Tips for trading safely in Nigeria

Forex Trading Nigeria

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Posted by on Friday September 28, 2012 10:3:41:

Trading forex can be exciting and trading in Nigeria does have its obstacles one of which is inefficient power supply.

Back up power
If you were trading in Nigeria, then you would need to make use of a back up power plan like ups or inverter. I've experienced a couple of times when I'm about to open a trade but missed the opportunity due to make a trade and the lights went off. My ups also disappointed and so the desktop immediately switched off. This was a missed opportunity and so it's better to trade with a reliable battery system like ups or laptop that has extended battery life.

Reliable internet
Your internet service should also be reliable and If you were the kind of trader that does day trading, you may need to have 2 internet plan from different ISP networks like on Glo 1 and Mainone. Having an unreliable internet service can slow you down and you may also miss opportunities. The biggest opportunities are during news events and the funny thing is that during these times, the service is generally unreliable in Nigeria.

Always use an entry stop
It's always safe to enter at a specific price and set an exit price when making an order. So whether it's a buy or sell order, if you enter at market price rather than stop price, you may miss some points. Unless in cases where you have a very fast internet connection and just want to create an order, it may be safe to enter at market price sine it would be executed immediately. However it's more safer to use entry stops when making any order.