Currency Trading

The first step in becoming a good forex trader is to undergo a comprehensive forex trading training. I went for a forex trading training in the year 2007 under BoasonJeff forex training. So, I know what it means to undergo FX training.

So, I am writing out of my experience as a professional forex trader. What is for sure is that most forex trading trainers in Nigeria are not forex traders. So they end up selling information to those that really want to learn how to make money trading forex.

Please take note: I was a victim of training from just an information seller, who doesn’t know what it really means to trade forex. And so many forex training centers, seminars, and institutes in Nigeria are information sellers.

That is why after the so-called forex trading training from them, they hardly give you the attention you need to succeed after the training.

Thank God that I was not discouraged after the fake training, therefore I took the bull by horn and today, I can boldly say I am one of the successful forex traders in Nigeria.

So, what you are about to read is forex trading training from me, the person of Mr. Israel Chima Nnabuike. All I will teach you here is from my 11 years of trading forex.

I have seen the ugliest part of forex by losing all I have in life. And I came back and made them all out of the bitter experience.  So, I will give you nothing than all you need to succeed in trading forex.

That does not mean there are no good ones out there but I for one cannot vouch for anyone. But all I know is that reliable forex trainers are very expensive and hard to get.

Forex Trading Training – Proper

I will start by telling you that forex trading is a very fast way of making money online. At the same time, it is the fastest way to lose all you have acquired in life. This means that you are not guaranteed of getting rich quick trading FX.

In addition, forex trading is not for unemployed or for someone who is desperately in need of money. This means it is a business you will start, nurture until it becomes big for you to start enjoying.

But if you are unemployed but have time, then forex knowledge is worth having because you can use it when you finally get a job. Or you can sell the real knowledge to those that have money to invest while you do the trading.

Never ever think of borrowing money to start trading, more especially if you are new to the forex trading.

Forex Trading Training For Beginners

If you are completely new to forex, then my training is beyond your scope. But that does not mean I will not help out. I will introduce you to the best online forex trading website for beginners.

Here is the link ( Click Here) to the training. It is completely free but more detailed than most paid online training. I used it so many years ago and it is still the best by all standards

FX Trading Training For The Struggling Trader

A struggling trader is a person who knows the basics and has some forex trading strategies that work today and fail tomorrow. In other words, the trader wins a few trades and loses more trades.

If you are such a person, it is obvious you are searching for forex trading training that will give at least a 90% success rate. To that, I say welcome because I have what it takes to win more than losing in the trade.

My training is based on what is known as price action trading. Others call it naked trading. This means you will be trained to understand the language the chart speaks.

In this case, you don’t need an indicator(s), EA (expert advisor) or robot to trade. All you need is to understand the language of the chart.

Languages of Forex Trading Chart

Trend

The first language of any trading chart you must take note of is the trend. There is this popular saying among the traders that the “Trend” is your friend. That statement is as pure as snow.

If you failed to identify and follow the trend then there is no way you can make money trading forex. Trading against the trend is like swimming against the tide.

Obviously, no one swim against the tide can go far. As a matter of fact, the only indicator you are allowed to use on your forex trading platform is the trend finder. I personally use SHI_Channel_true.

It is a free channel and trend identifier and very easy to install. Once again, if you can’t find or know a long term trend of a currency pair then avoid trading that pair completely.

Once more, the trend is not only your friend but your savior.

Trend Behavior Pattern

After identifying the trend, you have to know if the trend is continuing or reversing. This means the chart speaks the language of trend continuation patterns and trend reversal patterns.

Therefore, let’s take a deep look into the trend continuation patterns.

Gap

In any trend watch out for a Gap. The other name for a gap is a window. Almost 90% gap in a forex chart shows that the price will continue in that direction. From the chart below, you can see that the market gap downward and the trend continues in that direction.

How to Trade a Gap

If the market gaps, wait for the price to come back from the point it gaped because usually, that point becomes support or resistance.  Therefore, the right entry point in a market that Gaped is to wait for the price to retrace to the original point.

Your exit will be when the price closes the gap or window. For instance, it price gaps downward, it is supposed to continue in that direction.

But if the market refused to go in that direction, which means the buyers close the gap then exit your trade. Check the chart below.

