Forex Trading in Nigeria
Multidox | ForumHome | Business | ( 4 ) | Stay informed | Post reply
Posted by Felix Okoli on September 14, 2007 at 12:42:43:
Do you know that you can make millions of naira just by trading forex in Nigeria.
All you need to get started are 4 basic things:
- Internet access
- Forex trading account
- Funds
- Adequate training.Here are basic rules to doing online forex trading in Nigeria:
- Risk only 1% of capital per trade
- Always Use a stop loss and target priceTips to be successful in forex trading
- Educate yourself about trading using books, workshops and practical demo trading
- Don't over trade
- Avoid being greedy. Have a target
Comments:
Re: Forex trading in Nigeria
Posted by Seyi
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
If it's possible for one to make a living by this means, how do i start?
Re: Forex trading in Nigeria
Posted by Rex
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Of course it's possible to earn some couple of dollars with Forex business.
Posted by Nonso
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
I'd like to know about Forex Trading.
Posted by Guy
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Forex trading comes from two words namely; forex and trading.
Forex is an abbreviation for foreign exchange a.k.a FX. Naturally people exchange their currencies when they want to do an international business especially one that cannot be done with their own local currency so they'll have to change it. For instance, if you are going to China to buy goods, you may need to convert your Naira into dollars before travelling so that you may overcome the embarrassment of carrying your Naira in the streets of China without it being useful. Dollar is more acceptable, although you could equally convert your Dollars to the Chinese Yuan. That in itself is Foreign exchange - FOREX. But when you try to make profit by indulging in forex, then you are performing FOREX TRADING. There are many resources on the internet which can be of help.
Posted by Nkem
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
If you want to start trading, try marketiva.com
Posted by Chris
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
To start trading, you'll need to register with a broker so as to have a trading platform. You'll need to transfer your funds to that account depending on how much you want to invest.
Posted by kelvin uche
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Then it means forex trading is practically what those Mallams do at Yaba. Why then all this noise about it?
Posted by felucci
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
@kelvin
You are talking about local foreign exchange, this is about online forex trading. The difference here is doing it on the internet with other traders throughout the world.
Posted by Emeka on September 26, 2007 at 15:10:18:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Can someone teach me how i could make money with forex?
Posted by mamba on October 01, 2007 at 14:43:17:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Let's talk real issues here. So suppose i want to start, how do i go about it.
Posted by richy on October 01, 2007 at 14:43:58:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Forex trading seminars in Nigeria are a scam. you shouldn't believe them. I've been following all these netcrazy campaigns for a long time and telling you, from experience, nothing dey happen!
Posted by Nnamdi on October 01, 2007 at 14:45:02:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
@richy, if you no make am, dat one no mean say another smarter person no go make am
Posted by Brock on October 01, 2007 at 14:45:30:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
i'VE BEEN TRADING FOR SOME TIME NOW, AND I'VE BEEN MAKING INCREDIBLE PROFITS.
Posted by Okechukwu Ike on October 01, 2007 at 14:45:59:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
wetin be forex sef?
Posted by Finbar on October 01, 2007 at 14:46:25:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Forex refers to Foreign Exchange
Posted by D12 on October 01, 2007 at 14:46:58:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
mamba, you need to first understand the principle of forex before you start. You buy currencies when the price is low and sell when you make your profit margin. You'll need to be able to know when you break even with your costs, and start making profits. You don't just sell when prices rise but you should also consider other costs of trading such as broker's commision, e.t.c.
When you are ready to start, then you should first register with a trading platform and try a demo account for free, although i don't encourage you to trust such gestures cos when it gets to real trading, it can be tricky. Try marketiva.com for a start and i'm wishing you Godspeed!
Posted by eme awa on October 01, 2007 at 14:47:25:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
I want to make dollars on the internet
Posted by Samdeysing on October 01, 2007 at 14:47:48:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Why not naira? bE A PATRIOT!
Posted by DrForex on October 01, 2007 at 14:48:17:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43: We need to critically analyse forex trading in itself as a global activity and as it relates to the Nigerian factor. Issues involved may be:
- Is it wise to incorporate as a forex trading company in Nigeria?
- Is it really profitable or just a wakapass business?
- Do Nigerian Forex traders actually pay income tax?
- Can an individual or corporate actually survive only on forex trading?
- Availability of necessary facilities.
In most of these campaigns as mentioned earlier, the target audience appears to be unemployed youths and/or graduates who may be only looking for a minimum income of =N=25000 per month.
Posted by Ekene Liz on October 01, 2007 at 14:48:55:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Richy, you better believe it, something dey happen. I guess there's a factor that seperates those who jet out of the rat race and those who die in it, it's DESIRE!
Posted by richy on October 01, 2007 at 14:49:16:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
@DrForex; why should a forex trader pay tax to the Nigerian government? Did the govt give them jobs?
