders hoping to trade forex successfully.

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A Word to the Facebook Junky that Ignores Online Forex Trading - forex news trader expert advisor

A Word to the Facebook Junky that Ignores Online Forex Trading ~ forex news trader expert advisor

Let’s face it. We all love tweeting and facebooking. Whether in offices or lecture rooms, we update our facebook status more often than we do our personal diaries. We tell the world of opportunities coming our way even before ascertaining them and the rosy side of our love life. The sad fact is that the world does not care an inch about all that stuff that we keep putting online at the interval of every hour.

But how much do you use when you are logged into that facebook account or tweeting? Statistic has shown that last year alone the East African youths spent a whooping Kshs. 20 billion on facebook and tweeter. You wonder why telecom companies are swiftly upgrading their internet services. They’ve come to the realization that the East African Youths, particularly Kenyans, are facebook junkies.

It is said that better to be a facebook junky than a drug junky. I believe that both forms of addiction are negative and unnecessary. They are a waste of resources and valuable time. The average youth is concerned more about his online image than the actual image of his real life. Where are you headed with that virtual world? Ask yourself, how much of the 20 billion shillings did you contribute and what benefit did you derive from it. With a little stock taking you’ll discover that at the end of every month you are just as wasteful as a drug junky.

I am not decampaigning any social site; my agitation is aimed at showing you a holistic treatment to your online presence that could contribute positively to your livelihood. A lot of youths are busy pouring venom on their own governments for failure to end youth unemployment through facebook posts. Some are busy seeking for nothing but sympathy by telling the world of how they’ve done their best to  graduate from colleges and schools only to add up to the growing statistic of the unemployed. Well, we said earlier that no body cares about that stuff and at the end of the day you are just on your own.

My agony with these youths that complain about unemployment is that they have not realized just how much they could cash in on the many opportunities that come along with their presence online. Most of these youths have even got laptops which makes it all the more easier for them to make money online.

Next time before you update a facebook status complaining about unemployment, ask yourself whether you’ve tried enough in your quest for self sustenance. Government will not call you for a job. It doesn’t even call PHD holders and you wont be an exception. Log out of that facebook page and seek for one of the innumerable opportunities waiting for you online. After that you can only complain about double taxation when money begins flowing your way. Then, we will empathize with you for your hard earned sweat that government still subjects to double taxation regime.

Below is a small piece about online forex trading, one of the avenues through which you could make money online.

Online forex trading is the best place for Kenyans and other East African youths seeking to make money online. The better part of online forex trading is that you are accountable to no one. If you’ve had a long held dream of being self employed then online forex trading is the best deal for you and every other Kenyan youth. The working schedule for the online forex trader is not fixed and that implies that any Kenyan can use his spare time to make money in the online forex market.

 No qualification is required for any Kenyan who wishes to make money trading forex online. Unlike other opportunities that require a certain level of education, online forex trading can be done by any Kenyan with basic education and the ability to read and write. Making money by trading forex online is a technique that can be understood by any body that reads the materials all over the internet in relation to online forex trading.

Kenyans wishing to make money in the online forex market can begin trading as soon as they have mastered a particular trading strategy and have understood the best currency pairs to trade and the best times to trade. In addition to this, for any Kenyan to make money trading forex online, they must understand what leverageis, the advantages of using limit orderssuch as stop loss orders and take profit orders, and the attributes of a good forex broker.

Making money trading forex online is open to all Kenyans and East Africans who are over 18 years. There is need for the aspiring forex trader to have a bank account through which he or she will transact with the forex broker.

The Kenyan wishing to make money online by trading forex must also have a certain degree of computer literacy. This is because most forex brokers use computer software to support their trading stations. The need for a personal computer is necessary but not essential because online forex trading can be conducted through the cyber cafes. For convenience however, and in order to access the services of brokers that send the forex trading software to your desktop, it is advisable that every  Kenyan who is serious about making money while trading forex online should have a personal computer.

