How many forex traders are in nigeria

How many forex traders are in nigeria

23/10/ · As can be imagined, this led to many scams and fraud taking place as well as early entrants to the country offering wide spreads. Currently though, the local industry has been trying to improve its reputation. The number of Nigerian Forex traders is estimated to be at , to ,Author: Ron Finberg 19/08/ · A recent report that has been released by one of the forex research firms has estimated that Nigeria’s forex traders are holding $ million dollars in their trading positions. This is a huge volume to be traded daily considering how other countries are faring in this economic climate. Forex trading is not something people have working hours blogger.comted Reading Time: 10 mins 06/01/ · Despite this plus the fact that Forex traders in Nigeria are believed to trade positions worth as much as $ million daily on average, very few international Forex / CFD brokerages maintain a presence in Nigeria, so Nigerian Forex traders are in need of more impartial guidance, which can be found in this blogger.comted Reading Time: 11 mins

Forex Trading in Nigeria - How it Works, What you Need to Start Trading

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 full time? What are the risks? There are so many other questions that may come to your mind if you are a beginner forex trader. 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 many forex traders are in nigeria. 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 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, how many forex traders are in nigeria.

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. Spread is the fees charged by how many forex traders are in nigeria brokers, so it is essential to choose a forex broker that has lower spread you should also check the overall fees.

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 CFD broker. There are numerous forex brokers available for Nigerian traders such as HotforexExnessXM ForexFXTMForex. 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 with real money, how many forex traders are in nigeria.

Start with Demo Accounts: Never start trading directly on a live account if you are a beginner becaue 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 how many forex traders are in nigeria 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, how many forex traders are in nigeria.

Also Read: Our detailed guide on How to Trade Forex in Nigeria. There are many different strategies that are followed by successful forex traders, how many forex traders are in nigeria. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. Technical Analysis involves the study of chart patterns, currency trends, using indicators etc.

While the fundamental analysis is mainly related to trading based on Economic outlook for a currency which could be impacted by news events like GDP, Unemployment 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 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.

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 how many forex traders are in nigeria, 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 to book your profits or loss.

You can realise profits quicker in this strategy although the risk is also higher, as most of the traders try to gain high returns with small capital. This is a very common strategy followed by a wide variety of traders, but you must understand its risk as well. 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 or app should you choose to trade online.

Forex Trading, like any other market investment has many how many forex traders are in nigeria but also carries significant risks. On the positive sideforex trading has the potential to bring good income if you trade with a sound working strategy while properly managing your risks. You don't even need very high capital to start. It is really important to understand all the risks. How you can how many forex traders are in nigeria these risks? Be cautious, how many forex traders are in nigeria, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading.

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Best Forex Brokers In Nigeria 2021 (TOP 10)

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Three most successful Forex traders in Nigeria that got rich from trading

24/07/ · Meet One Of Nigeria’s Most Successful Forex Traders, Patrick Ogagbor By Daniel Essiet, The Nation Ex Zenith Banker Patrick Ogagbor, quit his job to become a full time professional Forex trader. Today, he is happy he made the decision- DANIEL ESSIET reporting. Patrick Ogagbor is among the best professional FX(foreign exchange) traders in the blogger.comted Reading Time: 9 mins 07/10/ · Here’s a list of most successful Nigerian Forex traders and how they achieved success. Top 3 Successful Nigerian Forex Traders. Uche Paragon; Ajidahun Afioluwa; Blessing Ezeako; Uche Paragon. Uche Paragon began his Forex trading career with a mere internet search in Estimated Reading Time: 8 mins In order to trade forex, you need to find a CFD broker. There are numerous forex brokers available for Nigerian traders such as Hotforex, Exness, XM Forex, FXTM, blogger.com, FxPro, Oanda etc. We have compiled the list of best forex brokers for Nigerian traders