28/1/ · If you don't know how to do Forex trading in Nigeria, we have prepared a step-by-step guideline for you: You need to choose a reputable Forex broker. Not all brokers are A step-by-step guide for Forex Trading in Nigeria. Experienced forex traders may wish to look elsewhere, but a beginner will benefit from the following five steps as early guidance. Patience 28/6/ · Are you thinking of starting forex trading as a beginner and finding it difficult? Here is a video that will get you started with forex trading anywhere in t The activity and volatility of the forex market are different for each trading session. Following are the four forex trading sessions from hubs globally along with their active hours. We have 21/9/ · How to use and how to work with Forex? Tutorials for beginners - Learn how to trade like a pro! Lasted information and news for successful trading. Home > Tags > hotforex ... read more
Factors affecting the changes include but are not limited to:. It is worth noting that trading the above pairs do not necessarily offer the best profits but the list is only intended to highlight the most popular ones.
While just about anyone can start trading in the retail foreign exchange market due to its accessibility, it might not be advisable for just about anyone. I cannot highlight the risk of losing all your invested funds enough. Training If you have read this far, you are probably a beginner looking to make money. To start, you would need to go through intensive training and tutorials. Where possible, go with an offline face-to-face training with a reputable forex brokerage company who already have a verifiable result.
There are some individuals whose main method of making money from forex is to offer training and tutorials for money. Practising on a demo account After training, it is still a very good idea to practice your skills and build a trading experience. Do so by opening a demo account with the forex broker you intended to trade through. All the best trading platforms would offer a demo account to beginners. You can tune your skills further here and practice what you have learned.
You should only move to the live trading platform when you are very sure of your skills and have gained sufficient confidence. Trading in the real market Once you feel ready, you can fund your forex trading account and start trading in the real world based on the currency pairs you feel would offer the best returns on investment at that particular point in time. Be aware of forex fraud and avoid it by all means. Good luck! Sounds interesting but i need a broker to undergo training with so i could start trading on my own.
How much can it cost a beginner to Lear Forex trading in Nigeria. From Callistus Nwanyanwu. please i need face-to-face training here in Lagos, can you help me with any contact of the training pls. Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed.
thank you,but where can one get a good brokers for training here in lagos. Sounds interesting but i need a broker to undergo training with so i could start trading on my own Thanks. how do i go about the training. You need to signup with a Forex broker. We will tell you exactly who to choose. In order to trade forex, you need to find a CFD broker.
There are numerous forex brokers available for local traders such as Hotforex , Exness , XM Forex , FXTM , Forex. com, FxPro, Oanda etc. We have compiled the list of best forex brokers for Nigerian traders based on 9 factors. Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading with real money. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner becaue your real money will be at risk.
Once you have found the Forex Broker of your choice, you can then open an account with that broker to start trading or demo account to learn. This account will enable you to place your trades in the interbank market at the live currency prices.
Once the verification is complete, you will need to make a deposit to fund your live account. These funds will be used to place live trades at the real market prices. The long position implies that you are buying a currency pair and are betting on it to rise in value in the future.
For ex. Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit. The short position can be taken when you believe the price of the currency will fall in the upcoming period. You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit.
Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade. You will make a loss in this case. To understand it more, let's use an example again.
If you place a 'Short' trade for EURUSD at 1. But if in this same example, the price of EURUSD goes to 1. Also Read: Our detailed guide on How to Trade Forex in Nigeria. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'.
While the fundamental analysis is mainly related to trading based on Economic outlook for a currency which could be impacted by news events like GDP, Unemployment data, balance of trade, capital outflows etc. Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade.
Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. Only based on your strategy, you can make actually get the best returns in the future. We call the high the resistance. There can be resistance levels on lower time frames as well, but we will use a higher time frame to find important levels for positional trends.
Once the price crosses the previous high to achieve a higher high price crosses 1. The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading on one of these pairs. This is because these pairs are very liquid, have low spreads and have stable volatility.
Since these currencies are stable in their movements, they will help you in managing your risk initially by reducing volatility against your direction. It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD. Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window to book your profits or loss.
You can realise profits quicker in this strategy although the risk is also higher, as most of the traders try to gain high returns with small capital. This is a very common strategy followed by a wide variety of traders, but you must understand its risk as well. Another strategy is known as scalping. This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly.
