When it comes to learning Forex Trading online, 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.
If you are new to forex trading, Click here to start from the grass root and learn what Forex trading is all about.
Hopefully, these stories of forex traders in Nigeria will inspire out to take action today. As you read them, kindly consider opening demo or even real trading accounts with the recommended forex brokers.
Richest Forex Traders in Nigeria and Their Net Worth
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. ECN Brokers are brokers, who, unlike Market Makers, pass your trade orders directly to liquidity providers. We have explained and reviewed the best ECN brokers in Nigeria here.
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 probably the richest forex trader in Nigeria with an estimated net worth of about $16 million. In addition to being an active forex trader, Uche also owns 2 forex trading academies; one in Lagos and another one in Port Harcourt. Favorite Forex Broker
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 lucrative 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 a $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 learn 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 a 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
Bade Ajidahun Afioluwa
Ajidahun Afioluwa has an estimated net worth of $220,000, making him one of the richest forex traders in Nigeria.
But he’s not just rich. At only 29 years, Ajidahun also happens to be one of the youngest Nigerian forex millionaires.
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 made her name one of the few female Nigerian forex millionaires. She started trading as a side-hustle but as times went by, she was able to turn online forex trading into her full-time job. She prefers to trade with HotForex, which is one of the few forex brokers that offer an ECN account for traders in Nigeria.
Blessing Ezeako Net Worth
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 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 the time & date of the 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 knowledge, 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 as I do, I calculate my risk then pretend as I’ve already lost it! Also, see why many forex traders in Nigeria 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!
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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 from achieving your financial goal!
Who is the Richest Forex Trader in Nigeria?
Uche Paragon is the richest forex trader in Nigeria. He has an estimated net worth of $16 million. Most often, Uche can be seen on Instagram flossing with his many cars. But apart from being the richest forex trader in Nigeria, Paragon also endeavors to help other Nigerians invest in the forex market. He has started several forex training schools in Nigeria.
Is Forex Trading in Nigeria Profitable?
Yes, forex trading in Nigeria is very profitable. depending on your starting capital and skills, you can earn anywhere from $1000 to infinite amounts trading online forex. In fact, more than one Nigeria forex trader has become dollar millionaires through online forex trading. If you take forex trading seriously, it has the potential to pay all your bills and make you rich.
How Much Do You Need to Start Trading Forex in Nigeria?
You’ll need at least $100 to start trading forex in Nigeria. This is about 41,000 Nigerian Naira. Although some forex brokers allow you to open a forex trading account with as little as $10, there isn’t a lot of money you can make with such an account. In fact, starting forex trading with such a low amount will only lead to losses. To stand a better chance of making enough money with forex, consider starting with at least $100 capital.
Is Forex Trading Legit in Nigeria?
Yes, forex trading is totally legal and legit in Nigeria. There are no laws restricting you from investing in the lucrative forex trading industry.
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