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Forex Trading Vs Nigerian Factor. Who Wins? - Business - Nairaland

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Forex Trading Vs Nigerian Factor. Who Wins? by Nextworldnx(m): 11:21am On Nov 25, 2011
Very good question, before i go on, i want to list the nigerian factors and i will expanciate on each of them: 1. GREED 2. LACK OF CONSTANT POWER SUPPLY 3. LACK OF CHEAP OR CONSTANT INTERNET CONNECTION 4. NO TIME. Ok, lets start with d first one GREED, truth is most nigerians are very greedy, u started demotrading without any form of money management principle. Imagine trading a $1000 account on 1:100 leverage,and ontop of that with 1mini lot, what happens after 1 week of trading? Account gets margin call, all because we want to make 50% ROI in a month. 2. Power, i dont need to remind u of how epileptic our NEPA issue is. And most of us cant afford to fuel most times. 3. Internet connection, just imagine u are about to enter a trade but because of conection, u have to requote, too bad! 4. Time, u just started demo trading today, and after two weeks of relative success,u want to jump to live trading, u will then jump out after wiping out ur account. Why?, U need atleast 6 months paper trade and 3months live trade to be able to master ur emotions. Most nigerians dont have that patience or time. So u see most of the time (about 95%),why nigerians cant succeed in the fx market. Nigerian limiting factors always win. So what is the way out? 1. Be resilient and look for a way out of this mess yourself OR 2. Use the cheapest means - AUTOTRADING (i dont mean EA, neither am i talking about some accout fund manager running your account for you o!). I mean setting up ur account for professionals all over the world to drive pips to it for u while you do other things. Me and my friends have been doing it for ourselves and some clients for some time now and i must tell u, that we have been making amazing constant pips daily. So if u need more info, please mail to : nextworldfx @ gmail (dot) com
Re: Forex Trading Vs Nigerian Factor. Who Wins? by jamace(m): 2:02pm On Nov 25, 2011
Have you considered the fact that Nigerians are very knowledgable and smart in anything they lay their hands? Because of this brokers normally pay special attention to any account opened by a Nigerian. The brokers will use all means  to frustrate our efforts; from requotes to freezing/hanging of platform; unusual spikes to steal stoploss, changing of spreads at will etc.

Have you asked yourself why many funny brokers are targetting Nigerians? So that the brokers can play wuru-wuru and mago-mago on us.

All things been equal, Nigerians will be the best in forex trading because of our intelligence and smartness.

Your views on my comment are welcome,
Re: Forex Trading Vs Nigerian Factor. Who Wins? by curious33: 2:26pm On Nov 25, 2011
^^^


you're not far from the truth, silly spikes and all that.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nextworldnx(m): 3:18pm On Nov 25, 2011
U guys are on the same page with me here. I remember in 2009,when i was still into manual trades then, i was using fxcast. With all their effort to frustrate me,i hung on,d straw that broke the camel‘s back came a day when i was trading a news release,u needed to see d way spiked were manipulated, high volatily on their platform,meanwhile, d fxdd platform was so calm on the same news. I lost $700 that day. I complained and to their backdoor office,and their reply was,“d fx market is a volatile market,u should know that before deciding to trade“. No problem,i simply withdrew my money from them and deposited it in my fxdd account. Well, that apart,i have been autotrading for some time now and i must confess,it has been very rewarding,and considering fact that you wouldnt have face the market yourself and still end up making profits (decently). If u want to be part of us, send a mail to: nextworldfx @ gmail dot com. Please join the spaces together.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by curious33: 3:34pm On Nov 25, 2011
^^^

