₦airaland Forum

pook:
Forex is foreign exchange. Trading different currency against each other. Crypto is just crypto (Bitcoin etc). Forex trades only on Monday - Friday while Crypto trade 247.

oga it is essentially the same thing, the difference is that in crypto you trade on cryptocurrency. In both you are speculating on whether a particular currency will go up or down.

ernieboy:
is crypto trading not the same as forex? You are taking position on whether you believe the price will go up or come down.

Forex doesn't have Spot. Crypto Futures is the same as Forex trading, but with some advantages (personal opinion). The major reason I personally prefer Crypto Futures over Forex is due to its DCA (dollar cost average) mechanism.

For example, if I Long BTC at the price of 95,000 and it starts going against me, I can continue to do DCA. You don't need to wait for it to be more than 95,000 before you are in profit. But in Forex, forget it. You either wait for it to go above 95,000 or you open another position and do your maths.

stevonics:
Please who is this broker that stopped paying you. Because i learnt that brokers make money from spreads and commissions not from Losses, like sport betting.

Brokers make money from spreads, commission and when you lose your trading capital.
They lose money when you make too much profits

ernieboy:
oga it is essentially the same thing, the difference is that in crypto you trade on cryptocurrency. In both you are speculating on whether a particular currency will go up or down.

Forex is different from Crypto, don't say this on Forexfactory. People will think you are clowning or trolling. Forex is currency pair, that's all.

stan4b:
Forex is like gambling. Instead of learning forex, use that same energy to learn crypto.

Crypto is even WORSE

Anything apart from Bitcoin and ethereum is useless gamble

You see those guys in Lagos driving around in Lambos and Ferraris with Daddy Freeze calling themselves Forex traders, they are all yahoo boys.

ernieboy:
oga it is essentially the same thing, the difference is that in crypto you trade on cryptocurrency. In both you are speculating on whether a particular currency will go up or down.

Exness different types of instrument on Metatrader for you that thinks Forex is same as crypto.

BIODAVY:
...

Anyone can be lucky for a day of trading. Show your one year trading history.

Chechelenche:
I’ve come across numerous blogs and social media posts where people flaunt wealth—exotic cars, luxury homes, and frequent vacations—and claim it’s all from trading forex.

I’m interested in getting into forex trading, but honestly, I’m quite skeptical. Are these claims actually verified?

Most people I’ve spoken to in real life seem to have stories of losses rather than consistent profits from trading, and this has made me very cautious.
I’d appreciate it if experienced traders or knowledgeable members here could share honest insights.

Is forex trading genuinely profitable in the long run, or are most of these online displays exaggerated or misleading?

Some people do make money from forex trading, but it's rare and far from guaranteed for most participants

Estimates suggest only 1-10% of retail forex traders consistently profit over time.

The vast majority—around 90%—lose money due to poor strategies, emotional decisions, or inadequate risk controls.

Most Traders often rely on hunches instead of backtested systems. High leverage trades amplifies gains but mostly leads to wipeouts for beginners. Greed, fear, and overtrading often erode accounts.

Profitable Traders treat it like a business, targeting modest returns (2-5% monthly on large accounts) with strict rules like risking no more than 1-2% per trade. Pros at banks or prop firms earn steadily, but retail traders need years of practice and often start with $100K+ capital for livable income.

maxtrix:
For every real thing there will always be fake especially when money is involve, my advice treat forex like a side hustle stick to demo account and do not trade with your money till you’re confident enough and can proudly call yourself a profitable trader meaning you’ve traded demo for a month or more and your winnings her constant I’m talking 80 to 90% win rate. PS try to find someone who can teach you in person and stick to that person’s strategy you can’t borrow from different professional traders and be profitable you’ll end up confused and exhausted.
Lastly it’s not a get rich quick scheme, it’s a course on its own and you learn and fail a few times before becoming profitable so therefore stick to demo trading through the cause of your study. Wishing you good luck and many more of it if you decide to embark on this journey. One more thing forex is a life changing experience either for good or for worse.

Have you met or do you know any forex traders with an 80-90% win rate?

Usdtstaking:
I will encourage you to learn both Forex and Crypto together and then make your choice. Personally, I prefer Crypto to Forex. I see Forex as gambling. Once you enter a market, let's say GBP/USD, you will either lose or gain.

