₦airaland Forum

Hey Followers,

I'm just checking in to see if you had any importation questions for me ?

This is your opportunity to talk with me directly about my product sourcing strategies, shipping option, price setups on ecommerce , negotiation format, Plan B members area or anything else that's on your mind really
Just reply and I will respond asap.

talk soon,

Chidonsky:
Op,if for example you are trading gbp/usd, does it mean that when price is moving up gbp is going up and when price is going down usd is going down by using their pairing position to judge.If buying and selling is what move price up and down, what are they buying and selling in real terms because they are just represented by candle charts.

The subject of Forex is a bit different from the generally known traditional market concept. A simple analysis: Let's assume @ 10am, GBPUSD is 1.5000,then it simply means the amount of Dollars it takes to get 1GBP is. 1.5000USD.

If by 10:30am, it rose to 1.5100,it means the GBP has gained more,become stronger against the USD and the minimum amount of dollars to buy 1GBP at 10:30 is 1.5100.

On the other hand, if at 10:30,the quote read 1.4900,it means the dollar has gained more strength against the pound and it now costs lesser dollar to get 1 pound. Is it clear? if not tell me .

Kufie:
Hi guys, please what's GTB's $ - ₦ rate right now?

They Charged me #285/$ as at today .

Forex vs. Stocks

There are approximately 4,500 stocks listed on the New York Stock exchange. Another 3,500 are listed on the NASDAQ. Which one will you trade? Got the time to stay on top of so many companies?In spot currency trading, there are dozens of currencies traded, but the majority of market players trade the four major pairs. Aren’t four pairs much easier to keep an eye on than thousands of stocks?

That’s just one of the many advantages of the forex market over the stock markets. Here are a few more:
24-Hour Market: The forex market is a seamless 24-hour market. Most brokers are open from Sunday at 4:00 pm EST until Friday at 4:00 pm EST, with customer service usually available 24/7. With the ability to trade during the U.S., Asian, and European market hours, you can customize your own trading schedule.

Minimal or No Commissions: Most forex brokers charge no commission or additional transactions fees to trade currencies online or over the phone. Combined with the tight, consistent, and fully transparent spread, forex trading costs are lower than those of any other market. Most brokers are compensated for their services through the bid/ask spread.

Instant Execution of Market Orders: Your trades are instantly executed under normal market conditions. Under these conditions, usually the price shown when you execute your market order is the price you get. You’re able to execute directly off real-time streaming prices.Keep in mind that many brokers only guarantee stop, limit, and entry orders under normal market conditions.

Short-Selling without an Uptick: Unlike the equity market, there is no restriction on short selling in the currency market. Trading opportunities exist in the currency market regardless of whether a trader is long or short, or whichever way the market is moving. Since currency trading always involves buying one currency and selling another, there is no structural bias to the market. So you always have equal access to trade in a rising or falling market.

No Middlemen: Centralized exchanges provide many advantages to the trader. However, one of the problems with any centralized exchange is the involvement of middlemen. Any party located in between the trader and the buyer or seller of the security or instrument traded will cost them money. The cost can be either in time or in fees.Spot currency trading, on the other hand, is decentralized, which means quotes can vary from different currency dealers. Competition between them is so fierce that you are almost always assured that you get the best deals. Forex traders get quicker access and cheaper costs.

Foreign exchange, as the prime market, generates billions in revenue for the world’s banks and is a necessity of the global markets. Analysts in foreign exchange have very little effect on exchange rates; they just analyze the forex market.

Any Question ?

Alibaba 101: How to Safely Source Products from the World's Biggest Supplier Directory


In order to start an online business, you need two things, a product idea and supply. If you already have your product idea the next step is finding the perfect supplier. In our global village, it has never been easier to find a manufacturing or wholesaling partner halfway around the world, however sourcing your products from overseas can still seem like a daunting task for new online entrepreneurs.

In today’s post, we’re going to look at how to effectively and safely source a supplier for your product idea using the popular business directory Alibaba. We'll introduce you to the pros and cons of going overseas and show you how to navigate this new terrain so you can lock onto the perfect supplier for your product idea and get started selling online.

Let’s jump right into it.

Disclaimer: Before making any purchases from Alibaba, make sure you read their most up-to-date information and safeguards to protect your purchase.


Advantages & Disadvantages Of Sourcing Overseas

The most common reason many entrepreneurs look to Asia, and in particular China for product suppliers is to take advantage of the low manufacturing costs. Costs of manufacturing in Asia can be significantly lower than North America and other parts of the world, so much so that for many businesses, it could be quite difficult to be profitable if it wasn't for overseas manufacturing.

