You don’t have to have a dual Ph.D. or be a rocket scientist to learn how to trade forex successfully in Nigeria. Some of the main ingredients are a burning desire to succeed and a lot of discipline.
Online forex trading does not need not be complicated, and in fact, it is not. However there are several reasons beginners believe that it is.
The most common reason why inexperienced forex traders in Nigeria believe so, is because of the hype surrounding online forex trading.. We’ve all seen the ads for the Forex trading systems that took many years to make and cost many millions of dollars and only by the top scientists.
Well, do not believe the hype. You can begin learning about Forex trading today and be a profitable trader much faster than you would believe.
If you are dedicated to learning how to trade forex, there’s only one point to keep in mind. Try not to be greedy and do not look at Forex trading as a make-money-quick scheme. If you can keep from rushing into things and be patient then you will be far ahead of many forex traders in Nigeria.
There is tons of information to get you started. Here is a list of some places where you can learn about trading forex:
- Forex brokers — Some Forex brokers offer free educational material to their customers. A few have advanced courses as well.
- Forex trading books — When you have some free time go to a bookstore near you and look around at some of the Forex books that are available. You may also want to check out the link in the bottom for a website that offer free Forex ebooks.
- Forex forums — Forex forums can be a good place to get education on Forex trading. The good thing here is that there are many experienced traders ready to help. Some of the most common forex trading platforms include babypips.com, ForexFactory, and fxstreet.com
- Successful traders that you know — If you happen to know someone who is a successful Forex trader that would be the perfect person to point you in the right direction.
- Forex demo account — Using a demo account can be a fun and educational way to learn Forex. Demo accounts are available free from most every Forex broker.
Why Learn Forex Trading in Nigeria?
If you have had enough with your current nine to five job and you are sick of getting up at dawn just to sit in traffic, there are other alternatives. The best one has to be you learn forex trading in Nigeria.
However these alternatives require you to have a sharp mind and be a quick thinker, most importantly not letting your emotions get in the way. This alternative can be a full time job if you put the effort and research needed into it to be successful. I am talking about becoming a full time trader in the financial markets.
With any job you must dedicate your day to your research and not let your focus wander. Becoming a successful forex trader from home will eliminate the morning commute and the boss who might not like you, but it doesn’t mean you can slack off either. If you want to make money like you did previously you will have to start with the right positive attitude.
Since there are many financial markets to trade, your first decision is what market to devote your research and time to. I recommend you pick one and learn as much as possible about it. This makes it easier to learn the ins and outs, giving you a better chance at succeeding to make a living.
The main markets that most start to trade are the equities markets, the fixed income markets, the commodities markets, and the forex market.
Each market is different in its own unique ways; it’s up to you to decide what market you feel most comfortable trading in.
Keep in mind there are minimum deposits that each broker requires before you start to trade.
If you choose to trade equities or fixed income expect a larger minimum deposit. Equities brokers typically require $1000.00 for you to open a cash account and $2500.00 if you want to trade on margin. Margin allows you to trade with borrowed money so you can purchase more that what you cash balance allows.
If the initial deposit for an equities broker is too high, forex brokers require a much smaller deposit to start trading.
There are some forex brokers who will allow you to start trading with as little as a $25.00 deposit. This is not a lie; this small amount will fund a real live account that you can trade immediately. Not to mention the broker will allow you to leverage your position with the firm’s money so you can achieve a higher profit.
Of course if you have not used the broker’s Forex demo Account before trading, you will have a greater chance of losing your deposit and having to transfer more money into your account. It is advised that no matter what type of market or broker you choose to go with, that you trade on their demo account first.
If you can consistently make profits from the demo account then try and trade with real money using small positions. The people who end up losing all their initial deposits are those that gamble away their entire account into one stock or currency pair.
Using stop limit and stop loss orders are the key to preserving capital. Do not let a losing position get out of hand. If you can learn to take small losses instead of big ones you can find success in trading for a living.
Top Places to Learn Forex Trading in Nigeria
It is suicidal to attempt to invest in the online forex trading industry without first learning how to trade. Like every other profession, you need some skills in order to become a successful forex trader in Nigeria. But the biggest question for beginner trader remains where to learn forex trading in Nigeria.
With this in mind, we set out to find some of the best ways and places where you can learn how to trade forex.
1. Forex Broker Websites – Best Places to Learn Forex Trading in Nigeria
Top on our list of places where you can learn forex trading in Nigeria is getting training from a reputable forex broker. Believe it or not, most reputable forex brokers want you to succeed as a forex trader. And here’s why. The more you trade, the more the brokers earn money from commissions and spreads that they charge.
As a result, many forex brokers offer training in terms of full online courses, webinars, and seminars.
Learn Forex Trading at XM Forex
We scoured the internet to find the brokers who have the best forex training modules on their websites, and XM Forex came highly recommended. It is one of the international forex brokers that take traders in Nigeria seriously.
XM Forex has an ever expanding catalogue of forex training material on their website. There are educational videos that are perfect for beginner traders, Live Education for guys who have already started training, and occasional seminars suited for all level of traders.
Learn Forex Trading With ForexTime in Abuja
ForexTime, an international award winning broker, just loves Abuja. The broker organizes training summits in the city at least several times in an year.
Their educational series has won fans all around Nigeria because of their practicality and informational value. Usually lasting for 3 days, most beginner traders come out of the summits fully equipped with the knowledge they need to start making money from forex trading.
Alpari Nigeria Forex Training
Alpari is another forex broker that has really stepped up on forex trade training in Nigeria. The broker has local offices in the Central Business District of Abuja. The local representatives at the office offer a wide range of forex training courses for new as well as experienced forex traders in Nigeria.
If you you’d rather not travel all the way to Abuja or if you prefer to learn online at the comfort of your home, there are other forex brokers who offer exemplary education too.
- CMTrading offers 4 forex ebooks that will take you from beginner to pro
- AvaTrade has a whole section on their website that’s dedicated to forex education
- XM Forex has the best offer on free forex education ever!
As you can see, there’s no shortage of education for someone that’s interested in learning how to trade forex.
But forex broker websites and offices are not the only place where you can learn how to trade forex. There are also multiple forex training schools in Nigeria; some in Lagos, others in Abuja, and others in Ibadan. Let’s look at the forex academies next.
2. Forex Trading Schools in Nigeria
You can also learn how to trade forex by enrolling in a forex trading school. In fact, there is no shortage of forex trade training institutes in Nigeria. These are training companies set up by successful forex traders who got into forex trading some years earlier, mastered a system and decided to help fellow Nigerians learn how to trade.
One word of caution though. Not all forex trading schools in Nigeria are legit. You’ll need to do your due diligence to ensure that you’re actually getting value for your money. If possible, let the trainers show you a track record of successful trading using their live trading accounts or MyFxBook.
Here’s a list of the best forex training schools in Nigeria:
- Oasis International School in Lagos
- Aplus Forex Training Hub
- Revglobal Forex Academy
- Global Forex Trading Institute
- ProTraders Academy based in Ikeja
In Lagos, the best place to learn forex trading is the OASIS International FOREX School. The academy is located at Allen Avenue in Ikeja. However, the school does not limit itself to Lagos alone. From time to time, the tutors hold classrooms in other cities including Abidjan and Port Harcourt. So, if you are looking for forex mentors in Lagos, be sure to give these guys a visit.
Aplus Training Hub is also an exceptional forex academy. The school teaches a simple price action trading strategy that is best suited for swing traders.
Another school that makes it on top of our best forex schools in Nigeria is the Revglobal Forex Academy.