Successful Forex Traders in Kenya: What They Do Differently That You Don’t Do

Over 90% of the Kenyans who start trading forex get their accounts wiped out in less than six months. However, you do not have to become part of this statistics. You can trade forex in Kenya and become as successful as the other 10% of expert forex traders in Kenya.

However, for that to happen, there are some fundamentals of forex trading that you have to keep in mind:

Forex Trading is not a get-rich-quick scheme

Sorry to break your heart, but if you are looking to get into forex so that you can retire at thirty, you couldn’t be more wrong.

Forex trading is a skill, and it takes a lot of training, time and persistence to be profitable in the trade. The truth of the matter is that if you are just getting into the trade, you will lose more trades that you will win. This is why I highly recommend that you trade on a demo account for as long as it takes you to return some profits.

If you do not have a forex demo account, click on this link to open one right now.

Focus on only one or two currency pairs

Trying to be a jack-of-all-trades (pun intended) is the easiest way to wipe out all the capital you have invested in forex trading.

Pick one or two currency pairs, study them until you understand how they are affected by prevailing market conditions. Practice dealing them on your forex demo account.

It is overwhelming to keep tabs on all the major seven currencies that are commonly traded on the forex market.

If you are going to pick one of the major currencies, go with the EUR/USD. It offers the best spreads, which will cut down on the price you pay to get into a trade. However, since the currency is highly traded, it is highly volatile and you will need to be more savvy when trading it.

Follow Financial News

As a beginner in forex, you will mostly be using technical analysis to get into trades. This does not however mean that you shouldn’t keep tabs on the news affecting the forex market.

Trading forex in Kenya without a clear picture of what news is being released and how the news is affecting the market is a recipe for disaster.

Mostly, immeaditely, news is released, the market tends to be very volatile, and it is advised that you wait 15 minutes after the break of important news before you place a trade.

Now, assume that you are not aware of when news is released? Do you see why it is important to keep tabs on political and economic news from around the world?

Follow the Analysis of Forex Trade Experts

There are guys there who have been trading forex since God-knows-when. They are experts in what they do, and they are generous with their opinions.

Do not shy away from following them on Social Media, Youtube, websites and forums.

While reading the analyses from forex trade experts, write down what direction they are predicting the market will go and the levels they have predicted to be the key resistance and support points for the day for the currency you are following.

Some of the best places to find daily expert opinion about the market include:

  • Fxstreet.com
  • Forexnews.com
  • Currencypro.com

Always Have a Trade Strategy and Plan

By failing to plan, you are planning to fail.

That is some deep ancient wisdom right there. Forex trading is not gambling. There are indicators and signals that clearly point where the market is headed. Make use of these.

More importantly however, never enter a trade without a strategy.

Before you make a decision to go long or short, you should clearly have an entry and exit strategy. How much profit do you want to make from the trade?

What loss can you tolerate on the trade?

Place your take profit and stop loss positions, and stick to them. Do not get greedy and do not let fear get the best of you.

If you do not know how to analyze forex charts, make a point of taking a training course.

For more information on forex trading, or how I can help you, visit my official FX trading in Kenya blog.  Or call/text/WhatsApp me on 0710251380.

 

Internet Marketing Africa is a Scam: Here’s Our Unbiased Review

You are probably on this page because you have received a text message from someone who works for a company by the name of Internet Marketing Africa LTD that purports to operate from the 4th Floor of the Commerce House in Nairobi. You want to get answers and I can understand your thirst for information.

Is the company genuine? Can you make such huge amounts of money working online in a week, as the SMS said? Where did Internet Marketing Africa get your details, especially your phone number?

While I might not provide answers for all your questions, there is one thing that I know.

Jobs in Kenya are scarce, and not even the most philanthropic and humanitarian NGO in Kenya is inviting people to high-paying jobs from the blues.

In fact, from the very fact that Internet Marketing Africa has resulted to spamming Kenyans with unsolicited SMSes, it snugly fits into companies that are characterized as scams.

In this review article, I will provide you with information that you need in order to make an informed decision.

What is Internet Marketing Africa?

Internet Marketing Africa is a sister company of SocialBizConnect Kenya (formerly My Fortunes Builder). The company operates from Commerce House, Nairobi. The company is owned by one Kimathi Kamundeh.

A few weeks ago, SocialBizConnect was trying to recruit new members, just like IMA is doing. I wrote about SBC a few weeks ago and received all manner of derogatory comments and abuse for my criticism. You can read the viral post here.