Cheaper product costs are great, but they aren't the only reason Asia is an attractive place to find a supplier, there are some additional benefits as well:

Advantages

-Lower manufacturing costs
-Suppliers are (generally) much more open to working with smaller businesses and providing smaller quantities
-High number of suppliers to choose from
-For many products, Asia might be the only place that produces the item
-One-stop services like Alibaba have made it very easy to navigate and purchase from suppliers

Along with the advantages of sourcing from overseas suppliers also comes several disadvantages that you should be equally aware of. Some of the biggest disadvantages include:

Disadvantages

-Perceived lower quality from customers
-(Usually) lower manufacturing and labor standards
-Almost no intellectual property protection
-Language and communication barrier can be difficult to overcome
-Difficult/costly to verify manufacturer and visit on-site
-Longer shipping time
-Cultural differences in business practices
-Product importation and customs clearance
-Lower level of payment security and recourse


What Is Alibaba?

If you've decided and are determined to source your supplier from overseas, there's a good chance you will be buying from Alibaba. By the numbers, Alibaba is the largest ecommerce company in the world (bigger than Amazon and eBay combined) and it's also the most comprehensive directory that connects suppliers (mostly from Asia) with buyers from all over the world. Alibaba literally has millions of products from hundreds of thousands of suppliers so there's not much you wont find on the directory.

Begin Your Search

Buying on Alibaba and using the directory is fairly straight forward to use and similar to other marketplaces like eBay. Browse the product categories or do a search for the particular product you’re looking for.

There are two common approaches to doing a search on Alibaba. You can either search for items based on product descriptions, for example: dog collars, which will give you thousands of results for dog collar products. Alternatively, from the drop-down menu, you can select “Suppliers” instead of “Products” and instead search for manufacturers that specialize in that particular type of product.



What to Look for on Product Pages

When starting your search for a supplier on Alibaba, there are a few things you want to look at and pay attention to on the product listing page. Let’s take a look at a example listing for a dog collar listing we found on Alibaba.



Unit Price

One of the first things you’ll likely want to look at is the price. For this listing we can see a price of $2-$3 USD FOB. FOB stands for Free On Board and means that the seller will pay also costs associated with getting the product to the marine port (the cheapest way to ship products from Asia) and the buyer pays the cost of actually transporting the goods across the ocean to the final destination.

Minimum Order Quantity (MOQ)

Next, you’ll likely want to look at the minimum order quantity. The minimum order quantity (MOQ) is the smallest order the manufacturer is willing to accept. However, it’s important to note that this is almost always negotiable. This is good to know for later when it comes to negotiating because it give you a good start point.

Payment Options

After understanding price and MOQ, you will likely want to know how you can pay the supplier. There are several common methods of payment, each have their pros and cons for both the buyer and the seller.

Let's take a look at the most common payment options below and the associated risk level to you as the buyer:

1. Upfront TT (Bank Transfer)
Risk Level For Buyer: Risky
With a bank transfer, the supplier will receive full payment before production starts. This payment method bears a high level of risk to the buyer and generally is not recommended when dealing with an unknown supplier. There is little if any recourse to get your money back if something goes wrong.

2. Letter of Credit
Risk Level For Buyer: Fairly Safe
A Letter of credit is fairly safe for both parties, however a letter of credit carries some complex procedures and is generally only recommended for larger purchases ($20,000 and above).

3. Western Union
Risk Level For Buyer: Very Risky
A risky payment method for the buyer that's not recommended when it comes to paying suppliers if the payment is not protected by escrow. Western Union generally should only be used when dealing with people you know very well. There is no recourse if something goes wrong.

4. PayPal
Risk Level For Buyer: Fairly Safe
Paypal is a popular payment method for buyers as it presents a much lower risk, ease of use and generally pretty good buyer protection. Although it's a popular option with buyers, it's less popular with suppliers due to difficulties in withdrawing money, high tax rates and potential charge backs from less than honest buyers.

5. Escrow
Risk Level For Buyer: Fairly Safe
When using an Escrow service, the buyer's money is held by a 3rd party and is only paid to the supplier after the buyer confirms satisfactory delivery of their order. Escrow is a fairly safe payment method for buying and selling online because Escrow protects both the buyer and supplier.

You can read about common payment methods on Alibaba on the Alibaba Safe Buying page.

Generally, when you are just starting, you’ll probably want to look for or negotiate with suppliers to either accept PayPal or some type of Escrow service to give you the highest level of protection.

Buyer Beware

As great as Alibaba is, it’s also plagued with some problems that you need to make yourself aware of when you are researching and contacting various suppliers.

Let's take a look at three of the biggest problems with sourcing suppliers from Alibaba:

Middlemen - As mentioned previously, Alibaba has hundreds of thousands of “manufacturers”. However, many of these “manufacturers” are not manufacturers at all, rather middlemen that masquerade, marking up the price, increasing the level of miscommunication between you and the actual manufacturer while providing little, if any real value.

