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How to Trade Forex in Nigeria? (Updated for )

Table of Contents Expand. Do Your Homework. Find a Reputable Broker. Use a Practice Account. Keep Charts Clean.

How to Trade Safely on Forex

Protect Your Trading Account. Start Small When Going Live. Use Reasonable Leverage. Keep Good Records. Know Tax Impact and Treatment. Treat Trading as a Business. The Bottom Line. Key Takeaways In order to avoid losing money in foreign exchange, do your homework and look for a reputable broker. Use a practice account before you go live and be sure to keep analysis techniques to a minimum in order for them to be effective.

It's important to use proper money management techniques and to start small when you go live. Control the amount of leverage and keep a trading journal. Be sure to understand the tax implications and treat your trading as a business.

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Related Articles. Partner Links. Forex FX is the market for trading international currencies. The name is a portmanteau of the words foreign and exchange.

Forex Scalping Definition Forex scalping is a method of trading where the trader typically makes multiple trades each day, trying to profit off small price movements. A forex trading demo account is a trading account with monopoly money in it that is connected to the live market. Trades can be placed in real time and represent what would be true losses and gains if the money were real. A demo account will give you the ability to practice trading without the pressure. For 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.

There are two main types of analysis that forex traders generally focus on, which include fundamental and technical analysis.

Forex Trading in Nigeria

Fundamental analysis is the study of macro events that will alter the course of a currency pair. Technical analysis is the study of price action, including looking at momentum, trends and reversal patterns. The reason they are quoted in pairs is that, in every foreign exchange transaction, you are simultaneously buying one currency and selling another. Remember, if you are able to trade one currency pair — you will be able to trade all of them. If you will be trying to trade all currencies at once, you will slow down your success process.

After perfecting the initial 4 steps highlighted above, its time to start trading with real money. Many of the best currency traders have taken a highly technical approach in their trading strategies.

What No One Told You about "How to Make a Million Dollars Trading Forex"

Many brokers offer traders access to charting tools that give historical price patterns indicating whether to buy or sell. The software could be a Windows or Mac version for laptops and desktops or a smartphone app for Apple iPhones and Android smartphones. The software would enable the trader to not only monitor their account but also carry out some trading transactions. A factor in considering when trading remotely through a downloaded software is that an excellent and sustained internet connection is highly recommended.

Added to the risk of a power outage in Nigeria, a virtual server is a strong alternative. You can install your forex trading software on a virtual server running a Microsoft Windows operating system. Honestly, this fluctuates from time to time. The leading global currencies tend to have a higher volume of trading but the exchange rate between them is always changing. Factors affecting the changes include but are not limited to:.

It is worth noting that trading the above pairs do not necessarily offer the best profits but the list is only intended to highlight the most popular ones. While just about anyone can start trading in the retail foreign exchange market due to its accessibility, it might not be advisable for just about anyone. I cannot highlight the risk of losing all your invested funds enough. Training If you have read this far, you are probably a beginner looking to make money.

To start, you would need to go through intensive training and tutorials. Where possible, go with an offline face-to-face training with a reputable forex brokerage company who already have a verifiable result. There are some individuals whose main method of making money from forex is to offer training and tutorials for money.

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Practising on a demo account After training, it is still a very good idea to practice your skills and build a trading experience. Do so by opening a demo account with the forex broker you intended to trade through.