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
Well said my friend. i am a nigerian in the uk and i started trading forex about 2 years ago. Fortunately for me my relative( and one of the best and skillful forex traders out there) was on the same quest for forex knowledge as i was. i took us a while to even break even (about 2 years) and it was constant non stop learning and getting our hands dirty. There is no better way to learn forex than to use real money. demo accounts dont really do justice to the emotional and disciplinary aspects involved with real money. We have lost some amounts of money £50000 between he 2 of us but it was just the cost of learning. Now im pleased to say we are profitable averaging around compounding at a rate of 50-70% each month risking a very acceptable amount. It was not easy and still isnt but enjoy the process, learn and bash the skills into your head and all should be well.
Sincerely,
Babajide
@jide
Thanks for sharing your experience on Forex Trading with us. I wish you had given some tips on resources that a would-be trader can use. I believe your comment will go a long way to encourage those who truly want to invest time and money in Forex Trading in Nigeria. Also, it will serve as a warning to those who think they can become an expert Forex Trader overnight by buying a manual selling for less than $30. Many have criticized my view about forex trading in Nigeria.
Please note: I’m not against Forex Trading as a means of making money online. I have said severally that Forex Trading is a legitimate way of making money online. I have only pointed out that the fake gurus parading themselves around as Forex experts are just fraudsters feeding fat on the ignorance of the would-be forex traders in Nigeria.
Just like Jide pointed out, it take a lot of dedication to get to the point of making money online by trading Forex. If you’re not ready to be that committed to learning how FX works, then it is advisable that you don’t delve into it as you will only end up loosing money.
@jide , did u say u make 50 – 70% monthly??? interesting. thats some realy risk appetite your trading with??? whats your true leverage on every trade u place? would really like to know and what type of method do you use, if you dont mind sharing.
i trade via spread betting risking no more than 5% every trade less in many instances but our system has a high strike rate.comfortably making 50 pips a day without problems. The system we use is based on moving averages and 2 custom indicator very confidential im sorry to say. the reason being that it works time and time again and the more people know about it the less efficient its going to be. However its not a holy grail it does have some bad days. Biggest secret i can tell you is CUT YOUR DAMN LOSSES SHORT. Just master a system properly and i see no reason why you shouldnt be able to be a consistent winner.
Regards
JIde
Well said Naija cash. I mean one of the reasons i am attaining success in this market is for 3 obvious reason all would be forex traders and newbies should pay close attention to.
1) i have constant electricity supply that never goes out and a very trusted and fast internet connection.
2) I work extremely hard. I wake up at 6 everyday. do my homework on the currecncies( Deep fundamental and technical analysisy) i want to trade. analyse global economic news and have a feel of investor sentiment from financial times, bloomberg & reuters. I also actively discuss with my fellow trader as the day progresses to have a more rounded market view.
3) i have taken the time to master my system and develop a very low tolerance for undiscplined trading. Sometimes i can take a loss of £4K without thinking about it and blinking for a second. Work on your skills.
Lastly, the amount of free and good information out there is just enormous. You really do not have to pay for systems and information. If you see a system selling for less than £10-£200 its fake and thats a fact. personally i would recommend that you buy systems worth £2000- £4000. mine cost £7000 to develop and its the sole property ofmyself and another trader.The market will never see this system because its genuine and we are not interested in giving it away to the public. Trade well and trade smart.
Regards,
Jide
@Jide
What else can I say. Thanks a million for sharing. This indeed is a confirmation to my posture. I wish the critics and the fraudsters will come out to defend their position now. If a system is indeed capable of yielding a four digit return in hard-currency, why will someone in his right senses want to sell same for less than 30dollars?
I’ve learn over the year not to get swept off my feet by sweet talk. Common sense dictates that Forex Trading is for those that are ready to pay the price of dedication and a lifetime of studying. Since it is a money game against other human beings spread all over the globe, I don’t see how it can be less complex than it presently is. Human beings are dynamic, if you buy a robot today that earns you money from auto trading, I can bet that before long, someone will develop a better robot than yours. It is only by consistent studying of the dynamics of the foreign exchange market that you can remain relevant.