Scammers - Middlemen are bad but they will only take a bit of your money by charging you higher fees, scammers will take all your money. Although Alibaba has put forth a strong effort to combat and remove scammers from their platform, there are still a good share of dishonest suppliers on Alibaba that you need to be cautious of.

Quality - Quality is another big concern when ordering from overseas. Many products will be advertised as premium or high quality, however it's not uncommon to find that your opinion of premium quality and the overseas supplier's opinion are vastly different.

Safeguarding Yourself

So how exactly do you protect yourself from middlemen, scams and low quality products on Alibaba? Although no single method is perfect, together practicing several safeguards is your best bet.

Let’s take a look at several things you can do to protect your money when sourcing from overseas:

1. Verify suppliers - Alibaba has their own verification program in place which includes several levels of verification. Below is a chart that summarizes the three different levels of verification Alibaba has. These verification badges will appear on product listing and supplier profiles if they have them. Looking for these verifications is a good first step.

In addition to Alibaba's verifications, there are also independent 3rd party services located in Asia that will visit factories on your behalf to verify the supplier and product quality. Depending on the size of your order, a few hundred dollars extra for added piece-of-mind may be well worth it.

2. Ask questions and followup - As you begin narrowing down suppliers make sure to ask a lot of questions about their business and their products. Ask for a copy of their business licensee, ask for a phone number and actually call it. Have a Skype meeting with your contact. Ask for photos of the factory and sample products.

Feel free to ask for whatever makes you feel more comfortable doing business with someone a world away. It wouldn't be crazy for you to even ask your factory contact to take a photo of themselves on the factory floor holding up the current days newspaper and one of their products.

3. Get samples - It should go without saying that before you invest any significant amount of money into inventory you need to get samples to check and verify quality. Feel free to even contact them through another (fictitious) name and email and get an additional sample so you can compare quality.

4. Too good to be true - Finally, if something is too good to be true, it usually is. Be weary of pricing or promises that don’t seem right or that are way off from other suppliers you've contacted. Always be willing to walk away from a deal if something doesn't feel right.

Contacting Suppliers

Now that you understand how to better protect yourself when doing a transaction on the other side of the globe, it's time to contact some suppliers. When contacting suppliers overseas, email will likely be your main method of communication. In many cases, they will likely be using a translation program like Google Translate to translate your email as well as their reply back to you. Remember, computer translation is still an imperfect art so expect some errors and possible misunderstandings. To make sure communication is as clear as possible, keep your emails short, concise, well formatted and spelling error free. This will not only help the manufacturer but it will ultimately provide you with better replies in the end.

Tip: When asking your questions and formatting your emails to suppliers it's best to number your questions so that they can easily reply to each number. This keeps the questions and communication clean and organized.

Requesting a Quote

Requesting a quote (many times referred to as a RFQ, Request For Quote) is a relatively simple process, however, taking a few extra minutes to plan your email can make a significant difference in the number and quality of replies you receive.

Here are a few important questions to consider for your email:

Minimum Order Quantities (MOQ’s) - Even if a listing has their MOQ listed, you should double check with them to make sure it’s accurate. If the MOQ’s are much higher than what you know you can afford, you'll want to ask them if they are willing to negotiate the minimums. Make sure to give them an idea of what you can afford. Keep in mind, minimum order quantity is almost always negotiable with overseas suppliers.

Pricing For Samples - Samples are important to inspect for quality. You’re going to want to ask what their pricing is for samples right away. Some suppliers that receive a lot of sample requests and may change the full retail pricing, others will offer you samples at a discounted rate, and some may even provide you samples for free if they feel you're a serious buyer.

Production Pricing - One of the most important questions is how much your products cost per unit will cost. Many times on Alibaba they will give you a range (Example: $2-$3 per unit), but you’ll want to know exactly how much each unit will cost you.

Production Time - Knowing how long it will take to produce your order is an important consideration and depending your exact business, time can be critical.

Payment Terms - Many suppliers will require new businesses to pay for the full order upfront. This is important to know since inventory is a major cost for ecommerce startups. You may also want to also ask if they provide payment terms on future orders.

Here's an example of an email template you may want to consider as a guideline when contacting overseas suppliers from Alibaba:

Hi,

My name is AbbeyForex and I am with Plan B Investments.

I am interested in placing an order for Widget A. Before I do however, I just have several questions:

What is your minimum order quantity?
What is your cost per unit and at what quantity levels do you offer quantity discounts?
What are your payment terms for new customers?
I would also like to order a sample of Widget A before placing a full order. Can you please send me the cost for the sample including shipping to:

AbbeyForex
80 Spadina Ave., Floor 4
Toronto, ON, Canada
M5V2J4

Thank you.

AbbeyForex,
Plan B Investments
website
phone number

As you can see from the sample above, it's short, concise and it's goal is to make sure at a high level that there is a fit between both parties.

