The Ultimate Guide for Beginners. For Nigerian Investors, forex trading can be a way to earn wealth. It involves speculating on the rise and fall of a currency's fluctuations. It has become really popular in Nigeria with an estimated daily trading volume of ₦ million Forex Nigeria - Forex Education & Broker Comparison. Forex Nigeria is a website with beginner guides on Forex Trading. We have also compiled the list of best brokers for Forex, CFDs and Bitcoin trading for Nigerian traders. Disclosure: We don't offer any investment advice or such service. We are an independent research website that focuses on comparision, and we have no relation to any broker Estimated Reading Time: 3 mins Steps To Beginning Forex Trading In Nigeria To become a Forex trader, you don’t need to go for a 6 years medical course and eventually graduate with a First class. In fact, a four weeks intensive training is enough for you to kick-start and you can then improve. Acquire the knowledge In Forex trading, you first learn, then you earn
Forex Trading in Nigeria for Beginners: Ultimate Guide [] - blogger.com
It involves speculating on the rise and fall of a currency's fluctuations. But is trading in the forex market really profitable for small or retail individual investors? How much income can you earn from trading forex part time or forex trading for beginners in nigeria time?
What are the risks? There are so many other questions that may come to your mind if you are a beginner forex trader, forex trading for beginners in nigeria. We will try to answer all these questions and more with this guide. Busy right now? Don't worry. Chapter 1. What is Forex Trading? Chapter 2. Understanding Currency Pairs. Chapter 3. How to start Forex Trading?
Chapter 4. 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. 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. These include EUR EuroGBP PoundJPY Japanese Yen etc. As you may have noticed that these are forex trading for beginners in nigeria 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, forex trading for beginners in nigeria 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. 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. There are numerous forex brokers available for Nigerian traders such as HotforexExnessXM ForexFXTMForex, forex trading for beginners in nigeria. com, FxPro, Oanda etc. We have compiled the list of best forex brokers for Nigerian traders.
ForexTime is the best broker for Forex trading in Nigeria. Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading live. 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 forex trading for beginners in nigeria. For ex.
Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, forex trading for beginners in nigeria, 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, forex trading for beginners in nigeria. You can place a sell order when the currency is at a higher price and then when the value falls significantly, forex trading for beginners in nigeria, you can buy it back at lower price, thus realizing your profit, forex trading for beginners in nigeria.
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. Also Read: Our detailed guide on How to Trade Forex in Nigeria. 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. and then placing the order based on the chart patterns.
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. We forex trading for beginners in nigeria 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. 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 forex trading for beginners in nigeria 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 forex trading for beginners in nigeria 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. On the positive sideforex trading has the potential to bring good income if you trade with a working strategy. And you don't even need very high capital to start. On the downsideone bad trade without proper money management can be disastrous, or trading with real money without practising on demo.
These are just the few risks. How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading. At Forextrading.
Forex Trading for Beginners in Nigeria Part 1a - Basic terms in Forex
, time: 28:56Forex Trading in Nigeria for Beginners | Forex Nigeria
The Ultimate Guide for Beginners. For Nigerian Investors, forex trading can be a way to earn wealth. It involves speculating on the rise and fall of a currency's fluctuations. It has become really popular in Nigeria with an estimated daily trading volume of ₦ million Steps To Beginning Forex Trading In Nigeria To become a Forex trader, you don’t need to go for a 6 years medical course and eventually graduate with a First class. In fact, a four weeks intensive training is enough for you to kick-start and you can then improve. Acquire the knowledge In Forex trading, you first learn, then you earn 18/01/ · Forex trading in Nigeria – A beginner’s guide. It is believed that Nigerian forex traders trade positions worth at least $ million on average every blogger.com: NM Partners
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