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http://www.masterforex.org/?id=1245 There are free ebooks to help you and a free forex program to download. There is also an affiliate program to make extra money. They wire transfer your earnings into your nigerian or any other bank account in the world.
http://www.masterforex.org/?id=1245 What is Forex Trading http://www.masterforex.org/?id=1245Forex is a short form for the FOReign currencies EXchange market. It is one of the most liquid markets in the world, while being the largest financial market (daily average volume is about $3,2 trillion according to BIS report). Forex traders buy and sell various world currencies in order to gain profit on the currency’s price change.
The most traded currency pairs (major pairs) are EUR/USD (euro for U.S. dollar), GBP/USD (Great Britain pound for U.S. dollar), USD/JPY (U.S. dollar for Japanese yen) and EUR/JPY (euro for Japanese yen).
Forex trading is now accessable to everyone via on-line Forex brokers, which allow trading with almost any amount of money and on a very large variety of international currencies.
In Nigeria, Forex trading is becoming more and more popular. It attracts purposeful and educated young people with the opportunity of earning profits via on-line activity. And if in the past times Nigeria was considered a poor state with no interest to Forex trading firms, now Forex brokers are gladly accepting Nigerian Forex traders.
But Forex should not be considered as the ’easy money’; to trade profitable and earn a sustainable income trader must learn and practice. To many beginning traders’ relief there are many good educational materials in the Internet and the majority of them are free. Learning Forex can be a long process, but can be also fun and interesting.
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http://www.masterforex.org/?id=1245How to Start Forex Trading? http://www.masterforex.org/?id=1245To start trading on the Forex market you need a computer with the access to the Internet (preferably fast, but any connection will work if you won’t be scalping). On the Internet you’ll have to join one of the on-line Forex brokers. There are many such brokers available nowadays; chose the one that is more comfortable for you. A good on-line Forex broker should:
Accept traders from Nigeria.
Allow small accounts and deposits, so you can try it with a little money before starting a serious trading.
Offer a variety of payment methods for depositing and withdrawing funds, especially WebMoney, e-gold or PayPal.
Provide the convenient ways for trading — either a newbie friendly trading platform or powerful MetaTrader platform.
Be a reputable and trustworthy on-line company, to which you could trust your trading account’s security.
Have a fast order execution and funds transaction processing.
Offer a dedicated on-line and on-phone support.
How to Learn Forex Trading? http://www.masterforex.org/?id=1245To trade successfully on Forex market you have to learn the theory of Forex trading and gain practical knowledge while trading on demo account. There is some essential Forex education which is required for everyone who wants his trades to be profitable. But self-education shouldn’t end on these basic learning, one should continue to study new Forex techniques whenever he has time to learn, because knowledge and practice are the cornerstones of the successful Forex trading.
There are many Forex e-books available in the Internet, but I don’t recommend buying any of them, because the best e-books about Forex trading are available for free and can be accessed by anyone. Here is the list of the best books recommended for everyone who wishes to learn Forex trading:
Further learning can include practicing your skills on your Forex broker’s demo account — you’ll get essential experience in using techniques from the e-books you have read or your own developed trading strategies. Demo account makes it easy, because you don’t lose any money and you are free to try anything you want. Professional Forex traders test their trading systems on demo accounts first before using them on real money accounts.
Useful Forex Resources http://www.masterforex.org/?id=1245What’s good about Forex trading is that there are so many useful and interesting resources about it available on-line. And the majority of them are completely free, allowing you to learn, communicate and have fun with the foreign exchange market. Forex Nigeria gladly offers this list of Forex sites whose quality was tested by time and thousands of users:
earnforex.com— one of the major Forex portal sites offering a variety of education materials, including free Forex e-books, free Forex articles, a categorized list of Forex brokers, free trading tools. It also has a Forex blog for a regular site updates and on-time information about various Forex related events.
BabyPips.com — a good beginner’s starting place to learn Forex. The very well written articles and the helpful community will provide a real advantage in mastering a Forex trading.
forexfactory.com— this site will give an access to their free Forex calendar, which is one of the best I know about. They also have a very professional forum that will definitely help with learning and developing new Forex strategies.
investopedia.com — a site provided by Forbes Media Company. It features the most complete dictionary of Forex trading terms on-line. If you want to learn something new or just to find an explanation of the unknown term it’s the right place for you. Investopedia features not only Forex terms, but everything related to financial trading and investing. So, it’s a really good resource.
Forex Regulations in Nigeria http://www.masterforex.org/?id=1245Some countries regulate the Forex trading market carefully restricting and limiting the brokers’ activity. This allows for a safer trading for the customers, but it also closes out the market for other brokers damaging the competition — making it so that the remaining Forex brokers offer quite a low level of services.
In Nigeria Forex isn’t overregulated; according to the foreign exchange manual issued by the Central Bank of Nigeria in November 2006 everyone can participate in the foreign currency exchange activities as long as they are conducted via the banks or brokers registered with such banks (authorized dealers).
Spot Forex market (the one that is use for on-line leveraged trading where actual currencies are not delivered) faces even less restrictions and regulations from the Nigerian government. Unlike U. S. there is no a regulating body for such Forex brokers, so any legal company with a registration in Nigeria or some other country can accept traders from Nigeria.