I guess this article is bad news to those scammers selling cheap forex manual and robots for N5,000. Am angry at them stealing from gullible Nigerians. Can you imagine how some of them promise to turn a Nigerian who is barely computer literate to a forex trader with a one day seminar costing $1that 33 (that is 20,000naira). They shamelessly promote such seminars on the radio.
@Jide, happy for you and your trading system. but honestly speaking i dont believe in that phrase “CUT YOUR DAMN LOSSES SHORT”, i trade fundamentals, technical + price action, fundamentals taking precedence, I truly dont believe in indicator cus they already tell me what i already know “THE PRICE” the market is not a formula, if not every mathematician would be a billion. Well thats me and thats how i trade, i net over 400 weekly, done 172 pips 2day already did 144 yesterday.
Dont get me wrong, am not trying to claim anything or fault your system, its doing well for you, so u should keep using it.
Honestly speaking i cant remember when last i took a loss.
Good to hear about your success. however i must point out a few details that i have doubts about.
1) you cannot be a profitable day trader with mere fundamentals. Fundamentals are wide, ever changing, complex and subject to interpretation not by you but by large institutions, Fed, Hedge funds and Banks. Many times what should fundamentally happen doesnt because a big player is taking the opposite view to an economic situation.
2)Good indicators confirm price action.
3) with those sorts of targets 400 pips a weeks and so on. it suggestss you place wide margins on your trades to allow for swings in the case that the markets do not go in your favor.it only takes 3 of those for a substancial loss to be incurred.
4) everbody takes losses. some of the most successful and skillful traders i know are succssful because of that fact. Even a trader i know in the uk, manchester to be precise that has recently started clearing £200K still takes losses and no way on earth you are more skillful than him. im atleast 5 years behind his skill. so unless you have found the hol grail that takes no loss.i would respectfully declare im not sold on that idea.
Good day
@jide & obiora
You guys aren’t speaking in the language of laymen anymore. I hope some newbie forex traders are grabbing the information been pumped. Kudos 😉
@Jide
Breaking down….
1) you cannot be a profitable day trader with mere fundamentals.
I said i use FA + TA + PA, I hope u dont trade TA or Indicators against the fundamental bias. that should clear that, the truth u must know about fundamentals is that no matter how many pips it rallies against the true fundamentals, the market would always realize is false at the end of the day.
2)Good indicators confirm price action.
That really makes me laugh.. GOOD INDICATORS… CONFIRMING PRICE???
All indicators are Lagging, Meaning they already tell me what i know,, THE TELL YOU THE PAST, NOT THE PRESENT…..
3)with those sorts of targets 400 pips a weeks and so on………..
Honestly speaking its not really a target, i trade what the forex presents, if i take 100 its ok, if its 50 its ok, but i average 400 weekly, last week was 610,
The guys i trade with, average 800pips and above weekly, and that is NO LIE. Well Since we all know leverage is a killer, so many still dont know… i use low leverage and do my thing…
4) everbody takes losses. some of the most successful and skillful traders i know are succssful because of that fact.
I NEVER EVER SAID I DONT TAKE LOSSES, I SAID I DONT BELIEVE IN “CUT YOUR DAMN LOSSES SHORT” .
Finally this statement of yours makes me laugh
“and no way on earth you are more skillful than him”, Comon………
Cheers
mind you thats £200k a month
And just to pint out further. Jim simons managger of Renaissance Technologies hedge fund uses complex mathematical models to analyze and execute trades. he uses computer-based models to predict price changes in easily-traded financial instruments. These models are based on analyzing as much data as can be gathered, then looking for non-random movements to make predictions.