After my exposure of how the SocialBizConnect Kenya cons the Kenyan youth hit the number one spot in Google, members of the pyramid scheme were advised to stop saying they were working for SocialBizConnect Kenya. Instead, they were to recruit members under the name of Internet Marketing Africa Limited.

What Does Internet Marketing Africa Do?

If you are going to work for Internet Marketing Africa, you surely need to know what the company does, and here comes the spoiler.

Internet Marketing Africa does nothing but invite members to training seminars for a small fee of 200/=!

The invitations are to seminars that teach you how to invite new members, and so the cycle goes. You are paid a small fee of 50 shillings for inviting new members to seminars.

In the process, Kimathi and cahoots pockets a cool 150/= from the members you have invited to their seminars. That will be your main ‘online work’ in Internet Marketing Africa.

Below are 5 reasons why there is more darkness than light in the operations of Internet Marketing Africa.

Is Internet Marketing Africa Giving Free Blogs?

 {Update- Since I wrote this post, Internet Marketing Africa have upgraded their website. Instead of the free blog announcement that used to greet site visitors, you are now welcomed by a few PLR articles about Network Marketing/Multilevel Marketing (MLM). Note how the website is still basic and lacks information about what the company does. The company is still to update their compensation plan, and for a very simple reason- They do not have one.}

Internet marketing africaThe first thing that hits you once you navigate to the {::poorly designed::::} Internet Marketing Africa website is the promise of a free blog!

Who wouldn’t want a free blog at this age when hosting costs an arm and a leg? Don’t fall for it. Once you click on that Free Blog Banner, you are greeted by a Hostgator affiliate page.

Kenyans know what a free blog means and we know when you want to make a few bucks from unethically tricking your visitors that you are going to give them a free blog only to lead them to an affiliate page.

This is super-wrong. It is malicious, scammicious and suspicious.   If Internet Marketing Africa really wanted to give online jobs to the Kenyan youth, they wouldn’t trick them into affiliate pages. In essence, what Internet Marketing Africa is doing is making money for themselves using the Hostgator affiliate link.

Internet Marketing Africa on Social Media

You would expect a company whose main focus is the youth to be having so much social media presence since it is in the social media where the youth hang out.

Internet Marketing Africa will however not have any of that. Their best shot at using social media channels to reach out to their fans is is to spam Facebook groups requesting for new and vulnerable members to join.

Their Youtube Video Channel is a joke that was ordered from Fiverr and shows white people who are apparently making money through Internet Marketing Africa. {:::white people:::}. Sorry, but I thought this was a Kenyan thing.   Social proof is one of the indicators that is used to gauge the trustworthiness of a company.

{Update- Internet Marketing Africa now has a Facebook page! Big news, huh!}

Internet Marketing Africa and SocialBizConnect are One and the Same Thing

If you are intuitive enough, you will notice that the calls to join SocialBizConnect Kenya have been declining by the day. Maybe they have hit saturation point. Or the members are taking a sabbatical, reenergizing and coming back to give you over 8,000/= per week!

I will give you another consideration though.

I exposed SocialBizConnect Kenya as a dangerous scheme that will steal money from Kenyans and go under. The expose went viral. When you Google SBC  or SocialBizConnectKenya, the first page you’ll probably come across is my in-depth review of SBC.

That means almost no business for the company.   That’s why Kimathi Kamnundh hatched and popularized Internet Marketing Africa to counter the decline of business in SBC.

There is no Information Available Online About the Company

This is one of the most obvious red flags about Internet Marketing Africa!

A company about internet marketing that does not have any information available online. Who are you kidding? Not even a website where Kenyans can learn more about the company. Not an about us page. Not a twitter account.

How do these guys then claim that they are doing internet marketing?

Open your eyes Kenya.

You do not need to fall for such crap!

If you ask me, the masterminds behind Internet Marketing Africa are the poorest schemers ever. How can you convince people that you will give them a free blog when your own blog/website lies in shambles?

Multi-level and Network Marketing are Dead

Internet Marketing Africa, and by extension SocialBizConnect Kenya are trying to revive a system of making money online that is long dead. There might have been times when network marketing and multilevel marketing were the shiz when it came to making money online.

Guys like Zig Ziglar and Brian Tracy made a killing from MLMs and Network Marketing but unfortunately those days are gone.  The internet has wisened people up. The promise of a free blog and other regurgitated PLR ebooks, videos and other junk won’t work. If you are looking to make a killing working from home, Internet Marketing Africa is clearly not the place for you.