Posted by DrForex on October 01, 2007 at 14:49:38:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
@richy;
Tax is necessary if you are really doing a legitimate business. Even if the Govt does not bother you, there is a burden on your conscience to pay TAX on all your personal income since this is the law. Even when you are not making profit, you ought to submit returns/documentations to the relevant tax authority. Maybe it's because you are only involved in it on a small scale that's why you are not bothered to pay tax, but believe me , if and when you eventually start dealing in millions without paying tax, it could be too late for you to start paying tax then, unlessperhaps you're so crude not to transact through banks.
Posted by SHOWMAN on October 01, 2007 at 14:50:32:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43: Why should Nigerians be involved in Forex trading despite of all the risks when we have a vibrant stock market. Do you have too much capital, why don't you broaden your portfolio in the stock exchange. Just buy and sell. cONSIDER these demerits associated with trading forex:
- High Unpredictability of the Forex market
- Inability to institute legal actions effectively in case of broker's default
- The Nigerian factors such as low internet speed, electrical power, exchange rate.
- Cost of tied down capital
- Insufficient and timeliness of information
- the western advantage (Forex traders in the developed countries have a natural biased advantage over Nigerian investors due to a lot of factors)
But when you are trading in Nigeria with shares, you know where you stand and the benefits can be partly attributed to teh fact that we are operating a closed stock market system for now. Mkae hay while the sun shines!
Re: Forex trading in Nigeria
Posted by eline on October 01, 2007 at 14:50:58:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Good story. But don't you think that Nigerians prefer privacy and ease of transacting when it comes to online FT. There's a lot of regulations at the stock exchange and that may be why more and more Nigerians are seeking greener pasture elsewhere such as the internet. Nowadays we don't have to travel abroad to earn dollars when we can do it at home, OH THANK GOD. Mind you, i'm quitting my job.
Posted by Uche Nwigwe on November 10, 2007 at 03:26:20:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
"@Samdeysing
Why not naira? bE A PATRIOT!"
Dollars for me are more preferrable and not naira.
Re: Forex trading in Nigeria
Posted by OLADAYO OLAOSEBIKANTHOMPSON on November 12, 2008 at 03:39:26:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
I want to know the Bank that will allow on line money wiring for forex trading
Posted by Felucci
on November 16, 2008 at 01:52:24:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
I think any bank that offers domicilliary account can help you wire money for forex trading. GTBank would be a good option and you need to know the account and swift code for wiring such money. Be careful also about non tested or fraudulent forex brokers
Posted by Ekene
on March 09, 2009 at 03:47:41:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Taken from Wikipedia
"Wikipedia describes the term Foreign exchange market (forex trading) thus:
The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The average daily trade in the global forex markets currently exceeds US$ 2–2.5 trillion [citation needed]. Retail traders (individuals) are a small fraction of this market and may only participate indirectly through brokers or banks."
Posted by Ekene on July 22, 2009 at 15:34:54:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Hi iam Eng.Ekene if you to do traning on forex trading send message or call me on 07039021719 or bent7allATyahooDOTHcom thanx
Posted by
on October 02, 2009 at 14:37:30:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
This forex trade gudoo.It mean say i go carry all the moni wey i don get from selling SUYA to my in law wey de do carpenter make im buy.This my moni de highoo because i don storam under my room floor for months.Some don don dey tear sef.Forex,thank u once more for making me dey aware say i feel market this my moni.Aremu go rush com buyam now.FOREX MY FOOT.NA LAZY MAN BUSINESS BI DATOO.
Posted by
on October 26, 2009 at 16:20:31:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Making money on line is good, but wats abouts the demerits of fx
--
Sent on a phone using T9space.com
Posted by Emmanuel on January 22, 2008 at 18:57:04:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
I want to get started on forex trading. What do i do first? I'm considering investing 50,000 for the mean time. Where do i go first.
Posted by Ekene on July 23, 2009 at 10:33:29:
In Reply to: Re: Getting started with Forex trading in Nigeria posted by
Ozed on February 11, 2008 at 25:34:09:
Hello! Nigerians i'm Engr. Ekene. I am very happy about farex traiding or farex exchanges that's going on in nigeria today.atleast iam getting up to 5000 in a month and the thing is going streath farword to my accout balace in uba every month,u can buy dolar,yuan and pounds and keep it' when this moneys i mensioned go higher u can sell your own it may be somebody in usa you can exchange his/her money and get your own share. So i'm thanking God who made me what iam today.please go and register online today on this website below (marketiva.com) So if you want to know more abt this services how to make money online please call me on 07039021719 or ID bent7allATyahooDOTHcom thanx i am Engr.Ekene eeeeee
Posted by Ozed on February 11, 2008 at 25:34:09:
In Reply to: Getting started with Forex trading in Nigeria posted by Emmanuel on January 22, 2008 at 18:57:04:
Go to a site like babypips.com, there i believe you can start up something there
Posted by Archibong on December 24, 2009 at 04:53:47: it is quite possible to trade and be making as much as $400 a week if you are cautious. You just need to know the ropes. I started trading forex about 3 months ago and believe me I am getting good at it. I had added $1000 to my account for live forex and have been able to turn it to $2000 in 2 weeks. You have to try out a practice account first before going int live. This will help you know if you are profiting or not
Re: Forex trading in Nigeria
Posted by Kelechi Offor
on December 29, 2009 at 03:38:06:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
I want to know how much can i start the forex business with and what are the monthly returns?