1) he has under $15 billion assets under management
2) he is the most successful hedge fund manager in the world. FACT
3) he gets paid over $1 billion annually. many years seeing even above $2 billion.
and most importantly fact 4) you are wrong about mathematicians not being billionaires and the fact that you think ‘You know the price” simply by fundamentals. i hope this sheds some light into some areas of trading that may have been grey to you. Good day
@NaijaEcash: LOL. I thought I was the only person getting lost in all this gist. Jide & Obiora una well done 😉
Jide and obiora. You two are not the only ones trading fx successfully. with just pivotpoints alone i make close to 150 pips daily. Everyone has his own trading style. As long as we all agree there is no holy grail in forex, no trading style is 100% perfect. You both are right in your arguements. Absolutely right. I have said my piece so could u two pls stop stuffing my inbox with you rantings? Pls? Thank you…
@Micheal
I disagree with you that Jide and Obiora are ranting. If you take your time to read through their argument. You will understand that each is expressing his thought or personal opinion based on their practical experience as forex traders. I appreciate their comments more than that of people who want to sell cheap stuff to ignorant fellows.
Maybe you didn’t observe that neither Jide nor Obiora posted any link to their personal website. Since they are not selling any hyped product, I’ll say that they are free to continue their discussion.
Those of us who know less may have one or two things to learn.
It is a pity that I’m lazy when it comes to learning about Forex, I tell you the truth, this two guys would have converted me into a Forex Trader with their arguments.
@Chukwudi
Bros, na so I see am. But I’m enjoying the argument and counter argument. Only that I need to do some research in order to understand some of the technical terms they are using to refer to their FX trading. This thread is becoming interesting. 😉
I have no further motivation to continue this argument. I have been trading forex long before it hit adverts in nigeria or the internet really. I have traded with traders running hedge funds and mutual funds in global markets. I dnt need to justify myself further. I was merely looking to see how the forex scene is in nigeria as i plan to visit soon. If your argument holds obiora and you can consistently do that with the capital i currently trade with £745K and be around in the next 1-2 years.i will consider acknowleding you. until then i suggest you look into this argument as i have seen many go and many come. i respectfully close this chapter.
Regards jide
@Jide isnt it amazing how 90% of traders are losers.. Have u asked yourself, WHY???, Talking about Jim simons using a mathematical model, my dear he sure is lying to you, he knows better, his not telling u all, i dont blame him, WHY SHOULD HE???? WHY SHOULD I??? , how do u expect him to make his money when there are no losers??? eating up lots of crap out there on the internet.????
Mathematical models cannot in anyway predict the market because the market is made up of individual traders that think differently and act differently to every single tick on a chart resulting to a random movement.. AND NOT A FORMULA.
A + B = AB = place trades (Investors money) . Thats a Big NO….
I hope u dont think that the big players place trades ignoring FA.
well, i cant say much any longer, lets trade what we have and be merry…
Cheers
@ Jide & Obiora
Thanks to you two for your contributions. It’s been a gentleman like discuss while it lasted. I believe your differ opinions will help educate would be forex traders who stumble on the discuss. Cheers.
I think this is very usefull post. I bookmark it in facebook! Thanks
Thanks.I congratulate you for this blog.
I’ve really enjoyed.
I sincerely thank you again
I JUST WANT TO START TRADING
Hi guys,i am new in dis forex business and had to take a tour.sincerely, u guys have proven ur worth and i will like to join in the trade .However, i will like to get my self engrossed in forex trading and i dont mind how long it will take. if there is anybody dat is interested in training me, kindly post ur interest.
Hi… I’m From Indonesia and I trading forex with Marketiva.. Nice..
Marketiva´s last blog post ..Trading Forex, index, funds dan komoditi di Marketiva
I’ve read all the comments and they are all interesting..I am a forex trader who makes minimum 20% a month..A lot of money can be made trading forex and a lot can be lost..most traders lose due to their greed and emotions. That is the most difficult part of trading..If you can work on controlling those two which is very difficult to do, have a good money management not risking more than 5% on any trade, have set rules and STICK to them, then you are on the right track.. make sure you practice using demo account untill you are making consistent profit..making money trading forex is HARD WORK!!! you need to be VERY PATIENT, you have to give it all you’ve got,love it and even dream about it. There’s alot to learn..Its a profession…don’t let me bore you anymore..Dele Odusanya
Not many people will like that statement. They want to earn while sleeping or relaxing at the beach side. No wonder the gurus are raking in money selling Forex Auto-Traders. Thanks for contributing your thought.