There 3 types of gaps in forex trading, and they are:

• Tasuki gap
• The gapping play
• Side-by-side while lines

If you understand and master gaps, you will always make money trading forex.

Hope you are enjoying this forex trading training.

Rising Three Method

Another trend continuation pattern you need to know is called rising and falling three method. Form the chart below, the trend is up and the seller tried to push back in 3 different candlesticks.

 

Along the line, buyers came and nullified the strength of the sellers completely. This means that the buyers will continue in their movement.

Falling Three Method

This exact opposite of the rising three method, which means it occurs in a downward trend.

Another strong trend continuation pattern is known as three advancing white soldiers. The chart below shows exactly what it means.

These are the essential trend continuation pattern you need to know in other to trade a naked chart. Don’t forget that this forex trading training is designed to make you understand the chart language.

Up Trend Reversal Patterns

If a trend is upward, definitely it will turn downward. The question is, can you spot when an upward trend is about the change to a downward trend?

The answer is yes if you understand the language of chart reversal patterns of an upward trend. And the patterns are:

• Evening star
• Dark cloud cover
• Tweezers top
• Hanging man
• Counterattack line
• Harami and Harami cross
• Doji star
• Shooting star
• Bearish belt hold

Detailed explanations of these patterns are beyond this post or forex trading training. But, you can Google each pattern to understand what each looks like.

Down Trend Reversal Patterns

The chart also reveals to the knowledgeable when a downward trend is about to change to upward. The chart languages or patterns that detect that are:

• Bullish engulfing pattern
• Piercing pattern
• Tweezers bottom
• Hammer
• Morning star
• Counterattack line
• Inverted hammer
• Bullish belt hold
• Tower bottom

Forex Trading Training –Wrap Up

A very serious point you should take home from this few minutes forex trading training is that trend doesn’t change easily. Therefore, even if these patterns mentioned above forms, you must wait for confirmations.

Though I did not mention the confirmations here, you can get them in one of the most respected forex trading training PDF ever written by a man.

Any candlestick pattern book was written out of this PDF I am talking about.

My one-on-one forex trading training goes for $1000. I will train you until you become a professional forex trader.

But if you are good and fast learner, then you can check on me on 07033680227 for the PDF, and it goes for $150. Or use the contact us link above to reach me.

My last words in this forex trading training is, it is better to spend $10,000 in forex education and start trading with $500 because you will gain it all if you play by the rule.

But if you refuse to go for quality forex trading, then you will lose everything you have. So, be warned.

Good Luck

Searching for the best forex broker in Nigeria? After detailed research, I found out there are up to 50 so-called forex brokers in Nigeria.  I use the word “so-called” because I came to realize that the majority of them are forex agents.

Therefore, it’s wise to search for the best forex broker in Nigeria because it will save you a lot of stress and risk.

In this post, I’ll confidently recommend some brokers that over 95% of Nigerian traders have confirmed as the best forex trading brokers in Nigeria.

Before then, I’ll like to tell you why you should avoid forex trading agents in this forex broker reviews.

It is very risky to trade with forex agents because they serve as middlemen between you and the broker proper. In this case, whenever you want to fund your account, you’ve to pay into their own account first before they will fund the brokers’ account.

This process is so fast that you’ll not know. Though they have been doing well but some traders have suffered a lot from the hands of these agents.

For instance, a few years back, liteforex agent made away with millions of traders’ money. I was with Blackwell’s manager, which is one of the forex trading agents in Nigeria, and he revealed to me how they manipulate their platforms against traders so that they can make money.

To be a forex trading agent you must have paid some huge amount of money to the broker and the broker will carve your own platform for you. In that case, you have total control of what you do to your clients. Trust Nigerians.

So, with this in mind I deem it fit to present to you best forex broker or best forex trading brokers that you can confidently trade with.

Best Forex Broker in Nigeria

After all, I realized we have only 5 reputable and reliable forex brokers in Nigeria. I narrowed down to the best 2, which are hot forex and FXTM.

These 2 forex trading brokers are beginners’ friendly and high score of ease of doing business in so many ways. So let’s take a deep look into the features of these best forex brokers.

Hot Forex Nigeria

The major reason this broker remains the best is that they have the lowest spread among all. In fact, their spread is as low as 0 pips. In other words, they do not charge you for opening trade on their platform.

