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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Tags: Democracy, Dividends, Economic Hardship, Empty Pockets, Fabulous Wealth, forex, Forex Traders, Forex Trading, Investing, Magic Formula, Millionaire Club, Nigeria, Nigerian, Nigerians, Ramblings
Thanks to this wonderful forum. Really, Many people are afraid of forex market because they lack proper information. If you not inform, then you are deform.
I have no much to say but I have been making a consistent money each time a take trade.
I combine moving average 9 and 100. I used 15 – 30 minute time frame
When 9 cross 100 down I go for sell
When 9 cross 100 up I move to buy.
Do you have a good hand out on how to trade news. Contact me.
Good Luck in your trading journey!!!
the best thing is always use ur stop loss and take profit nobody can predict the market,but i have a syatem that gives me good profit.trading the market for 100pips is not even realistic.better to trade 20pips per day and be consistent over a long period of time than be lookin for 150pips per day.
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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.
call the Forex Professor on 08033139641 if you are serious about acquiring sound forex education
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
You can open a domiciliary account
You can open a domicilliary account (USD), I am using Gtbank for my domicilliary account. You can go to the Abokis (bureau de change) to convert your naira into dollars and then fund ur domicilliary account. Let’s say u want to start trading with $100, as at now $1 is 156naira so u exchange 15,600naira to $100 from Abokis then. save the $100 into ur DOM account. To now fund ur Forex Account online, you will fill bank wire transfer form on your broker’s page online and the details of the broker’s bank account will be given to you. These details will be taken to the bank and u’ll make a wire transfer from your DOM account to the Broker’s bank account, once the transfer is credited into the Broker’s bank account then your forex account will be funded (wire transfer usually takes 3-5 working days) and any time you want to withdraw ur profit or capital from your forex account, it will be sent to ur DOM account that u used to wire the first money. That’s all.
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
Your funds can grow 10%. Thanks
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.
try visitig this site it based on Master Forex Broker Metatrader4.
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you are right,all successful traders loose before they get on their stand as pros. Forex is real and it pays .Try me if you u are currently trading i promise giving you signal for three weeks to show u that it is real . use small lot sizes if u are afraid of huge loss. ANY BODY SHOULD CONTACT ME. apochijafar@yahoo.com . free signals only for feb 2012
This is really lovely, I have religiously gone through all the posts in this blog n i must say I have bin further enlightened, thanks 2 all who contributed.
I have been trading and learning for 3 years. Lost almost a million naira. I take it as a price I had to pay because right now I achieve a winning percentage of about 80. You must accept losses, it’s part of the game. If you can’t stand losses then put on your skates and bolt, and don’t discourage others.
Advice is, if you want to trade be serious. This is no part time business. I refused to give up because I saw traders in this country and outside live real big. Our internet services are not that bad if you look carefully and we have banks that support fx trading.
you are not suppose to lose anything if you can allow me to teach you the professionals way
I’ve heard a lot about FX trading and i must confess that it sounds really cool. I would like to tap into it. I need advice.
Good day all and many thanx to all contributors to this page. Personally, l traded forex for 3 years before breaking the success jinx. However, when l took upjob and tried to combine both, l got back to square one.
At the moment,once feelings of anxiety can dictate fear or greed and no level of achievement aloows you conquer these emotions permanently.
l would like the phone contact of established forex trafers in Abuja to be encouraged in this area again.
I AM INTERESTED TO GO INTO FOREX BUSINESS I NEED AN ADVICE
I was losing until I subscribed to leopardtrader.com. I am doing ok now that I see that Forex trading is not a day to day trading. I now hold trades for days and weeks with limited draw down. Clearly some people are better and it is real to make $$ trading forex. You dont need to quit your job if you have swing view than every minute view. It is not possible to profit trading on intraday basis. Just a waste of time
I want to join the club of oline millionaiers through forex trading, If you will train me I will be ready to join. which broker are you using? can one start with Naira? how easy is it to withdraw money from the account?
I want to enroll to the class of learners (forex trade student)
how will go about it?
Hello everyone,
I thought to share some of my articles which I read in different news papers. If you would like to receive a copy just email me on fxtradinginnigeria@gmail.com
I have an interesting article on Yoyo trading…it is for the traders to keep the diary of the behaviour…I found it very interesting…
I look forward to hear from you
Ella
Great forex candlestick pattern indicator to download. Check it.
I appreciate all the contributor to this topic I belive this is for my personal edification. Am glad to get these info from you all you are welcome and my most humble and candid submissions is that forex is not for unserious minded fellow.
check out Forex-Metal broker fellow nigerians. Very good broker with local deposits in Nigeria. Also they have $100 no-deposit bonus and 35% bonus on deposit.
