Before you start trading with your real cash on forex, practice with a demo account. This demo account will be like the real forex platform but the difference is that you won’t be trading with real money. The demo account will give you a very good experience of the forex market. These demo accounts are loaded with virtual money in real time mode. ;” Practice makes perfect”. You must make sure you are very knowledgeable in all these areas before you can start trading with real money. Try to Study, Observe, Learn and practice before you invest.

Moreover, the essentials of good quality training cannot be overly emphasized. Surf the internet for quality content, study books, you can also seek an instructor to guide you. Endeavor to acquire every necessary skill before you invest in forex trading in Nigeria. After you must have done all that, practice some more!
Can you make Money in forex trading?

The answer is yes! You can.

But what you should have in mind is that forex is not a quick money making scheme. In contrary to what you hear, forex trading is not going to take your $300 dollars and turn it into $3 Million. The return on forex determines more by the capital you are risking rather than how good your trading strategy is. “It takes good money to make more money”. So try investing like a very good sum in the long run when you must have mastered the forex trading strategies. Don’t be scared millions of people are making millions on forex in a matter of minutes.

What Are the Basic Requirements for Forex Trading In Nigeria

Step 1:

Sign Up For A Forex Trading Account:
As a beginner, you have to start by opening a forex trading account with a forex broker. The duty of a broker is to connect buyers or sellers directly to the forex market for currency exchange. They are like an intermediary per say.

Step 2:

Open A Domiciliary Account/Liberty Account:
A domiciliary account is a foreign currency account where you can store foreign currency and also withdraw. You can open a domiciliary account in Nigeria with one of the trusted banks in Nigeria which is Guaranty Trust Bank Plc. These accounts can be used to fund and withdraw money from your forex trading platform in Nigeria. Download GT Bank domiciliary account opening form.

However, a liberty account is an account where you can store the value in U.S Dollars, Euro or Gold Grams and transfer money paid to people and also receive payments from them. There are various liberty banks like perfect money and Payoneer e.t.c

Step 3:

Start-Up Capital:

The need for a start-up capital in this business is inevitable. Just like other business, to start forex trading in Nigeria requires little funds. The good thing about it is, you can begin trading on forex with a minimum of $100 but I would advise you to start with a higher figure, like $300.

Note The higher your capital, the higher the return.

Other basic requirements you need to start forex trading in Nigeria are:

A good computer

Fast internet connection

Constant electricity supply

Once again, forex trading is very profitable if you sacrifice time to study, observe, learn and practice before investing your money. If you don’t, be sure to run in for some loss in a matter of minutes or even seconds. And I will repeat again study, observe, learn and practice before you invest your cash.

Can you get rich by trading forex?

Yes! There are various trading opportunities on forex that can make you a millionaire in minutes. But the only way for you to get rich from trading on forex is understanding the trading strategies. Once you master the art of trading on forex, becoming rich is just one click away.

In conclusion, the chances of you becoming rich on forex are quite on the average as a beginner. Don’t look at making the millions as a starter. The same way you make profits on forex, you might also encounter some few losses. Make sure you follow the steps as listed above and good luck.

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