How to make millions doing Forex Trading in Nigeria

Forex Trading Nigeria

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Posted by on Thursday March 1, 2012 16:24:11:

Note this is a highly risky strategy as you might not win everytime but you can always limit your daily loss by using a stop loss and by monitoring market trends first before making an entry.

You can make millions of naira(about $10,000) in Nigeria just doing forex trading in Nigeria. It is not everyone that can do this but mostly those with the right knowledge and the right finance.
You can make millions trading forex in Nigeria in just 4 weeks. Forex trading is a business of the few as not many people actually know how to trade. Don't just be a newbie, get to know how to maximize you investments as well as minimizing your losses.
Before we start, I must tell you that Forex trading is not easy and certainly not for the lily-livered. With the right information, favouralbe trading platform, right strategy well executed, you could be making lots of dollars online from just forex trading.

Target = N1,500,000 per month ($10,000)

Things you will need:

- $300,000 trading account (own capital of $3000 will do)
- Trading at 10 to 30 pips

So now, at 20 pips, you stand th chance of making a profit of $300 a day if your buy 300,000 units of a particular currency for e.g Euro. If the price for Euro is at 1.4325 and you select to buy 300,000 units and set your Exit Target at 1.4335. If the trade favours you and the price reaches the set target at $1.4335, you exit the trade. Note before you make an order to buy the required quantity of Euro, you should monitor thr trends properly for a few minutes and if it has gone the lowest probably within your selected time frame like 10 minutes, you select to buy the currency.

Tip: You should always set your Exit stop loss i.e. The price below which you will not want to continue losing or remainining in tha position. That price is normally lower than the buy price and you can set it so as to minimize your losses.

At $300 per day, you stand the chance of reaching your monthly target of about $10,000 per month. You might also do 3 trades rather than just one and this can help reduce your losses if any. In that case, you might be targeting $100 per trade, either profit or loss for 20 pips each and quantities of 100,000

If you don't have the required funds to execute the strategy in your trading account, you should make use of leverage. Trading accounts normally offers investors the opportunity to use leverage to increase their investment in trades. Leverage ratios can be as high as 200:1 meaning that with $1500 in your trading account, you can manage a portfolio of about $300,000. The only thing is that your losses will be limited to your actual investment of $1500.

At time, despite the strategies you used, losses may still affect you, you should not give up but try out other techniques and currency pairs so as to spread your investment. You can even trade for more than 10 pips for currencies which you suspect have rapid trends but it can be risky. You can multiply your pips to more than 5 times a day to equally increase your profit.