Also, their overnight commission is almost zero. This means that it will take little or no time for your trade to enter into profit.

They have the fastest trading server, which means that no matter how slow your network is, you can enter or exit a trade. The issue of re-quote is a thing you will never experience with this broker.

The Lagos office of this best forex broker is at 90 Allen Avenue, Allen, Ikeja. They are fully licensed regulated by FCA (Financial Conduct Authority) Nigeria.

Once you walk into their office you will be greeted with a large notice board stating all the regulatory bodies that oversee their activities.

Therefore, it is highly safe to release your hard-earned money to these brokers because they have all the power to operate here in Nigeria.

A look into their willingness to help you make money as a forex trade reveals that they have a comprehensive education plan for their clients.

Their education plan is tailored to fit beginners, intermediate and professional forex traders.

This education is served in e-course format, video tutorials, webinars, seminars, and special events.

So, no matter your preferred way of learning, there is a place for you to learn how to trade forex with this forex broker.

To enjoy the wonderful trading experience with this broker, Click Here to Sign up

More Advantages of Trading with This Best Forex Broker

They have a very high score of ease of doing business. This entails that you can easily fund your account and withdraws your trading profits within hours.

In fact, you can fund your account in Naira and withdraw in Naira. So the problem of going to aboki to change your money into dollars is a thing of the past.

There are so many available forex trading platforms you can enjoy from this forex broker. They have Mt4 for desktop, MT4 Web terminal, MT4 Andriod, MT4 iPhone tracker, MT4 Ipad tracker, and mT4 multitermianl.

In addition, they have MT5 in all the devices mentioned above. So, no matter the device you are using, you can comfortably trade with this best forex broker in Nigeria.

You have more than 250 forex pairs to trade with this broker.

Disadvantages

Hot forex has their flaws but the flaws are not deal breaker. For instance, they have very slow customer service. Yes, it takes a very long time to get some technical issues resolved from their end.

Though they promised to improve on that, and it seems they have done that because one of my friends just opened an account with them. He said he received a quick response from a dedicated account manager.

Another challenge you may face when trading with this best forex broker in Nigeria is that in a very volatile market, you may not be allowed to trade. Though it is usually done to protect clients’ fund.

2. FXTM Nigeria

In this my forex broker reviews, it is obvious that FXTM Nigeria is the second-best forex broker in Nigeria. They have almost every feature with that of the hot forex.

But they are not friendly to clients’ money because they have a very high spread and overnight commission.

But the truth is that good trader don’t get much worried about the spread and overnight commission because they know at last they will win most of their trades.

If you’re considering the safety of your money then this is a broker to work with because they are highly licensed and regulated here in Nigeria.

In fact, they have the fastest customer service. No matter the challenges you are facing with their platform, it is usually resolved within hours.

Also, their education plans and execution is second to none in Nigeria. Yes, if you follow their tutors then you are sure of being a competent forex trader in no distant time form now.

Click Here to Sign Up Today for a 30% welcome Bonus

Their office is situated at 3^rd floor, 5 Allen Avenue, Allen, Ikeja, Lagos state. They also have an office in Abuja. The address is 1^st floor, suite 109,  Obum place, plot 1140, No, 16 Adetokumbo crescents, Wuse 2 Abuja Nigeria.

Best Forex Broker in Nigeria – Wrap Up

Without any doubt, these 2 brokers are the overall best forex trading brokers in Nigeria. I am a living witness to how effective and efficient their services are.

The most important part of this post is that you are now clear on the difference between forex trading agents and real forex brokers.

Trading with any of the best forex brokers listed above means your money is safe and protected always. Above all, you have a place to visit them in case of any problem.

So feel free to go with any of the best forex broker above. Below is the link to their official website site from where you can register.

Hot Forex Registration Link …………………...Click Here

Fxtm Forex Registration Link………………………..Click Here

 

Good Luck

 

With over 50 forex trading platforms in Nigeria selecting the best forex trading platform in Nigeria becomes a difficult task. Before I go into details, I will like to appreciate your effort in trying to know the best forex trading brokers in Nigeria because they are those you will hand over your hard-earned money to.

It will shock you to know that most forex trading platforms in Nigeria are not brokers instead they are agents.  As such the risk of doing business with them becomes very high.