‘making money trading forex is HARD WORK!!! you need to be VERY PATIENT’ that statement is for the beginners..you need to learn the tricks of the game..you don’t want to be the gambler..you should be the casino..all this takes hard work and patience..you can trade by the beach! you will know when the time comes but before then, its HARD WORK! At times i make money while sleeping or watching football but it took me years of study to get to this position..most people think trading is a quick way to make money..Yes it is but you have to learn how to..
Dear Forex Friends,
without saying much ado about nothing. i put it to you guys that in the multitude of words sin is not lacking.
The average nigerian forex trader believes he is a guru having attended one or more 2days live seminar of which the seminarian gives you the impression that you could be making or there prefered language raking a minimum of $1,000usd weekly as a forex trader. though it is true to an extent but the truth about the matter is that a good number of the seminarian dont even posses a live account of their own because they are merely online marketers trying to outlive the other by blowing trade profits out of proportion.
The second of group of con artist cum forex robot traders/marketers are those that are empty in the head,…i call them ‘coconut’like my italian friend will describe them. They simply have no inkling idea about the forex market, they are merely charlatans, preaching what they dont practise. selling of robots to erk a living is the name of the game to them.
Then, the third group of traders are the likes of jide and obiora who are indeed the rare gem of forex traders. i call them savy investors.i am a currency strategist who has been trading since 2006. so i can easily recognise when a true trader speaks the language of forex. i put it to them that they have lost as much money as i have lost in the past,while trading forex but it is the passion of these form of investment that has kept them going unlike some gamblers who would lost a $300usd and start ranting that forex is a modernise scam the whites are using to exhort money from the blacks.
The crops of the matter is that forex to the likes of jide,obiora and myself is a career not an avenue for getting rich quick like a good number of would be investors assumes it to be.come to think of it,this is a business that generates an average of 1.7trillion usd a day so instead of fighting over whose system or robot is better.i suggest we just stick to our individual style in as much as it it yielding the dividend of our patience,passion, dedication and determination because like robert miyosaki would say ‘the first law of success is mind your business.chikena!
Although, i wouldn’t want to pry into the private arguments of my learned friends but if i may contribute my quota to butressing the assertions of both party.i therefore deem it fit to say that there is an element of truth to what both parties are arguing.
1.forex is all about creating a system.test run your system and believe in your system .it is not all about mathematics.for once we should stop allowing even the so called white to fool us with there gimmick of using one mathematical calculation or whatever.no good forex trader will want to conduct a seminar to sell his system that works.they,ll never disclose it.even for a million dollar…this is also a message for our esteem robot user’s
2.opening a trade on position and keeping it to run because fundamentals is always right and the market will tend to correct and retrace can sometimes be true but not always true…e.g i for one knew how the euro had a formidable resistance at point 1.4985 in 2007.each time price gets there it will always retrace.some of my friends where opportune but not fortunate back then to take a position in 2007 at that point (eur/usd:1.4985,major resistance of 2007).However,the inevitable happened,the recesssion fever heated up and the american economy was in frenzy and the euro and swiis franc became the safe haven currency….to cut the long story short, the euro did not only broke the resistance of 1.4985 but also appreciated to 1.6085,gainig over 1,200 pips against the greenback(usd).who would have thought?thats merely a tip of the iceberg.how about the gbp/usd that fell like a pack of card in one fell swoop, from 2.0997 to 1.3575 late last year, a difference of a whooping 7,422 pips,the list is endless.so my dear forex friend that loves a taking a position hoping it would retrace it might be working for you now.but i bet you in the long run you might as well blow up your forex account to smithers.success in forex trading is a journey not a destination.the most important thing is to make pips,keep pips and continualy make pips and you sure of making headway in this business,learn to curb greed above all be a discipline:i see nothing i do nothing philosophy.