Some people will tell you that Forex is better than Crypto, but I think it is not true. I believe in the future, there will be more people trading Crypto than Forex.

Just learn both and choose your poison wisely. Just note that there are more losers than winners. Also, always have a backup plan

Why do you prefer Crypto to forex?

You know i use to have a boss when i was very young, some years back , he always travel to US to bring sophisticated computers and servers. He was so wealthy. After a while i stopped working with him and I didn't hear from for a while ... After several years , I saw him trekking about 20km, you know all those lonely road that you don't have any business walking , so I picked him. I was shocked and curious to ask what happened to him , then he said he was into forex and made some mistakes bla bla bla we talked and talked , I dropped him at his destination and gave him 10k to take care of his self.

Do you know this man thanked me and said he's trying to get back on his feet with one new south african forex trading robot , he even advised me to try it out

dequir:
Una no go kill person with laughter for Nairaland🤣🤣🤣🤣

Nefort:
Why do you prefer Crypto to forex?

I prefer Crypto to Forex due to Crypto DCA(Dollar Cost Average) mechanism. Forex doesn't have that.

Stephen0mozzy:
This right here 💯💯

Many of them are just "tutorial sellers", claiming "coach" title. But the general market of Forex is quite profitable for longshots.

You can be made with one lucky call, or be bankrupt in one unlucky fall.

no one makes money from trading forex or forex gambling. They are mainly sellers of forex tutorials

TheGift:
Some people do make money from forex trading, but it's rare and far from guaranteed for most participants

Estimates suggest only 1-10% of retail forex traders consistently profit over time.

The vast majority—around 90%—lose money due to poor strategies, emotional decisions, or inadequate risk controls.

Most Traders often rely on hunches instead of backtested systems. High leverage trades amplifies gains but mostly leads to wipeouts for beginners. Greed, fear, and overtrading often erode accounts.

Profitable Traders treat it like a business, targeting modest returns (2-5% monthly on large accounts) with strict rules like risking no more than 1-2% per trade. Pros at banks or prop firms earn steadily, but retail traders need years of practice and often start with $100K+ capital for livable income.

All these talks na scope. Forex trading is simply forex betting. An addiction

macphilip:
Brokers make money from spreads, commission and when you lose your trading capital.
They lose money when you make too much profits

Brokers are like nairabet, sportybets...they make money from ur losing which is bound to happen

motymop:
so are you saying people dont make money with their phones?

lies. Do gamblers make money?

Forex is difficult (no doubt) and only a few disciplined ones make it to the 5%. The technicals isnt the problem, the major issue is the discipline of the trader. You won't know how greedy you are until you start trading forex.

Personally I won't advise anyone I know to start trading now because its a long, lonely, horrible and turbulent journey. And it takes years to become profitable. BUT if you persevere and learn from every mistake you make along the way, you'll be grateful for the skill in the long run.
Nigerians are good at overflooding businesses and making it unprofitable and unattractive. Nigerians una sabi cast business. Same way people trooped into pure water business and casted it then to recharge card printing, then to fish farming and now POS. Very soon they'll cast content creation and Facebook won't pay Nigerian creators anything reasonable anylonger.

Nigerians hate forex from what I've seen so far because FOREX no gree una cast. Forex isnt a place you come and do anyhow, if not you go collect. If forex was as easy as a lot of people on this thread wanted, it won't have value by now. Una for Don cast am as usual. Sorry to disappoint you but its not getting any easier. It's either you commit to learning over a long period OR you stay out and face your pos businesses.

The percentage of unprofitable traders used to be about 95% but now we have more profitable traders springing up. Just work your way into the category of profitable traders. There's no way to riches that's easy. Go and ask people who cross the ocean to Europe about their experience. Only a few live to tell the story. Go and ask drug dealers the risks involved in their business. Doctors, engineers, lawyers spend years mastering the profession before they can earn reasonably. But you all that haven't even traded FX for upto one year are here comparing it to Sporty. Its not your fault. Its because of the easy entry barrier forex has. If brokers set a minimum deposit of $1000 for a live account, many of you won't be able to afford it. That your $50, $70, ,$100 won't make you rich in the FX market, instead the market will sniff it like a drug.

