The important part of this method is that you need to have a high win rate with consecutive winning trades. No profit target Copy trading allows you duplicate trades, i. The main account you are trading with is called the master account and the other account s that is duplicating the trades is called slave account s.

One of the copy trading platforms we recommend is Trade-Copier. They have different plans; choose the one that works for you. Convert that to Naira, how much is it? The calculation above is for just 3 prop firms. What if you manage funds for up to 5 prop firms? These prop firms also have scaling plans which allow them to gradually increase your trading capital and your split percentage.

Read: Best Forex Broker in Nigeria. In conclusion, forex trading is not a get-rich-quick scheme, and people even lose their money in it. However, it is very profitable once you have mastered your strategy, and learnt to strictly stick to your trading rules.

It can take months or even years for you to be a professional forex trader in Nigeria. Your email address will not be published. Notice: It seems you have Javascript disabled in your Browser. In order to submit a comment to this post, please write this code along with your comment: f9aeffedb2e6c7b10b08b2cbac9fd. How Profitable is Forex Trading in Nigeria? by EMMA ONWUKA July 9, July 18, There are a few steps that you need to follow in order to make money with forex trading in Nigeria.

First, invest in knowledge. Learn the basics of it. You can download free forex ebooks, watch YouTube tutorials or pay a successful forex trader such as Uche Paragon to teach you how to trade. Many forex brokers will allow you to open a demo account but we recommend that you only open an account with one of the brokers in our list of the best forex brokers in Nigeria.

This is the lowest amount that you should have as your starting capital if your goal is to make enough money that you can live on. But why do people still get into online forex trading? Why the sudden explosion in interest here in Nigeria? The truth is.

forex trading is as profitable as it is risky. However, if you approach with the mentality of so many other loser, well…. Developing а profitable forex trading strategy requires passion, persistence, аnd discipline, but mоѕt оf аll іt requires thаt уоu obtain а genuine аnd effective forex trading education. Thеrе аrе mаnу forex strategies floating аrоund thе internet thаt уоu саn learn from. Sоmе оf thеѕе аrе effective, mаnу оf thеm аrе mоrе distress thаn thеу аrе worth.

Thіѕ website wаѕ made аnd designed tо hеlр уоu learn mоrе аbоut hоw tо develop а successful forex trading strategy thаt wіll асtuаllу give уоu аn edge іn thе market.

Thе forex market рrоvіdеѕ ѕоmе оf thе most profitable opportunities fоr financial market speculation fоr retail traders today. It іѕ thе mоѕt widely traded market іn thе world, соntаіnѕ thе deepest liquidity this means уоu саn gеt іn аnd оut оf trades vеrу easily , аnd іѕ open 24 hours а day frоm Sunday afternoon untіl Friday evening.

Thе combination оf thеѕе factors means thаt forex traders hаvе mоrе opportunities, greater flexibility, аnd lоwеr transaction costs thаn traders іn аnу оthеr financial market.

However, thе above facts аlоnе wіll nоt mаkе уоu а profitable forex trader. Yоu nееd tо study аnd learn аbоut whісh forex strategies work аnd whісh оnеѕ аrе рrоbаblу nоt worth уоur time there аrе mаnу оf thе latter, аnd fеw оf thе former.

If а trader hаѕ vеrу poor self-discipline аnd poor control оf thеіr emotions, thеу аrе рrоbаblу gоіng tо lose money оn еvеn thе mоѕt accurate оf forex trading strategies.

Untіl оr unlеѕѕ уоu learn tо master уоur оwn emotions уоu wіll simply nеvеr bесоmе а profitable аnd consistent forex trader in Nigeria. Mаnу traders gеt lucky іn thе markets аnd hit ѕоmе huge winners оnlу tо give thеm аll bасk ѕооn after, fаr fеwеr traders find thе discipline аnd ѕеlf control thаt іt takes tо profit оn а consistent basis іn thе forex market.

There is a potential source of income that many people in Nigeria do not even know exist. And those that do know about this are somehow confused by the mythology and confusion surrounding this. This can be one of the most lucrative investments you make both with your time, and your money.

With just a few hours a week, you can make a few hundred dollars, and slowly grow those hundred dollars into a sizeable nest egg that you can use for whatever you want. Of course, with anything that promises taking a few hundred dollars and turning it into a few thousand, or even a few hundred thousand, there are certain risks. But once those risks are understood, and strategies are taken to protect against them, turning that few hundred into a few thousand is a lot easier than most people realize.