With this post or article on the best forex trading platform in Nigeria, you are going to know the real brokers you can confidently do business with.

You may still be wondering, what is the difference between a forex broker and forex agents.

A forex agent is someone representing a foreign forex broker in Nigeria. In this case, you pay money into his account or companies account, he then funds your account to the broker proper.

Most times this process is very fast that you may not even know that they are serving as a middle man between you and the main broker. The risk of doing business with forex agent is even higher than trading forex itself.

While dealing with the forex brokers entails paying money directly to the brokers account. In fact, they have a full presence here in Nigeria. In other words, you are having direct transactions with the real and reliable broker, there is little or no risk trading with these brokers.

With that in mind, let’s go into details of best forex brokers in Nigeria.

Best Forex Trading Platform in Nigeria

There are two reliable brokers you can trade on their platform here in Nigeria. They are:

1. FXTM (Forextime)
2. Hot Forex.

When I was doing my research on the best forex trading platform in Nigeria, I took my time to visit most of the forex trading brokers in Lagos. Therefore, these 2 made my list, and have their full presence here in Nigeria.

Let’s take a deep look into the features you need to consider before using any broker. Because I made my final selection based on these features.

1. FXTM Nigeria

The physical office address of FXTM is 3r Floor, 5 Allen Avenue, Ikeja, Lagos Nigeria.  Also, their Abuja address is  1st floor, Suite 109, Obum Place, Plot 1140, No. 16, Adetokunbo Ademola Crescent, Wuse 2 Abuja, Nigeria

FXTM is the overall best forex broker in Nigeria for the following reasons:

Advantages of Using FXTM Nigeria

Licensed and Regulated

Once you step your feet into their office, the first thing you will see is the licensed and regulatory notice. Yes, this broker is fully regulated by PriceWaterhouseCoopers, which is the highest regulatory body.

This makes it the most transparent broker to do business with here in Nigeria.

Customer Service

They have one of the most reliable customer services you can think of. FXTM have various options through which you can reach them easily. They are available on Viber, Telegram, Facebook, and even call back option.

Their phone numbers are always available for instant help. In fact, their Lagos phone number is 08031534373, and email address is Nigeria@fxtm.com.

With all these available means of reaching them, you will always get the attention and support you need from them at any given time.

Fast of Doing Business

Because they are fully on ground here in Nigeria, their means of transaction is faster than trading with any foreign broker. They accept a deposit in Naira and pay you in Naira. In fact, you can get withdrawal with 2 hours.

In addition, their server is so powerful that even with the weakest network you can execute your trade easily.

Sufficient Trading Instrument

With this best forex trading platform in Nigeria, you have sufficient instrument to trade on. There are more than 250 forex pairs you can trade on. CDFs and commodities, CFDs and indices, spot metals, share CFDs, cryptocurrency CFDs, and stock are all you can trade from FXTM platform.

Forex Education

They really know that your existence or continue staying in the market will help them make money. Therefore, they have various free forex trading education to help you make money on a regular basis.

In fact, if you are a fast learner you can become a good trader using best forex broker’s training sections. Education is tailored to suit any trader.

That is why they have a comprehensive forex trading ebook, forex trading seminars, and webinars. Also, they have forex trading videos and some forex strategies that have proven to work overtime.

The Disadvantage of Using FXTM

No forex trading broker in Nigeria that is 100% perfect. They have their bad side also. Experience has shown that FXTM Nigeria has a very high spread. In other words, what they charge per trade you enter is usually high.

But as for me, I don’t bother much about spread because as long as you can trade, you will always win most of your forex trades.

In addition, their overnight commission is also high, which makes it difficult to leave your trade for a very long time.

Apart from these 2 disadvantages, they are the safest broker to trade with. After all, is better to pay a higher commission than an agent running away with your money completely.

If you want to start trading today with this broker then Click Here  to visit the official website

Or

www forextime.com is the website to go over to now.

2. Hot Forex Nigeria

Hot Forex Nigeria is a broker I can reliably recommend because they are fully present here in Nigeria.  I was in there office at 90 Allen Ave, Allen, Ikeja to see things for myself, and really they are out to do business with Nigerians.

I have not personally traded with this broker but I was opportune to ask some of their clients I met on ground the day I went there some questions.