If you must trade, learn it well and be sure you have the required discipline to protect your capital. If you aren't scaling up as much as you want (after committing to learning and discplined trading) feel free to withdraw and invest in other ventures. In FX trading, capital preservation is the most important.

I rest my case

Better look for two odds play with that money than invest in forex

stan4b:
Forex is like gambling. Instead of learning forex, use that same energy to learn crypto.

You have not the slightest idea of what forex trading is all about.... It's very obvious you play sport betting alot

mascot87:
I am a full time forex trader and I will tell for a fact that you will lose a lot of money for the next 3 to 4 years or more depending on how you master yourself and until you figure out how to master the market.
Yes,you can make it in the market but not immediately. If you no get mind,no put body o. A lot will happen in your life that will make you hate it during the period you are trying to figure things out in the market.
I have been in it full time in the last 3 ½ years and I can tell you it's hell but it's getting better.
I can tell you for free, you will lose ALL. Just make sure you have backup funds or you have something you are doing that gives you steady income that will support the loses you will incure in forex.
If you want me to guide you,you can message me. I'm not collecting anything from you.

Make I add: It is also very addictive and once you start,you might not be able to stay out of it. So in the long run, it is either you get serious and make it from there or it ruin you life. (This is a FACT)

Is there any difference between this forex and sporty bet,?

Forget all these rubbish. Learn a real world skill. I will pay for a fourteen year old — whichever gender — to learn welding, rope access or scaffolding. Oil companies the world over require those skills. Learn to drive a truck, a forklift or at least barb hair. The skills will translate anywhere you find yourself.

mascot87:
Sure, follow me and I follow you back then you can send me a mail. You will be doing most on your own and I will only be a guide

What strategy do you trade? I'm a Smart Money concept trader

I think crypto is better

Study about Liquidity providers. Yes some brokers put forex babies in their Book B which does not go to LP. They believe you will lose. But all forex orders are meant to pass to Liquidity providers, this is were the actual transaction is settled. Just like stock.

macphilip:
Brokers make money from spreads, commission and when you lose your trading capital.
They lose money when you make too much profits

nedekid:
Have you seen where someone is making money then decides to teach people the secrets of how the money is made?
Red flag number 1

Nah watin me self deh always ponder about be dat ooo.

I never hear say Mr Dangote or Alakija wan teach people how to become multi billionaires in dollars before ooo.

Bro,too much wisdom nor go kill oooo

Uchefx:
I started making money after loosing everything, and it took me 7yrs before making my first 20,000usd with a 500usd account, the secret of forex is experience and money management.

Goodness me!

A whole better 7 years nor be joking matter ooo.

7 years old pikin don sabi im papa & mama face wella ooo

Betting even better pass Forex. But they are almost similar.

Uchefx:
I started making money after loosing everything, and it took me 7yrs before making my first 20,000usd with a 500usd account, the secret of forex is experience and money management.

Bros ooh!

You suppose write your own book like Obasanjo & IBB🤔

Inspirer1:
Forex trading (the electronic one) is gambling.

Except you do the physical one that abokis do.

Wait a minute oh!

Where the upnorth guys dem,deh get the dollars 🤔

Hard currencies full for their hand nor be small oooo

Forex is the hardest way to make easy money..If you've 1000 $ equity, then be disciplined enough to make 2% of that equity as your daily target and then compound it for a month if you want to go into as a full time Job. Make withdrawal and pay yourself as if it were a job. The good thing is that since it avails you the opportunity to earn in foreign currency, you might end up earning more than average an Nigerian earn in a month.
Small lot sizes = small losses= small gains
You learn more in your losses than your wins
You do not hold losses in FX, you only hold profit.

The comments I have come across here makes me laugh. I have been trading Forex for sometime now and it sounds very funny when I hear people say it's gambling. Trading Forex is a very valuable skill I will advise any jobless Nigerian youth out there to acquire. Instead of venturing into fraud acquire this honourable Skill that can give you financial freedom.
Enroll for a course with any of the trusted mentors around to learn the basics. Practice on Demo for sometime then start with a small capital or even get a prop firm account and earn some money when you pass. Set targets, avoid being greedy, be disciplined and with patience you will start making money consistently.
Forex is not a scam please and you don't need a $1000 account to be making $20 daily. If you have an edge in this business you can make more. This is a $70 account that I started trading yesterday and this is the balance today.