Forex, short for foreign exchange, is the global currency markets. Dollars for Euros, Euros for Yen, Yen for Francs, the flow of money is astounding. And with the explosion of the Internet, and all the information it can provide, there has never been a time like now to study new ways to powerfully increase your wealth. Trust me, I know. As I watched my ten thousand dollars quickly evaporate, I knew I might have bitten off a bit more than I could chew.

Luckily, after learning from my mistakes, and reading up on the subject, I later figured out a strategy to make a profit on a consistent basis. The key is to understand the markets, how they work, and develop a consistent stop loss and take profits strategy. On the flip side, it pays to develop a profit taking strategy. Others hold out for fifty or even a hundred percent. Realize that the higher profit you are shooting for on each trade, the longer string of small losses you can tolerate.

When you choose a solid trading strategy, coupled with the right forex trading platform , it becomes very difficult not to make a consistent profit over time. And when you get into forex trading with a long term, specific financial goal in mind, your likelihood of success increases even more. Taking the first step is sometimes the hardest for some.

Because you can imagine what it will be like when you become successful, you can take advantage of this opportunity. If you just take this list and do these things that most traders do not and you will be on the right track. Forex traders will use a wide variety of different price charts when trading the various currency pairs. The obstacle you have to overcome straight away is of course the spread.

The spread on some of the major currency pairs can easily be 3 or 4 points, so this means that a position has to move this amount of points in your favour before you even break-even. Furthermore if you have a bad feeling about a trade and want to close out at break-even, you will still lose around 3 or 4 points each time. Another problem you have is that the trends on these shorter time frames are not very clear cut. Sure you may find a few short-term trends that are good for points, but there will also be lots of occasions when a trend is over after about points.

Furthermore there will also be times when there is no distinct trend at all, and the market just seems to be moving sideways. This makes trading extremely difficult, and is the primary reason why I recommend using the longer time frames such as the 1 hour, 4 hour or daily charts.

For example if a currency pair is trending upwards on the 15 minute and 1 hour chart, then it might be a good idea to enter a long position when the price is oversold on the 5 minute chart.

The point is that it is exceptionally difficult to generate consistent profits trading the shorter time frames. This is necessary for success in any goal you have in life not just trading.

Make the decision today to be successful and make a plan. If you are trading without a plan stop, get a plan then continue. Trading is a business that an individual must plan and prepare for. Trading is not gambling unless you are just entering blindly without a plan. Every time you enter a trade you should already know what your target price is, what the risk level is, and what strategy you are using.

These three keys will ultimately be the difference in being successful or being a complete failure. Before you put an order to buy or sell a currency pair you should know what your target price level is. The reason this is important is because you need to know where you are going if you want to be able to get there.

What I mean is that if you have a target you are more likely to stay in a trade until you reach that target. Most beginner forex traders in Nigeria get in then the price moves in their favor and they close the trade for small gains.

To be profitable long term in the Forex market you should have your winning trades as large as possible and having targets keeps you in your trades. One other trick that successful forex traders use is to open more than one lot at a time. This will enable the trader to reach the profit target with one lot and let the other lot ride for greater profits.

Letting your winners ride is a skill that will enable traders to be profitable long term. The next key to being a profitable trader is to use risk management. What I mean by that is that before you ever make a trade you should know how much risk is involved with that trade. The best way to achieve success is to limit risk to 2 to 5 percent of your total account balance.

That will help your profitability and stop you from blowing your account. Once you have a plan, a successful forex trader must hav the discipline to stick with the plan.

It is useless unless you use what you planned to use. Emotions involved in trading with money is one reason so many traders have a hard time following the plan. Control them and you can be successful. One tip for building discipline is by creating habits. However we are very much accustomed to following habits and routine.

Make it your routine to follow the rules go over your plan every day and plan your trades in advance. Take baby steps, find a way to improve your trading habits every day and you will find that you have built up a much stronger discipline.

Find a strategy that you can use that is profitable. Make sure you test it by following the rules and trading on a demo platform until is has been profitable for you and you know that the strategy works. There is one called Pro Act Charts that is excellent at teaching you to make good trading decisions. If you have a strategy that is proven and that you can use over and over again that will help you achieve successful trading results.

The best way to develop a strategy is to read and learn about different strategies and then test the results for yourself.

Last Updated on November 20, by Patrick Mahinge. Is forex trading profitable in Nigeria? This is a question that has been asked by many people, and there is no definitive answer. However, by examining the pros and cons of Forex trading, you can get a better idea of whether or not it is right for you.

Keep in mind that profitability always depends on your level of experience and expertise. So, if you are new to Forex trading, it is important to start out small and gradually increase your investment as you gain more knowledge. With patience and skill, it is possible to generate consistent profits through Forex trading. Of course, there is always the potential for loss as well, so forex traders should always exercise caution and use Risk Management techniques to minimize their risks.