So, What Can You Do to Make Money Online?

SocialBizConnect and Internet Marketing Africa are scams. Nothing earth shattering goes on at the 4th Floor of Commerce House in Nairobi.

However, the fact that Internet Marketing Africa is a scam does not mean that you can make money online in Kenya.

Here are some of the genuine ways to make money online:

If you would like to start a blog that gives you money, kindly visit my homepage http://www.blogscheme.com/ for instructions

If you are looking for a way to make money online that pays more than $1000 per month, you have to check out the Kindle Bestsellers Program!

This system is so easy that anyone who knows how to type can start making money instantly. I developed a training program that takes you through the whole process, step-by-step.

  • Join Bubblews

Update: Bubblews is no longer accepting new members. I have deactivated the signup link below.

Bubblews is a little known social network that pays you for sharing your updates, liking and commenting on other people’s updates. The system is best suited for a beginner. They pay you after you have made $50.00. Click here to join Bubblews now

  • Freelance jobs

If you have a skill (marketing, writing, graphic design, web design etc) you can join Upwork.Com or Freelancer.com for free and start applying for freelance writing jobs.

Do not allow yourself to fall for pyramid schemes such as the one being run by Internet Marketing Africa. Janjaruka!

Get off the Internet and Write!

Oh, I’m not yelling at you – I’m yelling at myself.)

Every day procrastination threatens to steal my dreams and erase any hope of ever achieving my goals.

I know this, but regardless of that knowledge there are still times when I’ll sit down to work on accomplishing goals and then the next thing I know, hours have passed and so many things are still left undone. How do I still manage to let the time slip away?

When I need to write, it seems like everything else is begging for my attention. I don’t know what it is, but everything else seems so much more interesting than using my brain to write a new blog post.

Seems like that’s the only time I actually feel like emptying out my inbox after months of letting both read and unread messages accumulate to an astronomical number. It’s terrible, I know. It makes no sense.

When mindless activities like checking my email spam folder or compulsive stat checking become more interesting than writing, I know it’s time to do something.

At this point, you’re probably thinking…”therapy” or at least some other psycho analysis to prove that I’m safe to be around children, but I assure you, it’s just the evil procrastination demon trying to steal my success.

Well, I’ve got news for him, I’m not going to surrender that easily. I refuse to let the tempting allure of the internet keep me from the most important thing I must do for my blog. Yes, it’s time to get off of the internet, exit out of the Reader, Twitter, Facebook and yes…exit out of the internet browser entirely.

When nothing else works to curb meaningless distractions that threaten to kill my blog, I have to totally shut down Firefox, Google Chrome or whatever other browser I might be using at the moment to avoid the temptation to check my email every time I get a notification.

I have to stop myself from rushing to respond to every tweet I see. Sometimes I have to slap my own hand whenever I get the urge to start reading every new blog update that pops into my reader (they always seem urgent until you read them).

It’s strange how the very activities that help me support my blog can become the very activities that threaten its survival. Social networking is wonderful, but if social networking and promotional activities are allowed to get out of control, they’ll devour your whole day. It’s easy lose track of time and totally forget to write something new to promote. It can become a vicious cycle.

So until I get my writing for the day done, I’m sorry, but I’ll have to shut this thing down-…!

So what do you do to force yourself to stay productive? How do you filter out all of the distractions?

Meet the Crop of Young Graduates Who Are Turning Their Backs on Corporate Employment

They are young, full of life, and egotistical. But what really sets them apart from the youth of yesteryears is their indifference to corporate employment. While their parents went to school so that they could later find a good job that would pay them an average salary till they retired at 65 or 70, the Y Generation seems to have a totally different perspective on education and its co-relationship with careers.

“I cannot stomach the thought of working for someone from 9-5,” says a newly graduated 22-years old Mercy Njoki.

Mercy’s words are an incredible contrast to every young person (or parent) who cannot stop howling about the government’s failure to create employment opportunities for the youth. It is a story that is in direct contradiction with the more popular Hakuna Kazi version. Hers is the other side of the story that is rarely told; a story of young graduates who, for the love of their lives, cannot imagine spending the remaining quota of their productive lives locked in an office cubicle or chasing story leads in the field.

Mercy’s story is not an isolated one. Droves of young graduates, many with outstanding academic qualifications, are turning their backs on corporate employment. Some cite the low salaries paid by employers while others are concerned about losing the freedom of how they spend their time.