Negotiating

Once you have begun conversations with several suppliers and have a good idea of each of their prices, MOQ's and payment terms, you can begin negotiating with them. As mentioned previously, the minimum order quantities are almost always negotiable, it's simply a matter of asking. Remember, a good negotiation leaves both parties happy with the outcome so push a little but not too hard.

Weighing Your Options

Once you've narrowed it down to a select few suppliers, you'll want to weigh all your options. Keep in mind that when weighing your options, you'll want to consider more than just price, MOQ and payment terms. Make sure you factor in how well and how quickly each supplier replied to you. Your communication with your supplier can be a critical element of your business going forward so you'll want to make sure you start off on the right foot.

Conclusion

Sourcing a reliable supplier for your product from Alibaba might be a new experience but also a rewarding one. With some basic knowledge and common safeguards, it can be pretty safe. Always do you due diligence and if a deal feels too good to be true, be ready and willing to walk away. There’s a hundred other suppliers you can find in just a few clicks.

Happy sourcing!

richysam:
sir @ abbeyforex, pls can I get ur whatsapp no? I would love to be among ur plan B org thanks

Its on my signature/profile.

balogunsam:
1000 quarterly?!!!! How are businesses supposed to survive?

A branch of First Bank told me yesterday that they are not sending Western Union at the moment till further notice .

marami:
@abbeyforex: Please is plan B group people you train on mini importation or people who come together to purchase bulk items to re-sell? I will like to know because I also desire to make peaceful wealth.

We do both !

Good Morning all,
Sorry for being away from this thread in recent time, t'was due to loads of work at hand. Our last group order arrived yesterday and the work was just a bit lessened. Am back and better with lots of information for us, pls take your seat on the front row.

Lots of Money Making Machine at our disposal as Plan B during this economy downtrend .

Its all about Peaceful Wealth

omoteamac:
tell her how nah... you shall wan collect out of the 100k by all means sha

yinmu

healthyarena:
wow! Am so impressed by this! I never even thought of it! But what about getting a land for this purpose?

Your #100,000 wont buy a land let alone opening business but there are already dug lands for rentage in fishery,pen for poultry that you can rent and the bread,you can still do that from your backyard.

truvine:
Sir, are you saying one can raise birds to point of lay with #100,000?

OR... start a bakery that doesn't use mud oven with #100,000

I want to know more

YES!

healthyarena:
Nah thanks ! I need a visible business ! am not interested in those options

With #100,000, you are already a BREAD BAKER with your mini bakery in your backyard or a corner of a clean normal sized room.

With #100,000, see yourself as a mini fish farmer.

With #100,000, you are a potential poultry farmer.

Consider the number of eggs , bread and even fresh fish soup Nigerians consume on daily basis. Those of us in it has never and don't think can ever meet up with the demand.

Note: What I don't do I don't teach, whatever thing I mention now or before now is what I do as my Plan B. Its all about PEACEFUL WEALTH.

onatisi:
Bros ,it goes beyond that ooo. I am not talking about u paying someone and the person vanishing ,believe me that Isn't a problem. What we are saying goes far deeper than that. Lets just hope it doesn't happen to anyone

Yes! @ Onatisi,it goes beyond that. I know what you are saying in plain language is 'what if the fund sold to you is a stolen fund from a victim's account? ' Your BVN alone is enough to catch you within few hours.

It is always good when what you say is just a tip of the iceberg of what you know . Finger crossed ! Lips Sealed !!

amdman:
Looking to invest in Ecommerce?

We are a growing ecommerce focused organisation seeking funding for our expansion plans. Ecommerce is the next big thing in Nigeria! In 2015, we processed over 16,000 orders (records available) and are poised to do just over double of that this year. If this is something you would like to invest in, pls PM me, drop your contact or reach us on 08159155223.

Can you PM me on my contact @ my signature ?

Chidonsky:
Abbey forex,does the exchange rate of a currency affect the pressure of buying and selling of their currency pairs?E.g Gbp/usd in real term Gbp is higher than that of usd in exchange rate,so i would assume that gbp will move dollar more in the exchange market.If is the other way round does it mean that the power of price movement depends on the massive demand of that currency not the exchange rate in the global market?

Exchange rate has nothing to do in this sector. What moves price up and down is the Demand pressure for that particular currency and what contributes, among many other things, to the demand of a particulare currency is how strong the economy of such country is for a particular period of time.

winetapper:
Yes teacher I have a question or request
Hope am not drawing you back.

Please explain some terms used in fx so we can relate well enough.
Thank you

Okay sir !

Speculation in the Forex Market

One important thing to note about the forex market is that while commercial and financial transactions are part of trading volume, most currency trading is based on speculation.

In other words, most trading volume comes from traders that buy and sell based on intraday price movements.The trading volume brought about by speculators is estimated to be more than 90%! The scale of the forex market means that liquidity – the amount of buying and selling volume happening at any given time – is extremely high.

