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Online Forex Trading

Wednesday, March 25th, 2009

Online Forex Trading

Why the sudden upsurge in the request for Online Forex Trading Resources? Is it the way out of the Global Economic Crash for Nigerian Online Entrepreneurs? I don’t think so. While Forex Trading is a genuine and legitimate way to make money online, it is not for the unskilled and lazy. It is not a quick exit option from the rat race. Neither is it the best protection from the heat been generated by the global economic crash.

Anyone promising you a get rich quick package via Online Forex Trading is only doing so to rob you of your hard earned money. I made a post on this before, Forex Trading In Nigeria, Who is making the Money. Think about it for a second, the recent Global Economy Crash has made nonsense of the theories that were held in high esteem by many experts for decades. The academicians and the business experts are spending sleepless nights trying to figure out what went wrong and how to get the global economy back on its feet. I am referring to the committed economic and business experts in the developed worlds. (One of the disadvantage of living in a Global Village is now being witnessed by all. What happens in Japan or America can have instant effect on Nigeria within 24hours).

If that is the case, what makes you think that a fellow Naija brother who cannot boast of 24/7 electricity to power his laptop has a magic software that will help you get rich overnight through Automatic Forex Trading? Well, the choice is yours. But please stop requesting for my help on Forex Trading.

Presently, I don’t Trade Forex Online. Not because it is illegal, here are my reasons:

  1. It is an online business with very high risk.
  2. The high risk is worsened by the lack of infrastructure in Nigeria. Can you imagine PHCN striking while you’re trying to make a sale or a buy? Which ISP can guarantee you constant internet connection. (Since January this year, my ISP has been offering epileptic service even after increasing their subscription charges. They gave the Global Economic Crunch, as excuse for the increase).
  3. I am not ready to pay the price of time and resources required for Trading Forex.
  4. I  have heard too many scary news from friends that loss some good fortune within minutes of Trading Forex with live accounts.It is quite unfortunate that too many Naija Forex Trading Newbies assume that their performance with Demo Forex Trading Account is an indication of what real live trading will be. Please don’t be deceived. The result is not the same.

Well, I could be totally wrong. I never said I knew it all anyway. So, you have to make your choice. However, please, don’t send me emails asking for Forex Brokers, Forex Softwares and Forex Resources. I am not trying to discourage you, just that I am begining to get upset with the number of emails asking me about Forex Trading. After all my blog is not solely about Forex Trading. If I ever come across any material I consider useful for my readers, I will simply post it for free in an article. I don’t have time for sending such materials to individuals via emails. 😉

Ok, after all said and done, since I am committed to my readers, I will try to get more information on blogs and websites where you can get reliable information and tutorials on Online Forex Trading. But until then, lets devote attention to talking about other online business ventures that any entrepreneur can invest in without burning the fingers.

Here is what I am currently doing. I am reading about Blog Farming (it is a long term investment strategy) am also working on my Website Traffic too.  I want a shift from Social Media (it requires constant participation) to Search Engine generated traffic (it is much more reliable and less demanding) .  I’m getting better with my Google Adsense skill and improving my earnings via affiliate marketing too. I will be sharing about these in my future posts. You can subscribe to Nigerian Entrepreneur RSS Feed so that you won’t miss future update to this post  Online Forex Trading. Until then, stay cool. Cheers.

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Posted in Entrepreneur, Investing | 63 Comments »

How To Hire The Ideal Employee

Tuesday, March 3rd, 2009

Every serious entrepreneur desires an employee that does more than he is paid to do. As business expands, even a solo-entrepreneur will be forced to engage at least an extra hand to cope with the demands of the business. Often time, this task is not as easy as it seems. If you understand the fact that an organization is only as good as its employees, then you will be careful who you engage to help you run your business.

Who is an ideal Employee?

The question is best answer with an illustration. I will use a story I got from a friend sometime ago. I can’t remember the actual source so I don’t know who to give the credit. If you know the original author, I will be glad to append the credit in an update.

