Sammy Boy’s Costly Forex Gamble: How He Lost KSh 18 Million

Sammy Boy, a prominent forex trader in Kenya, recently opened up about a significant financial setback.

During an interview with Dr Ofweneke on TV47 Kenya, he revealed a staggering loss of approximately Ksh 18 million in his trading career.

Despite this massive loss, the 27-year-old maintains his commitment to the unpredictable world of forex trading, continuing day and night.

Early Ventures and the Pandemic's Influence

Sammy Boy began his trading journey during the onset of the Covid-19 pandemic. He noted that many Kenyans were losing jobs, which prompted him to explore new income streams.

His initial foray was into cryptocurrency, where he practised buying, holding, and selling assets. He stated that crypto could bring him modest gains of $100 or $200.

“Kenyans used to believe in when corona started. That's how I started. When corona came in and people were not going to jobs anymore, companies were laying out people. So, what do we do? That's when I started doing this crypto,” Sammy Boy said.

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This led him to transition into forex trading, where he joined a forex trading academy. Learning to trade cost him $200 per month.

Sammy Boy claims to be among the first Kenyans to publicly demonstrate forex trading.

He showcased his activities live on Instagram, aiming to inspire others. Although he faced immediate criticism, he never quit.

The Devastating Loss of Ksh 18 Million

The most substantial financial blow Sammy Boy experienced was the loss of around Ksh 18 million1. This figure includes a particularly painful incident involving one of his cars. At the time, in 2022, he owned a fleet of five vehicles. He recounted losing an Audi, a story previouslykept private among his family.

"The most i ever lost was Ksh 18 million. It's like you know it it's something just a few me and my family knows about because I had gone into a bit of like depression because I lost my entire savings,” he recounted.

The loss of the Audi occurred when an American buyer deposited Ksh 2.7 million into Sammy Boy's account. This amount, equivalent to $10,000, was then lost.

This single incident felt like losing the car itself and plunged him into depression, as it represented his entire savings.

Recovery and Resilience

Following the significant loss, Sammy Boy was forced to take out loans from a company. He described this period as "when things started going haywire," leading to further losses due to interest and pressure to overtrade. He admitted becoming greedy in the market.

However, he chose to learn from these setbacks. He accepted his losses but crucially stayed in the game neverquit. He now believes that consistency and having other assets are vital to recover from financial setbacks in forex.

“I accepted the losses but I stayed in the game never quit. This is what I do day and night. For those people who know me closely, they know me genuinely I barely sleep because of forex.”

Beyond the Trade: Addressing Public Speculation

Sammy Boy has also faced public scrutiny and rumours, including accusations of being part of the Illuminati or involved in "wash wash" (fraudulent activities). He vehemently denies these claims.

"I was into Illuminati, I could just get that money. I couldn't even be on social media right now."

He posts about his flashy life on social media, but clarifies that he sees himself as "rich in Christ".