The conclusion of the matter is that there is a new ship sailing to the shore of wealth creation and that ship is sailing via the forex market i welcome,every tom,dick and harry/maria onboards.my contribution will not be complete if i dont give evidence to lending credence that am just an average trader who sole aim is to preserve capital and make profit monthly .you may view a statement of account from this link forexclubten.tk. of my account grew from $5,000 to $35,000 in 3months and to view my live account direct on forex-metal.com…download meta trader(Login-4510 and password victoria7000) Forex account has grown from $21,000usd to $42,950usd.if you have problem login into my live account..please send a mail to info@forexclub10.tk……Happy holidays,july 4th(united states of American independence,waoh…The united states dollar is usually a buy on independence days…black fridays,martin luther kings day e.t.c..i hope you make many pips,keep it and repeat it(dats what my baby pips father thought it,hahahahahahahahahahahahahah!Aurevoir
You guys are wonderful. Your contributions will definitely inspire the beginners like me. Please, we expect more of these. You guys should also please extend your hands of fellowship by way of training to some of us that are green in the market for us to advance like you. We are ready to learn and keep to the rules of the game. Educate us on how and where best we can get required training in addition to self education/readings.
A colleague of mine and I paste trades and analysis on our website. You can keep checking thefxtradergroup.com where we post trades and analysis..There is a current setup for eurusd and usdchf with a target of 100pips+ which will probably kick off today or tomorow..for inpatient traders, you can enter the trades earlier than entry points..Theres currently some development going on on the site so please bear with us. Also you can join the group fxtrader on facebook..ITS FREE!!
Ever heard of anyone making easy money? even scammers work hard and are patient, if you think you can become overnight millionaire without having any real skills, then you deserve to be scammed.
The truth is that forex trading works and you can make money from it, just like any other business, it however depends on who is doing it, how you are doing it and your attitude. it is no more different from the rules that guide living successfully.
As regards the training part, i urge my people to become more discerning. if i want to buy a real Rolex watch, i wont go to “Law school” traffic light on ozumba mbadiwe. if i choose to go there, then i know i am buying a fake Rolex which i may wear “for efizzy” for 2 weeks before it stops working, if you sincerely go to ozumba to buy real Rolex and you are scammed to pay for the value of real rolex, then you dont really deserve to own a rolex.
as for me, i do trade forex once in a while, am not going to brag about my wins and losses but i have experienced both but i am still ahead on average.
my advice is to paraphrase Robert Kiyosaki “Respect the odds” and “do not bet what you can not afford to lose”.
During the day, I am a developer of web application and i am looking for somebody who knows forex trading and who wants to own their own trading platform, if you are interested, kindly contact the owner of this blog, i believe he has my email. thanks my people
i need a list of good forex training schools from alagbado to ikeja in lagos, pls help out with this information, i need to start my tutorials.
Tnx for this details. It is very much appreciated! Cheers.
I have read tru all the comments and i must say that i’m impressed especially with jide and obiora in their arguments.If you must excel in Forex; You must take it as a business,Learn and keep learning and never stop learning,Have a lot of patience, start small and grow your account gradually[HE THAT IS FAITHFUL IN LITTLE WILL BE FAITHFUL IN MUCH],You must know that losing is part of the business,Run from those who say they can teach you forex in one or two weeks[Being good in trading forex takes real time], A good option is to get a mentor and learn from him[this will help you to learn fast and overcome/avoid SOME pitfalls as you learn],I must not fail to let you know that trading forex is very boring.
I hope i have been of help to someone.Have a nice day
Thanks for your comment. I’m convinced that a lot of would be Forex Traders will take a lesson or two from what you’ve said. At least those who are wondering why things are not going the way they expected will now understand better how Forex Trading works. Just like any other business, Forex Trading has it’s pitfalls.