This makes it very easy for anyone to buy and sell currencies.From the perspective of an investor, liquidity is very important because it determines how easily price can change over a given time period. A liquid market environment like forex enables huge trading volumes to happen with very little effect on price, or price action.

While the forex market is relatively very liquid, the market depth could change depending on the currency pair and time of day.

• Why is the Forex market so popular?

Being a Forex trader offers the most amazing potential lifestyle of any profession in the world. It’s not easy to get there, but if you are determined and disciplined, you can make it happen. Here’s a quick list of skills you will need to reach your goals in the Forex market:

Ability - to take a loss without becoming emotional
Confidence - to believe in yourself and your trading strategy, and to have no fear.
Dedication – to becoming the best Forex trader you can be
Discipline - to remain calm and unemotional in a realm of constant temptation (the market)
Flexibility - to trade changing market conditions successfully
Focus – to stay concentrated on your trading plan and to not stray off course
Logic – to look at the market from an objective and straight forward perspective
Organization – to forge and reinforce positive trading habits
Patience – to wait for only the highest-probability trading strategies according to your plan
Realism – to not think you are going to get rich quick and understand the reality of the market and trading
Savvy – to take advantage of your trading edge when it arises and be aware of what is happening in the market at all times
Self-control – to not over-trade and over-leverage your trading account

As traders, we can take advantage of the high leverage and volatility of the Forex market by learning and mastering an effective Forex trading strategy, building an effective trading plan around that strategy, and following it with ice-cold discipline.

Money management is key here; leverage is a double-edged sword and can make you a lot of money fast or lose you a lot of money fast. The key to money management in Forex trading is to always know the exact dollar amount you have at risk before entering a trade and be TOTALLY OK with losing that amount of money, because any one trade could be a loser. More on money management later in the course.

Advantages Of Forex Trading

There are many benefits and advantages of trading forex. Here are just a few reasons why so many people are choosing this market:

No commissions
No clearing fees, no exchange fees, no government fees, no brokerage fees. Most retail brokers are compensated for their services through something called the “bid-ask spread“.

No middlemen: Spot currency trading eliminates the middlemen and allows you to trade directly with the market responsible for the pricing on a particular currency pair.

No fixed lot size: In the futures markets, lot or contract sizes are determined by the exchanges. A standard-size contract for silver futures is 5,000 ounces. In spot forex, you determine your own lot, or position size.

Low transaction costs: The retail transaction cost (the bid/ask spread) is typically less than 0.1% under normal market conditions. At larger dealers, the spread could be as low as 0.07%. Of course this depends on your leverage and all will be explained later.

A 24-hour market: There is no waiting for the opening bell. From the Monday morning opening in Australia to the afternoon close in New York, the forex market never sleeps. This is awesome for those who want to trade on a part-time basis, because you can choose when you want to trade: morning, noon, night, during breakfast, or in your sleep.

No one can corner the market: The foreign exchange market is so huge and has so many participants that no single entity (not even a central bank or the mighty Chuck Norris himself) can control the market price for an extended period of time. As Booharry and CeeBeeEnn are bringing up so many policies to frustrate the Importation Business and local Fx market at large,the Forex Market cant be cornered by anybody.

Leverage: In forex trading, a small deposit can control a much larger total contract value. Leverage gives the trader the ability to make nice profits, and at the same time keep risk capital to a minimum.

High Liquidity: Because the forex market is so enormous, it is also extremely liquid. This is an advantage because it means that under normal market conditions, with a click of a mouse you can instantaneously buy and sell at will as there will usually be someone in the market willing to take the other side of your trade. You are never “stuck” in a trade. You can even set your online trading platform to automatically close your position once your desired profit level (a limit order) has been reached, and/or close a trade if a trade is going against you (a stop loss order).

Low Barriers to Entry: You would think that getting started as a currency trader would cost a ton of money. The fact is, when compared to trading stocks, options or futures, it doesn’t. Online forex brokers offer “mini” and “micro” trading accounts, some with a minimum account deposit of $25.We’re not saying you should open an account with the bare minimum, but it does make forex trading much more accessible to the average individual who doesn’t have a lot of start-up trading capital.

Free Stuff Everywhere: Most online forex brokers offer “demo” accounts to practice trading and build your skills, along with real-time forex news and charting services.And guess what?! They’re all free!Demo accounts are very valuable resources for those who are “financially hampered” and would like to hone their trading skills with “play money” before opening a live trading account and risking real money.


Any Question ?

The Dollar is King in the Forex Market

You’ve probably noticed how often we keep mentioning the U.S. dollar (USD). If the USD is one half of every major currency pair, and the majors comprise 75% of all trades, then it’s a must to pay attention to the U.S. dollar. The USD is king!

