One of the legitimate ways of making money online today is Forex trading.
Many people jump in the sea without proper education and they get burned in debt and bankruptcy. I almost sank in the sea of failure once so I decided to share this with you all. Africans especially.
Long means buy and short means sell
I'm longing the USDJPY means I'm buying the dollar against the Yen or I'm selling the Yen against the dollar.
I'm shorting USDJPY means I'm selling the dollar against the Yen or I'm buying the Yen against the dollar.
What does Forex mean?
Far from the popular belief that forex makes you rich, what really is forex?
Forex, also known as foreign exchange, FX or currency trading, is a decentralized global market where all the world's currencies trade. The forex market is the largest, most liquid market in the world with an average daily trading volume exceeding $5 trillion.
How is money made?
Money is made by following the upward/downward price movements.
In simple terms; if you decide to trade a currency pair like EURUSD which means trading the Euro against the Dollar, you can make money if you bought sold Euro against the dollar when Euro began to fall,
If you bought Euro against the dollar and Euro rises, money is made.
All you need to do is study the market properly by using the right fundamental and technical tools.
Fundamentals refers to news while technical analysis is dependent on what you can deduce while studying the previous and current movement of prices.
Traders generally depend on Bloomberg and forexfactory for their news. You might need to set forexfactory time to match your timeline.
What does that mean to you?
It simply means you have an opportunity to make some money from the market movement. Take a closer look at forex trading and you may find some exciting trading opportunities unavailable with other investments.
What are we exchanging?
Basically, we are exchanging currency pairs against each other. We also get to exchange the value of equities and stocks against a particular currency.
Currency pairs I trade are USDJPY, EURUSD and USDCAD.
Futures I trade are DE30 (German Stock Index), US30 (underlying Dow Jones Industrial Average), US100 (underlying NASDAQ 100).
My goal is to simplify the concept to you so I'll share only what you need to get started.
Why do we have FOREX adverts everywhere on the internet?
Well, the business isn't as lucrative as it looks. There are people called brokers who just want to collect your money and help you serve as intermediary between the forex servers and your computer since you cannot go to the bank or Japan to buy the Yen because it is increasing in value against the dollar.
They are the middlemen. They need you to exist and vice versa. You don't need to be nice to them.
The sad truth is they call us 'dumb money' because most traders are noobs and they don't care.
However, I have traded with two Nigerian based brokers and having attended their classes, I can freely share which is better and which you should go with.
The brokers provide easy access to the servers that allow you trade in the corner of your room or office.
My best choice Broker:
The first broker I recommend for anyone in Lagos or any other state in Nigeria is Rally Trade based in Adeniyi Jones, Ikeja (3rd floor, Fanis House).
Rally Trade has been my broker for 2 years now and the experience has been a great one. The simple reason is that with them, there is no loss.
They host a daily training programme for clients. Also, Rally Trade's offers two basic indicators which work 80% of the time.
The first is Fre** P**s while the second is Trend Profit maker.
I want you to find out the name yourself.
:-)
You get the first indicator (which is enough if you are not greedy) when you make a deposit as low as 10,000 Naira (25-30 USD) to #300,000.
For the second one, you need #400,000 to get the trend profit maker.
Rally trade is the best forex broker for new traders and people based in Nigeria or the UK. Rally trade has no withdrawal limit. They allow you to trade in naira and dollars.
Pros:
- Rally Trade holds a daily lecture to teach and guide traders from scratch.
- Rally Trade is indigenous and is interested in having a financially liberated community of Nigerians.
- Rally Trade's account managers are friendly and caring.
- Rally Trade allows trading in Naira and dollars.
- Rally Trade gives easy to understand trading tools.
- Rally Trade has a trading room which is open for traders on a daily basis.
- Rally Trade gives trade hints to traders to allow them make tangible profits off the market on a daily basis.
- I am a living proof. (I will not brag about my earnings because that's not a right thing to do).
- Spread (money charged per trade) is low.
- Well trained Account Managers get in touch to know how you need help.
- You can choose from trading platforms which are MT4 (software and web version), XStation, and a social platform where you can copy trades.
Cons:
- Rally Trade has doesn't list cryptocurrencies.
- Rally Trade has a few futures.
- No mobile app.
The second one in Hot Forex
Hot Forex also has a good support system except for the fact that they have a boring instructor in Lagos.
You need to tell your account manager to tell you everything you need to know as they are fond of assuming the instructor will cover everything.
Hot forex has a mobile app and a wide range of professional tools. They have a withdrawal limit of $50.
Both brokers have a trading room where you can resume to and interact with other traders on a daily basis.
Rally trade is better as they have a VIP room where people with #400,000 have a separate and exclusive set of trading tools, mentors and instructors.
However, Hot Forex is international as they have offices in all the continents. This is why I will recommend them to people outside Nigeria.
For me, it's a thing of joy to share with you as my main goal is to have a more prosperous audience in my quest.
For both, you can get a supercharged bonus depending on your deposit.
I have tried to fish out the bonus links and have them listed here just in case you are interested
Pros:
- Hot Forex holds a daily lecture to teach and guide traders from scratch.
- Hot Forex is indigenous and is interested in having a financially liberated community of Nigerians.
- Hot Forex's account managers are friendly and caring.
- Hot Forex allows trading in Naira and dollars. (I prefer dollars for HotForex)
- Hot Forex gives more technical tools to understand trading tools.
- They also have an economic calendar which allows you follow forex news and pick the best trade.
- Hot Forex has a trading room which is open for traders on a daily basis.
- Hot Forex gives trade hints to traders to allow them make tangible profits off the market on a daily basis.
- I am a living proof. (I will not brag about my earnings because that's not a right thing to do).
- Spread (money charged per trade) is relatively low.
- Account Managers don't get in touch often.
- You can choose from trading platforms which are MT4 (software and web version), , and a special tool that helps you with trades.
- There is an app but I don't encourage you to use it if you are just starting out.
- They list cryptocurrencies.
- They have all futures.
Cons:
They believe you know your onions so when you lose, it's your cup of tea.
Is Forex Trading for Everyone?
No, it is not; especially if you are emotional or hypertensive. If you can't lose money and smile, then forex is not for you. .
Where can I get proper Forex Education?
I should have started a small course on this blog for Forex but I won't do that because I want the best for you.
I will refer you to somewhere where you can get the best short course for free and that is babypips.com. This is where I learned my first lesson about Forex and the whole concept.
Also attend every possible class your Broker gives. Search for Anton Kriel on Youtube and take some of his courses.
I'm not listing all the info about Anto Kriel because your ability to research is what gives you a successful trading life.
The internet is your school. Attend some classes.
Here are a list of terminologies you must understand while trading
Pip
Spread
Candle
Long
Short
Bear
Bull
Indicator
Also, you need to watch at least two videos from these channels on Youtube.
1. Anton Kriel
2. UK Spread Betting
I am not a professional but I have made some money from forex trading. However, the best thing I can do is refer you to a few materials that have helped me achieve the little success I have had in the past months.
I'll make more updates soon.
I have to run now. Drop your comments.
Goodluck.
Don't forget to follow the links:
Rally Trade:
Hot Forex:
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