Online Forex Trading In Nigeria
The rush to join the online millionaire club is as high as ever in Nigeria. No thanks to the present economic hardship being faced by the populace. Nigerians are tired of waiting endlessly for the promised Dividends of Democracy. Too many are complaining that the only evidence of democracy they have so far is their empty pockets. Therefore, any magic formula to solve the problem overnight is highly welcomed. So, Online Forex Trading in Nigeria to the rescue!
David Ajao did an unbiased post about Online Forex Trading about a year ago. The post Forex Trading In Nigeria: Your link to Fabulous Wealth? addressed some issues which any wise Nigerian investor will need to thoroughly consider before committing fund into Forex Trading. Unfortunately, not so many have learned anything from that post. A look at the recent comments on the post reveals that too many are still IGNORANT of the issues surrounding FOREX trading.
If I did not learn anything from my little romance with Online Forex Trading, at least I learned the following:
Success in Forex Trading is possible when you take time to learn the business (it does not come overnight, it is HARDWORK!). Forget about the Magic Automated Forex Trading Softwares, they will only make a fool of you. Hey, buddy, put on your thinking cap, if those software are real, why will anyone tell you about them?
Just as it is possible to make fabulous wealth from Forex Trading after getting the required skill (which does not come cheap) so you can also loose so much and become bankrupt in a matter of seconds (So, many half-baked forex traders have paid dearly for their ignorance). Have you bothered to ask, Why all the hype about the fantastic amount you can make daily, and nobody is talking about the loss you can incur in seconds? You want real testimonies from people who have lost good money, I have some. Ok, enough of the ramblings, lets answer the question.
Who Is Making The Money Trading Forex in Nigeria?
First, the educated forex traders who have acquired the necessary knowledge on how the Online Forex Market works. Note, they are not many, and they do not boast about their success. One of such trader testified that he spent 3years learning the rudiments and playing with demo accounts before using real cash. Do you have such patience? Are you prepared to pay the sacrifice of learning the Trade? You must learn the trade before the tricks, else you will only get tricked by scammers.
The second set of earners are the scammers who are making a lot of money by tricking ignorant Nigerians. There are thousands of self-certified Online Forex Trading Professors in Nigeria. They offer short courses on how to become a millionaire by trading forex. Their charges ranges between $40 to a whooping $1,200. As far as they can see, the only prerequisite to making money via forex trading is the ability to move a computer mouse! What a promise! Yet the newspapers and how-to-make-money magazines are filled with their advertisements.
I promised you a real testimony, here it is. About a year ago, two close friends of mine paid One Hundred and fifty Thousand Naira each (about $1,282) each for a one week training on Online Forex Trading. My friends and I were sincere and genuine in our quest for knoweldge, and the promised education looked real enough. I was meant to participate in the training, but I failed to raise the course fee before the deadline. After the training, my friends recounted how it was a huge success and they wished I was there. Well, poor me, I tried to “parasite” from the knoweldge they acquired by reading the materials given to them and practicing online with the demo softwares provided.
Unfortunately, it turned out that the so called teachers were economical with the truth. We were not informed that it is not possible to start trading and earning good return after a one week crash course in Forex Trading! It did not take a long time for us to discover first hand that the training was actually a scam because it was just an introduction to a business that requires detailed and consistent learning, non-stop! If they had told us the truth, we will not be willing to buy the course even at a discount of 90%! All the material and software they gave are actually available for free online. We were just scammed (never mind that I didn’t take the course, if the cash was available, I would have paid, so I was gullible just like my friends, no need pretending that I was smarter).
It pains my heart that one year after that close call I had, I still see a lot of Nigerians falling prey for this cheap scam. To start with, the infastructural facilities on ground makes it very difficult for an average Nigerian to participate in live online fx trading. Too many are using dial-up internet connections that are epileptic. The few that are using VSAT still suffer poor connection whenever the weather becomes cloudy especially in rainy seasons.
That factor alone is enough to make an average Nigerian think twice before committing so much money in Forex Trading. I decided to discountinue the venture because of the high risk due to the epileptic internet connection. I can easily recount how on several occassions I had loose some minutes work online due to electricity failure or epileptic internet connection.
This post is not meant to discourage you from going into Forex Trading. Neither am I classifying Online Forex Trading as a no go area for Nigerians. Rather it is just a personal testimony of my sincere observations. Belief it or not, only two sets of people are making money from Forex Trading in Nigeria. The few educated and skilled forex traders make money from Forex Trading while the fake forex trainers make money from greedy and ignorant wannabe forex millionaires! Unfortunately, the scammers are more in number.
If you have a different opinion, place your facts and figures in the comment section for everyone to verfiy. I welcome constructive criticisms. Please, note that unverifiable claims that is meant to further lead people astray will be pointed out as such or better still deleted, SCAMMERS BEWARE! For free future updates to this post Forex Trading In Nigeria: Who is making the Money, subscribe to my RSS.
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look u have said it all how do i know u are also not out there to do thesame and how much do i need to start the trade
Honestly i am one of those dreaming to become an expert in forex trading. What step should i take next.
This is a great way to make money online without seeking for job
Hi,
we have enjoyed your articles and site. We shall return again, thanking you, please keep posting your great articles. Yours Truly.
sir
how possible is it to trade forex in nigeria .when we cannot pay and withdrwa in naira.is there any way we can pay in naira via our savings account and withdraw via our savings account .what is the use of our numerous debit cards if we cant make use of itonline .
pls i need help to this
ololo chukwuemeka bright
Please I need your contact!
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Exceptionally educational bless you, It is my opinion your current readers might possibly want far more stories such as this keep up the great effort.
