How To Start Forex Trading In Nigeria [For Dummies]

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A Beginner's Guide To Forex Trading In Nigeria Despite Forex trading has been very popular in Nigeria, many traders still don't have the needed knowledge to make serious amount of money.

At that time, Forex Trading was considered good and affordable only for the big cats of the market, such as huge financial institutions, and those wealthy Nigerian people, who also showed interest in Forex Trading.

Two hundred years forward, and nowadays, we have a situation in which Forex Trading is a completely flexible playground, in which all people of Nigeria can participate. Basic terms for Forex Trading: Scales are used more online forex trading nigeria here, so that would make it a Logically following, if you increase your leverage, both your losses and gains on the market are magnified dramatically.

Margin A margin is the deposit you need to make in order to online forex trading nigeria or maintain a position on the market. This is what allows a leverage by up to a Otherwise, his open position will get closed out. Pip This is the smallest possible increment of price movement a given currency can make. Online forex trading nigeria known as point s. Spread A spread is the base difference between the sell and buy quotes or the prices between the bid and the offer.

The most famous Forex pairs and nicknames: Interpreting Forex currency pairs: In order to start trading global currencies, you will have to get to know them by knowing how to read a given currency pair quote. The same rules apply when selling this same currency pair, so with the above pair, you will receive 1.

Sum it up this way: The basic thing about Forex trading is simply buying a currency pair only if and when you think its base currency will increase in value in comparison to the quote currency. If you think the base currency will lose their value when compared to the quote currency, you will then be advised to sell the pair. Also, at the bid price, one trader can sell the base currency to their chosen broker. Also, at this same price, you can buy the base currency from your chosen broker.

The Definition of Forex Trading Forex Trading is an online trade that involves currency buying and selling. Most trades occur during the change of the currency exchange rate, which pretty much means you buy when if falls and sell when it's high. This is because many people who dive into Forex Trading never online forex trading nigeria.

When trading, some lose, online forex trading nigeria some win cash. As a good solution and a need to teach people how to trade online, many platforms have developed Forex bots that offer help when dealing with Forex Trading. As intermediates online forex trading nigeria the Forex market, their main job is to connect each trader to the market when they wish to exchange currencies. Another few things you must have, and the things everyone mentions on the Internet are: A great advice is to study and practice what you learn via a demo account on an online trading platform, such as our CloudTrade platform.

We take you through our most important features that make EGM stand out, while making sure you know everything about trading. Check it out here before going head over heels with online forex trading nigeria invested cash. Think of an original trading strategy, and be a disciplined man when it comes to taking an approach to the trading market. Coming up are our own online trading platforms which make a stand-out among all others, because with Eagle Global Markets, trading in naira has never been easier!

No commission 16 indices Minimum order level of naira 34 FX pairs All markets found on CloudTrade are available to all traders, 24 hours a day, 6 days per week!

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Forex Trading in Nigeria was something unsubstantial in the early 19th centuries for individuals, because back then Forex Trading was deemed suitable for only big conglomerates, financial institutions, and highly well to do Nigeria citizens were the kind of individuals and organizations that participated in Forex Trade. But now taking into account how flexible Forex Trading is, regular Nigeria Individuals can now participate in Forex Trading.

To start Forex Trading in Nigeria, there are some technical terminologies you need to get familiar with, these terminologies are used as metrics to measure your success when you do Forex Trade. This phrase is also sometimes used to refer to currency quotes which do not involve the U. For example, if an exchange rate between the British pound and the Japanese yen was quoted in an American newspaper, this would be considered a cross rate in this context, because neither the pound or the yen is the standard currency of the U.

However, if the exchange rate between the pound and the U. Also called point or points. Increasing your leverage magnifies both gains and losses. To calculate the leverage used, divide the total value of your open positions by the total margin balance in your account. Used margin is that amount which is being used to maintain an open position, whereas free margin is the amount available to open new positions. This allows a trader to leverage his account by up to times or a leverage ratio of Most brokers will automatically close a trade when the margin balance falls below the amount required to keep it open.

In order to break even on a trade, a position must move in the direction of the trade by an amount equal to the spread. The reason for this is because in any foreign exchange transaction you are simultaneously buying one currency and selling another. In other words, in the example above, you have to pay 1. In other words, in the example above, you will receive 1.

An easy way to think about it is like this: So, whether you buy or sell a currency pair, it is always based upon the first currency in the pair; the base currency. The basic point of Forex trading is to buy a currency pair if you think its base currency will appreciate increase in value relative to the quote currency.

If you think the base currency will depreciate lose value relative to the quote currency you would sell the pair. Thus, at the bid price, a trader can sell the base currency to their broker. Thus, at the ask price you can buy the base currency from your broker. Most currency are traded during the decrease or increase of the currency exchange rate, you buy when if falls and sell when it's high. A lot of economical factors affects the value of a country's currency, so therefore to start Forex Trading one needs to be informative.

Not everyone that goes on to start Forex Trading achieves success and that is a normal condition for any business to account for looses, it's how you learn from it that helps you handle such situations next time. While some people do lose in Forext Trading others profit. Alpari, Instaforex, Liteforex, Marketiva etc. Get a Domiciliary or Liberty Reserve Account: A liberty reserve account is an electronic base payment where you can store value in U.

You will need either to be able to withdraw or deposit your Forex Trade account, Most Forex Trader can be of assistance in this area if you will need help. Start Up Capital Investment. Other requirements are 1. Forex Trading in Nigeria is a lucrative one if you are patient, observant character. Device your own strategy for trading, work with an ethical principle, have a more discipline attitude and approach when trading.

Learn to count your loses and learn from it, and become better at each trade. Follow this Forex Trading concept and you will see how successful you can get when you Start Trading Forex in Nigeria. Instaforex-Africa is an online forex broker agency that will provide you the technical know hows on how you will succeed in your quest to become successful with your online forex trading. We provide the forex trading platforms and free forex trading tutorials.

Call us today on and get our professional agent guide you through the process of setting up a demo account. Best Forex Indicator Successful Forex Traders Strategies Best Forex Broker in Nigeria How To Trade Forex Profitably Forex Trading Strategies For Beginners Forex Trading Strategies Home. Instaforex-Africa Instaforex-Africa is an online forex broker agency that will provide you the technical know hows on how you will succeed in your quest to become successful with your online forex trading.

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