Wednesday, February 29, 2012

Business for the ordinary Nigerian

     Forex is a business many Nigerians are into. Pastor Ugochukwu talks about that: "If you do a search on Forex on the internet, maybe on google, you will discover that Nigeria likely has the highest number traders. This is because the exchange rate of the naira to the dollar. If you get a dollar, you are making N150, N160, so, a lot of Nigerian youths are into it, but unfortunately, they are also the highest loser. I will say because of greed. A lot of youths believe, because of the exchange rate, 500 or 1000 dollars give you a lot of money. So, they go into it with the appetite to make huge money. But Forex is something one has to be careful about. That is one. Two, you must take away greed. If you must make money in Forex, you must not be greedy; you must trade based on your capital, the amount of money you have rather than going for higher leverage because each of the brokers gives leverage outside the actual amount you have in your account. With a 100 dollar account, with the leverage of the broker, you can trade as somebody who has 1000dollars. But the danger of it is that if you lose, you lose everything. That is a major problem. If you have a lot of money, you can take it one step at time, quietly and gently. But a lot of Nigerians want to go in and make huge amount at once.
"As a result of inexperience…some go for a one day seminar and go in and believe they are gurus, they go in, pump their money in and end of losing money. Forex is something you need experience. That is why most of the platforms or brokers will give you what is called demo accounts to practise, that is trading visual money to horn your strategy.
      It is a genuine and very lucrative business that Nigerians can go into. Many individuals and financial organisations in Nigeria are into it. With the right knowledge and money, with the right tools; also with the right brokers because some of the brokers are scammers, with all these an average Nigeria can go into the business even with as little as 100 dollars, about N15,000.

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