03/12/ · You can trade with some of the best forex brokers in Nigeria with as little as ₦20, In fact, some allow you to open an account with a deposit as low as ₦5,, although we do not recommend doing this. To get off to a good start, you need at least ₦, Trading in Nigeria with FXTM Access unparalleled education, personalised customer support and much more when you trade in Nigeria with FXTM. Get started What we offer FXTM is proud to have been one of the first brokers to establish a serious presence in Nigeria, and offer access to the financial markets to investors throughout the country and the wider African continent Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet. All you need to trade forex online is a laptop, good internet connection, good trading strategy tested on demo & starting capital which we recommend to be atleast ₦50, You need to signup with a Forex broker
Forex Trading in Nigeria for Beginners (Complete Guide) | blogger.com
Chances are that you have become obsessed with Forex trading, especially going into the year as people come up with smart ways to multiply their income. Open a Forex Trading Account with a regulated broker! Get up to Forex trading has become one of the most popular trading markets in Nairaland and over the world. It has far eclipsed trade forex nigeria in stocksoptions and many other trading vehicles.
Its popularity is due to both its simplicity and the fact that it has now been made available to retail traders, trade forex nigeria.
That means traders just like you can have access to this over-the-counter market. This has been made possible by way of online trading platforms and online brokers just like AvaTrade.
Online Forex trading allows traders to open positions for themselves and trade on an intraday basis. Open and close a position the very same day. If a trader decides to roll his trades over to the next day, he will pay a fee called a rollover. There is always a market open throughout the working week.
We start with the Asian session and then move on to the US session, followed by the European Sessions. Markets are closed on the weekend though unless you decide to trade cryptocurrencies. Generally, the cost restrictions that formerly applied to traders, trade forex nigeria no longer a barrier.
Apart from this, the only charge you will pay is called the spread. This represents the difference between the BID and ASK price, trade forex nigeria. This is the price the broker gives you for buying or selling an asset. The difference between the two prices is the spread and it is quoted in pips. At the time of writing, 1 euro was worth 1, trade forex nigeria. If the BID price is 1. This is a 3 pip spread and this is in effect the transaction cost you will pay the broker for the trade forex nigeria they provide.
Enjoy the benefits of an internationally regulated broker! Start today with a huge welcome bonus. Opening a real trading account at AvaTrade is as simple as it gets, trade forex nigeria. It is a 3-step process and only takes a minute to complete. In order to trade the Forex in Nairaland, you will also need an online trading platform to conduct your trading activities with. The EUR value is quoted against the current price of the US dollar. If the EUR price rises against the dollar, then the dollar price is sinking.
The reverse is also true. Quite simply, your goal is to BUY this pair low and SELL high ideally for a profit, although sometimes losses occur, trade forex nigeria. You can also SELL low and then BUY high this is called shorting the currency pair. Many trade forex nigeria will move this price, these include geopolitical events, fundamental news events, data releases like inflation and consumer data and even speeches by Presidents and members of the Fed.
Understanding Forex quotes is one of the cornerstones of Forex trading. The first currency in the quote is known as the base currency, trade forex nigeria, while the second currency is known as the counter currency.
In our examples above, for the first quote, the euro is the base currency while the USD is the counter currency. For the second example quote, the USD is the base currency, while the Yen is the counter currency.
The relative value of the currencies depicted in a Trade forex nigeria quote is based on the amount of counter currency to one unit of the base currency. Nowadays, Forex can be traded on online trading platforms such as those provided by AvaTrade. Forex quotes on these platforms are typically quoted with two prices.
It should be noted that the Ask price will always be higher compared to the Bid price. So what is the difference between the Ask price and Bid Price? The Ask price is the price which a broker or bank is willing to exchange the base currency for the counter currency, trade forex nigeria. In other words, you need to pay 1. On the other hand, trade forex nigeria, the Bid price is the price which a broker is willing to purchase the euro for.
With reference to our example above, the broker will offer you 1. As for trade forex nigeria difference between the Ask and Bid price, this is known as the spread. For our example, the spread is five pips 1, trade forex nigeria. This spread is the margin which brokers earn when transacting Forex trades on your behalf. Usually, the spread is lower when a currency pair is frequently traded. Less frequently traded pairs or exotic pairs as they are often known will have a higher spread, trade forex nigeria.
Often, you will find that the spreads depicted on most online trading platforms are variable, trade forex nigeria. This means they will fluctuate depending on market conditions. Generally, spreads are lower when liquidity is high and higher when the liquidity is low. The objective of all Forex traders is to maximise profitability and minimise losses.
