How much sammyboy earns per month through Forex

Sammyboy boy a 26-year-old young Instagram influencer went out on his Instagram page displaying the amount of money he earns per month, Sammyboy is known for his business of online trading, forex training and selling trading bots. However he has come out clarifying that that is not the only source of income he has.

Sammy boy earns approximately 1.5 Million Kenyan shillings per month through his other side hustles, this has shocked many who thought most of his money comes from trading.

Forex trading has become the talk of town in Kenya recently, forex is not a get rich quick scheme it needs dedicated time like any other business.

However, there are certain strategies and practices that experienced traders frequently use to improve their chances of success. Keep in mind that effective trading necessitates discipline, research, and ongoing education. Here are some tips to help you increase your chances of profiting in the forex market:

  1. Educate Yourself: Knowing the forex market, trading strategies, and technical analysis is critical. Many online resources, courses, and books are available to help you expand your knowledge.
  2. Risk Management: You must limit your risk on each trade. Use stop-loss orders to specify the maximum amount you are willing to lose on a trade. This protects your capital and ensures that a single bad trade does not deplete your account.
  3. Create a trading plan: Make a comprehensive trading plan that includes your trading objectives, risk tolerance, and strategies. Stick to your plan and avoid making emotional decisions
  4. Technical and Fundamental Analysis: To make informed trading decisions, combine technical analysis (chart patterns, indicators, etc.) with fundamental analysis.
  5. Keep an eye on the economic indicators: Understand how economic indicators affect currency prices. Events such as interest rate decisions, employment reports, and GDP figures can have a significant impact on currency values.
  6. Stay informed: Keep up with global events and news that may affect the forex market. This encompasses geopolitical developments, economic reports, and central bank statements.
  7. Use Leverage Wisely: Leverage can increase profits, but it also increases the risk of large losses. Use leverage with caution, and be aware of the potential drawbacks.
  8. Demo Trading: Before risking real money, test your strategies on a demo trading account. This allows you to gain experience without incurring financial risks.
  9. Control your emotions: Emotions like fear and greed can drive people to make irrational decisions. Even during volatile periods, maintain discipline and stick to your trading strategy
  10. Continuous Learning: The forex market is dynamic and ever-changing. Stay current on new trading strategies, market trends, and technologies that may affect your trading.

Remember that trading has no guarantees and can result in losses. Only trade with money you can afford to lose, and be prepared for the risks that come with forex trading. If you’re new to forex trading, seek advice from more experienced traders or financial professionals.

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