If you are ready to start Forex trading then you may have doubts on which broker or app should you choose to trade online. Forex Trading, like any other market investment has many benefits but also carries significant risks. On the positive side , forex trading has the potential to bring good income if you trade with a sound working strategy while properly managing your risks. You don't need very high capital to start. It is really important to understand all the risks.
How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading.
At Forextrading. NG our ultimate aim is to help you choose the best broker for your trading needs. Get A Free PDF Version Of This Guide: Contains all the tips, resources and case studies found here. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers. Read More. Read full risk disclaimer..
NG: Your Guide to Forex Trading in Nigeria. All Rights Reserved, See Best Brokers! Forex Trading in Nigeria The Ultimate Guide for Beginners. For Nigerian Investors, forex trading can be a way to earn wealth. Akin Benjamin Last updated: September 24, Don't have time right now? Read the guide later! Give me my PDF See Best Forex Brokers! Broker Name Regulation Max. Leverage Min.
FXTM is a Tier-1 regulated forex broker. Their spreads are low with Advantage Account. HotForex - Low spreads with Zero Account. HotForex has low spreads for most curreny pairs. Their Swap fees is moderate. Chapter 1 What is Forex Trading? Chapter 2 Understanding Currency Pairs.
Chapter 3 How to start Forex Trading? Chapter 4 Forex Trading Strategies. Chapter 5 Forex Trading Platforms. Real Life example of Forex Trading Have you traveled overseas? In this chapter, you will learn everything you need to know about Currency pairs. Let's start! Types of Currency Pairs Currency pairs are mainly classified into 3 types: 1 Major Currency pairs: These are the currency pairs that include US Dollar as one of currency in the pair.
Currency Pairs Lingo While trading forex, you would come across these common terms. Chapter 3 How to start Forex Trading in Nigeria? This commission gets lower with higher trading volume. Your funds are 'considered' safe — FXTM is regulated with UK's FCA Financial Conduct Authority , CySEC Cyprus Securities Exchange Commission and FSCA Financial Sector Conduct Authority in South Africa Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading with real money.
Close the trade To realize your proft or loss , you need to close the trade that you opened. In this chapter we will only analyse popular technical analysis strategies.
The forex market is active 24 hours a day for 5 days a week. This means that any currency pair is available to be traded throughout the weekdays except on weekends. However, trading at some particular hours can be more advantageous to the traders than other hours. The volatility in the forex market is different during different hours of the day for each currency pair. If you are seeking the best time to trade forex in Nigeria and Africa, this article can be quite helpful.
The global forex market can be divided into four major trading sessions. Each trading session is centered at different locations with different time zones. The four major trading hubs are namely London, New York, Tokyo, and Sydney. Following are the four forex trading sessions from hubs globally along with their active hours. We have used the West African time zone to make it convenient for Nigerian traders. The currency pairs involving local currencies in trading hubs are most liquid during active hours.
Currency pairs involving JPY will be fairly volatile and liquid during the active Tokyo session. Similarly, currency pairs involving EUR and USD will be most active during active hours of London and New York Sessions respectively.
Apart from the active trading hours, there is a significant drop in the trading volume in the respective hubs. During the inactive hours, the concerned currency pairs have lower liquidity as the number of participants is low. This increases the difference between the bid and ask prices as the spread increases dramatically.
Trading in the inactive hours can be done but it is not recommended as prices will either remain stable or show significant movements.
There is very little chance of booking profits in the hours of low liquidity due to high spreads. Technical or fundamental analysis does not work best during this time.
The price movements are generally random and instantaneous. Hence, it becomes nearly impossible to predict the price movement and execute analytical trade orders. The best time to trade forex depends on the location where you are trading from and the currency pair you are dealing with. The time period when 2 different forex trading hubs are active is considered the best time to trade forex pairs involving local currencies.
In Nigeria, according to the West African Time Zone, the active forex market hours correspond to the London session.
The best time to trade European and African currency pairs in Nigeria is 8 AM to 5 PM WAT. African as well as European markets are active during this slot and it can be the best time to trade currency pairs involving EUR, ZAR, GBP, etc.
The New York trading session becomes active from 1 PM till 10 PM WAT. Hence, this can be an ideal time to trade currency pairs involving USD, CAD, etc. The best time to trade forex is when 2 different trading sessions are active simultaneously. Most African nations including Nigeria have active working hours in this period. During this particular time period, the London, as well as New York trading sessions, are active.
