Monday, 19 March 2012

HOW TO START, FOREX TRADE IN NIGERIA

Forex Trading In Nigeria – In the past, forex trading in Nigeria was for the big boys with millions of Naira as start – up funds. Banks, oil companies and big businesses were primary investors then. Well times have
changed, now you too can get involved. Infact you can now start forex trading with about $100 – $300 though $100 is bad idea but the proposal is that any regular Nigerian can become a forex trader.

To start Forex trading in Nigeria, there are some factors you must put into consideration. They are listed below:
Technical Know How: Forex is an online currency exchange trade which involves a simultaneous buying and selling of currencies .Making profit or loss in forex trading is usually determined by the economic state of more than one country. As the economy of different nations is not static in relation to one another, the forex market is never fixed or stagnant at any point in time.

Therefore to understand the market, you must undergo training! You must acquire the technical knowledge required in buying and selling currencies. You must sit down and study this ever changing price market over a period of time and be up to date on local and foreign news as global trends have a tendency to push up or pull down prices.

Most forex brokers have demo accounts were you can practice trading. These accounts a loaded with virtual money and in real time mode. Practice! You must have very good knowledge in all these areas before you can venture into trading with real money. Study, observe, learn and practice before you invest. The importance of training cannot be over emphasized. Research the internet, study books, gets an instructor; acquire every necessary skill before you invest in forex trading in Nigeria. Practice some more!

Sign Up For a Forex Trading Account:  Open a forex trading account with a forex broker. The work of a broker is to connect buyers or sellers directly to the forex market for exchange of currencies. They act as intermediaries per say. Examples of major forex brokers are;
Fxopen
Instaforex
fxcast
Liteforex
 Marketiva
Forex-Metal

Pick from these forex brokerswhich one best suits your needs.

Open a Liberty Reserve or Domiciliary Account:  A Liberty Reserve is an account – based payment where you can store value in U.S. Dollars, Euro or Gold Grams and transfer payments to others and receive payments from others. For more information on how to open a Liberty Reserve account,click here. or Perfect Money (PM), click here for account opening information. However a domiciliary account is a foreign currency denominated account. You can open a domiciliary account with most banks in Nigeria. So far, the most efficient bank with the domiciliary account feature is the Guaranty Trust Bank Plc
These accounts can be used in funding or withdrawing money from your forex trade platform.

Startup Capital: Just like every other business, to start forex trading in Nigeria requires funds and the good thing about it is that you can actually start forex trading with a capital of $100 but we would advise you start with a higher figure, say $300.

Other basic requirements you need to start forex trading in Nigeria are:
  • A good computer
  • Fast internet connection
  • Constant electricity supply
Forex trading is lucrative if you will take out the time to observe, study and practice before investing your money. If you don’t, then be sure to loose your money in a matter of minutes. Once again “Study, observe, learn and practice before you invest”.

11 comments :

Good information about forex it is very helpful for peoples

Right Forex Broker

Thank you NairaCareer for the informative article on forex trading in Nigeria.
Many Nigerians are making consistent profits monthly from the forex market. Instaforex Nigeria

Forex is a good and lucrative business, but Nigerians must know there are lots of scam brokers out there. Their main work is to keep draining your money until you are done for. Its advisable you do a proper research before trading with any Forex broker. Nigeria forex

Thanks.thats is. A nice idea .i want to start this business .how can I get start.

Forex is really a cool business... I got involved with a company who does all the analysis and sends me signal to copy and paste and it been awesome. I will advice every youth to get involved in forex. Imagine 5% of Nigerians making at least $10 everyday from Forex, it will sure boost our economy. We can do this

I need more orientation how to do forex trading

A company who does all the analysis? Do you mind sharing that information. I would love to have a guide as I want to start trading soonest

I go through your comment and I see that you are making it real in this forex trading. Can you please expanciate more on it?

Can you share the information of the person sending you signals

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