nice marketing gimmicks lol
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nextworldnx(m): 5:25pm On Nov 25, 2011
@curious33, it is not a marketing gimmick, rather it is what was originally thought of. The idea is to usher nigerians to the world of autotrading, which is by far the best way of constantly trading for profit over a long period. Nigerians have been decieved well into believing that forex will make them rich overnight,but we are here to correct that believe. It will make money for u(true),but not overnight, rather on the long run. We believe forex is a business, and its that message we want to pass across. We believe in making pips first,and then the money follows. Considering the so many nigerian limiting factors working against any other forex trader out there right now, AUTOTRADING is the answer. So guys, if u want to join the forex business family and make pips, then mail us: nextworldfx@gmail.com. NB - If u are after getting RICH overnight, please dont bother. We are not after money,but after how much pips we can gather from the “WAR ZONE“, besides, its our passion.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Ascony(m): 11:27pm On Nov 25, 2011
Use the cheapest means - AUTOTRADING (i dont mean EA, neither am i talking about some accout fund manager running your account for you o!). I mean setting up your account for professionals all over the world to drive pips to it for u while you do other things. Me and my friends have been doing it for ourselves and some clients for some time now and i must tell u, that we have been making amazing constant pips daily.

pls can u expatiate more on this auto trading u are talking about, i dont quite understand the concept, thanks
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nextworldnx(m): 1:01am On Nov 26, 2011
pls can u expatiate more on this auto trading u are talking about, i dont quite understand the concept, thanks



kindly, send a mail to the address above, thanks.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nobody: 5:07pm On Nov 27, 2011
If u want to trade forex from Nigeria and u know u cant afford generator set and like 2  different internet connections with one standby, dont just bother, u will end up losing your money if u depend on PHCN or try to trade in Cyber cafe

@OP, stop generalizing " Why nigerians cant succeed in forex" am a nigerian too
Re: Forex Trading Vs Nigerian Factor. Who Wins? by lawson007(m): 5:22pm On Nov 27, 2011
The level of secrecy already being displayed over this auto trading shows that marketing is around the corner.
those who mail you may do that and get some strings attached. wink otherwise you need to shed more light and let's know what we might be getting into or not,
Re: Forex Trading Vs Nigerian Factor. Who Wins? by segunjowo(m): 6:26pm On Nov 27, 2011
I haven't seen testimonies live, regarding forex. I think it's a joke, or until I see someone become a success already.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by scopusng(m): 6:47pm On Nov 27, 2011
segunjowo:

I haven't seen testimonies live, regarding forex. I think it's a joke, or until I see someone become a success already.

Then click the website attached to my name to see that forex is real. I own a forex and gold signal company.

jamace:

Have you considered the fact that Nigerians are very knowledgable and smart in anything they lay their hands? Because of this brokers normally pay special attention to any account opened by a Nigerian. The brokers will use all means  to frustrate our efforts; from requotes to freezing/hanging of platform; unusual spikes to steal stoploss, changing of spreads at will etc.

Have you asked yourself why many funny brokers are targetting Nigerians? So that the brokers can play wuru-wuru and mago-mago on us.

All things been equal, Nigerians will be the best in forex trading because of our intelligence and smartness.

Your views on my comment are welcome,

false, no special treatment or wuruwuru as you claimed on Naija traders.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nobody: 6:49pm On Nov 27, 2011
Showoff time
Re: Forex Trading Vs Nigerian Factor. Who Wins? by curious33: 7:08pm On Nov 27, 2011
^^^

Are you anything different?
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Amtired: 7:54pm On Nov 27, 2011
I've been trying to venture into forexing, but I don't know the minimum amount to start with,
I registered with etoro and I've been doing pretty well with my demo account,
I was giving USD 10'000 (virtual) and I opened some trade randomly without full understanding yet I increased the amount to USD16,576!!
Though I lose some, I know fully well that if I were to trade with real money, I wouldn't had tried what I did,
I know I have a long way to go,
Re: Forex Trading Vs Nigerian Factor. Who Wins? by ujchief(m): 8:16pm On Nov 27, 2011
OP, does ur autotrading work with marketiva platform? I use marketiva cos their platform doesnt require much internet speed, but it rejects auxiliary services such as robots.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nobody: 8:30pm On Nov 27, 2011
curious33:

^^^

  Are you anything different?
Meaning?
Re: Forex Trading Vs Nigerian Factor. Who Wins? by curious33: 8:48pm On Nov 27, 2011
^^^^

meaning you're guilty as charged too, boaster!
Re: Forex Trading Vs Nigerian Factor. Who Wins? by dastudent(m): 8:52pm On Nov 27, 2011
Since I started  trading forex,every loss I ever made was my fault.Money management and trading psychology has helped me so much and I have never really complained about the broker I use which is Alpari.

