Nairobi gears for forex meet amid concerns in the industry

NAIROBI, KENYA: Nairobi School of Forex Trading-a local forex training institute will host the first online trading conference in Nairobi.

This comes at a time when new online forex trading regulation has been enacted to govern the subsector forex, which targets forex brokers and money managers.

Under the Capital Markets Act Cap 485A, the CMA will have powers to regulate the forex trading activities at the Nairobi Securities Exchange and online forex trading platforms.

“An online forex conference provides participants from Eastern and Central Africa region with great opportunities to learn about new trading strategies, network with other forex traders and become familiar with the latest developments from within the industry. This will also offer an opportunity to increase awareness about online forex trading opportunities in Kenya and position Nairobi School of forex as the industry leader for training and forex trading automation services,” says Silah Obegi – Automated forex trading specialist and a director at Nairobi School of Forex.

The one-day event’s theme ‘Opportunities in Online forex trading with the new CMA regulation’ the event will bring together participants from various industries like Investment Banks, Investment Managers, forex brokers, Retail and Institutional and forex traders.

Eugene Abungana, Forex Trading strategist and Director Nairobi School of Forex added that “most Kenyans are not aware of the online forex trading, which is more of the buying and selling of currencies with the goal of making profits from price fluctuations.”

Among the key speakers of the event are Mr Gilbert Kimari, Forex Training specialist, Mr Philip Wambua, General Manager Treasury and Institutional Banking, ABC Bank and Tushar Vyas – Forex Trading Expert and Director Kirvam International.

The Capital Markets Authority has so far only licenced EGM securities as the only online forex broker.

Although lucrative, automated forex trading is a new venture in Kenya.

 “Just like physical forex trading, online forex trading involves following a set of rules called a ‘Trading Plan’ which sets the criteria for buying and selling currencies with clear criteria for opening trades, managing the open trades and exiting trades. With a complete trading plan, it’s possible to create a computer program that strictly follows the trading criteria including chart analysis, placing trades, managing and closing trades with no human intervention. This eliminates emotion trading and chances of human error when trading,’’ adds Obegi.

The Nairobi School of Forex runs a two month training program after which students join a mentorship program to horn their forex trading skills.