THE RESULTS OF INITIATIVES

Some years ago, three brothers left he farm to work in the city. They were all hired by the same company at the same pay. Three years later, Jim was being paid $500 a month, Frank was receiving $1,000, but George was now making $1,500.

Their father decided to visit the employer and find out the basis for the difference in pay. The employer listened to the confused father and said, “I will let the boys explain for themselves”. (more…)

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Posted in Entrepreneur, Investing | 4 Comments »

7 Mistakes Home Based Online Entrepreneurs Should Avoid

Thursday, December 11th, 2008

That online business is easy to start and cost little capital to kick off does not mean you can just start one and achieve success without proper approach. Just as easy as it is to start, so it is easy to pack-up.  Experts claim that about 90% small scale businesses fail within the first five years. The failure rate for the online home based business is worse. Too many home based online entrepreneurs get confused and frustrated within the first six months and they end up packing-up.

If you are really serious about starting a home based online business and making success of it, then you need to learn from the pitfall of others so that you do not end up like them.

1. No written Goal and Plan

If you don’t know where you are heading to, you will end up arriving nowhere. Starting an online home based business without having a proper written Goal and drawing up a blueprint of how you intend to arrive at the goal is sure road to business failure! If you write out your goal and spend time developing a blueprint you will discover potential pitfalls and hurdles that you are likely to meet on the way. Also, it will be easy to evaluate your progress by comparing result with expectation.

I know you want to ask, is it necessary? Are those stuff not for big entrepreneurs? Well, you want your home-business to be as successful as that being run by those big entrepreneurs, don’t you? If you want to be a successful entrepreneur, then you must think and act like a successful entrepreneur. (more…)

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Posted in Entrepreneur, Investing | 9 Comments »

Create Wealth From Real Assets Not Accounting Entries!

Wednesday, November 5th, 2008

Does your business create true wealth by building assets and adding real value to the society? Does your business create wealth from accounting entries? What really does your business contribute to the society? Please do not get me wrong. Services such as medical practice is considered as real value adding products in the context of this article. However, some activities adds nothing and yet they “demand” the lion share of the cake!

Accounting Entries

Accounting Entries

I just read an article written by PACE. It was a good read as it provoked me into deep thought about the activities of several business enterprises in Nigeria. I encourage you to read the article, Burble Burst or Wealth Re-distribution?

For some years now, the agricultural, manufacturing and other sectors in Nigeria have been struggling to survive due to poor infrastructures and other challenges that are almost insurmountable. Funny enough, the financial sector, especially the banking sector has been declaring astronomical figures as turnover and profits at the end of each financial year. (more…)

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Posted in Entrepreneur, Investing, Nigerian | 7 Comments »

Stock Market Crash 2008: To Hold or Sell!

Tuesday, October 21st, 2008

All over the world, the recent economic depression is biting hard on shareholders. The stock market in Nigeria is badly affected too. Musa Al-Faki, the Director General of the Nigerian Securities and Exchange Commission claimed that over 3trillion naira has already been lost in the past seven months. Some of my friends are selling off their investments in the stock market at huge loss! As, I watch the trend, I remember the lesson I learned sometime ago from a stockbroker. The Stock Market worldwide follows the same trend over decades. There will always be a crash sometime some date! Remember the market crash of 1987, some thought that was the end. Well, we lived through it.

So, the market has crashed again! Too bad, many are badly burnt financially, including yours sincerely. Many are selling off their investments at a loss out of panic. But is that the right thing to do? That same stockbroker teacher thought me not to panic whenever the market crashes. It is a matter of time, it will pick up again. It may not be as fast as you desire as an investor, but check the history books, you will confirm that it always does.

The financial news media are already reporting some slight improvement in the international financial market. So, it is advisable that you think twice before you hurriedly sell off your investments for peanuts. You may actually regret that decision in another six months down the line.

So like a wise entrepreneur, it is time to weigh your options carefully and take a decision that you are willing to take responsibility for. Disclaimer: This is just my personal opinion. For expert information, consult your Accountant or Financial Adviser. Cheers.

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Posted in Entrepreneur, Financial Intelligence, Investing | 6 Comments »

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