Proper money management(5 to 10 percent of your account) and willing to loose 2 to 3 percent on every given trade plus not expecting to make more than 10 percent of you total account and expecting to break even sometimes would top people from having the mirage that forex brokers are killing them.


I don't trade the news and I trade smart.
I don't ever care about the outcome of a given trade once I pull the trigger and everything is properly in place.
As a Nigerian,if you analyse every trade you have lost,you should truthfully know that it's mostly your fault.
I use a super fast broadband,so I don't actually have the Internet problems you guys have.
Robots fail overtime.Don't let anyone deceive you.
I use a mac book pro that is stable for my trades.

To conclude,when people fail,
It's either they never really studied for the exam
They blame external circumstances for their demise
They blame the facilitators.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nobody: 8:55pm On Nov 27, 2011
@op. I dont want  to sound that you are trying to scam, or advertise your self indirectly, if not, you are not plain enough
1. Where is your history of your profit on live account over period of months showing your real name and live account? Not your email and you will start forwarding advert to us
2. Forex market is guided by rules. It is not a nigerian wahala alone having problem on connections or time. Go to forexfactory.com and see how new traders are really loosing hard. At times even brokers are not the problem, all depends on the type of trader you are. Intra or interday traders and the type of system you have at hand.
I have been in the business for over 4 years and not looking back. I am in an intraday spending few minutes in the market during london season for just 25 pips perday as per my signal ,only cos my job start from 3pm in the afternoon. So if you want to trade forex for now, learn what it takes and the one that suits your free time you have.
I have to write this because majority of so called fund managers are scammers and their terms and conditions will not make you rich. They are all bull shits believe me. Many of their results are photoshopped. Becareful dude unless the op expantiate here and not through mail.
Finally, do you know that if you just make 25 pips 3-4  times every week, do it for 2 years with compounding interest can make you a millionaire faster than expected with consisstency? All you need is get a good system on this, and stick to it. This is what makes you have an edge in forex trading. Not fund managers or robots lol!
Re: Forex Trading Vs Nigerian Factor. Who Wins? by dastudent(m): 8:58pm On Nov 27, 2011
4bobo:

@op. I dont want to sound that you are trying to scam, or advertise your self indirectly, if not, you are not plain enough
1. Where is your history of your profit on live account over period of months showing your real name and live account? Not your email and you will start forwarding advert to us
2. Forex market is guided by a rule. It is not a nigerian wahala alone having problem on connections or time. Go to forexfactory and see how traders are really loosing hard. At times even brokers are not the problem, all depends on the type of trader you are. Intra or interday traders.
I have been in the business for over 4 years and not looking back. I am in an intraday spending few minutes in the market during london season for just 25 pips perday as per my signal ,only cos my job start from 3pm in the afternoon. So if you want to trade forex for now, learn what it takes and the one that suits your free time you have.
I have to write this because majority of so called fund managers are scammers and their time and conditions will not make you rich. They are all bull shits believe me. Many of their results are photoshopped. Becareful dude unless the op expantiate here and not through mail.
Finally, do you know that if you just make 25 pips 3-4 times every week, do it for 2 years with compounding interest can make you a millionaire faster than expected with consisstency? All you need is get a good system on this, and stick to it. This is what makes you have an edge in forex trading. Not fund managers or robots lol!

And I beg you guys to use trading platforms recognised my the government in which they are situated.

Exactly what I was thinking.

No legal broker is out to eat your money since the are risking their own money by giving you leverage.