According to Mary Muchemi, a leading recruiter and headhunter in Nairobi, more and more young people are shying away from the perpetual pursuit of corporate employment, opting for the less traveled paths of self-employment and freelancing.

Mary says that a number of factors are responsible for this new crop of graduates.

“Most of them witness the struggle which their elder peers go through as their try to land jobs. Psychologically, they have already given up on the notion of landing corporate jobs even before they’ve graduated,” says Mary.

“Others want to feel that they have total control over their lives and how they spend their time. They do not want to answer to anyone but themselves, something which makes them an automatic mismatch for jobs in the corporate sector,” she adds.

Finding Joy Working Online in Kenya

So, where does this breed of corporate-employment-shunning fresh graduates go, and what do they want to do with their time?

Most of the young graduates who have shunned corporate employment are finding solace in online freelancing. It is the new way to find work and get employed, and, according to Mercy Njoki, if you you have not tried online freelancing, you are seriously missing out.

“I seriously get perplexed by guys that constantly cry ‘hakuna kazi’. There is so much work online. There is so much that you can do. You don’t need anyone to employ you, make you report to the office at 8, underpay you, and treat you like you are under their mercy,” Mercy rants.

Mercy, who works as a freelance writer with an online marketplace she identifies as Upwork, says that there are jobs for everyone online, and the best thing of them all is that the employers in these places do not concern themselves with your qualifications. You might be a form four dropout but as long as you can get the job done, you will get hired.

In Kenya, the idea of working online started a few years ago, but the information remained a reserve of a select few.

However, over the past two years, thanks to the wide penetration of low-cost internet and online social communities that are generous with information, the notion has gradually caught momentum and it looks as if there is no stopping it. Young undergraduates are being recruited into the movement years before they graduate. Apparently, there is a large market for their services in overseas countries where startups cannot afford to employ full-time staff. The startups turn to countries like India and Kenya for ‘cheap labor’.

However, what is cheap in overseas countries is a jackpot in Kenya where the cost of living is relatively low. Working online, Mercy pockets between Ksh. 90,000-150,000 per month. The lowest she has ever earned was 30K, and that was when she was young in the industry and still learning the hoops and crannies of the industry. On a good day, she makes about 5000/=, working for only 6 hours.

However, while the romanticism of working online is definitely attractive, HR professionals are afraid that the trend could shove the country into a labor crisis. Mary says that the country faces a possible worker-shortage problem.

“With the prospects that young people are finding online, it will soon be difficult to find qualified employees who are willing to work at the current salary rates in Kenya. Employers will either have to up their game or also resort to hiring online,” Mary explains.

The online jobs market also poses a nightmare for the revenue authorities in Kenya. While every individual is supposed to accurately file tax returns annually, many freelancers do not bother themselves doing so, and are, in fact, proud of flaunting the mantra ‘tax-free income’ to anyone who cares to listen. The government could be losing a substantial amount of revenue in terms of undeclared income.

Starting an Online Business Like Steve Jobs Would Do

Statistics collected by Bloomberg indicate that 8 out of every ten startups end up collapsing before the start of their third year. That is a whopping 80% of startups that crash and burn when they are still in their infancy.

As entrepreneurs, we should be asking ourselves why so many startup businesses fail. If you wish to turn your next startup into a flourishing success, you should be learning from the amount of failing startups.

What do these businesses do or fail to do that contributes to their untimely closure?

In this article, I share the five common pitfalls that are usually the death knell of many startups:

Failing to keep in touch with their customers

What usually happens when a businessman has a brilliant idea that he or she thinks is the next big thing in the enterprise world?

Many entrepreneurs retreat into a shell. They hibernate in their work caves and get busy implementing their ideas.

This is the wrong approach to business.

You need to get out there and talk to your potential customers. Not through 140 character tweets but a sincere dialogue that seeks to understand what your customers’ passions, fears and strengths are.

Holding a dialogue with your customers is the first key to business success.

Lacking real differentiation in the market

How unique is your business idea?

One of the reasons why your startup will fail is if you are trying to do what everyone else in the market is doing.

Since most of the business do not have real value that they are adding to the market, they end up closing their doors and wondering what went amiss.

Failure to communicate your unique value proposition clearly

Communication is an art and science. Unfortunately, if you do not know how to communicate your business goals and mission clearly, it doesn’t matter how brilliant your business idea is, it will end up with the 80% that never celebrate their third year anniversary.

The above three mark the most common pitfalls that lead to the crumble of many startups. Now that you know the reasons why businesses fail, I trust that you can come up with ways to salvage yours from joining the colossal statistics.