Naija Forex Trading: Do people really make money online?

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Posted by Felix Okoli on Saturday October 22, 2011 at 10:4:5:

Forex trading is probably one of the most used terms now in Naija as several internet marketers and seminar or workshop organizers have been promoting this new form of online business as a great way to make money easily. The good thing about online forex trading is that it is a kind of internet business you can do on your own independently without having to wait for a monthly cheque or payment. You can cash in and cash out anytime you want but it really boils down to one question - Do you really know how to trade forex?

While many people may have been educated about online fx trading, not quite a lot of them may still understand what it really is or how to go about it as a real business. Many have tried and probably kept on having a series of losing streaks and a couple of them would really like to have some of their questions answered. Some of these questions could be:

- Is forex trading a game?
- Can someone really make a sustainable living from forex trading?
- How do I prevent my account from margin calls?
- How do I stop losing my money in forex
- Why do I always keep losing?
- Do people really make money from forex much more than they lose?
- How many people have been successful with forex trading?

If you have been trading forex for quite a while but still don't know what to do to make a decent profit, perhaps you may have been overlooking some of these important items:

- Money Management - Only use about 2% in any trade
- Stop loss
- Risk-Reward ratio

What I've learnt from forex trading over the years is that you don't really need to be an encyclopedia on forex before making a good living from it. What you really need is the basics such as how to manage you funds, knowing when to make an entry and exit, making use of forex economic calendars and knowing how to limit your losses. Losing some money in forex is normal for most professional traders but if you are still losing more than your gains, then you most probably need to refresh your knowledge about forex and rethink your current trading strategy. There is always a reason why people win or gain when doing their online trade. It would most probably be as a result of the current strategy you are using.

If you are asking if people really make money in Naija from forex trading, then the answer is yes but it seems that is true for only those who really know what they are doing. You too can be successful at it - Just get more tutorials.

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Comments:
Forex Online: The Modern Way to Trade Posted by Forex Online on Friday December 2, 2011 at 16:18:29:

Forex online is about working the financial markets from your home computer. These days it's simple to open an account with an online broker and start trading currencies.

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Re: Naija Forex Trading: Do people really make money online? Posted by forex trading on Wednesday February 8, 2012 at 9:13:0:

Yes I agree that Forex trading specially online forex trading has advantages over equities and futures trading. But I believe that there are four main ways of forecasting the market and building your forex strategy:
*- Fundamental analysis
*- Technical analysis
*- Wave analysis
*- Complex analysis
We should take great care when we do online marketing otherwise there are chances that we don't get any benefit from online forex trading.

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