In order to do that, it is necessary to take into consideration pips and lot sizes, trade forex nigeria. It depicts the minimum movement which prices can move in Forex. Most Forex quotes are quoted up to 4 decimal points.
Hence a pip in a Forex quote represents 0. Nevertheless, it should be noted that the quote for the Trade forex nigeria Yen pairs are different as they are typically only quoted up to 2 decimal points. Hence, a pip for Japanese yen pairs is only 0. A trading lot is the amount of the currency that a Forex trader will trade.
The size of each standard lot is equivalent tounits of a currency. Fortunately, due to the availability of leverage, a trader does not have to fork out the full amount in order to trade in a standard lot. Apart from a standard lot, there are other popular lot sizes, such as a mini lot 10, trade forex nigeria, units and micro lot 1, units. Market orders are transactions which are executed at the current market price. This can be either an trade forex nigeria to purchase or sell a currency pair.
The two primary analyses for them to rely on are:. With fundamental analysistrade forex nigeria trader will take a macro view of the economic factors that can affect the price of an asset. Some of these factors include the interest rate imposed by the Central bank, political situation, climatic situation, unemployment level, inflation level and the Gross Domestic Product GDP of a country.
The primary trade forex nigeria of fundamental analysis is to look at the fair or intrinsic value of an asset. For a fundamentalist, an asset price will always settle at its intrinsic or fair value in the long term. So, trading opportunities will arise when the price of an asset deviates from its intrinsic value. A technical analyst believes that history will repeat itself and so, he will try to trade forex nigeria patterns in the price movements of an asset that trade forex nigeria help to indicate any arising trading opportunities.
As opposed to a fundamental analyst, the technical analyst believes that trade forex nigeria the underlying factors of an asset are already reflected in its price. In other words, price movements are not random but patterned. A technical analyst relies on two key tools to help him makes his determination.
They include the following:. Apart from being able to identify trade forex nigeria opportunities, it is equally important for a Forex trader to be able to manage his capital resources.
In fact, this skill is critical for the long-term success of a trader. Apart from these tools, there are also numerous money management tools which traders can employ in order to help them manage their trading risks better. Having good money risk management strategy not only helps to control your trading risks but also helps you to promote capital growth over the medium and long term period.
When we talk about trading psychologywe are referring to the mindset of traders when trading the financial markets. Because we are dealing with real money, most people will find it difficult to emotionally detach themselves from it.
Invariably, they will let their emotional state influence their trading decisions and usually with negative results. As human beings, we all experience a trade forex nigeria of different emotions during different circumstances. Likewise, during trading, many traders will feel different emotions such as euphoria, fear, greed and overconfidence. Letting one succumb to these emotional states can result in making bad trading decisions such as holding on to a market position despite accumulating losses in that position, trade forex nigeria.
In order to overcome emotional trading, it is critical that you come up with a trading plan and stick to it despite everything else. Foremost of all, it is important to have the right broker when beginning your online trading endeavours. While there are literally thousands of online Forex brokers to choose from on the internet, the right broker must, however, be able trade forex nigeria fulfil certain key criterion. AvaTrade has made their trading platforms easily accessible to traders from all over the world by imposing only a low minimum deposit.
When trading in Forex, we will be dealing with currency pairs where the value of one currency is quoted relative to another currency. Forex currency pairs can be grouped into three groups, Majors, Minors and Exotics.
Although it is possible to trade with any type of currency pairs, beginners are always recommended to stick with just majors and minors until their trading skills have improved. On the MT4 trading platform, there three ways to open a market position i. through the Order WindowChart Trading and One-Click trading. By doing so, a trader hopes to earn a larger profit despite trading with a smaller amount of capital.
While leveraging has its upside, it also has a downside.
FOREX EXPERT SPEAKS ON FOREX TRADE - GMNS
, time: 16:33Best Forex Brokers in Nigeria – Start Trading Now
Forex Nigeria - Forex Education & Broker Comparison. Forex Nigeria is a website with beginner guides on Forex Trading. We have also compiled the list of best brokers for Forex, CFDs and Bitcoin trading for Nigerian traders. Disclosure: We don't offer any investment advice or such service. We are an independent research website that focuses on Estimated Reading Time: 4 mins 03/12/ · You can trade with some of the best forex brokers in Nigeria with as little as ₦20, In fact, some allow you to open an account with a deposit as low as ₦5,, although we do not recommend doing this. To get off to a good start, you need at least ₦, Trading in Nigeria with FXTM Access unparalleled education, personalised customer support and much more when you trade in Nigeria with FXTM. Get started What we offer FXTM is proud to have been one of the first brokers to establish a serious presence in Nigeria, and offer access to the financial markets to investors throughout the country and the wider African continent
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