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 to the rescue!

David Ajao did an unbiased post about 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 thouroughly 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 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?

First, the educated 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 the 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%!

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 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 this rainy season.

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 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 deleted, SCAMMERS BEWARE!

28 Comments on Forex Trading In Nigeria: Who Is Making The Money?

Oluniyi David Ajao on Tue, 5th Aug 2008 8:40 am


You have said all there is to say. The motivating factor for many is the promise of fabulous wealth. Forex is not the only online venture in Nigeria where people descend into in their battalions. Why I have no problem with the high drive for prosperity, I have a problem with people not willing to learn THOROUGHLY before they get into the act. This is what the scammers are feeding on. They are feeding on the people’s high drive for easy money, and little patience to learn.

Oluniyi David Ajaos last blog post..DSTV Africa: No more SABC Africa, where is CNBC Africa?

NaijaEcash on Tue, 5th Aug 2008 9:13 am


@David
You hit the nail on the head. Like you pointed out, the issue is GREED and HASTE! Those two weaknesses makes anyone a VICTIM. There is nothing wrong with wanting to be prosperous, (that is partly the reason I put effort in my blogging activity) but wanting to achieve OVERNIGHT what others spent years to accomplish is FOOLISHNESS. Especially when the wannabe MILLIONAIRE has ZERO knowledge and is unwilling to learn!

PACE on Tue, 5th Aug 2008 12:57 pm


Everything comes to hardwork. There is no shortcut to success. I knew about Forex Trading some years ago and I was learning about how not to get my hands burnt. I am still learning and I have never tried real transaction. I have a friends that is into the trading. I think he has made some money but not as he would have expected as he is not ready to take the risk.

So, I would advise people to go for KNOWLEDGE first before putting money into it. A word is enough for the wise

Osita Ibekwe on Tue, 5th Aug 2008 3:09 pm


Nice one you’ve got there!

Have seen it all and been burnt a couple of times doing futures contracts with DJIA (30) and FTSE (100). WaOH! it’s going to be a year in a couple of days when this current DJ trouble started. I burnt £500 in a split second move, last August; my top of the range tool and complex trading system despite all my analysis could not salvage the ‘death drop’ that black day.

Comparatively, it is a small loss but it remain evergreen in my memory when i look back and think about the circumstances. I should have known better.

For starters, a few questions for your training peddlers:
1. Ask if he/she is a trader?
2. Demand for their Live Trading Account

For the Starter:
1. Are you ready to be trading for the next 20years
2. What is your motivation? — Money/Wealth?; Trading perfection?; OR???
3. Have you got the infrastructure? — Reliable and Available access to real time information/news and tools

You have done justice to this piece and it is important that people are made aware of what they are getting into before it is too late.

Beware of Course Peddlers!!!

NaijaEcash on Tue, 5th Aug 2008 3:36 pm


@Pace
It is nice to hear your personal testimony. I do hope it will convince the wannabe to think twice.

@Osita Ibekwe
Bros, quite a while since you visited. I am excited having you around. I guess you couldn’t keep away from the topic. Thanks for sharing your personal experience. I wish, you will do a post as a follow up on this issue since you seem to have a practical experience trading. If you feel the timing is not right for your blogs, I will gladly publish it here as a guest post. Too many young Nigerians are burning their fingers and feeding the course peddlers fat. Cheers.

Anwuli on Wed, 6th Aug 2008 1:09 pm


Dear NaijaCash,

My name is Anwuli and I work for Farafina magazine, http://www.farafinamagazine.com. I read your piece on Forex Trading and I think it’s very interesting. I would like to discuss with you about writing a business feature piece for Farafina magazine. I would appreciate it if you would send me an email so that we can discuss further.

Thank you and I hope to hear from you.

Ife on Wed, 6th Aug 2008 10:53 pm


This is a beautiful piece…….no doubt.

Many people are frustrated and will jump at anything they hear can bring them quick money. I believe there is no quick money anywhere, you have to work hard.

I see no reason why you should not be able to share success tips with your fellow country men but many people think every knowledge they have is a money making avenue.

A thorough research on the path of people who prevent them from being prey to scammers. Many are greedy and will fall for any thing so long they are told they can get rich quick/easily.

You just keep up with your good writeups.

hawee on Fri, 8th Aug 2008 5:37 am


nice..thank’s ..I’m play forex too.

quickcutters on Tue, 12th Aug 2008 12:59 am


I would hope anyone wanting to get into all this see’s this post first. No one wants to get burned.

quickcutterss last blog post..Uo dated some info

Olusola on Thu, 14th Aug 2008 5:48 am


Wonderful! The truth we must all agreed with is FOREX is one of the legal way to get out the hook of poverty. However, we must agree and let the people knows that, it will take you 4-5 years to earn a degree that your life time source of living depends on, so also, forex is not a five hours Saturday course and expect to make a hit. It needs time, study, persistence, determination and good plans.
Having said all this, we need to let beginners knows how to start and play it cool. For christ sake, an account below 5,000USD should not go near trading Lots 1-8. start and concentrate on .01-.05 for a long time before making a hit.