The amount that one begins trading with is not fixed. Some brokers permit opening of a micro account with $ 50 while others require $ 200. Aspiring online forex traders should however try and begin with between Kshs. 10 000 and Kshs. 20 000. This is to make sure that in case of a losing trade, the forex trader has another chance to make money on another day.

Online forex trading is not hard and any Kenyan 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. Demo trading is part and parcel of learning how to trade in the online forex market. The aspiring Kenyan forex trader can also use the simulators to quickly master their forex trading strategy. The good news is that opening a Demo account or trading using a simulator is absolutely free.

Forex trading is fun and can solely sustain your livelihood if you’ve got the skill and discipline of trading. Skill can be acquired within a month, but discipline is a combination of many factors and is what destroys most of the new traders in the forex market.

Before you begin online forex trading, you should understand the following:

·         Risk Reward Ratio in online forex trading

·         Lot Size and Position Size in online forex trading

·         Margin and Leverage in online forex trading

·         Money Management in online forex trading

·         Limit Orders in online forex trading

·         A forex trading strategy

If you’ve mastered the above aspects of the online forex market, then you are ready to make money as a successful forex trader.
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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Days you Should Never Trade an Inside Bar - forex peace army news trading

Days you Should Never Trade an Inside Bar ~ forex peace army news trading

An inside bar is among the major forex price action trading strategies. The inside bar forms when the low and high of the bar are within the range of the mother bar. The inside bar can be traded in both the 4 hour chart and the daily chart. 

Due to the nature of the inside bar, it is not advisable to trade it on particular days associated with low volatility or little market movement.

1.    Saturdays and Sundays

The first way to avoid trading inside bars that form on weekends is to use an online forex broker that uses the five day chart. If your forex broker uses the seven day chart you need to be careful about the trading signals that form over the weekends. Every trading edge that forms after the New York Close at 5: 00 pm EST on Fridays should be held suspect. A lot of forex brokers actually use the seven day charts and every forex trader must be extra careful not to execute trades on the basis of signals that form on Saturdays or Sundays when the London and New York markets are closed. Any inside bar that forms on Saturdays or Sundays should never be traded because they end up being false signals. They don’t reflect the general mood of the forex market.

2.    International Holidays

Inside bars that form on international holidays should also not be traded.  The forex market is always closed on international holidays such as Easter Monday and Good Friday. Although the online forex market is a 24/7 affair, it does not imply that markets don’t respect holidays. As a matter of fact, the forex brokers, hedge funds, banks and retail traders that contribute to the running of the forex market are humans that must get a rest.  If they are not engaged in forex trading, there is no way the price action strategy will bear good results. Master international holidays and ignore all inside bars that form on such days.

3.    United Kingdom Holidays

If your online forex broker uses the London open forex charts, you must bring yourself to the knowledge of the relevant events in London. List down all the United Kingdom holidays that may affect your success trading the inside bar in the online forex market. Mostly your forex broker will let you know about holidays in their forex reviews. But if you are a forex trader that rarely looks at reviews, then you need to have all the relevant information about the London forex market charts written somewhere. Remember, inside bars can easily lead to loses in the forex market when traded on the wrong days. The trade will turn against you due to your lack of knowledge of when to trade the inside bar successfully.

4.    American Holidays

This applies to all forex traders using the New York close charts. Online forex volatility falls whenever the New York Stock Exchange closes. This happens at daily at 5:00 pm EST. if your broker uses the New York close charts, you must be aware of the relevant trading days in the United States of America. Short of that you will mistakenly trade an inside bar that forms on an American holiday. The consequences will be dire as you will have a losing trade and lose faith in your trading edge and the forex market all together.

Most of the time that our edge turns into a loser is because we’ve rushed into the forex trade and executed a trade without considering whether our trading edge is genuine or not. Trading genuine inside bars in the forex market implies trading only inside bars that form on the right days. Success in the online forex market comes after mastering the what, when and why. Know what to trade, when to trade, and why to trade. In forex, learn how to trade the inside bar only after answering the what, when and how to trade. That way, the online forex market will not be a painful endeavor.

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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