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Beginners Guide On How To Start Forex Trading In Nigeria

How To Start Forex Trading In Nigeria
Forex trading, according to InstaForex.com can be defined as an act of buying or selling currencies between individual traders, commercial banks, central banks, corporations and institutional investors.
These individual traders and investors exchange foreign currencies for a variety of reasons like balancing the markets, facilitating international trade and tourism, or making a profit. Forex trading has over the years, upgraded from being carried out by only banks and big financial institutions to the regular individuals with the proliferation of the Internet.

How To Start Forex Trading In Nigeria

Forex has turned out to become a great way of making money online with a lot of people cashing out 6-figure profit monthly from it. Just like every other business, success in Forex requires not just investing in the business but,  knowing what it really involves.
Due to the nature of Forex, the price of most Forex pairs fluctuate every minute. All you need as a Forex trader is a stable internet connection, a Forex brokerage account and you can start trading and earning your profits in minutes.

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For example, a Nigerian Forex trader can open a live Forex account with a 100:1 leverage by depositing only a $100 and start trading up to $100,000 with this account, thanks to leveraged trading.
The apparent way of trading in Forex would be speculating currency prices. This means simultaneously buying and selling of currencies. Let's say you purchased the USD/UR, if the rate of the US Dollar goes up against the EURO, you stand to profit from the price difference.
Apart from price speculation, you can also trade trade Forex to hedge your investments in stock markets. Another method you cab use is the “carry trade”in which you'd be playing and profiting from the interest rates between two currencies from currency swap differences.

In Conclusion

Most small retail Forex traders start with technical analysis, which is the science of reading price charts. However, if you are really interested in learning and earning from this business, you should invest some time in understanding how it really works. You should understand how the global economy works and the basic fundamental indicators of an economy like interest rates, employment rates, production level and the role of central bank in regulating inflation.

As a new trader, it's also advisable that you first trade with a demo account, this will to an extent guide you through the basic practical aspects. With time you'll gain more experience and also discover multiple ways of profiting from the Forex market.

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