All Blog Post

Posted on Oct 05, 2018 at 05:40 PM
Views: 562

Share on social media:

Forex For Beginners in Nigeria: How to Kill Your First Attempt!

Forex is an actual business that needs to be invested in and nurtured to grow. Did you know that, It is bad practice to enter into the Forex business without a prior knowledge of how to trade and it is also inadvisable to pay someone money to trade on your behalf? Find out how to start this business on the right foot now.

Making extra money from trading the Forex market is no longer a secret, virtually almost every one is a Forex trader these days.

Statistics gotten from Quora in the month of October 2017 says there were approximately 77.296 million traders as at the time of research and compilation.

It’s almost a year after and this numbers must have shot up as gradually the level of Forex literacy continues to emerge.

This increase is quite logical or expected because a lot of other people found out that to trade Forex, all they needed was an internet enabled device, education on how to trade and a little capital as low as (N1805-N3610).

Just in case this is your first time hearing about Forex: In the simplest form, Forex is fully expressed as foriegn exchange and the forex trade means to buy and sell foreign currencies with the sole aim to make profit as values appreciate and depreciate.

Yes! You read that right, even when currency value depreciates.

Now Who exactly is a Forex/currency trader?

A currency trader, also known as a foreign exchange trader or Forex trader, is a person who trades, buys and/or sells currencies on the foreign exchange market.

Forex traders ranges from professionals employed to trade for a financial firm to amateur traders who trade for their own financial gain as a source of income.

Basically, anyone with a stable source of income and interest has a chance to earn in the Forex market.

A brief highlight on the Forex Market

The foreign exchange currency market, often called "the Forex Market," is the world's largest financial market.

The daily trading volume on the Forex market is typically more than 1,000 times greater than the combined totals of all stock and equity trading markets worldwide.

Every currency in the world is traded through this huge and highly decentralized marketplace online.

So right from the comfort of your home, work and on the go you could trade the markets and make something extra for yourself daily.

Starting Forex The Right Way.

A lot of newbies rush into the market and that is why they neither stay long nor profitable in the market.

I must warn you that unlike the stories you have heard or seen, Forex is not a get rich scheme, it’s not a referral business nor a scam.

Forex is an actual business that needs to be invested in and nurtured to grow.

It is a bad practice to enter into the Forex business without a prior knowledge of how to trade, it is also inadvisable to pay someone money to trade on your behalf. So if you want to avoid heartaches from loss of money, you may consider learning to trade for your self.

Unlike the other businesses, the Forex business has more opportunities but to take hold of this oppurtuinties, you need to be able to spot each one and seize them to make yourself some profits.

So if you have made up your mind to trade Forex, below are the first 3 steps you should take:

  1. Learn the How: How exactly can you buy and sell currencies online?
  2. Learn the When: It is not enough to know the practical steps to trading these currencies, When is the perfect setup to buy and when to sell to make profits?
  3. Develop your daily trading strategy: Is there a business without risk? I doubt that, but with Forex you can decide your exposure to risk with proper money management skills. And what relevant strategies can you employ to minimize your risk and maximize your profit?

If you have are new to trading Forex, allow me to get you started from the scratch. Click here to start learning how to trade now. (Don’t worry you’ll begin this training for free)

Par adventure, you have started learningabout forex and how to trade but you never really got to develop a working strategy, then you are not there yet.

Don’t trade on impulse, take things to the next level.

Complete the FxAcademy now and leave a comment below to learn a working trading strategy.

The key to successful Forex trading is knowing, anything short of this is a step in the wrong direction.

Let's make your first attempt a hit!

 

(Did you enjoy this article? Refresh this page and fill the subscribe forms to get update on our guides, news, signals and promos)


Share on social media:

Leave a comment

Previous Comments

  • UMEJIEGO CHIDOZIE
      Oct 20, 2018 at 07:58 AM

    I enjoy the article secondly I have been longing to learn how to trade this forex, I really need this knowledge so that I can start immediately.

    View Replies Reply

Latest News