The most successful Forex traders in Nigeria you can learn from
Forex trading is getting in the center of attention of many young people nowadays and Nigeria is not an exception. The African country has the biggest economy on the whole African continent and represents one of the richest and most lucrative lands for entrepreneurs and foreign business. However, the working environment and opportunities available for young people in the country are still not satisfactory for them. Hence, not surprisingly, the list of successful traders in Nigeria in the Forex market, all of them part of the top 10 richest forex traders in Nigeria, consists of young people who found the opportunity in Forex trading and made the best out of it.
I always like to emphasize that the main advantage of Forex trading is that it is accessible for each and every person in the world who has access to the computer and the internet. To say in other words, everyone can be profitable in trading, no matter how much their capital is. However, while starting Forex trading is easy and accessible to everyone, not all beginner traders can become professional and successful. It definitely takes much time, patience, and determination. Forex trading is all about skills and psychology, both of them can be learned and mastered and the richest Forex traders in Nigeria are here to prove it. Hence, if you want to try FX trading but are unsure about the outcome or are hesitant whether you should try or not, keep reading the stories of Nigerian Forex traders that can inspire you.
Uche Paragon
The story of Uche Paragon is something that everyone can relate to simply because he went through the same learning cycle about Forex trading as you might be going through just now. The young entrepreneur started his trading career with trading currency pairs and continued with commodities that were a game-changer for his career and life. But before that, he was simply a person interested in Forex trading. Paragon spent months learning about Forex trading online on different websites and finally, he understood he was ready to dive into the world of currency trading in 2007.
Soon to become the best forex trader in Nigeria, Uche started trading with the major currency pairs. Soon enough he saw the opportunity in commodities, especially in crude oil, and started trading it. As he later explained in his interview, Uche preferred trading oil, simply because there is never a news shortage on oil and it is one of the most active markets with the participants all over the world. Trading crude oil was definitely the decision of a lifetime for the young trader. At that time he was already successful in Forex trading, but he saw real success in commodities.
One of the richest Nigerian Forex traders is still trading currency pairs and crude oil today. However, he is making sure that other Nigerians, interested in trading can learn and hopefully, repeat his success. The young entrepreneur owns a Forex trading school in Lagos and Port Harcourt. As Uche Paragon states, at his school, they teach young traders how to trade online and manage their risks to maximize profits. He also owns CCI traders – a trading firm and is a director of InstaForexNaira.
Forex is not the only thing that interests Uche, his hobbies include singing and songwriting and he even owns his own record label, Sky beat.
Blessing Ezeako
If you have observed the Forex market for even the shortest time you would definitely notice that the Forex market is truly a man’s world. However, while the Forex industry is male-dominated, it does not mean that there are no equal opportunities for women to be successful there. Therefore, I am happy to introduce you to one of the most successful female Forex traders in Nigeria – Mrs. Blessing Ezeako.
Mrs. Ezeako represents the traders who consider that education and hard work is the core of success in Forex trading. She was employed full-time when she started to learn about FX trading. Hence, it took her a while to understand the concept of trading and reach the advanced level. However, she did not want to wait to study everything before starting trading and as soon as she had the necessary knowledge, she started trading with the major currency pairs.
The success story of one of the top Forex traders in Nigeria was not all about success. During her Forex trading journey, she was losing her capital as well as winning. But as she understood the value of FX knowledge she never stopped learning about it. She has attended multiple Forex trading seminars, conferences, and events to understand the behavior of the Forex market better, and over time became continuously successful with her trades. She is definitely a good example of women in Nigeria, and not only in her country but worldwide, to dare and study trading. Mrs Ezeako’s story proves that hard work and hours spent on learning definitely pay off and everyone can achieve success in the FX industry.
Bade Ajidahun Afioluwa
Many people who want to be the next richest forex trader in Nigeria think that Forex trading is a get-rich-quick kind of business that can make you wealthy almost overnight. My readers will definitely know by this time that it is not the case and being successful in FX trading requires some time to learn to trade and understand the market in order to be profitable. However, Afioluwa also thought that the currency market was the best opportunity for him to get rich. Eventually, he reached his goal but definitely, it did not work out in just one day.
The young Nigerian trader invested a lot of money in Forex trading and observed how people around him were enjoying high profits when he was always losing his money. Over time Afioluwa lost a lot of money without any return. While for many beginner traders it would be a sign to stop trying and find some other source of money, he decided to take his time to find the mistakes he was making. Exactly his challenging nature helped him to become the richest Nigerian Forex trader.