Posted by
on December 29, 2009 at 19:29:33:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
get me updated
Posted by
on May 03, 2010 at 10:17:37:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
It is no longer a bone of contention that forex trading is one of the easiest way to make money online in Nigeria and is very easy to start.
Why forex traders fail in the forex market.
1 Inadequate sure trading technique and skills.
2 No good Money Management Principles.
3 No mentor.Many traders believe they could trade effectively by learning with various ebooks without a mentor.A forex ebook can only be usefull alongside a mentor.Do you know you could trade forex with a capital as low as $25.
2 You don't need a domiciliary account.
get a forex ebook on these and many more with post mentoring programs by email.
For more information send an email to Belqua01gmail.com.
I don't mind showing you my forex account history as a prove.
Posted by
on March 21, 2011 at 07:42:16:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
Seyi, pls I need a mentor and a teacher on this important trading
Posted by
on May 06, 2011 at 05:59:49:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
please i am looking for a pecfect fx trainer who have know all the treats, technigue and the foundamental of trading to train me, i am ready to pay handsomely,and who must have made money in the market.
Posted by
on November 09, 2011 at 07:36:49:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
@ Martins have you found any trainer yet? if not contact me show interest by replying then we can talk!
Posted by
on November 21, 2011 at 12:06:19:
In Reply to: Forex trading in Nigeria posted by Felix Okoli on September 14, 2007 at 12:42:43:
hello i'm olusola and i work for onetwotrade in london.sending you this message to introduce you to another amazing platform for making money on the market.i know forex is amazing but i'll like you to at least have a look at this.
Earn between £100 - £250
per week')
Would you like to make 70% - 80% profits in under 30 minutes???
OneTwoTrade is the biggest Smartoptions trading company in the world. It
provides a Faster and easier way for anyone to trade the financial market.
As a Client/Trader, you can invest from as little as £1 in an asset (stock,
commodities, indices and currency), judging on the share price’s rise or
fall within a preferred duration. This is a very simple tool to give you
the best investment outcome of gaining between 70% - 80% profit in addition
to your initial Investment and enable you trade/make profits with or against the market.i.e in whatever direction.
Upon registration, you get a £50 bonus for any deposit of £40 or over so you have £90 in your account to trade, £30 bonus for any deposit as little as £20 so you have £50 in your trading account and £22 starting bonus along with your deposit which can be any amount below £20. The £22 should be (if you come to
believe its not for you) seen as £10 free trading money and the additional
£12 is for you to trade £1 a month to avoid a charge. Once the year passes
you can close your account without any problems, but doubt you will even
consider it.
Sounds interesting right? Go on the link below, watch the short tutorial and sign
up today. It is a No-Brainer.
http://www.onetwotrade.com/?IB=2018246
For further information of how to use OneTwoTrade and what we do here is a
video:
http://www.youtube.com/watch?v=wndQVYA7n74
Go to http://www.onetwotrade.com/?IB=2018246 now, and open an account to
get £22 free to test the website with our money! You can make profits of
over 70% in 30 minutes or less with Smart Options. People have made
thousands just with their £1 deposit, as their balance is £23 pounds after
and they almost double their money within half hour. How many half hours
are in a day?
AKINWUMI OLUSOLA
Introducing Broker, UK
Sholyp2@yahoo.co.uk
http://www.onetwotrade.com/?IB=2018246
+447570298584
07570298584
Any questions or issues then do not hesitate to contact me on the details above.
http://www.onetwotrade.com/?IB=2018246
------------------
Recent Posts:
- Gbenga law in General: Peter Obi Vs Tinubu: Who wins southern Nigeria? - Saturday August 20, 2022 8:52:13
- Charles in General: When a Nigerian woman beats her husband - Wednesday October 7, 2020 3:32:32
- Bisi in Nigeria: Why did APC lose Edo state in 2020? - Friday September 25, 2020 15:54:55
- Chief in General: Why the long bread queues at Shoprite? - Thursday September 24, 2020 19:26:39
- Chidi in General: Why popular Nigerian banks will lose customers amidst Covid-19 pandemic - Saturday July 18, 2020 10:0:49
- James in Business: The ban of Okadas in Lagos - Saturday February 1, 2020 3:39:7
- Gbenga in General: How can Nigerians improve their life span? - Sunday June 2, 2019 20:44:31
- Felix Okoli in General: How to avoid getting cheated at Shoprite - Sunday December 3, 2017 18:56:24
- Christopher in General: Road traffic Armed robbery attacks in Lagos state and what drivers can do - Tuesday October 31, 2017 13:17:38
- Aliyu in Nigeria: What do Nigerians do during Easter? - Sunday April 16, 2017 19:45:4
- Kehinde in Nigeria: Being a whistle blower in Nigeria - Sunday April 16, 2017 19:32:53
- Hassan in Business: Can I buy things on Amazon and get it in Nigeria? - Sunday April 9, 2017 20:25:26