In fact, according to the International Monetary Fund (IMF), the U.S. dollar comprises roughly 62% of the world’s official foreign exchange reserves! Because almost every investor, business, and central bank own it, they pay attention to the U.S. dollar.
There are also other significant reasons why the U.S. dollar plays a central role in the forex market:
 The United States economy is the LARGEST economy in the world.
 The U.S. dollar is the reserve currency of the world.
 The United States has the largest and most liquid financial markets in the world.
 The United States has a super stable political system.
 The United States is the world’s sole military superpower.
 The U.S. dollar is the medium of exchange for many cross-border transactions. For example, oil is priced in U.S. dollars. So if Mexico wants to buy oil from Saudi Arabia, it can only be bought with U.S. dollar. If Mexico doesn’t have any dollars, it has to sell its pesos first and buy U.S. dollars.

Market Size And Liquidity

Unlike other financial markets like the New York Stock Exchange, the forex market has neither a physical location nor a central exchange. The forex market is considered an Over-the-Counter (OTC), or “Interbank” market due to the fact that the entire market is run electronically, within a network of banks, continuously over a 24-hour period. This means that the spot forex market is spread all over the globe with no central location. They can take place anywhere, even at the top of Mt. Everest or Olumo Rock!

The forex OTC market is by far the biggest and most popular financial market in the world, traded globally by a large number of individuals and organizations.In the OTC market, participants determine who they want to trade with depending on trading conditions, attractiveness of prices, and reputation of the trading counterpart.

The chart below shows the ten most actively traded currencies.
The dollar is the most traded currency, taking up 84.9% of all transactions. The euro’s share is second at 39.1%, while that of the yen is third at 19.0%. As you can see, most of the major currencies are hogging the top spots on this list!

*Because two currencies are involved in each transaction, the sum of the percentage shares of individual currencies totals 200% instead of 100%
The chart above shows just how often the U.S. dollar is traded in the forex market. It is on one side of a ridiculous 84.9% of all reported transactions!


Any Question ?

Chidonsky:
@abbeyforex,pls continue with your teaching that is the purpose for the thread.I have acquired few knowledge about forex but i decide to unlearn what i have learnt for the purpose of relearning from you.Those who fail to learn end up losing to quickly,while those who are willing to learn earn.You can't imagine i just learnt about different currency categories even though am not a minor.

Lets hear from others . If majority of people should prefer to read online and come back here to ask questions,then it lessen my work. And I can concentrate the spare time on more analysis and trade set up for my signal group.

emeviks:
For all Newbie traders...go to www.babypips.com to learn more about forex trading. be well grounded before going on Live Trading!!!

@Emeviks, thumb up ! I wish everyone can go their as you said and come back with anything not so clear to them but am afraid not all will have the patient to go through all the classes. As you can see they want to start making the money without being trader,one of the many reason i want to be doing it little by little here. Lets see as it goes sha,if all can go their then I think my work can be lessened and we tackle the frustrating aspects here on the thread.

winetapper:
I do not blame the person that asked how do one start making money...
Let me not form as if I am understanding it very well but please continue the more I follow everything would become clear

I intended to groom us and make us a better Forex trader sooner than later but it seems we are much concerned about how to make the money out of the Forex market without being a trader. If that is what we all want ,then it makes things easier for me but one sure thing we may never become a trader. Being a trader and in control of your funds,I think,is the best option.

Can I have other follower's opinion so I know what to do next?

Making money without being a trader or becoming a trader ,which one do you prefer. Make your choice known .

healthyarena:
No networking or ebooks please! Business ideas would be appreciated!

Have you heard about mini importation business or Forex PAMM ACCOUNT. Get more info from my signature.

If it has already happened to you, then continue to read till the end

* You paid money for trading course, but it does not make money
* You have been trading for some time, but you are not in profit yet
* You profit some money, but lose all the profits on a single trade
* You keep changing your stop loss when a trade goes against you
* Market goes towards your calculated direction after hitting your stop loss
* You tried to trade with signal provider’s signal, but that did not work out
* You lose money on a trade, then you increase your trading lot or add a
more lot with the direction of the losing trades to win your money back.
* You are not having a sound sleep at night for being worried about your
Forex investment.


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Buying And Selling In Currency Pairs
Forex trading is the simultaneous buying of one currency and selling another. Currencies are traded through a broker or dealer, and are traded in pairs; for example the euro and the U.S. dollar (EUR/USD) or the British pound and the Japanese yen (GBP/JPY).
When you trade in the forex market, you buy or sell in currency pairs.Imagine each currency pair constantly in a “tug of war” with each currency on its own side of the rope. Exchange rates fluctuate based on which currency is stronger at the moment.
Major Currency Pairs
The currency pairs listed below are considered the “majors”. These pairs all contain the U.S. dollar (USD) on one side and are the most frequently traded. The majors are the most liquid and widely traded currency pairs in the world.

