One of the questions that we frequently hear from aspiring forex traders in Nigeria is whether it is possible to get rich trading forex online. More often than not, these enthusiastic forex traders want to see real life examples of fellow Nigerians who have made it in life to the extent of becoming millionaires from trading forex.
We went out of our way to schedule interviews with the richest forex traders in Nigeria. We wanted to know their net worth and their secret to making money with forex trading.
One theme that kept recurring as we interviewed these successful forex traders was the choice of a broker and the initial minimum deposit required to start trading. Out of the 7 successful forex traders that we interviewed, 5 of them highly recommended trading with ECN brokers like FXTM.
But first of all, you might want to know who these lucky persons are, and so, without further a do, here is a list of the most successful forex traders in Nigeria
Richest Forex Traders in Nigeria and Their Net Worth
- Uche Paragon
- Ajidahun Afioula
- Blessing Ezeako – Richest Female forex trader in Nigeria
- Benjamin Ilesani
- Chinedu Onuoha
- Patrick Ogagbor
- Sandile Shezi
1. Uche Paragon – Richest Millionaire Forex Trader in Nigeria
Uche Paragon is a well-known name in the Nigerian online forex industry and needs no introduction to people who frequent forex trading forums and seminars across the country. He’s also known for his love of expensive cars.
Uche has been in the industry since 2007 and has made a fortune since then. He stumbled into the lucratve world of forex trading almost by accident. When he was looking for the best ways to make money online, Uche came across an advert by XM Forex brokers offering $30 No Deposit Bonus for new traders in Nigeria.
His interest was piqued. But it wouldn’t be easy for the young man to make money in this industry. Uche soon realized that without proper skills, he’d only continue to lose his money. He dedicated time and effort to learning how to properly trade forex, and his persistence finally paid off.
As of this minute, Uche Paragon has an estimated net worth of $16 million, making him one of the richest forex traders in Nigeria.
He prefers to trade oil since it is one of the most volatile commodities in the market, and there is never shortage of news to cause the price of oil to change every other day.
However, his journey to where he stands has not always been easy. In fact, at the time Uche Paragon was venturing into the online forex trading industry in 2007, there was little information on the subject, and very few mentors for that matter.
2. Bade Ajidahun Afioluwa – #2 Best Forex Trader in Nigeria
However, like every other trader on our list of profitable forex traders in Nigeria, Ajidahun did not find success easily or quickly. He had to perceiver loss after loss. Only determination and belief that he would ultimately find success kept him going.
Ajidahun studied and tested many forex trading strategies before finally finding the one that worked for him. His advice to beginner forex traders is to never give up and keep learning.
3. Blessing Ezeako – Best Female Forex Trader in Nigeria
Blessing Ezeako has an estimated net worth of $200,000. She has made most of her wealth in the forex industry, and hails proper risk management and goal setting as some of the best character traits for people who want to become successful forex traders.
4. Sandile Shezi
How to Become a Successful Forex Trader in Nigeria
I have come to the conclusion that the only way any trader has a chance to become one of the richest forex traders in Nigeria or even just what they think is ‘great’, is having a pretty good trading strategy with a great risk to reward ratio on EVERY TRADE.
You have to look at it in large numbers, not just how well you do after 10 trades but how well you do after 1,000 trades.
When you have a 1:2.5 Risk-Reward ratio, and you just hit 50/50 of your trades…YOU ARE A PROFITABLE TRADER! But if you doing the opposite and taking on trades with R:R at 2.5:1, you are doomed to having, at best, a break-even career in front of you.
If you are getting 60% winners, you are doing something great in your trading. Remember if you are trading and consistently making more on your winners than lose on your losers, you are in the 5% of the most successful forex traders in the world. This is just one thing every Great Trader had in common, great R:R implemented in their trading strategies, so why shouldn’t we all be doing this?
Here are 7 rules to follow for profitable forex trading in Nigeria
1. The 1% Rule! Never trade with more than 1% of your capital. For example, if you have a £10,000 account and take £100 (1%), then simply divide that by your reward:risk ratio (this can either be 2:1 or 3:1).
2. Control Your Emotions Greed & Fear drive the markets, so setting targets with a clear mind, will help you to not be influenced in making decisions purely based on your gut instinct, but rather on calculated risk, which is a good thing!
3. Learn From Your Mistakes It is very important to keep a diary to log your trades as well as your emotions in terms of how you reacted which may have caused you to make an error. This can simply consist of a few comments next to your figures not forgetting to include time & date of trade.
4. Learn From The Best! There are a number of courses and experienced pro traders like myself out there, who offer complimentary advice, tips & data to help you learn and achieve. I once had a trading coach who believed that knowledge really was power and shared the same philosophy that if you have the know, there is enough money in the world for all to live comfortably, so why not you?
5. “Money Money Money!” Don’t think how much you can make, instead seriously consider how much you’re prepared to lose before entering any trade. This will then also help keep your emotions in check and enable you to better focus so you’re not surprised if you lose. Think like I do, I calculate my risk then pretend like I’ve already lost it! Also, see why many forex traders in Nigerial lose money.
6. Think Big, Think Bigger, Start Small Like everyone who starts out trading, setting goals/targets is a must to give you something to aim for. You, however, can easily get over excited about the potential for financial freedom in terms of how much you can make to buy all your materialistic goodies and provide for your family and although there is nothing really wrong with that, it just comes back to controlling your emotions and staying focused. So, stick to your rules and above all, be patient as this is one of the single most important factors to trading. Amateur traders try and trade everything due to boredom, whereas the pros will sit on their hands and wait for the best of the best opportunities and make a killing, often in less time it takes to make dinner!
7. “Plan Your Trade, Trade Your Plan.” Finally, what I mean by this, is discover a set of profitable strategies/techniques and master them. This will incorporate all of the above rules for you to stick to and not deviate from. Once you implement these best practices, there should be nothing to stop you achieving your financial goal!