Netpreneur on Fri, 15th Aug 2008 3:04 pm


If you really want to learn the trade, its a One-On-one Thing…not stories about it…all others are to help you achieve your goal for more information.

Cheers!

Netpreneur
http://www.forexgarage.info

Netpreneurs last blog post..Advice For The Forex Currency Trader

Nigel on Sat, 16th Aug 2008 11:20 pm


Great article, and excellent discussion. I’m curious though. If the infrastructure is not predictable enough for ForEx trading, how come more Nigerian entrepreneurs are not participating in the international domain names market. The market isn’t subject to the same infrastructure downside from flaky internet connections. And the upside can be considerable.

I recently put http://www.Jummai.com up for sale and expect a Nigerian entrepreneur, interested in developing a brand around the Jummai name and domain, to purchase it. The returns on domain names are amazing. Take a look at this recent article in Forbes for more details - http://www.forbes.com/technology/2008/08/10/domains-flip-aftermarket-tech-ebiz-cz_cf_0811domains.html.

nimzoindy on Sun, 17th Aug 2008 11:47 am


95% of the traders lose their money trading and investing in forex market. You better prepare yourself with info and educate yourself before joining this game.

nimzoindys last blog post..How To Use Pivot in Forex Trading.

douye on Wed, 3rd Sep 2008 3:13 pm


To be sincere trading is not a easy especially for the starters.I traded forex almost for a year i lost 3000$ learning thanks God at last i am now a professional trader i make 300$ to 1500$ daily.All am saying is that forex trading need time and total concentration to make.

Emmanuel Kamala on Sun, 7th Sep 2008 6:47 pm


Hi,
trading forex is a nice way to earn cash and even quiting your day job,only if you have enough knowledge and experience on how to trade,most softwares that say they will make you rich through using the softwares,just want to take your money.
The interesting part is there is a place where you can learn and practice for free on how to trade,just visit: http://www.babypips.com
Lets learn,lets get rich.
Cheers

Easy Forex Solutions on Mon, 8th Sep 2008 8:53 am


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remi on Mon, 8th Sep 2008 11:04 pm


I will like to see how this works and see how much i need to invest in this auto software.

frenks on Fri, 19th Sep 2008 3:45 am


Nice article. If you need some referance about forex, you can download million forex ebook at :
http://forex-knowledge-strategy.blogspot.com/
Hop this will helpfull.

tosin on Mon, 29th Sep 2008 5:38 pm


this is a wonderful blog,what would u guy advise we that have been burnt by the fire and still want to get the required information and also want to be a successfull trader at the long run..?

DYKE on Tue, 30th Sep 2008 5:34 pm


GREETINGS,

MY NAME IS DYKE AND I AM WRITING FROM SPAIN I WANT TO KNOW THE POSIBILITY OF GETING MORE KNOWLEDGE ON TRADEALART INFORMATION ? WHY BECAUSE I HAVE BEEN FADE UP WITH MY STOCK BROKER SO I WANT TO BE CHECKING MY ACCOUNT INFORMATION ONLINE, PLEASE I REALLY SOME ONE TO HELP ME IN OPENING A TRADE ALART ACCOUNT AND HERE IS MY EMAIL ( dyke_n@yahoo.com ) WILL BE VERY HAPPY TO HERE FROM YOU .

REGARDS.
DYKE.

Widi Pratiwi on Wed, 1st Oct 2008 1:30 pm


Agree,
online forex is hot prospect. And i found many people use forex-signal to gain profits. Actually you don’t.
Read why here:
http://forex.jenang.com/forex/forex-signals-before-spend-your-money-on-this

Widi Pratiwis last blog post..Forex Signals, Before Spend Your Money on This

Blessing on Wed, 1st Oct 2008 3:02 pm


pls update me on what is happening to forex traders in Nigeria if possible about current sanction by the Government of Nigeria on forex companies. thanks

Blessing on Wed, 1st Oct 2008 3:03 pm


pls update me on what is happening to forex traders in Nigeria if possible about current sanction by the Government of Nigeria on forex companies. thanks

Joel Paul on Thu, 2nd Oct 2008 6:59 pm


Thanks all for the nice indept analysis of the pros and cons of Forex trading. I am a newbee in forex and stumbled into this website while looking for infos on Online forex in Nigeria. I’ve read all that is been said and dont want to become victim of forex scammers. I have even registered online with American system like Prosignal and Forex.com and I’m still searching for good Forex system in Nigeria. Thanks again.
Joel Paul (PH).

Lizzy on Thu, 9th Oct 2008 12:23 am


@Olusola
Am new to FX Trading and would like to ask you few questions as regards the forex trading. If it pleases you,
kindly get back at me via elizzya@gmail.com

trader on Fri, 10th Oct 2008 3:43 am


Thanks for this information. Nice article. If you need some referance about technical analysis, you can download free ebook at :
http://forex-knowledge-strategy.blogspot.com/
Hope this will helpfull.

felix on Sat, 15th Nov 2008 12:55 pm


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chukwuma on Sat, 15th Nov 2008 10:02 pm


i have seen all this posts which to me all sound pessimistic about forex
one wants to know how does one get practical hands on training on trading forex
not all these theory peddlers

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