Here’s Part 2 of one of our members George Kironji’s trading journey. Read up for insightful lessons on mastering your own confidence to trade and avoiding dubious “expert” traders locally with selfish interests.
It is no secret that 96% of losing traders are angry and depressed people. Watching the AUDUSD pair chew up my $400 to a paltry $12 in a little under half an hour sent me to a world where only the depressed can understand. In minutes, I had gone from a happy, bubbly personality to a very grumpy and uninterested chap. If memory serves me right, I can recall a girl whom I had been seeing at the time & who had delayed to reply my “sasa” text earlier that morning had texted back. Her innocent text read something like. “Poa hun. Sorry I was doing dishes. How are you?” & in my head I was thinking, “Woman, dunia mzima iko mbioni kutafutana na pesa na wewe na vyombo zako mko tu poa” Luckily, I didn’t actually put down my thoughts to text, otherwise that’d have been an automatic breakup. As for Me and my ego, we had a brief meeting & we decided never again to lay our fingers on the AUDUSD pair. Even if it was the last tradable pair on Earth. After a brief handshake, me and my Ego we decided to go make another deposit of $450. Again, drawdown became my story & when my balance got to $100, I thought “Afadhali ata mngenidunga kisu kama ni pesa mlikuwa mnataka kuniibia”.
I quickly withdrew the remaining balance and left that “toxic” relationship. After that, I made a resolution that I’d rather take my sister & her friends out for a “mutura” eating experience than try binary options ever again. Having studied economics & markets at University, I knew there had to be a better way. It wasn’t long before I googled “forex traders in Kenya” & that redirected me to a Facebook group which you all have come to know as “Nairobi Forex Traders Community” Inside there I found people posting charts with lines on them & using very complicated terms by a fundamental trader. (I reserves his name for privacy) & his post read something like. “I’m bullish the Kiwi which is backed by hawkish purchasing managers’ index numbers with contractions in Europe CPI & lower yields in the German Bund” In my head… I was thinking, Okay. First, Kiwi is a bird. And second, what are these?
I knew instantly that for this one, I would need a trainer. Badly. And So, I began to inbox random people who said that they trained newbies. I remember, I messaged about ten. 5 of them quoted me figures of about Kshs. 40,000- Kshs. 60,000 while others quoted as little as Kshs. 10,000 for “online mentorship”. I asked them for their numbers & I chose someone who I won’t name but will call Mr. A. I settled on Mr. A because he posted very beautiful charts with candlesticks headed to the moon near his entry. I was in Awe of this genius. So Mr. A told me that he would train me for 40k. So after much negotiation, I told him I would pay him in installments provided he allowed me invite one other friend who also wanted training but couldn’t afford 40k requested by trainers.
I approached a good friend of mine, Elijah, in Naivasha where we’d joined a group for a fun day function. We both agreed to split the difference in two installments of 10k each. Monday the next week, we both sent our Kshs. 10,000 to our supposed trainer who in turn sent us a zip file with a colorful breakout indicator which had a tidy countdown at the side of the mt4 platform. The rules for him were simple, you stay till midnight. If you see a green candle is forming very early on, go to lower timeframes and look for price breaking out and buy or sell according to what you see. He then told us that was the end of the first lesson & to continue with the syllabus, we had to make hay and send him the balance. I felt cheated, betrayed, thieved. My friend tried the indicator with real money & after 3 weeks of trading he called me & the first thing he uttered from his mouth was “It’s a scam”
Fast forward to today, and I have picked up lots of valuable lessons along the way. Including, but not limited to: Money management, patience, and listening to my inner voice. I’m far from being successful. If anything, I’m a work in progress. But like you, I’ve been lucky to meet good people along the way to share valuable insight. Because as I said earlier I did economics, I’ve more or less discovered I feel a lot more comfortable with fundamentals somewhere in the mix. Perhaps because price doesn’t fall from thin air & something has to be driving the demand for any asset. However, mine is not to start a debate about which is superior to the other, but to encourage newbies to take the time and learn with available resources & paper trading until they find their footing. If my mistakes are anything to go by, I’d say I’ve made my fair share of mistakes. Don’t take that route. Study the markets.