Where to learn forex trading in nigeria
List of Forex Trading Companies in Nigeria in 2021.
You also receive hands-on recommendations on the best forex trading training resources. Want to start learning forex trading the real way? The best time to trade in the forex market is when trends are moving and volatility is high. This, however, will either affect your trading strategy or vice versa. By now you have a basic knowledge of Forex trading.
But should you have a few questions, perhaps there are some dots you want linked together just now, use the comment box. You are never alone. Ibrahim Clouds is a writer, award-winning poet and an architect. If he's not found jumping from an online course to another, he's in his favorite spot of meditation, as a yogi and a spiritual teacher.
One thing to never forget about him is his love for wealth-creation. Every business requires a certain temperament and approaches, the same with forex. Before starting Forex Trading, you have to make some preparations, to get the best results. Much love. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed.
Top 10 Businesses of The Future Marketing Growth Strategies for Small Businesses. There are always new ways to use cryptocurrency, one of the favorite ways is to use them at a btc casino , where you can increase your btc threefold. Skip to content Startups. Vpxforex says:. October 20, at am. Elame Emmanuel says:. Forex Trading Strategies. Chapter 5. Forex Trading Platforms. Chapter 6. Traders can place their trades in the forex market, which is an over-the-counter market that allows investors to trade currencies. This is a platform for investors, institutions, banks, and retail traders.
This is larger than all the stock markets in the world combined together. Have you traveled overseas? If you have then the chances are that you have already traded currencies before. This is because you need to acquire the currency of the country you are visiting by exchange the currency of your home country. In this example you are physically buying USD by exchanging your Nairas.
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When you change your Naira into a different currency to spend money on your trip, you are actually making a forex transaction. The rate that you get from your exchanger is decided on the basis of the real time exchange rates plus the profit margin of the money changer.
In theory, this is what online forex trading on the internet is all about, but still a bit more than exchanging currencies through a Money Changer. All transactions in the forex market are based on the purchase of one currency for the sale of another currency. It is really important to understand what currency pairs, and how they work before you can start trading Forex.
The opportunities to make profits are higher. As you may have noticed that these are the crosses of all the major currencies excluding US Dollar. As a beginner Forex Trader, you need to stick to major pairs only as it offers high liquidity and predictable market movements. While trading forex, you would come across these common terms.
We will be explaining all the important terms here. This price is the quote by the broker. It is the last decimal in the price. For Example: In the quote 1. At this price, you can sell base currency in the pair. This price is shown on the left side in the quote ticker by the Broker. At this price, you can buy the base currency mentioned in the pair. It is shown on the right side of the quote ticker by the Broker. Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet.
Nigeria’s Financial Situation
You need to signup with a Forex broker. We will tell you exactly who to choose. In order to trade forex, you need to find a broker. We have compiled the list of best forex brokers for Nigerian traders. ForexTime is the best broker for Forex trading in Nigeria. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner as your real money will be at risk. Once you have found the forex broker of your choice, you can then open an account with that broker to start trading or demo account to learn.
This account will enable you to place your trades in the interbank market at the live currency prices. Once the verification is complete, you will need to make a deposit to fund your live account. These funds will be used to place live trades at the real market prices. The long position implies that you are buying a currency pair and are betting on it to rise in value in the future. For ex. Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit.
The short position can be taken when you believe the price of the currency will fall in the upcoming period. You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit. Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade.
You will make a loss in this case. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. Technical Analysis involves the study of charts patterns, currency trends etc. While the fundamental analysis is mainly related to trading based on the news events like GDP, Job data etc. Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade.
Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. Only based on your strategy, you can make actually get the best returns in the future.
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We call the high the resistance. Once the price crosses the previous high to achieve a higher high, there is a huge chance that the old high will become the new low in a trending market. The low is now called the support.
Forex Trading in Nigeria. Forex Training / Tutorials to Make Money.
If you are a new investor, it is a good strategy to begin trend trading with one of these pairs. This is because these pairs are very liquid and have stable volatility. Since these currencies are stable, they will help you in managing your risk initially. It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD.
Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window and book your profits or loss. You can realise profits quicker in this strategy, although the amounts might be smaller. This is a very common strategy followed by a wide variety of small investors.
Another strategy is known as scalping. This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker should you choose to trade online.