According to most of them, they choose Hot forex as the best forex trading platform in Nigeria because they have one of the lowest spread ever.

Also, their commission is very reasonable when compared to other brokers in Nigeria. Further investigation revealed that they also have a good education plan for their clients.

They have provision for forex e-courses, free video lessons and tutorials, and webinars. They equally have a lot of instruments you can trade on.

In fact, their trading platform is so versatile such that you can trade cryptocurrencies, CFDs, stocks, commodities and many more.

The most important of all is the safety of your fund, and that is guaranteed by hotforex because they are licensed and regulated by  FCA (Financial Conduct Authority ) the UK.

Evidence gathered from traders also shows that you can easily fund and withdraw your gains from their platform. Also, you can fund in Naira and withdraw in Naira. In fact, they are one of the best forex brokers you can rely on.

Click Here to Register with this broker

Disadvantages of Trading with Hot Forex Nigeria

As usual, no forex trading broker is 100% perfect, hotforex inclusive. According to traders using this broker, their major challenge is poor customer service.

They all agreed that the time of response is too slow, which makes it very difficult to get your problems resolved easily.

Another problem that they all claimed to be facing with this broker is the difficulty of executing a trade in a very volatile market.

But on the overall rating, they are all happy because the platform is completely reliable and free from manipulation.

My research shows that the delay in response is as a result of the number of clients they have. Yes, they have so much number of clients. Though they promised to improve on their customer service because the complaint is getting much.

Best Forex Trading Platform in Nigeria- Wrap Up

Obviously, these are the 2 forex trading platforms that are very much reliable in terms of fund safety, trading education, and speed of doing business.

They are very much present on ground. In case of any problem, you can easily walk to their offices to get a solution to your problem.

Remember, there are other forex trading agents on ground that promises you heaven and earth if you register with them. But the truth is that you can’t make money with these people because they manipulate their platforms. And they can even run away with your money as in the case of liteforex agent.

So, to trade with confidence and profitably register with any of these best forex brokers because they have the best forex trading platform for Nigerians.

Here is the registration link to the FXTM Nigeria                  www.fxtm.com

Here is the registration link to Hot forex Nigeria                 www.hotforex.com

Good Luck

What is Forex Trading

Today’s post is going to address the question of what is forex trading and how does it work holistically. It could be you have heard so much about forex from your friends or you have seen forex adverts severally, which lead to this question.

Whichever way, this post will provide you with the real answer to your question what is forex trading and how does it work.

Forex trading is one of the online businesses you can start from the comfort of your home. As the name implies, it is a currency trading market that traders around the world spend over $6 trillion daily.

In other words, it is a market that involves the exchange of currencies or trading of one currency against another among traders (buyers and sellers) at an agreed price.

Assuming you traveled abroad and there is a need for you to use the currency of the country you visited, then you need to change your own currency to that of the country you visited. That act of converting your money to that of the country currency is known as foreign exchange.

But as per forex trading, you exchange your money with the sole aim of making a profit with time.  In this case, you don’t need to travel to trade forex instead you need a platform to trade.

Due to some economic activities, political issues and natural disasters, countries currency strength may appreciate or depreciate.

So, if you are in tune with the situation of the economic situation of the countries then you can easily cash in by buying the currency with the hope of rising or selling it off with the hope that the economy will lose with time.

In summary, is the act of buying and selling of currencies online through a reputable platform.

How Does Forex Trading Work?

The working principle of forex trading involves 3 major things, which are you, money and broker. Let’s take a deep look into the 3 major elements that make forex trading work.

What is Forex Trading And How Does it Work?

You

Forex trading works in the world through the individual effort of traders. This means you will soon be part of the traders that make money online trading forex.

To be successful you need to take accurate knowledge of how trading forex work, which is what you are reading now.

This means you need time to study the technicalities and terms used in the forex trading world. Some of the terms you need to understand are:

• Technical analysis
• Fundamental analysis
• PIP
• Currency pairs
• Take profit
• Stop loss
• Instant market execution
• Pending order and many more

In other words, you need a comprehensive forex trading training to make money trading forex.

For one on one forex coaching and training Click Here

Assuming that you have acquired the required knowledge, the next thing is understanding how to place a trade from the platform of a broker. In that case, you need money, and that takes us to the next element, which is money.