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Forex trading is not a wonderful way of making money. I am still learning and will become successful at trading. Forex is like every other business, it is almost impossible to make money overnight, it takes hardwork, discipline, sweat, passion and little luck. My stay in forex no longer for the money i hope to make but for the fact that forex has opened my eyes to lot of real life truths. Forex has taught me that it take discipline and patience to get anywhere tangible in life. It has taught be that a long term view of life gives you control over the present and the future. You will realise that a million invested today can mean a billion in thirty years time, thats barely 3% monthly return, it unveils your thinking of making money overnight and gets you to start doing all the work necessary, that is where the money is made.
Forex trading is not for everyone just like writing, footballing and other human endeavours. Only 5% of forex traders succeeds, take a look at any profession and find out if up to 5% attain exceptional success over a long period of time, or an overall view of the world populace, how many of it achieve outstanding success. Forex is a window to how life works.
You will surely make money in Forex if you invest all that is required of you to make money in other endearvours. Thank you
Yeah u’re right my brother, forex biz has turned from “forest” to “jungle” that swallows not only peoples money but lives. I can name about 3 people at my finger tips who are presently stroked down on bed in an attempt to manage other ppl’s money. A man also attempted drowning himself in a river but for the timely divine intervention of my success story as captioned in success digest magazine vol.3 No.2 Tuesday,March 18,2008. To make it in fx biz, continuity is the rule of the game.You must catch a personal revelation of the market after you’ve proven other ppl’s discoveries. You must also conquer these 3 demons in forex;1) Fear, 2) Greed, and 3)anxiety that leads to haste. A good money management that tallies with long term plans is of utmost importance as well. Although I have been able to crack the code in fx, i have continually worked on my trading mind in the aforementioned areas. These has kept me always on the positive, no more margin calls, or wrong entries. It may take some time but consistently adjusting your trading journals which reveals the real you would get u there. Regards.
Thank you very much. Our elders use to say truth is bitter. I am a forex trader and being an insider I know that all you said was true. Keep on the good work . And if you have anything to help the fellow forex traders please don’t hesitate to do it. GOD BLESS YOU.
I need FINANCIAL MANAGER THAT WOULD ENABLE GROW MY FUNDS
AM ALSO INTERESTING IN THE BUSINESS, HOW DO I GO ABOUT IT
you can start with marketiva please contact me on my phone number 07066295466 i will give you trading skills so that you wont loose your money
Please always be truthful in dealings with people, everybody looses money in forex, its best to say you would teach him the fundamentals and not he is not going to loose money, because forex trading does not come that cheap. He will most likely blow this first account… probability of 99%
You’ve made a very important point. There is no business without risk. Tajudeen should be prepared to trade with what he can afford to loose.
Please you think of trading Forex. i have two rules for you.
Rule one. Use a demo account and make sure you double your demo account at least twice before you go live.
Rule two. Always stick to rule one
Forex trading is not a fantasy business or a business for poor folks.
Good point, sound advice.
Well, honestly speaking a demo account is nothing but playing GOD OF WAR on PS3. What a demo account should do is to get you familiar with the operations, look and feel of your trading environment depending on your broker.
Making a profit of 5000% on a demo account does not guarantee you anything when you enter the real jungle, because your emotion was not tested.
I suggest you open an account with a small amount and trade on low leverage… then you have some kind of attachment and experience with loosing and making profit.
Sir, trading a small amount is not a real test of emotion. i have a micro account and a mini account. I dont get emotional knowing a pip is 0.1 dollars.
Have u double your demo account before? The skill that will double your demo account is enough to keep you going. I am an expert trader, and will not tell you what it took me to get here.
Here are things demo account will do for you.
1. it will show you how frustrating forex can be. Every trader starts by being discretionary trader before they find a strategy.
2. Demo account will get familiar with the trading environments, how the software works, the shortcuts and etc.
you will find out soon while trading demo that making money is elusive, and u will suddenly know in your trying not to give up the importance of keeping a trading journal.
Forex is about uncertainity, all you are trying to do is to be in the market when you feel the market will likely go your direction, low margin starts making a meaning to you. position sizing will come to fore.
On final note, there is no one way in which trading is best for all. Everybody will always have a different approach. Try to double your demo account at least twice before you go live. Its not as easy thing to do.
Use higher time frame, i recommend daily and weekly. use stop loss, use position sizing to make sure you dont risk more than 2% of your capital. trade very few markets. read every on forex online, babypips.com, learntotradethemarket.com, forexoma.com, read all articles and books on earnforex.com. your forex will start taking shape before you know it.
you need to be well capitalized. i recommend at least 2500 for a micro account, 25000 for a mini account and 250000 for a standard account.
The problem with forex is emotion, be patient, use a trading journal to review your performance. It takes lot and lots of time to master forex.
and even when you get to that point of master, you need lot of energy to stay disciplined. Thank you all
Its interesting to know your profitable in this venture and am happy for you, also be mindful that your not the only profitable trader in the forum, but advising to trade on Demo and doubling your account before going live is totally unacceptable to me,
I have seen a lot of people making serious money on their demo account regardless of the deposit and strategy who end up blowing accounts when live. This is because they can do whatever they please and get away with it, that is why i dont recommend it at all,
DEMO IS AN ILLUSION ( false impression of reality). They dont experiences the real thing. You need the real thing no matter how little you experience it, that will keep you in sync with realities of the market.
Thats all i have to say…
Happy Trading….
I concur. I will start looking at things from that direction, we are all learning.
pls i want to learrn forex trade i need someone to direct me to where to start or link me to where to begin from. this is my number 07064696295. pls for God sake
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Do you have any video of that? I’d care to find out some additional information.
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