It should be more easier to learn and trade forex by yourself than leaving your funds in the hands of people/company unknown to you for peanuts as returns on investment. Why?
There is no registered or CBN licensed individuals/companies to manage and trade forex accounts for you and more so, there is no regulated body that watches or guides the activities of funds or forex account manager or broker in Nigeria. So Anyone that do so is at his or her own risk. Most of us (forex brokers and account managers) only have registered business or company name with CAC, which is used via bank account to receive funds from indolent and gullible Nigerians that want to make huge amount of money from their little investment within a short period of time.

In my own opinion, any individual or group of persons that want to practice as hedge funds or forex account manager, apart from having and presenting a profiting 6 - 12 months Real (not demo) trading account record should have in the custody of reputable commercial bank(s) a capital base of not less than US$30,000 (10,000,000 Naira. Because if money is lost, these reserved funds can be used to settle investors but you know what? forex is risky and money can be lost at any point in time by even the so called forex gurus and pro traders and that's why you will find the risk warning at the bottom end of every broker's website.

I took my destiny into my hands ten years ago by learning the ropes and rudiments of forex trading by myself. I developed myself over the years trying strategy upon strategy day in and day out until I finally grabbed settled with the simple strategy that is earning me $$$ now.

It is doable! learning and trading forex with good consistent profit is doable even if you are the most busiest business executive on earth.

https://www.nairaland.com/4019279/profitable-forex-trader-8-4

Trading forex alone is risky on its own but handling your hard earned funds to unknown and unverified traders or funds manager is riskier when you can do it yourself and get better result over time.

While I am not saying or guaranteeing that you will learn and start making profit in the market within the shortest period of time, you will love it if you get trained and be able to to decide if forex trading is for you and worth investing in.

Join my forex trading membership community on WhatsApp today and learn how to trade the markets profitably even with your 8am - 4pm daily job.

The daily trading course runs from Sunday's evening to Friday's evening, 8pm - 10pm.

– Price Action Trading Mastery Course
– Daily Trade Setups Analysis
– Live Trade Setups Forum on WhatsApp
– Online Training & Coaching

How can one join?

Interested

Truth is, it takes time to master the act of trading and become consistently profitable, especially when you don’t have a successful trader as a mentor.

To start taking the trading course, Send an SMS with your whatsapp number to the contact in the signature below

suzzyrims:
Interested

Check my signature below and send email or WhatsApp msg to the contacts with your WhatsApp mobile number and you will be contacted immediately.

The myths and truth about forex trading

The marketing of forex trading as a way to get rich quickly is misleading.

Foreign exchange as an asset class is important because it is the most liquid and largest market, and is how money is transferred around the world.

A bank may, for example, buy and sell forex for a large importing company; the same company may be placing a large product or service order that has to be paid in a foreign currency in a month’s time and will then use forex trading as a hedge in case the naira weakens and increases the end price.

Forex trading can also be used as part of a trading strategy where your portfolio may be overexposed to one currency and you wish to diversify, or if you believe that a currency will devalue due to political or economic events.

The concept of forex trading as an investment strategy within itself has to do with the ability to leverage one’s position to become one where a small movement in the currency can result in a large gain

Let's say or example, you have N10 000 (Naira) and want to take a position that the naira will depreciate against the dollar.

The exchange rate is N360 for $1, so your N10,000 buys $27.78. If the naira falls to N365 to the dollar, your $27.78 will buy you N10,140 (approximately).

On a one-to-one basis, if you bought the actual currency, that would give you a profit of N140, but, with leverage, you buy exposure to the movement of the currency, not the actual currency.

As you are only buying exposure to the currency, the broker can offer you a leveraged position where, for example, your N10 000 gives you N100 000 (1:10) worth of exposure.

In this example, your naira exposure increases from N100,000 to N101,400 so your profit is N1,400. You only physically invested N10 000, so that equates to a 14% return.

If the naira strengthened to N355, your loss on N10,000 is N1,400 – more than a tenth of the value of your initial outlay. If the naira suddenly strengthens to N350, you can wipe out nearly 30% of your entire investment.

In this scenario, the leverage was 10 times the amount, but the higher the leverage, the easier it is to lose money.

The get-rich-quick schemes will often put high leverage as a way to double your money overnight, but what they never tell you is that a single trade can wipe you out – and no one gets it right consistently.

For example, if you used 100 times leverage (1:100) so that your N10,000 bought you exposure of N1 million, and the naira strengthened to N155, you would lose N14,000 – 14% more than the amount of your investment. To be continued...

Join my forex trading membership community on WhatsApp today and learn how to trade the markets profitably even with your 8am - 4pm daily job.

The daily trading course runs from Sunday's evening to Friday's evening, 8pm - 10pm.

– Price Action Trading Mastery Course
– Daily Trade Setups Analysis
– Live Trade Setups Forum on WhatsApp
– Online Training & Coaching

In the Standard Bank Webtrader currency trading competition, winner Ricky Jacobson turned $100,000 into more than $1.3 million in just 30 days.

This is the type of headline that has given forex trading its mythical status as an opportunity to get rich.

But if you read the details, 20% of the 1 300 investors lost more than 20% of their virtual investment, and only 5% made a 50% profit.

The likelihood is that even those within the 5% would have seen their luck change if they continued to trade.

Jacobson acknowledged that, if he had been investing his own money, he would not have taken the leverage and risk that he did during the simulated trade.

Any real trader will tell you that spending a weekend learning the “secrets of trading” will not make you a trader, only experience will. Forex trading is more or less a zero-sum game – for a trader to make money, somebody needs to lose.

It’s the most liquid market in the world and the best traders in the world gravitate to forex, so you need to beat the best. This will take time.

Forex trading can be xompared with learning to drive a car – if you try to drive a car after only reading the learner’s licence manual, you are going to have an accident.

“You need to invest your time, resources and get education. If you are not willing to do that, you will have an accident.” To be continued...

Enroll and join my forex trading membership community on WhatsApp today and learn how to trade the markets profitably even with your 8am - 4pm daily job.

The daily trading course runs from Sunday's evening to Friday's evening, 8pm - 10pm.

– Price Action Trading Mastery Course
– Daily Trade Setups Analysis
– Live Trade Setups Forum on WhatsApp
– Online Training & Coaching