I could not had know detail about forex trading if not for the well meaning Nigeria who are taking the pains to help a lot of forex victim like myself. Actually I thought forex trading is just as simple as they are advertising all over the media but it is far from it. It is not a white 419 either. It simply a career that need to be study patiently over a long period of time.it is not for those that are struggle to make a living because it could wipe you your hard earn money if you are not well rooted in the knowledge, experience and big pocket. I went into it with excitement after 3months of demon but i have been humble to zero account because my 3 months experience could not withstand the swing, couple with the absent of electricity and poor internet services. forex is a business that need patient as any other career and not a “get rich now!” as they are announcing to collect N20k. forex is real but require dedication and hard work to be profitable.
I agree with you, most of those who are doing well today had to go tru what you went tru even worse. My candid advice is for you to get a mentor who you can learn from and surround yourself with those who are into trading too.
SHALOM
has anyone ever heard of GCI, are they reliable traders??
Chucky, you’ll need someone who has used their service to give you a review. I hope someone who knows GCI will come around. Thanks for visiting.
Okay but they use a platform called ICTs which I think is similar to acttrader platform can anyone recommend a tried and tested broker that uses this platform??
….LOL…. has anyone heard about FXBOOM.
came across them and this blog boomtestimony.blogspot.com
seems interesting… whats you opinion
I guess that forex bullet proof thing is supposed to be available to the publis soon, i think i may check it out.
Nice Place!
i also what to trade forex. pls who can help me
You are absolutely right! Most of the people who make money from Forex these days are the trainers, not their students. Many trainers don’t even trade. Most have just mastered the art of making interesting noise and delivering empty promises.
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I must really appreciate the efforts of everyone who has posted on this thread, you have given me another angle to forex trading especially when am still new to forex, pls i really would not mind tutoring but like earlier said wld follow your advice: keep reading and reading and then take forex as a career. thanks so much guys
it is true that you can earn lots of bucks from Forex but it requires skill;;.
Thanks for the helpful information. It will help me to improve my trading.
forex trading can earn you a great deal of money if you know how to invest properly
It is interesting reading the differ opinions expressed here about Forex Trading as a Nigerian. My opinion is that like any other form of business (online or offline) experience is required. Every trade has its required skill. Anyone who wants to be successful in such trade must learn the required skill.
It is a pity that getting the right skill for Forex Trading is a bit difficult in Nigeria. Those peddling Forex Trading seminars when they are not successful traders themselves are simply scammers.
They are to be blamed for the skeptic attitude many are developing towards forex business.
there are fluctuations in forex rates these days but Forex Trading seems to be good anyway “
Very informative. Its really cool. Keep it up
Noridah´s last blog post ..Fibonacci Forex Trading Techniques – Practise Forex Trading Online With Charts Using The Fibonacci Trading Method To Rake In Big Profits
Forex is as real as stock trading but to be successful, you must have a tested method be it Fundermental Analyisis (FA) or Technical Analysis (TA),you must either be a Trend trader or Swing trader and above all, your attitude i.e how you manage your greed and risk appetite couple with good money managment is what seperate a succesful trader from others. Your sound technics only carry <50% of your success in trading,good money and greed management is KEY. Happy trading…
To me, trading forex does not require spending so much money on systems that does not expose you to how you can study the market behaviour as per when and how to place a trade. Without the use of forex robots or paying for signals that may not even work you need patience and desired interest to study the technical and fundamental principle guide price movement. I started researching forex since 2006 through which I was able to find out what makes people loose and the wayout of money making in forex. Due to my discovery, the only way you can trade forex without gambling or using trial methods is through hedging out your loss position which will always put you in profit at the end of your trade period. So, it is a no loss method. I have trade with it alot of times and it is still working perfectly. Infact, it is brokers’ secret which i deduced from a particular robot and developed a better way to be used for small traders. The fact is that there is no market that will not retrace before moving back on its major trend. Through this you will always make your profit. Making more than 100 pips daily will not be a problem if only u can learn the way to use the method. So, every forex trader should not only have the notion of making money but developing an easy to trade system without losing your account.
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This is a good subject to talk about. Sometimes I fav stuff like this on Redit. This article probably won’t do well with that crowd. I’ll take a look around your site though and submit something else.
it’s a wonderful place to be. I’m seriously thinking forex nowadays but i don’t ve any experience yet – only a thick bark against failure. thanks.