Welcome to the 3rd series of our FOREX tutorials, at this point you can start getting your mind ready to start FOREX trading, this I can boldly say is the BEST online business ever. Now let's get down to business.

STARTING UP FOREX TRADING:
If you are to start FX business, below are the basic requirements, conditions, & trading rules:

* FOREX business is a business that requires a start up capital of between $100 and $100,000, as your capacity can bear.

* The next in line is choosing the best and the most reliable FOREX BROKER. Factors to consider when choosing a good broker are:
(a) Regulated by home country regulatory body.
(b) Pips spread: 2 to 3 pips.
(c) Fast trade order execution.
(d) Fast funding and withdrawal execution.
(e) Ease of contact: readily available on phone, chats and emails.
(f) Free Demo account availability.
(g) Comprehensive & Customizable desktop, mobile terminals and chatting software.
(h) Presence in all major global financial centers.
(i) Recognition Award.
(j) Leverage: at 100:1, and
(l) Superb online security.

* The next to this is getting yourself acquainted to the regular Deposit and Withdrawal options, which are: Bank Wire (Dormiciliary account fund wiring), Liberty Reserve, Alertpay, Dollar Master and Visa Cards, Naira Master and Visa cards already configured to make online payments, Paypal e.t.c

* After funding your Forex account with the broker you eventually picked, open a DEMO account first with them to practice for some time. Personally, most of my Forex students don't trade demo for more than 2weeks before starting LIVE trading, simply because the Trading System we use is superb. The length of time you'll spend demo trading depend on how fast you will be able to become self sufficient, and how much you can handle fear and greed, which are the major obstacles in FX.

* The next to this is a line up of compulsory rules you must follow in FX, these rules are what I call the ETIAB Forex rules (I coined this out myself.) And this means; The "Every Trade Is A Blessing" Rules. Let's start step by step.

Rule 1: Always stay glued to your economic calendar website, e.g www.forexfactory.com, so as to be aware of any upcoming major news like; Non Farm Payroll, Monthly Consumer Price Index (CPI), e.t.c.

Rule 2: Always be cautious of trades you place on, or few hours before Major News days, because any thing can happen on those days, you might be lucky that the news will favour your trade direction, or worst still, u might experience an outright reversal of your trade direction, and you know what that means? Deep loss if you are not cautious.

Rule 3: The next to this is how to handle the psychological effect of FX. The psychological effect of FX are basically Fear and Greed, handling this can be done by following all the details in this tutorial after completion.

Rule 4: And the last rule here is on the principle of Money Management. Below here are the principles:
(1) Always adhere strictly to; 'The Equity to Lot size rules', when placing a trade, which are:

EQUITY. Lot size/volume.
$1-100. - 0.01 lot volume
$101-200. - 0.01 " "
$201-300. - 0.02
$301-400. - 0.03
$401-500. - 0.04
$501-600. - 0.05
$601-700. - 0.06
$701-800. - 0.07
$801-900. - 0.08
$901-1000. - 0.09
$1100-2000. - 0.1
$2100-3000. - 0.2
$3100-4000. - 0.3
$4100-5000. - 0.4
$5100-6000. - 0.5
$6100-7000. - 0.6
$7100-8000. - 0.7
$8100-9000. - 0.8
$9000-10000. - 0.9
$10100-11000. - 1.0
$11000-20000. - 2.0
$21000-30000. - 3.0
$31000-40000. - 4.0
$41000-50000. - 5.0
$51000-60000. - 6.0
$61000-70000. - 7.0
$71000-80000. - 8.0
$81000-90000. - 9.0
$91000-100000 - 10.

(2) Never place more than two (2) trades/open more than two (2) positions at a time, however, if you must add more positions, make sure that atleast the 2 ones earlier opened are in profit of +50pips upwards, and still, don't add more than 1, or at most 2 more positions.

(3) Always Break Even(putting stop loss at your entry price) once your in-positions are in profits of +50pips and above, so as to protect your EQUITY.

(4) Relax your mind when opening a position so as to avoid silly errors; like picking Sell for Buy, wrong lot sizes, e.t.c.

I want to really appreciate all my viewers for your patience and time. Our powerful series continue tomorrow with Series 4. Pls, don't miss it. God bless you all!

This is a nice summary of FOREX. But the topic is misguiding making $520 from $100

The Topic Subject is on point dear, I was trying to explain in details the business type that produced me this huge profit turnover in that shortest time possible, hoping that this will propel others on this forum to success in FX too. The actual story behind this subject caption will come up on the last series (Series 5). Thanks.

How do I get a visa dollar card in naija

Very simple, just visit any branch of GTB or ZENITH Bank in your area.