After spending hours and hours on finding the right strategy for his trades, Afioluwa came up with the methodology that helped him turn his trades profitable. Soon enough the members of his family and his friends started entrusting their money to him to trade on their behalf. Since then, the young Nigerian Forex trader had been earning six-figure in profits for him and his clients. His winning strategy is simple, yet it is working every time. He trades only when the odds are in his favor and concentrates on the risks to lose as little money as possible. This helped him to be continuously profitable and retire at the age of 28.
Apart from this, he continued to coach traders and developed seminars and various training programs about trading psychology in the investment industry. As you can see the most of the best Forex traders in Nigeria are trying to help the Nigerian community understand the opportunities of Forex trading and be successful in it.
What can you learn from Nigerian successful Forex traders?
Over two million Nigerians are trading on Forex today and this number is growing. More and more people are interested in trading Forex to have an additional or primary source of income or to become rich over time. In any way, they all have the same goal – to be successful and profitable in Forex trading. One of the best ways to learn about trading and reach your goals is to learn from the best and take an example from Nigerian Forex traders’ success stories.
The forex trading in Nigeria and the stories of Nigerian traders show that trading really can be for everyone and if done correctly, every person can reach success. You should also remember that education and hard work has a huge role in it and can determine if you will be successful or not. Last but not least, you should remember that Forex trading is a great opportunity for you, but at the same time, it is a challenging one. But as the story of Afioluwa suggests, every challenge can be overcome by working on it!
How can you start trading Forex yourself?
The idea of entering the trading world of Forex can be intimidating if the plans, goals, and means are unclear. For that and many other reasons, the best brokers around the world are trying to support the first-timers as much as possible, making it simple and comfortable to start off the first real trading account. XM Forex broker is one of the most respected and recognized brokerage service providers, which is more than happy to welcome the new traders from Nigeria and might as well be the best forex broker in Nigeria. Even though setting up an account at XM is quite easy, we prepared a step-by-step guide for the trading rookies. Follow the steps below in order to register with XM:
The main page of xm.com displays the two options of starting a trading account. The first option is a demo account, which you should choose in case you want to try out the simulation of Forex trading without involving real money. However, the real profits cannot be generated with the demo account. For opening up a real account you should choose instead “Open an Account”.
The registration page will prompt the form with the to-be-filled bars asking for your personal details. Fill in accordingly your first and last names as they are provided in your ID or Passport. Choose the country of your residence and the website language that you prefer. The phone number and an email address should be valid, meaning that when the confirmation link is sent to your email, you should be able to verify it. It is not possible to have multiple email addresses attached to a single account.
The trading platform type should be indicated according to your trading goals. MetaTrader4 (MT4) is the top choice if you have decided to proceed with trading Forex. However, for any other choice, such as, CFDs on stocks, equity indices, metals and energies, MetaTrader5 (MT5) is the better option, which can also be used for trading Forex, even though it was not specifically designed to suit Forex traders, unlike MT4. There are five different account types available on XM, including standard, Ultra Low Accounts (Micro and Standard), Micro account and the Shares Account. The difference between the accounts lies in the minimum deposit requirement ($5 for Standard and Micro accounts), minimum trade volume, lot restriction per ticket and so on. You can check more information regarding the differences between specific account types on xm.com. If you have no specific preference, it is better to proceed with the Standard Account.
The registration form requires personal and address details to be filled exactly as they are given in your supporting and legal documents. Choose the correct date of birth data and residential address details as they would be provided in the proof of residency. Also, mark the appropriate answer whether you are a US tax-payer or not.
Select the corresponding preferences in the trading account details section by indicating the account base currency and whether or not you want to be the account bonus recipient. Continue on choosing the correct options in investor information by approximately marking the amount of investment that you are intending to deposit and the intended purpose and nature of the transactions. Select the status of employment, along with the nature of the business in case you are employed or the sources of your funds in case you are not. Indicate your level of education, your estimated revenue, and estimated net worth.
Complete the form regarding your trading knowledge and experience by choosing appropriate statements regarding them. Choose what kind of professional experience or qualifications you own which would help you in trading; the amount of OTC trades over the past 3 years and if your trades over the past twelve months were at least 25 on a demo account. Trading knowledge is not obligatory, as even the richest forex trader in the world started with no inherited knowledge regarding trading, but acquired it gradually. However, the information regarding your trading experience will help XM to better assist you during the process of trading. Choose your account password and submit the form.
Afterward, you receive the confirmation link on your email address, which you have indicated during the registration. Proceed with the link inserted in the confirmation mail and your account will be verified. The website will automatically be redirected to the Members Area login page, where you should type in the password that you have set during the previous step. Finally, the users are required to upload supporting documents, such as ID and proof of residency and you are ready to start trading with your real trading account.
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