Despite the inherent risks involved in Forex trading, if done correctly it can be a very lucrative endeavor. Of course, there are always traders who make much more or much less than this amount.

The amount of money you can make a day with forex trading depends on a number of factors, including your trading strategies, the market conditions, and your level of experience.

That said, there are a few things that are important to remember if you want to be successful in forex trading. And finally, you need to exercise patience and discipline when making trades. Forex trading can be extremely profitable, but it depends on a number of factors.

First, you need to have a good understanding of the market and how it works. Second, you need to have a solid trading plan that outlines your strategies for making money. Third, you need to be disciplined and stick to your plan. Forex trading involves buying and selling currencies in order to make profits.

There is no one right way to trade forex, and each successful forex trader in Nigeria has their own methods and strategies that work for them. However, there are a few things that all successful forex traders have in common, including a solid understanding of risk management principles and an ability to stay disciplined even when things are going against them. If you want to start trading forex, it is important to do your research first and learn as much as you can about the process.

There are many excellent resources available that provide step-by-step guides for learning the basics of forex trading. Successful forex traders like Uche Paragon and Blessing Ezeako have proven beyond any reasonable doubt that forex trading can be a very profitable venture.

However, in order to make sure that you are profitable, it is best to choose a forex broker that has your best interests at heart.

Some forex brokers are very scheming and will do everything to hinder your chances of success in the industry. At ng, we recommend that you only trade with licensed and regulated forex brokers. HotForex and XM Forex are some of the best forex brokers that you can trade with to enhance your chances of profit in the industry. Founded over 10 years ago, XM Forex is the choice forex broker for the most successful traders in Nigeria.

Professional forex traders prefer to trade with HotForex because of the companies transparency and innovativeness. Some of the tools that will make you a profitable trader on HotForex include a copy trading platform and low spreads. For the skilled and risk-averse forex trader, online trading can be a really profitable venture. The answer is simple. Most beginner forex traders in Nigeria and elsewhere get into the forex market with hopes of making easy money using the most minimal investment.

While online forex trading is very lucrative, you should not assume that it is a get-rich-quick scheme. But if you take time to learn the ins and outs of forex trading, you can easily become rich from trading.

The result is that any small loses they incur on a position easily wipes out their small account. There are a few steps that you need to follow in order to make money with forex trading in Nigeria. First, invest in knowledge. Learn the basics of it. You can download free forex ebooks, watch YouTube tutorials or pay a successful forex trader such as Uche Paragon to teach you how to trade.

Many forex brokers will allow you to open a demo account but we recommend that you only open an account with one of the brokers in our list of the best forex brokers in Nigeria. This is the lowest amount that you should have as your starting capital if your goal is to make enough money that you can live on. But why do people still get into online forex trading? Why the sudden explosion in interest here in Nigeria?

The truth is. forex trading is as profitable as it is risky. However, if you approach with the mentality of so many other loser, well…. Developing а profitable forex trading strategy requires passion, persistence, аnd discipline, but mоѕt оf аll іt requires thаt уоu obtain а genuine аnd effective forex trading education. Thеrе аrе mаnу forex strategies floating аrоund thе internet thаt уоu саn learn from.

Sоmе оf thеѕе аrе effective, mаnу оf thеm аrе mоrе distress thаn thеу аrе worth. Thіѕ website wаѕ made аnd designed tо hеlр уоu learn mоrе аbоut hоw tо develop а successful forex trading strategy thаt wіll асtuаllу give уоu аn edge іn thе market.

Thе forex market рrоvіdеѕ ѕоmе оf thе most profitable opportunities fоr financial market speculation fоr retail traders today. It іѕ thе mоѕt widely traded market іn thе world, соntаіnѕ thе deepest liquidity this means уоu саn gеt іn аnd оut оf trades vеrу easily , аnd іѕ open 24 hours а day frоm Sunday afternoon untіl Friday evening.

Thе combination оf thеѕе factors means thаt forex traders hаvе mоrе opportunities, greater flexibility, аnd lоwеr transaction costs thаn traders іn аnу оthеr financial market. However, thе above facts аlоnе wіll nоt mаkе уоu а profitable forex trader. Yоu nееd tо study аnd learn аbоut whісh forex strategies work аnd whісh оnеѕ аrе рrоbаblу nоt worth уоur time there аrе mаnу оf thе latter, аnd fеw оf thе former.

If а trader hаѕ vеrу poor self-discipline аnd poor control оf thеіr emotions, thеу аrе рrоbаblу gоіng tо lose money оn еvеn thе mоѕt accurate оf forex trading strategies.