This makes the Nigeria Forex brokerage industry a free and open market allowing the residents of Nigeria to choose from very many on-line Forex brokers. Unfortunately such variety brings in certain dangers — there are many scam brokers that seek to steal traders’ money and there are also brokers that claim to be offering excellent services but in reality offer nothing more than high spreads and some poor trading platform. So, a great care should be applied in choosing a Forex broker — it is a good idea to select only those brokers that were checked by the experienced traders and are known for their quality. A good list of honest Forex brokers was compiled by Forex Nigeria, so you could easily start trading without having to do your own due diligence on any broker.
It is possible, that in the near future, Nigerian government will change the way of Forex market regulation. If more problems will be encountered by the Nigerian citizen, government can introduce some institute to register and regulate all Forex brokers. If this happens, the brokerage market will be very limited for a period of time. But until this happens, residents of Nigeria can enjoy the completely free Forex trading.
Possible Problems with Forex http://www.masterforex.org/?id=1245Although on-line Forex trading is a popular activity, here are many potential problems waiting for the newbie traders. Even more experienced traders can get a strong hit from something they’ve never encountered. Here is the list, compiled by ForexNigeria.org, of the possible problems you can encounter in your Forex trading endeavor:
Scam Forex brokers — a number one problem for a starting trader and some experienced traders that want to move from one broker to another. Be advised that there are many on-line brokers that will just steal your money, or will hunt your stop-losses to bankrupt your account, or will provide no support at all. Just stay with the brokers that are reputable and trustworthy until you learn to detect Forex scams yourself.
Overtrading — sometimes you will start to lose money on trading just because you stay in the market for too long. Don’t overtrade, set daily goals for profit, limit for loss and don’t trade past them. Overtrading is one of the major psychological barriers in Forex trading.
Wide spreads on high volatility — some Forex brokers increase their spreads for all currency pairs during the hours of high volatility (i.e. news releases). That can damage the whole trading strategy, so you must be aware if your broker uses such tactics and avoid losing money because of it.
Following wrong Forex signals — sometimes you may find yourself losing, because you follow someone else’s Forex trading signals. Actually it is a good idea not to follow any signals at all (except for the ones, generated by your trading system), especially the paid ones. Trading your own Forex strategy brings in your sole responsibility for all your trades. If someone’s providing paid Forex signals, chances are they are not very accurate. Why would one sell them if he could earn money with just trading?
Lack of knowledge — the lack of required knowledge to trade Forex will dump your trading account very fast. Educate yourself; don’t let your emotions control yourself and trade only when you are sure about its success. There are plenty of free educational materials available on-line, don’t be lazy and learn whenever you have a time for it.
Myths about Forex http://www.masterforex.org/?id=1245As on-line Forex trading becomes more popular, it is getting cloaked in a wrap of some myths. Some of these myths are harmless, but some can be extremely dangerous to the beginning traders. To recognize such myths from reality is the basic condition of successful Forex trading. More than that, maybe after you learn about some Forex myths that they are really just myths you will dramatically change your opinion about Forex market.
Here is the list of the most dangerous and stupid Forex myths:
Forex trading is easy. Actually it’s not easy at all, it’s pretty hard. It’s easy to start trading, but succeeding takes time and practice. Of course, there are talented traders that learn very fast, but generally starting traders should dedicate part of their time to educating themselves.
Forex is a scam. Forex got some bad fame after HYIPs started to claim that they earn money on Forex. Actually Forex is a real currency market and anyone can trade there themselves and be responsible for their own decisions, so it’s hardly a scam. Forex can be compared to a stock market, but it is more volatile and the leverage is usually higher. The only scams you should be afraid of as a Forex trader are scamming brokers or scammy marketers that sell Forex e-books and sure-fire strategies. A good way to avoid scam Forex brokers is to use only well known and tested brokers (you can choose one from the list compiled by Forex Nigeria.)
Only rich can trade on Forex. This could be true like 20 years ago, but with the fast development of the informational technologies and particularly the Internet, Forex is now open to everyone. You can start trading with just $1. And you don’t need big amounts of money to "move„ the market, it’s almost impossible with the current daily volume ($3.2 trillion). All you need is practice and a trading strategy.
Forex is completely random. Although the short time fluctuations on Forex market may spontaneous and random, the long term movement of the currency pairs rates is not random. It has a certain range of probability, but it is not random and can be predicted. Major banking institutions forecast the currency rates and earn big money on that.
There is a “holy grail" in Forex. Some prefer to believe that they can find some strategy that will earn the millions and will work forever. Unfortunately that belief has no proof, successful traders always change their strategies and adapt them to the market. Usually even a Forex strategy is something that can’t be expressed as a simple set of rules, it must used with someone with enough experience to be really profitable.
Stop-losses are not necessary. In a short, trading without a stop-loss is a suicide. With high leverage and no stop-loss your Forex trading account will wiped clean in no time. Learn to set your stop-losses to some point not too far from order’s entry price. Keeping losses low and profits high has always been a good move.
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