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Posted by Eddy on January 09, 2010 at 01:19:30:

There are many ways to make money online in Nigeria and Forex trading is practically the fastest.

What really is forex trading? Is it just exchange of one currency for another? Well Forex trading is much more than that. It is a professional activity that involves buying and selling of foreign exchange with the intention of making profit. If you've not yet started Forex trading in Nigeria, I suggest you start now with Marketiva


Forex trading is still a growing business in Nigeria that is yet to be saturated. It is relatively a new business and individuals are using this opportunity to milk people by providing so called exclusive Forex trading seminars for exorbitant fees which mostly, at the end of the day end up producing little of no successful forex traders. Forex seminars and workshops are the vogue now in Nigeria and it appears the organizers are making more money from training people rather than trading forex successfully themselves.


There are not many people making profit from forex in Nigeria, some probably because they were half trained, unprepared, or just using the wrong strategy and making a lot of forex mistakes.


One thing that a lot of would be or newbie forex traders have failed to understand is that forex trading is a risky business and that even seasoned professionals equally make huge losses from time to time


One main objective of Forex trading is to make money, but what if you see yourself making losses consistently since it's a speculative kind of business? How do you minimize your losses. Ways I would consider doing this is to:


  1. Set your exit stop loss when you make your first entry
  2. Be informed on news events
  3. Trade on fewer currencies pairs so as to be able to monitor it effectively e.g Euro/$ and GBP/$
  4. Take short and quick profits rather than being greedy
  5. Register and participate on Forex forums
  6. Don't hold onto a position for long
  7. Consolidate on your temporary profit by setting new exit stop losses

There has been reports of people in Nigeria making $2000 - $3000 monthly profit from Forex trading but the truth us that to do this, you need to invest more and use the leverage opportunity provided you by your forex brokers which can be from 100 to 200% of your actual investment, meaning that with $200, you can start trading with as much as $20,000 but your losses will be limited to the actual amount you invested. With $20,000, you can trade on currency pairs like Euro/$ by buying as much as 10,000 Euros at $1.5000 and when the price rises to 1.5010, you sell making you a profit of about $10 for that trade. If you do this consistently for 10 days, that would turn out to $100 or if you do it 5 times a day which is less likely for 10 days that would yield you a profit of $500. You will find out that currency prices don't move that much and it's mostly those with higher funds that will be able to trade profitably from this business.


That's why a lot of Nigerian forex traders give up or lament their losses from forex as a result of lower fund resources and will not be able to go on for the long term. Forex trading takes time to reach that comfortable spot where you could even be making profit for just ten pips in a week, it's the available fund that matters.


How do you fund your forex account when you've already signed up with a forex broker . Well for most brokers, they accept Liberty Reserve although you could also use bank to bank transfer for larger fund transfers. So for most people in Nigeria, Liberty Reserve is becoming a popular means of payment especially for Forex trading activities. If you don't have a Liberty Reserve account yet, I suggest you do so now


There is still a lot of things to be discussed about Forex trading adn how to be successful at it, I suggest you just mostly study trends on your trading platform and keep an eye on news alerts that will be provided to you as it will help you make that buy or sell decision which will make your online business much profitable

Comments:
Re: Forex Trading in Nigeria (2)

Posted by Peter on January 09, 2010 at 03:18:28:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

I would really want to start but the only problem is I don't understand how or where to begin

Re: Forex Trading in Nigeria (2)

Posted by Eddy on January 09, 2010 at 03:21:06:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

Well, Peter, the first thing is get a few tutorials from a site like babypips.com and then sign up for a free forex account and do demo trading after you gain a little knowledge. You can try demo trading with virtual funds at Marketiva.
You will be able to understand how to profit and also how to cut your losses in a week

Re: Forex Trading in Nigeria (2)

Posted by Sola on January 09, 2010 at 03:22:07:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

I have been trading but the problem is that I don't have much money in order to trade more. I only started with $100 but making some profit

Re: Forex Trading in Nigeria (2)

Posted by Wale Olaleye on January 09, 2010 at 03:23:36:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

I have tried this before and have been trading profitably. I make $1500 a month

Re: Forex Trading in Nigeria (2)

Posted by Johnson on January 09, 2010 at 03:24:35:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

Is it possible for someone to make as much as $1500 per month? Well, just asking

Re: Forex Trading in Nigeria (2)

Posted by Kourtney on January 09, 2010 at 03:27:29:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

There are many ways to make money with forex. You can use different strategies. I use oanda.com as my forex platform

Re: Forex Trading in Nigeria (2)

Posted by Junior on January 09, 2010 at 03:33:27:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

One has just to be careful and study the business first before you venture into it. It is not as easy or profitable as advertised. Besides, most forex workshops are scams and should be reported to EFCC

Re: Forex Trading in Nigeria (2)

Posted by Afam on January 09, 2010 at 03:46:18:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

Nice tips. Thanks for sharing

Re: Forex Trading in Nigeria (2)

Posted by Emeka Eze on January 09, 2010 at 03:51:32:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

This business is highly risky and you can lose $1000 in a day. Buying and selling Nigerian stocks is even much safer if you ask me. At least price changes are not as rapid on the NSE.

Re: Forex Trading in Nigeria (2)

Posted by F. Adedayo on January 09, 2010 at 03:57:30:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

I wish to advise Nigerians to beware of those forex trading firms or investors in Nigeria who ask you to invest your money with them and they will trade for you. Don't trust them cos the end up telling you stories. The best way is to learn how to trade yourself or just forget about it. Besides, by the time you have grown to know the business, it will be easier for you to make profit

Re: Forex Trading in Nigeria (2)

Posted by Sunday Ubak on January 09, 2010 at 04:01:33:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

Please I really want to learn about this business. How can I learn more about it and how many hours do I have to spend online per day to make any meaningful gains from it?

Re: Forex Trading in Nigeria (2)

Posted by Forexnigeria on January 09, 2010 at 04:08:33:
In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

Forex money is for real and just like any other business, it needs to be taken seriously. You need to invest well and you need to trade right if you want to be successful in trading forex in Nigeria

  • Forex Nigeria
    Re: Forex Trading in Nigeria (2)

    Posted by Kunle on January 09, 2010 at 04:35:05:
    In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

    Are forex robots for real and can they help you make money from online trading?

    Re: Forex Trading in Nigeria (2)

    Posted by on June 21, 2010 at 04:08:11:
    In Reply to: Forex Trading in Nigeria (2) posted by Eddy on January 09, 2010 at 01:19:30:

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