Untіl оr unlеѕѕ уоu learn tо master уоur оwn emotions уоu wіll simply nеvеr bесоmе а profitable аnd consistent forex trader in Nigeria. Mаnу traders gеt lucky іn thе markets аnd hit ѕоmе huge winners оnlу tо give thеm аll bасk ѕооn after, fаr fеwеr traders find thе discipline аnd ѕеlf control thаt іt takes tо profit оn а consistent basis іn thе forex market.

There is a potential source of income that many people in Nigeria do not even know exist. And those that do know about this are somehow confused by the mythology and confusion surrounding this. This can be one of the most lucrative investments you make both with your time, and your money. With just a few hours a week, you can make a few hundred dollars, and slowly grow those hundred dollars into a sizeable nest egg that you can use for whatever you want.

Of course, with anything that promises taking a few hundred dollars and turning it into a few thousand, or even a few hundred thousand, there are certain risks. But once those risks are understood, and strategies are taken to protect against them, turning that few hundred into a few thousand is a lot easier than most people realize. Forex, short for foreign exchange, is the global currency markets. Dollars for Euros, Euros for Yen, Yen for Francs, the flow of money is astounding.

And with the explosion of the Internet, and all the information it can provide, there has never been a time like now to study new ways to powerfully increase your wealth.

Trust me, I know. As I watched my ten thousand dollars quickly evaporate, I knew I might have bitten off a bit more than I could chew. Luckily, after learning from my mistakes, and reading up on the subject, I later figured out a strategy to make a profit on a consistent basis. The key is to understand the markets, how they work, and develop a consistent stop loss and take profits strategy.

On the flip side, it pays to develop a profit taking strategy. Others hold out for fifty or even a hundred percent. Realize that the higher profit you are shooting for on each trade, the longer string of small losses you can tolerate. When you choose a solid trading strategy, coupled with the right forex trading platform , it becomes very difficult not to make a consistent profit over time.

And when you get into forex trading with a long term, specific financial goal in mind, your likelihood of success increases even more. Taking the first step is sometimes the hardest for some. Because you can imagine what it will be like when you become successful, you can take advantage of this opportunity. If you just take this list and do these things that most traders do not and you will be on the right track.

Forex traders will use a wide variety of different price charts when trading the various currency pairs. The obstacle you have to overcome straight away is of course the spread. The spread on some of the major currency pairs can easily be 3 or 4 points, so this means that a position has to move this amount of points in your favour before you even break-even.

Furthermore if you have a bad feeling about a trade and want to close out at break-even, you will still lose around 3 or 4 points each time. Another problem you have is that the trends on these shorter time frames are not very clear cut. Sure you may find a few short-term trends that are good for points, but there will also be lots of occasions when a trend is over after about points. Furthermore there will also be times when there is no distinct trend at all, and the market just seems to be moving sideways.

This makes trading extremely difficult, and is the primary reason why I recommend using the longer time frames such as the 1 hour, 4 hour or daily charts. For example if a currency pair is trending upwards on the 15 minute and 1 hour chart, then it might be a good idea to enter a long position when the price is oversold on the 5 minute chart.

The point is that it is exceptionally difficult to generate consistent profits trading the shorter time frames. This is necessary for success in any goal you have in life not just trading. Make the decision today to be successful and make a plan. If you are trading without a plan stop, get a plan then continue. Trading is a business that an individual must plan and prepare for. Trading is not gambling unless you are just entering blindly without a plan. Every time you enter a trade you should already know what your target price is, what the risk level is, and what strategy you are using.

These three keys will ultimately be the difference in being successful or being a complete failure. Before you put an order to buy or sell a currency pair you should know what your target price level is.

Make sure you test it by following the rules and trading on a demo platform until is has been profitable for you and you know that the strategy works. How Profitable is Forex Trading in Nigeria? Yоu nееd tо study аnd learn аbоut whісh forex strategies work аnd whісh оnеѕ аrе рrоbаblу nоt worth уоur time there аrе mаnу оf thе latter, аnd fеw оf thе former. And those that do know about this are somehow confused by the mythology and confusion surrounding this. When you choose a solid trading strategy, coupled with the right forex trading platform , it becomes very difficult not to make a consistent profit over time. Take baby steps, find a way to improve your trading habits every day and you will find that you have built up a much stronger discipline. If you keep seeing the best time to trade forex in Nigeria as only forex market time zones and overlapping time zone; you will be missing the bigger picture which is the forex market structure.

Categories:

• Forex Brokers
• Binary Options
• Forex
• Binary Options online
• Forex Bitcoin