I have discovered a simpler way to make money in trading, I’m about to show you EXACTLY how to make $20-$100 EVERY SINGLE DAY…Trading Binary Options. You’re probably thinking…What’s the difference between Binary Options and Forex?? Listen Very Carefully: The difference is a safe and reliable way to make regular income. Trading Forex is a short-term fix. Trading Binary Options is a long-term solution Trading Binary Options Means: Regular Profit, Minimal Risk, Great Income. Am willing to train few interested individual one of the greatest ways to make regular incomes via BINARY OPTIONS. Requirements; Training, SmallCapital to Start($100-$250), InternetConnection. On-line training(pick any day of choice) is 2days via skype, my skype i.d is sadedoyin or yahoomesssenger. Training fee:$100, call +2348032470050 for details. Stay blessed.
Sam, you actually plan to collect $100 from people just to tell them to predict currency flow.
For those of you who don’t know how to trader i will like you to try my forex signal for just $20 a week if you are satisfied, which i know you will invite 10 more traders and get a discount of 10%
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It helps answer the question…. who makes money in forex. Those who have indepth knlowlede about the market are the ones. we provides these these elite service via global eplaza. not the service is yet to be lunch so don’t buy any thing yet , just oppen your account and i will contact you with details for free. i will give you our ebooks for free. Create your account , walk to your banks and tell them you want to activate your card for internet usage, once that is done I will take it off from there. don’t buy any product yet , just open your account and i will contact you.
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Hello traders and prospective one.
the quest for success in trading really kept me caring out various researches. well, obviously i discovered from my findings that success really lies within us.
WHY THE SO CLAIMED SUCCESSFUL TRADERS HAVE REFUSE TO SHOW THEIR FINANCIAL STATEMENT HAS GIVEN ME A LOT OF CONCERN TOO….st least for those who want evidences.
I started experimenting my findings by OPENING A REAL ACCOUNT WITH THE LEAST POSSIBLE CAPITAL WHICH WAS ($6) 6DOLLARS. The findings from TCI was really helpful.
THANK GOD at the 5th day the account was about 12dollars WITH CAREFULL APPLICATION OF KNOWLEDGE.
I ALSO ENSURE THAT THE TRADE SUMMARY IS POSTED ON FACEBOOK EVERYDAY FOR EVERYONE TO SEE….YOU WILL FIND IT ON (www.facebook.com/onuchi)or contact me on phone(08037884110)if you need any assistance.
itz not been very easy any way, but very interesting.
CURRENCY MARKET TRADING IS A REAL SERIOUS MINDED BUSINESS.
An empty drum makes the loudest noise…Don’t be deceived seek for true FX knowledge. #AWordIsEnoughForTheWise
I want to learn how to trade forex,which brokers to use,how can I be trained before starting life trade.
Thank you.
Hezekiah.
Dear Hezekiah,
Call me on 08032470050, I will tell you all you need to know about Forex.
Sam
Hello,
Dear brother, you can call me for details on 08032470050
Stay Blessed
Sam
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Tankz 4 dat frank enlightment.a word is enough 4 d wise.making moneny is neva easy bt they kept on deciving people that in forex its as easy as ABC.thanks 4 ur initative.the wise one understand and heed ur advice.i myself believe wat u said 100 percent.cos i was traind in forex and i ventured into it after six months of demo.wen only few nigerians knw about forex.in 2007.i love forex business so much but after i lost money i decided 2 quite till i get more tranning.
Forex is not for everybody, you need to have a good understanding on youself as it relate to money. Success in forex is majorly depend on your psychology.Then you need sound knowledge about the market, this will define what kind of trader you are ( fundamental or techinal). Do not relay on any system or EA that is not build around you trading stley. Every trader has his/her own trading stlye be novic or proffessional.
It is like walking, no matter how much you train your child to walk, he will fall everyone need to learn it his own way.
Your sucess is >40base while your psychology take the rest. God bless
See what $100 can be turn into with time. This is a real account: myfxbook.com/portfolio/mirafx-silver/357167
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Can you please connect me to a genuinely educated and seasoned forex trader or broker. I prefer to be reached on 08028137692. Thanks.
