The Hullabaloo about Trading Forex in Nigeria

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Posted by Felix Okoli on Wednesday April 27, 2011 at 10:23:22:

There has been a lot of noise abut trading forex in Nigeria and I know people are not just talking. It is true! Forex trading is probably the fastest ways of making money online in Nigeria. It can also be the fastest ways you can lose money on the internet, so you need to be rightly informed about it before you can start making profit from it. People can make as much as $100 in ten minutes or $10 every minute for ten hours, but it is not a straight forward affair. There has also been a lot of talk about Forex robots, signals and so on but all those are really for newbies. If you really want to learn how to make money profitably from Forex, you need to know some key terms, have good money management skills and sustain your leverage.
One of the major reasons why a lot of people lose money in Forex trading is because they

Out of all the several ways of making money online in Nigeria, it is only Forex trading that I can say is for the big boys as it doesn't come easy. Here are several tips if you want to trade forex and make sustainable profit from it

- Use the chart before making an entry.
- Buy only when you are sure market is going up
- Sell only when you know prices have been falling down
- Don't stay in a position a few minutes before news reports
- Buy on dips. Sell when it hits a resistance
- Enter and exit with stops
- Always set an exit stop loss
- Use trailing stop to lock your profits
- Keep a good leverage for e.g. If you have $1000, risk only $10 per trade of ten or twenty pips
- Keep your pips small if trading big and vice versa
- Maximize your profit and minimize your losses

There are several ways to trade forex profitably and from research I have been able to get a lot of them will be publishing a book shortly on simple forex trading in Nigeria.

Comments:
Re: The Hullabaloo about Trading Forex in Nigeria Posted by Ifeanyi on Tuesday May 3, 2011 at 10:13:25:

There are not many forex traders in Nigeria perhaps due to lack of technical knowledge. Only very few people are used to it compared with the number of people from Nigeria on sites like Facebook

Re: The Hullabaloo about Trading Forex in Nigeria Posted by Dele on Tuesday May 3, 2011 at 10:12:1:

I started trading forex a few months and at time I make profit and loss. I just want to be able to make consistent profit from it

Re: The Hullabaloo about Trading Forex in Nigeria Posted by Felix Okoli on Tuesday May 3, 2011 at 10:15:15:

Well no one really makes consistent profit. You only try to make sure that your profit far outweighs your minor losses. Just read more about it and leanr how to cut down your losses and follow profitable trades to the fullest. You need to use stuff like stop loss points and set your target.