I stumbled on this article and copied the portion below:I knew forex before the 2006/07 rush but I think the excerpt below summarizes it all.[/size][size=8pt][/size][size=8pt]


I can vividly recount the advent of online forex trading in Nigeria. If I am that correct, I can date it back to 2006/2007. Laudable idea! Like any new business, Nigerians took to it en masse. But regrettably, it was a rush in, rush out thing.

The bane actually was lack of technical, experienced personnel to impart knowledge, direct and mentor trainee traders. I could recall a trainee of mine whom without a month experience opened a training centre on forex trading. He has crashed out permanently now.

Forex trading is lucrative but it requires sound knowledge and discipline.

http://www.punchng.com/business/am-business/advancing-online-forex-trading-in-nigeria/

On point.

You only get scared of what you don't know...

And what you don't know is above you..

@benpuzzy, what will you be doing without FX?

Over the years the rush was so much by people who are so despirate of either expanding their income or looking for source of livelihood or those who are look for quick money. Ironically, those who are dearly interested in making money through training seized the opportunity and started package unusual training events to start impacting incomplete knowledge of the market into many. Imagine a situation when a person will attend a day or 3 days seminar or workshop and at the end of the training he will start feeling like pro. Anyway, due to huge losses by so many trader they decided to stay away from trading forex. Some go as far as spreading false information that forex is a scam. Most trainer don't usually emphasis on discipline and knowledge so as to make the innocent traders to keep coming back to buy one indicator that was downloaded free from forexfactory.com. Anyway to God be the glory, thus is my 7th year of trading forex and I have no regrets. I have been able to gather knowledge and experience over the years from trading live market. Let me not lie, I have recorded several losses and profits, but today I'm a better trader and I withdraw constantly. To be a good trader u need to understanding the psychology of the market. Get more knowledge and be discipline. If u need any assistance u may send me a mail. My email is seun.mails@yahoo.com. Thanks.