I really want to be part of this unique feature(fx) but i dont know how to.pls send a reply to my mail nd tips to get started.thanks
I’ve gone through some sort of training before but abandoned the project, now want to register for a dome account but could not as most brokers do not take registration from Nigeria. Need your advice and assistance
I really want to trade forex,i am a novice, pls how can i get trained.I am waiting 4 ur reply
i have 10yrs experience in forex trading and i can help if you are truely ready to trade forex my phone number is 07066295466
I did forex for about eight years. Made money, loosed money. Before I came into conclusion I tried to see if someone out there was getting it right while I was wrong. Thanks to a platform like the instaforex and other pamm monitoring. Traders come, claim gurus, make real money, reign for like three to six months or even a year and then a long trend that refuse to return would come and finish the money. You may say that it’s because the was no stop loss, and I’ll proof to you that “WITH STOP LOSS NO TRADER CAN MAKE MONEY”. This is because trade always go opposite direction like 30 to 40 pips before returning to the real direction to make money for you. So if you fix a stop loss it would first hit it and cause you some loss before going your direction. Forex traders who make money don’t use stop loss and it’s just a matter of time before the long movement would come and claim it all. Trader please tell people the truth.
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Thanks
please, printing of recharga card is it forex trading?
no it no. pless can any one help me which brocker is best for fotex trading.
pls I need training on this venture
Please visit http://bit.ly/O61xn0 for professional training details. You may also check http://bit.ly/1c1z5HR for Success Digest’s very revealing interview with Africa’s #1 Forex Professor!
i have 10yrs experience in forex trading and i can help if you are truely ready to trade forex my phone number is 07066295466 – See more at: https://naijaecash.com/forex-trading-in-nigeria-who-is-making-the-money/comment-page-4/#comment-7921
i can teach you how to trade forex if you are really interested
Your opinion about the business of trading forex is not wrong at all. Research has also established overtime that in any population, only less than 20% is likely to earn 90% of the wealth.
Thesame is applicable in FOREX trading, less than 20% of the total number of traders in the world including institutional investors eat 90% of the $4.3 trillion daily bread in the market.
My first attempt in trading FOREX was far back in 2008 but I quite in 2009 and resumed again in 2012. I lost more than a thousand five hundred dollars trying to make money online trading FOREX and Binary options. It was only at the 2nd half of 2013 that I became confident and started making consistent profits in my trades.
In my case, I never patronised those quack seminars for even a day but I did a lot of hard work in personal studies and research. In my humble opinion, the greatest tool any trader can have is knowledge. Without the right knowledge all strategies to leverage the market would fail woefully.
Forex is just like any other risky betting. What makes a consistent winner is his knowledge and information. Most people approach the market as a game where thy accept a win or loss in good faith like the regular gambler . Others sees it as a business where profits must be maximised as the very few successful gamblers who know when to bet, when to quit, how much to put at a time and when to just stay away from betting. They are not gamblers but wise business men. Those are the ones that make a fortune from the trade.
Finally, I would not discourage newbies in the Forex business that are coming up in Nigeria. It is a very profitable venture to consider, especially with the increasing situation of unemployment in the country. Its risky though just like any other business. I would have not gained my present mastery in trading if I took to discouragement and stopped trading. The only thing that kept me going amid my losses was my interest in the market. Don’t trade forex because you hear that it could make u rich in a short while. Trade for the love you have for the market. Its real fun to trade.
Forex requires a lot of patience, if you must remain profitable in Forex business patience is an indispensable attitude u must learn.
Let me share a little bit of my over 80% patient and consistent winning strategy.
I am not a day trader, I trade on swing strategy. I don’t use any indicator except to aid my exit point. I hold my trades for a minimum of one week, some times for over a month or two. I had a trade I held for about 3 months which earned me about 10,000 points (I prefer to assess my trades in terms of points and not in money terms). You can’t trade my method except you are a pro, its very simple though. I use both technical and fundamental analysis (more of technical anyway). I would likely trade uncorrelated currency pairs to diversify my portfolio (except I just want to take advantage of an opportunity since its less risky). There is almost no element of sentiments in trading my method because you don’t have to be moping at the market as day traders and scapllers do. You can monitor ur trades weekly if u like. You can learn on demo account and trade effectively on real account. It allows you to trade and do your day job. (Diversify your sources of income)
It takes some time to confirm a buy or sell (sometimes weeks), i risk less than 5% of my account (most times 2 or 3% or even no risk) on a particular trade because I would adjust my stop loss above break-even thesame day or 2 after a trade is placed. I trade on small lots but on the long run i make about the same net return with those greedy traders who always burn their fingers on the Market.
What informed my trading strategy was a wisdom I learnt from the book of proverbs in the Bible (often hear people say “holy grail” I think what you believe works for you). It says “He that maketh haste to be rich shall not be inocent”. (I chose to climb the ladder one step after the other, I find it safer that way).
I can teach anyone (that loves Forex with passion as I do) my strategy at no cost except on executive training and financial institutions. But you must be hard working and ready to acquire knowledge on your own. I don’t have the time to babysit anyone (I’m yet to have a child of my own).
Good luck to all Nigerian Forex traders. Keep learning, continually beat the market. God bless you all.