The spreads at these times are lowest for all the pairs involving European, American, and African currencies. There are a total of 3-time slots when more than 1 global forex trading hubs are active. Tokyo and Sydney active trading sessions remain open for nearly 8 hours.
Although, there are fewer trading volumes for currencies actively traded during this time slot. This makes the intersection of London and New York trading sessions the busiest. Both these trading sessions remain active simultaneously for 4 hours every day throughout the year.
The slow and high-volume trading hours are separated depending on the availability and activity of traders in time zones. This makes it feasible for traders residing in different time zones to make their trading schedules.
In general, the market is volatile during active trading hours and stable with a high spread during slow trading hours. However, some events can trigger price movements at any time during the day. The impact of news can trigger price movements at any time of the day regardless of liquidity in the market.
The impact of national, international, or geopolitical news is much severe if the news is not expected or against the anticipation. This can show dramatic price movement at any time of the day during weekdays. The impact of news released during the weekend is visible on Monday when the forex market gets active.
Major events affecting the forex market also include trade deals, unemployment rates, GDP data release, accidents, attacks, etc. Any event that enhances or deteriorates the relation between two nations with different can also affect the prices of concerned currency pairs. The global forex market is divided into trading hubs that have different trading sessions. The American, European, as well as African markets, are active during this time.
The spreads are lowest and technical analysis can work best during this period. This however may not be the best time to trade currency pairs not involving American, European, or African currencies. The best time to trade forex pairs depends on the currency pair and the location of the trader. With slight experience in forex trading, traders can themselves understand the best time to trade.
New traders are always advised to gain some experience using virtual currency with a demo account. This will not only enlighten them with the best time to trade forex but will also provide the experience of price movement in the market.
Forex Trading Sessions in Nigeria Time The forex market is active 24 hours a day for 5 days a week. Forex Trading Session in Nigerian Time The global forex market can be divided into four major trading sessions. The activity and volatility of the forex market are different for each trading session.
Tokyo Session — 12 PM to 9 AM Sydney Session — 11 PM to 8 AM Winters , 10 PM to 7 AM Summers London Session — 8 AM to 5 PM Summers , 9 AM to 6 PM Winters New York Session — 1 PM to 10 PM Summers , 2 PM to 11 PM Winters The currency pairs involving local currencies in trading hubs are most liquid during active hours.
Can You Trade Forex Anytime You Want? What is the Best Time to Trade Forex in Nigeria The best time to trade forex depends on the location where you are trading from and the currency pair you are dealing with. Impact of News on Trading Activity The slow and high-volume trading hours are separated depending on the availability and activity of traders in time zones.
Bottom Line The global forex market is divided into trading hubs that have different trading sessions. Education What is Forex Trading? How to Trade Forex? What is Leverage in forex? Related Resources Best Forex Brokers Forex Trading Apps.
28/6/ · Are you thinking of starting forex trading as a beginner and finding it difficult? Here is a video that will get you started with forex trading anywhere in t 21/9/ · How to use and how to work with Forex? Tutorials for beginners - Learn how to trade like a pro! Lasted information and news for successful trading. Home > Tags > hotforex A step-by-step guide for Forex Trading in Nigeria. Experienced forex traders may wish to look elsewhere, but a beginner will benefit from the following five steps as early guidance. Patience 28/1/ · If you don't know how to do Forex trading in Nigeria, we have prepared a step-by-step guideline for you: You need to choose a reputable Forex broker. Not all brokers are The activity and volatility of the forex market are different for each trading session. Following are the four forex trading sessions from hubs globally along with their active hours. We have ... read more
When it comes to the correlation, commodity prices impact the Canadian dollar. What is the difference? Emotional Stress: Let's face it, forex trading can be extremely challenging emotionally. To understand it more, let's use an example again. Market Data. Full Guide to Forex Trading in Nigeria.Also Read: Our detailed guide on How to Trade Forex in Nigeria. The time period when 2 different forex trading hubs are active is considered the best time to trade forex pairs involving local currencies. These include EUR EuroGBP PoundJPY Japanese Yen etc. To reduce losses, forex trading tutorial in nigeria, don't forget to use stop-loss orders. Chapter 4 Forex Trading Strategies. Here we listed some of the best Forex trading training centers in Nigeria along with their training and seminars on the topic:.