How to start trading forex
HOW TO START, FOREX TRADE IN NIGERIA
Forex Trading In Nigeria – In the past, forex trading in Nigeria was for the big boys with millions of Naira as start – up funds. Banks, oil companies and big businesses were primary investors then. Well times have
changed, now you too can get involved. Infact you can now start forex trading with about $100 – $300 though $100 is bad idea but the proposal is that any regular Nigerian can become a forex trader.
To start Forex trading in Nigeria. there are some factors you must put into consideration. They are listed below:
Technical Know How: Forex is an online currency exchange trade which involves a simultaneous buying and selling of currencies .Making profit or loss in forex trading is usually determined by the economic state of more than one country. As the economy of different nations is not static in relation to one another, the forex market is never fixed or stagnant at any point in time.
Therefore to understand the market, you must undergo training! You must acquire the technical knowledge required in buying and selling currencies. You must sit down and study this ever changing price market over a period of time and be up to date on local and foreign news as global trends have a tendency to push up or pull down prices.
Most forex brokers
have demo accounts were you can practice trading. These accounts a loaded with virtual money and in real time mode. Practice! You must have very good knowledge in all these areas before you can venture into trading with real money. Study, observe, learn and practice before you invest. The importance of training cannot be over emphasized. Research the internet, study books, gets an instructor; acquire every necessary skill before you invest in forex trading in Nigeria. Practice some more!
Sign Up For a Forex Trading Account: Open a forex trading account with a forex broker. The work of a broker is to connect buyers or sellers directly to the forex market for exchange of currencies. They act as intermediaries per say. Examples of major forex brokers are;
Pick from these forex brokerswhich one best suits your needs.
Open a Liberty Reserve or Domiciliary Account: A Liberty Reserve is an account – based payment where you can store value in U.S. Dollars, Euro or Gold Grams and transfer payments to others and receive payments from others. For more information on how to open a Liberty Reserve account,click here. or Perfect Money (PM), click here for account opening information. However a domiciliary account is a foreign currency denominated account. You can open a domiciliary account with most banks in Nigeria. So far, the most efficient bank with the domiciliary account feature is the Guaranty Trust Bank PlcSource: www.nairacareer.com