How To Start A Successful Forex Trading In Nigeria.
Forex Trading In Nigeria full guide.
In this article, I will tutor you on how to start a successful forex trading in Nigeria.
But first of all, we need to equip ourselves on what forex trading is all about.
WHAT IS FOREX TRADING?
Forex trading implies where currencies are exchanged (bought and sold) in different countries of the world through its exchange rate.
In Nigeria, forex trading is growing immensely at an alarming rate.
Forex trading has become so popular that even the forex brokers have started giving online trading platforms.
This is made possible so as to make forex trading easy from the comfort of your home.
Some examples of forex trading platforms are FXopen, Liteforex, and others. Forex trading involves the differences which come with foreign exchange rates.
Making a profit or losing money in forex trading is usually based on the economic state of the particular country where you are at that point in time.
Forex trading is seen to be the worlds largest liquid money market.
It is no surprise, in the USA, forex trade goes beyond a limit of 1 billion dollars every day.
If you want to start a successful forex trading in Nigeria, you must be able to find the leading and right source and invest.
While being a forex trader, you have the choice to make long-term investments or short-term investments depending on what you crave for.
In the past,
companies and organizations such as oil companies, banks and established businesses which are booming were big investors in forex trading.
However, the pendulum in recent times has swung to the fact that as an individual, you can now invest in forex trading.
Surprisingly, you as an individual can start forex trading in Nigeria and outside Nigeria with as low as $200.
It is important to note that there are numerous forex brokers on the internet, both fake forex brokers and legit forex brokers.
The fake ones seek to scam you of your hard earned money and that is why it is advisable to trade with caution.
when you are trading in forex, there are some problems which come with it.
One is that the foreign exchange market swings in almost all cases (not stable), it keeps on changing.
To make this clear, it simply means that, investing in forex trading could mean that you would make a huge sum of money while investing tomorrow in forex trading could as well mean that you would lose all the money you had put in.
That is why you must understand the basis and know-how of forex trading before you invest.
HOW TO START A SUCCESSFUL FOREX TRADING IN NIGERIA
After all said and done, let us go into how to start a successful forex trading in Nigeria.
The steps on how to start a successful forex trading in Nigeria include:
1. OPEN AN ACCOUNT WITH A TRUSTWORTHY FOREX BROKER
The first and utmost thing to do if you are looking to start a successful forex trading in Nigeria is to locate and contact an honest and legit forex broker.
Like I said earlier, forex brokers serve as intermediaries through which you will successfully trade forex online.
The forex brokers make it possible for a smooth transaction between the buyers and the sellers.
That is why it is very much necessary that you get in contact with a legit and trustworthy forex broker.
Also, note that the success of you trading in forex depends solely on your forex broker.
When you get a legit and trustworthy forex broker, you would be assured that nobody scams each other and you would be assured of the kind of person you are dealing with and this will enable you to put in large sums of money without having the doubt that you would get cheated.
Some examples of the popular forex brokers include FXcast, FXopen, Marketiva, Forex-metal anInstaForexex.
LIST OF BEST FOREX TRADING COMPANIES IN NIGERIA
- XM Broker
- ForexTime.com (FXTM)
Check out our list of the Best Forex Trading Companies In Nigeria (2018)
2. TECHNICAL KNOW-HOW
Continually, we keep reminding you that you must know how forex trading platform works before you think of investing.
If you are seeking to know how forex trading platform works, you are advised you open a demo account on any forex trading platform of your choice.
The demo account you would open would greatly assist you to learn how to trade on Forex.
The demo accounts are funded with virtual money for you to learn.
Having the knowledge of forex trading before investing is very much advised. Do not rush when you want to start trading forex because it could be detrimental to your success in forex trading later in the future because of your lack of knowledge.
The big advantage that comes with the demo account is that you won’t be able to lose money which you have worked for and invested to make more profit.
If you want to understand the forex market and know when to invest and not to invest, you must make yourself available in order to engage yourself with serious training on forex trading.
Having the time to learn and understand how forex trading works are very important to achieving success.
That is because you as an individual, you must be able to keep yourself updated whenever there is a change in market price for a period of time.
And keep yourself up to date with local and foreign news of global trends as currency swinging up and down.
LIST OF POPULAR CURRENCY PAIRS TO TRADE FOREX
- GBP/USD Great British Pound/ US Dollars
- EUR/USD Euro/ US Dollars
- USD/CHF US Dollars/ Swiss Franc
- USD/CAD US Dollars/ Canadian Dollar
3. FUND YOUR NEW ACCOUNT
Before you go on to fund your account, you must have waited for at least 2-3 months.