I use Alpari
Fx pro is also good
Re: Forex Trading Vs Nigerian Factor. Who Wins? by marcus1234: 9:14pm On Nov 27, 2011
Re: Forex Trading Vs Nigerian Factor. Who Wins? by scopusng(m): 9:16pm On Nov 27, 2011
There is no short cut to forex. Either you know it or you do not know it. Period
Re: Forex Trading Vs Nigerian Factor. Who Wins? by FEMARY1: 9:29pm On Nov 27, 2011
All these people are lying.None of these one would ever post their success result forever.They will tell you they wont do it for security  reason.They are just deceivers.Don't be deceived by these people.You don't need a fast Internet connection to trade forex.All these people claiming they need a fast Internet connection to trade forex are news traders and they can NEVER survive the fx market in the long time. I mean it, NEVER.
You dont need constant electricity to trade the fx market.If you are still watching your chart 247,you have not started the forex trading yet.
If you are still thinking the broker is your problem,you are still a baby in the market.This fx market is an open market.Nothing is hidden.

Am challenging all these posters or ''pros'' grin who are claiming they are now ''successful''to display their 4months account here for all to see.

If ANY of you cannot please STOP your adverts forthwith.Dont waste people's money here.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by muyoto: 9:32pm On Nov 27, 2011
[size=15pt]Over 95% of people who go into forex wil end up losing thier money. [/size]

In fact someone once told me Forex is just a glorified form of online lottery--only with a lot of jargon.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by mencer(m): 9:35pm On Nov 27, 2011
the guy simply need money to trade with.
Re: Forex Trading Vs Nigerian Factor. Who Wins? by FEMARY1: 9:50pm On Nov 27, 2011
mencer:

the guy simply need money to trade with.
Money to trade with ke,money to blow and squander.They will never show their four month account here.NEVER.FOREVER. grin grin grin
Re: Forex Trading Vs Nigerian Factor. Who Wins? by FEMARY1: 9:53pm On Nov 27, 2011
OK.am reducing it to 3months. grin grin grin Please disappear from here if you cant show your ''success.''
Re: Forex Trading Vs Nigerian Factor. Who Wins? by Nobody: 9:58pm On Nov 27, 2011
Besides, as other poster said, news trading is the killer of account most in forex trading. Less than 0.01 % really make success with it and they know how to trade it better. If you can avoid news time, have a good system that you stick to, trade trends and consider price actions, not fund managers. Afterall we all meet them on forexfactory forum.
By the way, where is morankinyo, the so called forex prof. that do scam alot of un suspecting people on radio because they want to get rich very fast, then training and trading on saturdays (very funny when market closed unless he is using oanda that trades 24/7 but with high spread which i know he can never cope with) and waiting for months end to advertise (salary don come) just like my brother here lol . Be wise, Am out!
Re: Forex Trading Vs Nigerian Factor. Who Wins? by BCuZiMBlaCk(m): 10:01pm On Nov 27, 2011
FEMARY1:

OK.am reducing it to 3months. grin grin grin Please disappear from here if you cant show your ''success.''
Re: Forex Trading Vs Nigerian Factor. Who Wins? by FEMARY1: 10:41pm On Nov 27, 2011
4bobo:

Besides, as other poster said, news trading is the killer of account most in forex trading. Less than 0.01 % really make success with it and they know how to trade it better. If you can avoid news time, have a good system that you stick to, trade trends and consider price actions, not fund managers. Afterall we all meet them on forexfactory forum.
By the way, where is morankinyo, the so called forex prof. that do scam alot of un suspecting people on radio because they want to get rich very fast, then training and trading on saturdays (very funny when market closed unless he is using oanda that trades 24/7 but with high spread which i know he can never cope with) and waiting for months end to advertise (salary don come) just like my brother here lol . Be wise, Am out!
Read the bold statement.Its a profound statement.
By the way,am still here waiting for the 3month statement.Hehehe grin grin grin
They will NEVER show it FOREVER.

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