25 Things to know about Forex trading in Nigeria

There is a lot of reasons why Nigerians may shy away from this sort of online business and there may be a lot of questions to ask about it so I just thought I should compile a list of some helpful tips about forex trading in Nigeria

1. It is not as complicated as you think it is. Everyone can make money with it even if you are a JJC.
2. It is highly risky and highly rewarding
3. It is one of the most profitable online businesses in Nigeria, if not the most
4. You can make a living as a professional forex trader
5. You need an online account with a broker to start trading forex and you can get if for free
6. You can decide on which strategy or trading plan that best suits you.
7. You can make profits daily, weekly or monthly depending on your trading system
8. You can make money short term or long term by scalping or trend trading
9. You can try out a demo account for as long as you wish before trading with real money just to know how the system works
10. Forex prices tend to change depending on how the market views it but ultimately depends on the forces of buyers and sellers
11. You need to be be disciplined in order to be successful at it. If you are the kind of person that likes breaking rules, then forex trading may not work well with you
12. You should risk only a small percentage of your capital per trade e.g 2%
13. You should always set an exit price when making an entry.
14. You can open a position by buying or selling and this means to go Long or short respectively
15. You can fund your account with Liberty reserve or bank wire from a domicilliary account
16. You need an internet connection
17. You need to have an economic calendar to monitor forex news. A good example is at http://www.forexpros.com/economic-calendar/
18. You can only make withdrawals of your capital and any profit through the same method you made deposit
19. You can make money in forex trading by teaching people, live trading or making referrals
20. Knowing a thing or two about forex indicators can be helpful
21. Pips mean percentage in points and it the change in price of a currency over a period of time. For instance, if the price of Eur to the usd moves from 1.3200 to 1.3210 then it has moved by 0.0010 or ten pips.
22. A bear is a term used to refer to a falling market cos as you know when bears strike, they tend to strike down.
23. A bull is a term used to refer to a rising market as it looks similar to a bull which charges pointing it's horn upwards.
24. You can start with as little as $100 and grow it to $1000 with the right trading strategy
25. You don't need to trade for 24 hrs but you can still make a lot of money trading for only a few hours or mins a day.