HOW TO START FOREX TRADING IN NIGERIA HOW TO

Remember, if you are able to trade one currency pair – you will be able to trade all of them. The reason they are quoted in pairs is that, in every foreign exchange transaction, you are simultaneously buying one currency and selling another. Technical analysis is the study of price action, including looking at momentum, trends and reversal patterns.Ĭurrencies are always traded in pairs, such as GBP/USD or USD/JPY. Fundamental analysis is the study of macro events that will alter the course of a currency pair. There are two main types of analysis that forex traders generally focus on, which include fundamental and technical analysis. Step 4: Learn to analyze currency trendsįor you to be able to make the right forecast about currency trends, you need to be able to analyze current trends and movements in the Forex Market. A demo account will give you the ability to practice trading without the pressure. Before you put any money on the line with trading, you’ll need some practice. Trades can be placed in real time and represent what would be true losses and gains if the money were real. That means you can open and close trades without a single penny.Ī forex trading demo account is a trading account with monopoly money in it that is connected to the live market. Demo accounts are virtual accounts with virtual money which is connected to a real trading platform, receiving real data on the market.

These days, a demo account is being offered by almost every forex broker. Make sure you conduct enough due diligence before deciding which broker offers values and services that best meet your needs. To get started, look around for Forex broker reviews on the internet most especially online broker services that operate in Nigeria. The forex market is so competitive that just thinking about having to sift through all the available brokers can give you a major headache. If you’re just starting out as a Forex trader or even casually considering the idea of Forex trading, signing up with a reputable broker can be extremely helpful but choosing which forex broker to trade with can be a very overwhelming task especially if you don’t know what you should be looking for.

HOW TO START FOREX TRADING IN NIGERIA HOW TO

All transactions made on the forex market involve the simultaneous purchasing and selling of two currencies.Īlso Read: How To Invest In The Nigerian Stock Exchange Market In 2019. Trading is conducted over the ‘interbank market’, an online channel through which currencies are traded 24 hours a day, five days a week. You need to first learn about the financial market and basic keywords and terminologies used by Forex traders.įorex is one of the largest trading markets, with a global daily turnover estimated to exceed US$5 trillion. There are several steps you should take before you start transacting in the forex market. Hence it is important to be equipped with the right knowledge of trading before venturing into it. Trading is a journey that can last a lifetime. In this post, we have compiled a comprehensive guide on how anyone can make money online in Nigeria by trading Forex on a smartphone device or laptop. One of the biggest advantages of trading Forex is that you don’t need to have any formal requirements for starting a forex trading business.

If you’ve ever traveled outside the country, you’ll know the importance of foreign currencies and exchange rates. Since the value of the world’s currencies is constantly changing, the purpose is to time the buying and selling of currencies, trading one against another, so that the trader profits from currency swings with minimal losses. In 2019, trading of foreign exchange (Forex) is one of the simplest ways to some quick cash online and this is due to the fact that anyone with a smartphone or laptop connected to the internet and little basic about currency trading and exchanges can become a Forex trader and start to make money online.įoreign exchange (Forex) trading involves buying and selling foreign currency to make money off an international foreign exchange market. Many of our youths (between the ages of 21 to 35 years) are willing to learn one or two online skills that can be used to make legit money online in Nigeria. The number of Nigerians interested in making money online is growing by the day.

How to start forex trading in nigeria