Currency Pair Countries FX Geek Speak
EUR/USD Euro zone / United States “euro dollar”
USD/JPY United States / Japan “dollar yen”
GBP/USD United Kingdom / United States “pound dollar”
USD/CHF United States/ Switzerland “dollar swissy”
USD/CAD United States / Canada “dollar loonie”
AUD/USD Australia / United States “aussie dollar”
NZD/USD New Zealand / United States “kiwi dollar”

Major Cross-Currency Pairs or Minor Currency Pairs
Currency pairs that don’t contain the U.S. dollar (USD) are known as cross-currency pairs or simply as the “crosses.” Major crosses are also known as “minors.” The most actively traded crosses are derived from the three major non-USD currencies: EUR, JPY, and GBP.
Euro Crosses
Currency Pair Countries FX Geek Speak
EUR/CHF Euro zone / Switzerland “euro swissy”
EUR/GBP Euro zone / United Kingdom “euro pound”
EUR/CAD Euro zone / Canada “euro loonie”
EUR/AUD Euro zone / Australia “euro aussie”
EUR/NZD Euro zone / New Zealand “euro kiwi”
Yen Crosses
Currency Pair Countries FX Geek Speak
EUR/JPY Euro zone / Japan “euro yen” or “yuppy”
GBP/JPY United Kingdom / Japan “pound yen” or “guppy”
CHF/JPY Switzerland / Japan “swissy yen”
CAD/JPY Canada / Japan “loonie yen”
AUD/JPY Australia / Japan “aussie yen”
NZD/JPY New Zealand / Japan “kiwi yen”
Pound Crosses
Pair Countries FX Geek Speak
GBP/CHF United Kingdom / Switzerland “pound swissy”
GBP/AUD United Kingdom / Australia “pound aussie”
GBP/CAD United Kingdom / Canada “pound loonie”
GBP/NZD United Kingdom / New Zealand “pound kiwi”
Other Crosses
Pair Countries FX Geek Speak
AUD/CHF Australia / Switzerland “aussieswissy”
AUD/CAD Australia / Canada “aussieloonie”
AUD/NZD Australia / New Zealand “aussie kiwi”
CAD/CHF Canada / Switzerland “loonieswissy”
NZD/CHF New Zealand / Switzerland “kiwi swissy”
NZD/CAD New Zealand / Canada “kiwi loonie”

Exotic Currency Pairs
Exotic currency pairs are made up of one major currency paired with the currency of an emerging economy, such as Brazil, Mexico, or Hungary. The chart below contains a few examples of exotic currency pairs.
Depending on your forex broker, you may see the following exotic currency pairs so it’s good to know what they are. Keep in mind that these pairs aren’t as heavily traded as the “majors” or “crosses,” so the transaction costs associated with trading these pairs are usually bigger.
Currency Pair Countries FX Geek Speak
USD/HKD United States / Hong Kong
USD/SGD United States / Singapore
USD/ZAR United States / South Africa “dollar rand”
USD/THB United States / Thailand “dollar baht”
USD/MXN United States / Mexico “dollar peso”
USD/DKK United States / Denmark “dollar krone”
USD/SEK United States / Sweden
USD/NOK United States / Norway

It isn’t unusual to see spreads that are two or three times bigger than that of EUR/USD or USD/JPY. So if you want to trade exotics currency pairs, remember to factor this in your decision.


Any Question ?

dejsmiles:
Hw do someone make money from it when u're not a trader. Pls expanciate on that .

One step at a time. We will surely get there,just keep following. Remember I said Forex is a career,it can be likened to someone that want to become a Doctor,Engineer or Lawyer,you will have to go to school for a minimum of 4 years to learn all the rudiments. So Forex is a career that needed be learned for some time also.

Relax !

Hey traders,

This Forex mini-course is designed to teach you the basics of the Forex market and Forex trading in a non-boring way. I know you can find this information elsewhere on the web, but let’s face it; most of it is scattered and pretty dry to read. I will try to make this tutorial as fun as possible so that you can learn about Forex trading and have a good time doing it.

Upon completion of this course you will have a solid understanding of the Forex market and Forex trading.
Forex education is crucial for beginners.We, the FX-Men, firmly believe this. This class is designed to help you acquire the skills, knowledge, and special abilities to become a successful trader in the foreign exchange market.Our definition of a successful trader is having the ability to do three things:

1. Make pips
2. Keep pips
3. Repeat step 1 and 2

If you can repeatedly do these three things, then you're on your way to being a superstar Forex trader! But we warn you, it's no cakewalk.


The foreign exchange market, which is usually known as “forex” or “FX,” is the largest financial market in the world. Compared to the measly $22.4 billion a day volume of the New York Stock Exchange, the foreign exchange market looks absolutely ginormous with its $5 TRILLION a day trade volume.

