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.
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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.
- Hot Forex
- XM Forex
- Exness Forex
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 the 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 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 comprehensive and lifetime forex training I strongly advise you to go for forex trade training by Mr. Simple.
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