Problems with Forex trading in Nigeria

Forex Trading Nigeria

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Posted by on Friday January 24, 2014 15:58:40:

There are a lot of problems associated with this kind of business and one should be careful when he has decided to engage in it. It requires information, patience, perseverance and skill. Accurate technical know-how is most necessary for a trader.

Forex trading is highly risky

Highly risky is the word and highly volatile. One needs to keep a tab on current events and changes in this online trade. You can make a tonne of profits in a very short while ike a day and you can equally lose all in a day. Studying trends can be helpful and reduce your losses. One should also try not to be too greedy and make that call when you've got a nice margin. It can be complex

To start forex trading, you must first of all have a start up capital like $200, open a domiciliary/digital currency account and then sign up online with a forex trading platform like AGEA, Oanda or Instaforex

You can be defrauded

Not all forex firms are legit. Is is at times safer to deal with only known names like AGEA, Oanda, Instaforex, finexo and others. Try to see if your brokers really have an office address and contact details both by fax, email or direct phone. Some forex firms are out there just to defraud you of your money as they may only exist in cyberspace. Some forex websites may even be owned by fraudsters in Nigeria who also have accounts abroad and once you transfer your money, they vanish with it.

Quack workshops and seminars exist

You may be surprised to know that most of those who advertise for seminars to the public were not that successful in dealing with forex. A lot of people lost money in their forex dealings and only want to make money from the unsuspecting public. Be careful about forex workshops and don't believe everything they tell you. Try to verify the facts yourselves and try to make independent inquiries about the forex trading platforms you are recommended at seminars before signing up with them. Not all seminars are handled by professionals as there exist quacks in the business who can not really lead you to success.

Unsteady exchange rate

The unstable exchange rate in Nigeria is a problem. It can reduce profits as investors mostly have to convert Naira into US dollars which has steadily kept on increasing in current times due to global recession. However it is good to be able to speculate and source for how to get them at a reasonable price and how to hedge against unexpected costs..

Re: Problems with Forex trading in Nigeria Reply by YONGEST on Tuesday March 18, 2014 at 12:52:53:

Can someone engage in this and still be working?

Re: Problems with Forex trading in Nigeria Reply by Felix Okoli on Tuesday March 18, 2014 at 12:52:53:

Yes you can. You can just use a set and forget strategy daily. Not every forex trader trades full time on his screen