Check out the graph of the average daily trading volume for the forex market, New York Stock Exchange, Tokyo Stock Exchange, and London Stock Exchange below:

The currency market is over 200 times BIGGER! It is HUGE!
That huge $5 trillion number covers the entire global foreign exchange market, BUT retail traders (that’s us) trade the spot market and that’s about $1.49 trillion. So you see, the Forex market is definitely huge, but not as huge as the media would like you to believe.

What Is Traded In Forex?

The simple answer is MONEY.

Because you’re not buying anything physical, forex trading can be confusing.
Think of buying a currency as buying a share in a particular country, like buying stocks of a company. The price of the currency is a direct reflection of what the market thinks about the current and future health of the Japanese economy.

In forex trading, when you buy, say, the Japanese yen, you are basically buying a “share” in the Japanese economy. You are betting that the Japanese economy is doing well, and will even get better as time goes. Once you sell those “shares” back to the market, hopefully, you will end up with a profit.

In general, the exchange rate of a currency versus other currencies is a reflection of the condition of that country’s economy, compared to other countries’ economies.

Major Currencies
Symbol Country Currency Nickname
USD United States Dollar Buck
EUR Euro zone members Euro Fiber
JPY Japan Yen Yen
GBP Great Britain Pound Cable
CHF Switzerland Franc Swissy
CAD Canada Dollar Loonie
AUD Australia Dollar Aussie
NZD New Zealand Dollar Kiwi

Currency symbols always have three letters, where the first two letters identify the name of the country and the third letter identifies the name of that country’s currency.
Take NZD for instance. NZ stands for New Zealand, while D stands for dollar. Easy enough, right?
The currencies included in the chart above are called the “majors” because they are the most widely traded ones.


Any question ?

As much as my busy schedule wont allow me to do this ,I still feel I should make up time to open this thread to educate my clients and subscribers far and near, who have been asking me to put them through how to make money from the FOREX MARKET and maybe to add it to their PLAN'B' Portfolio.

I will try as much as possible to start from the preliminary stage and also make sure that every questions are answered accordingly. I hereby warn followers to stay focus on this lectures and never see FOREX as a get-rich-quick-scheme.

I want you to also prepare your mind as someone that is taking up a new career. Like I do tell my trainees that becoming a trader in the Forex Market can be likened to someone that want to become a Lawyer or a Doctor,you will have to go through schooling for a certain period of time.

Forex is a career option that you can explore,therefore you have to be trained over a period of time. Not the usual 5 to 7 hours some trainers preach around. You have to be trained over a period of time.

I will also like to inform you that there are TRAINERS and TRADERS. That someone is a TRAINER doesn't mean he/she is a professional TRADER. Anybody can call himself/herself a TRAINER but becoming a REAL TRADER is what we will be doing here.

I welcome all experts and professional TRADERS alike to this group and let us do it together, this is my little cent of finding solution to the unemployment issue in the country.

I also want to inform followers alike that Whatever thing I say here is what I do,the few that know me already knew what I dont do I dont teach,what I teach is what I do. I will try as much as possible to give the lectures the ordinary man way and later in the future I will open our eyes to how to profit from the Forex market either we trade or not.

Lets get started.


INTRODUCTION: FOREX DEFINED IN THE ORDINARY MAN LANGUAGE

What Is Forex?

If you’ve ever travelled to another country, you usually had to find a currency exchange booth at the airport, and then exchange the money you have in your wallet (if you’re a dude) or purse (if you’re a lady) or man purse (if you’re a metrosexual) into the currency of the country you are visiting.
You go up to the counter and notice a screen displaying different exchange rates for different currencies. You find “Japanese yen” and think to yourself, “WOW! My one dollar is worth 100 yen?! And I have ten dollars! I’m going to be rich!!!” (This excitement is quickly killed when you stop by a shop in the airport afterwards to buy a can of soda and, all of a sudden, half your money is gone.)
When you do this, you’ve essentially participated in the forex market! You’ve exchanged one currency for another. Or in forex trading terms, assuming you’re an American visiting Japan, you’ve sold dollars and bought yen.
Before you fly back home, you stop by the currency exchange booth to exchange the yen that you miraculously have left over (Tokyo is expensive!) and notice the exchange rates have changed. It’s these changes in the exchange rates that allow you to make money in the foreign exchange market.

winnieG1:
Guys check out this forex manager I discovered at Mql5 website. he is doing exceptionally well. funny enough, he is a Nigerian

https://www.mql5.com/en/signals/153176#!tab=history

but the account is a demo account.

Cedari:
Fellow Nigerians, am new to FOREX trading. Please what advice can you give me ? I have read many articles and taking some training, yet, i still think good advice from expert traders will go a long way- I love mentorship, it makes the journey easy. Please advice me and let me learn from you.

Act or practice on what you have learnt so far. One thing is to learn another thing is to act.