That is because, within that period, you must have equipped yourself with how forex trading is run.
It is best advised that you start with a low amount of money before you increase the money you put in as an investment. At least $150 is enough for a beginner to start with, though it is small.
Starting small will prevent you from regretting later if you lose all your money through unfortunate circumstances.
4. OPEN A DOMICILIARY ACCOUNT
The next step you must take if you are looking for how to start a successful forex trading in Nigeria is to open a domiciliary account.
Domiciliary account is formed for the sole aim of withdrawing and funding your forex trading account.
Majority of the banks we have in Nigeria and in the world can assist you to open a domiciliary account.
What would be demanded of you is that you must have a savings account in the bank that will assist you to open a domiciliary account.
What would also be required of you is to have a National ID Card and a passport picture.
Once you have the aforementioned things listed, you are then ready to open a domiciliary account.
5. OBTAIN SOME FOREX TRADING TOOLS
To start a successful forex trading in Nigeria, you must have some forex trading tools. The forex trading tools which is required of you include:
- A good laptop with high RAM capacity which can run fast.
- Regular and constant electricity supply.
- Fast and stable internet connection.
To further explain this point, it is necessary that you obtain a very good laptop with high RAM capacity.
Also, if you have all those, the problems of trading on forex would be limited and you would have smooth transaction while you are trading on Forex.
Do not ever make the mistake of making use of a laptop which is not good enough in the name of managing it.
In most cases, the loses people make come as a result of weak laptops and inefficient trading devices.
In the case of regular electricity supply, you cannot go into any online business without having a regular electricity supply.
You could fail in your online business if you only depend on the electricity that comes with PHCN if you are in Nigeria.
It is important that you get a backup generator in case of a power failure which may arise at any given point in time.
a stable internet connection is also very important if you must trade on Forex. Do not settle for a cheap and slow internet connection.
Go for the fast and stable internet connection even if it is expensive.
That is because you would reap whatever comes with your investment in forex trading when there is a fast and stable internet connection.
All the aforementioned things above must not have any hitch in any point in time because you are operating a market online.
The above devices would also enable you to have a successful trade of forex online.
SUCCESSFUL FOREX TRADERS IN NIGERIA
Away from the point of how to start a successful forex trading in Nigeria, let us deviate to the list of forex traders in Nigeria.
I have made a series of research in order to equip you with the successful forex traders we have in Nigeria. They include:
- Blessing Ezeako
- Bade Ajidahun Afioluwa who works as a trainer and IT officer and above all a forex trader for City prime.
- Benjamin Ilesanmi Ajimoko who is a senior sales executive and above all, a forex trader.
- Chinedu Onuoha
- Mayowa Owobamirin
WHAT IS THE BEST TIME TO TRADE ON FOREX IN NIGERIA?
I hope you have been following with our tutorial on how to start a successful forex trading in Nigeria? If you have, well done.
And that is why I have also deemed it important to inform you and educate you on the best time to trade on forex in Nigeria.
Trading on forex in Nigeria and the world, in general, should not be done anytime just because you have the funds.
It is important you know the best time to trade on forex so as not to regret later that you have lost all your funds because of forex trading.
To sum this up,
the best and most suitable time to trade forex in Nigeria and in the world is when there high activity in the market and when the market is being operated the most.
Whenever majority and top forex traders are in the market, you are expected to also join them to trade forex because that is the best and suitable time to trade forex in Nigeria.
In addition, forex trading opens 24 hours a day, that is throughout the day.
But, the best time to trade forex in a day is between the hours of 6am-10am, Nigerian time.
The top successful forex brokers we have in Nigeria got to their position through constant effort and understanding how the market and platform run.
Forex trading which you would suspect is very risky because it could backfire if not properly done.
However, it is also very profitable if you trade with caution and have a good understanding of how it runs.
Starting forex trading in Nigeria with little capital is not advisable but for a starter, it is the most suitable option to go with.
But it is also important to know that if you must make a reasonable and substantial amount of money through trading on forex as profit, you must be able to invest a reasonable amount of money as well.
The profit you make through forex trading solely depends on your knowledge and your trading skills.
Different people are making money by trading forex in Nigeria and they will continue to make money so long as the currency remains in use.
I hope this article has educated you as an individual if you are seeking to start a successful forex trading in Nigeria.
To sum this whole article up, you must be able to trade safely so as not to lose your money.
Also, know the best time to invest in forex trading because it would enable you to make a big profit.
Lastly, get a good and trustworthy forex broker to assist you in your transactions.
If you like this post, feel free to comment and shear. God bless you.