- "Through my Facebook platform, forex exploits, where I offer free trading tips, I always encourage my followers to approach forex as a business."
- "Anybody can join the forex market but you need to start the right way. Have the necessary skills because if you do not, you will sell while others are buying."
What comes into mind when you hear about forex trading? A gamble? Get rich quick scheme? A loss that awaits? Or maybe a share of all that.
Wanjiru Gishangi, 29, shares more on losing and finding a living from the forex market.
"What do you do after an MBA and a year of unsuccessful job search? You pause on sending out those résumés and start thinking outside the box.
This is exactly what I did five years ago. I had quit my job as a banker, graduated from the University of Nairobi and I was a tad bored of being a housewife. I wanted more: a job maybe, but none was forthcoming.
One day, I thought of researching on online jobs since I had set up WI-FI at my house and I owned a laptop.
I settled on online writing and even got someone to train me at a cost of Sh3,000. Along the way, I dropped interest and switched to transcription. This too did not work out.
In 2014, I was scrolling through the TV channels when I bumped into one that was broadcasting about smart investment. Because I was looking for something to occupy me, I listened on. The guest was talking about forex market.
I remembered learning about it in my public finance class back at the university but I had not paid much attention. I tried contacting my then-lecturer but I was informed that he had since left the country.
I sought to research more about it and watched hundreds of YouTube videos. Forex trading is the buying and selling of currencies against each other. After two months of self-training, I thought that I was good to go.
“Ah, this is easy, you just buy and sell currencies,” I remember encouraging myself.
I opened an account, invested Sh50,000 and in less than five minutes I lost it all. I took a trade based on wrong market analysis.
One can never trade against the market movement. So if you do counter trades, losses are guaranteed and sometimes really terrible loses.
Then, I did not know much about the trade or the profits. There were not even the loud dissuading remarks that forex trading was a fraud, a bet. It was just me being fuelled by the drive to make myself busy.
I went back online, this time on Facebook, typed forex trading on the search bar and sent messages to anyone who I thought had an idea of the venture.
I contacted about 30 people and those who bothered to respond had discouraging messages.
'Forex trading is risky business and meant for men; it is too complex to teach, that I should just pay them to run my account and so on.'
One offered to train me at Sh300,000, an amount that I did not have and was not willing to raise. Nine months later, still learning and looking for someone to train me, I chanced upon someone who was selling trade signals.
The signals are a suggestion for entering a trade on a currency pair, usually at a specific time and price.
He asked me for Sh5,000 a week and I got some returns. I even gave him my account to manage for one month.
However, since this was not my long-term goal and he was not available to train me; I withdrew.
Remember the man who had asked me for Sh300,000? He sent me a message through Facebook and told me that his mentor was offering a two-hour open house training and if I was lucky enough to be selected, I could join in and learn.
I did and even got into the trainer’s boot camp under full sponsorship.