What is Forex Trading And How Does it Work?

Money

The good news is that you can start trading forex with virtual money in order to test your understanding of the market. But when it comes to making real money, you need money.

You need money to make money trading forex. This is how it works. You will give your money to a registered broker then the broker will convert your local currency to either dollar or Euro equivalent as the case may be.

Then the broker will provide you a platform through which you will either buy or sell other currencies with the anticipation of gaining.

The currencies are traded in pairs. This means you are comparing the strength of two currencies to ascertain which will gain or loss over time.

There are major currencies and minor currencies. The major currencies are currencies that widely trade and always have more liquidity in the market.

While the minor currencies are currencies that do not include the US dollar, they are sometimes referred to cross-currency pairs.

Examples of Major currency pairs are:

• EUR/USD
• USD/CHF
• AUD/USD

EUR/USD stands for Euro trading against US dollar

USD/CHF stands for US dollar trading against the Swiss franc

AUD/USD stands for Australian dollar trading against the US dollar

The first currencies on the pairs are called base currencies while the second currencies are called quote currencies.

This entails that if you are trading EUR/USD, EUR is the base currency while USD is the quote currency.

The base currency is the basis of trading. This means you should either sell or buy the base currency at any given time you want to trade.

Fundamental Analysis

To trade forex successfully you must understand the fundamental factors that determine the upward and downward movement of the currency pairs. Assuming you want to trade EUR/USD, you must be sure of the political, economic and natural conditions of the country’s pair you want to trade.

In other words, to trade a currency pair you must compare the economic, political and natural strength of the countries involved. For example, if European countries are having serious political problems, it then means it will be wise to sell off EUR while buying USD because the US dollar must appreciate.

Technical Analysis  

Trading using technical analysis means studying the trading chart pattern and trade based on some formations that have been proven to be a profitable trading pattern. There are so many chart patterns that traders all over the world trade accordingly.

Examples of such patterns are a double top, bullish engulfing pattern, bearish engulfing pattern, and many more. 90% of traders trade based on technical analysis.

What is Forex Trading And How Does it Work?

 Broker

 

It is obvious that at this time, you are aware that the brokers are those that provide the platform on which you can trade. The image below is the typical representation of what a brokers platform looks like.

 

The platform is called MT4 or meta trader. Once you sign up with a broker, you will have instant access to download the broker’s MT4. It is on this platform you will see the converted amount of money you paid to the broker.

It is from this platform you can place a buy or sell trade. The platform has a lot of features that will help you make informed trading decisions. In fact, the platform comes with built-in technical indicators that guide traders to trade successfully.

What is Forex Trading And How Does it Work –Wrap Up

Obviously forex trading is an online business that entails simultaneously trading currency pairs. It is the largest market in the world commanding over $6 trillion daily. You need three things to make it work, which are, accurate knowledge, money, and a broker.

So if you are a beginner searching for what is forex trading and how does it work, I believe you have it all here. But I will not end this article without sounding a very serious warning to you.

Forex trading is not a get rich quick business. In fact, it is one of the riskiest business you can think of. On the other hand, it is one of the most profitable business if you learn and understand how it works.

It is not the business for unemployed because you need time for each trade you execute to mature. If you are desperately in need of money to pay your bills then forex trading environment is not conducive for you.

Also, Read [Forex trading for beginners in Nigeria]

If you are a beginner searching for the best information that will guide you make money trading forex, then welcome to this forex trading for beginners in Nigeria post.

I usually start revealing all I know about forex trading to the beginners with a warning. Yes, I have to start with a warning because a lot of Nigerians have lost their life through forex trading.

Meanwhile, before you read this article titled forex trading for beginners in Nigeria from me, You need to know little about me? My name is Israel Chima N. I have been an active forex trader for the past 11 years from the time I wrote this article.

I lost so much money that I can’t mention here. In fact, at a time I was depressed and tired with life just because I wanted to make money trading forex from Nigeria.

So, I know the ins and outs of forex trading and can authoritatively reveal to all searching for forex trading for beginners in Nigeria all it takes to trade forex profitably.

Because finally, I belong to the few that can say they are a successful forex trader in Nigeria.

