Forex trading nigeria income

Forex trading nigeria income

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 03/12/ · Nigeria law does not address forex trading profits specifically, though you should consider them income and pay tax accordingly. We recommend seeking the advice of a financial advisor or tax consultant before trading forex in Nigeria, so you can avoid any misunderstandings 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 Trading | Best platform in Naira [] | Avatrade NG

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, forex trading nigeria income. Busy right now? Don't worry. Chapter forex trading nigeria income. 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 nigeria income. 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. While trading forex, you would come across these common terms. We will be explaining all the important terms here, forex trading nigeria income. 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 forex trading nigeria income 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 forex 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, forex trading nigeria income, anytime, from home or anywhere through the internet, forex trading nigeria income. You need to forex trading nigeria income 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. 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, forex trading nigeria income. This account will enable you to place your trades in the interbank market at the live currency prices.

Once the verification is forex trading nigeria income, 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 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. Also Read: Our detailed guide on How to Trade Forex in Nigeria, forex trading nigeria income. 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 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, forex trading nigeria income. 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, forex trading nigeria income. If you are a new investor, it is a good strategy to begin trend trading with one of these pairs. Forex trading nigeria income 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 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 more of a trading routine. In this strategy, you place your forex trading nigeria income, 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 forex trading nigeria income of traders, but you must understand its risk as well. Forex trading nigeria income strategy is known as scalping, forex trading nigeria income. 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 forex trading nigeria income 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 benefits 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 manage these risks?

Be cautious, forex trading nigeria income, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading. At Forextrading.

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Best Forex Brokers in Nigeria – Start Trading Now

16/09/ · Cryptocurrency Trader Locations: Lagos, Nigeria About the Role We are looking for cryptocurrency Trader with min 1 year experience in Forex, commodities, or stock trading. The job req ; 09 August; Fixed Income Trader at Norrenberger Financial Group; Job Summary The fixed-income trader is responsible for executing security trades on behalf of clients based on equity research 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 Estimated Reading Time: 4 mins 02/03/ · Forex trading in Nigeria continues to expand, driven by millennial traders who wish to diversify their income streams. The Nigerian economy remains dependent on oil exports, the primary source of Forex income for the government. Due to the price volatility of oil, the domestic currency market is equally volatile. Therefore, the government