Back to my Warning:

• Forex is one of the riskiest businesses to venture in. Though it is very profitable when you do the right thing, which is taking time to learn and understand it.
• It is not a means of getting rich quick. I would have been the richest man in Nigeria if it is.
• It is not for the unemployed. If you are unemployed then you can acquire the knowledge and wait to start work before you invest in it.

In the last bullet point, I said invest in it, the reason is that you must allow your trade to mature over time before making money. So it requires time and patience, thereby making it an investment.

But if you are not employed and have no other source of making money, then you can’t patiently wait for the maturity time. And that will lead to a disastrous experience from forex.

Let’s gradually move to details on forex trading in Nigeria.

How to Start Forex Trading in Nigeria

There 1  thing you must do before starting forex trading in Nigeria.

You must undergo comprehensive forex trading training from a practicing forex trader. In other words, you need a competent mentor that will guide you from the day you start till the day you said, I am tired of trading.

Forex trading is a continuous thing or it is like a football match. You have to develop a different strategy as you play with different teams. So no fixed rule to conquer the market rather you trade according to market condition(s).

The reality is that competent forex coaches or trainers are not cheap. Yes, they are very expensive.  And the reason for that is that they know you will recover and make your money back in hundred folds once you follow their instructions.

So, don’t border going for anybody promising to teach you how to make millions of Naira for just 5k, 10k, or even 20k. Does that make sense?

We are still on how to start forex trading in Nigeria. It is your mentor that will expose you to the technical terms you need to know. Such as currency pairs, pips, the benefit of leverage, best trading time, and many more.

After you have learned all this, you need a forex trading platform. It is obvious that your mentor should equally tell you things about the trading platform, yet we will discuss it here.

Forex Trading For Beginners – Trading Platform

To trade forex successfully you need a platform, and the platform is made available by the brokers. Yes, you need a broker to trade forex in Nigeria. And you need to know much about these brokers because you are going to hand over your hard-earned money to them.

Let me tell, forex trading is a serious war or battle between you and the brokers. Yes, when you invest money, you are trying to make more money from your broker. Also, your brokers will like to make money off you.

Therefore, you need to know the quality and reliability of the forex trading platform you are about dealing with.

In Nigeria, we have 5 most reliable forex trading platforms out of so many of them out there. In fact, most of them are not brokers rather they are forex agents. And it is risky doing business with forex agents.

So, if you are interested in trading with a reputable forex trader then check out the ones I recommend here.

1. FXTM
2. Hot Forex
3. XM Forex
4. Exness Forex
5. Avatrade

Click Here to Read Comprehensive Detail on Forex Trading Platform/brokers,

 Best Time to Trade Forex in Nigeria

Since we are discussing forex trading for beginners, it is wise to introduce you to the best time to trade forex. Forex is a 24-hour business starting from 10 PM or 11 PM Sunday night to 10 PM or 11 PM Friday night.

And there are trading sections, which are London, New York, Singapore, and Tokyo. Mind you that best time to trade forex does not mean profitability.

Rather it depends on the individual. If you are an aggressive forex trader then you need to trade when the market is very busy, which is the London and New York section.

But if you are a low-risk taker or a calm trader then the best time is the Asian section, which is the Tokyo and Singapore section.

By Nigeria timing:

• London Section:           3 AM to 12 PM (noon)
• New York Section:       8 AM to 5 PM
• Singapore section:       3 PM to 12 AM (midnight)
• Tokyo section:             7 PM to 4 AM

Forex Trading For Beginners – Training

Forex trading training in Nigeria started in the early 2000 but the reality is that it was been done by just information marketers. A lot of people were trained by those that do not trade or know much about forex.

Therefore, forex trading training in Nigeria has fared badly. The question is: is all hope lost?

No is the answer, thank God that some people irrespective of the bad training they got went further to develop themselves beyond expectation.

I am happy to be one of the most successful forex traders in Nigeria, which is why I deem it fit to write this article for the new ones searching the internet with the keyword “forex trading for beginners.

So, if you need a comprehensive and lifetime forex training I am very much available to help you out but on the following conditions:

1. You must be ready to start live trading for 2 weeks into our training because it will be very practical.
2. You must be an instruction follower
3. Forex is never a get rich quick program. So, you must be patient and consistent

Once you are ready for that, then you can contact me: fxguts@gmail.com