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Most successful forex traders in Nigeria

forex traders

Introduction

Forex trading is a lucrative business opportunity for those who are dedicated to turning trading into a professional career. The most frequent question asked by upcoming forex traders in Nigeria is whether it is possible to get rich through forex trading. However, these stories of the most successful forex traders will inspire you to take drastic actions but before we go into that, we will first know the basics of forex trading.

WHAT IS FOREX TRADING?

Forex Trading: Forex means foreign exchange which refers to the buying and selling of one currency in exchange for another. It is a global Over-the-counter market for the trading of currencies.  It is the world’s most traded market, with a turnover of $5.1 trillion per day. Forex trading is done 24 hours a day, 5 days a week by banks, individuals, and numerous organizations.

Traders tend to make a profit by buying and selling currencies by actively predicting what direction currencies are likely to take in the future.

Forex Trader: a forex trader is an individual trader on a retail platform that buys and sells currencies on a foreign exchange market. As a forex trader, your duty entails performing researches or analysis on a currency pair and finding situations in which a forex transaction has a chance to be profitable.

A forex trader can either work for banks or trade independently. Forex traders read charts for analysis, while some others rely on news and economic data.

TOOLS OF FOREX TRADING

  • Pip calculator tool: This is a tool used to check the lowest trading unit for a currency pair. It allows the trader to determine the amount based on the size of their position in their various local currencies.
  • The currency correlation tool: this is a tool used to detect the correlations existing between currencies which can either be positive or negative with correlations being more visible in some pairs than in others.
  • Brokers Spread Comparison Tool: This is one of the most important elements that is used to examine by spread sensitive traders before choosing a forex broker as their typical dealing spreads.
  • Financial news wire: A good financial news wire gives traders timely access to information that might affect the forex market.
  • Forex volatility calculator: This takes a currency pair’s historical exchange rate data and determines the historical exchange rate data and determines the historical volatility in real time for various time frames.
  • Forex time zone converter: Most times, certain trading times and sessions are better in other currencies. Therefore, a time zone converter converts time to what best suits the trader.
  • Trade journal: this helps to give the trader a valuable insight into both loosing and winning trades. Software are designed and created for this particular purpose.
  • Copy trading service: This involves selecting an experienced trader to duplicate their trades in your account.
  • Charting software: This can be obtained anywhere but most trading platforms provide charting services.

Terms commonly used in Forex trading

Keywords used in forex trading

TOP FOREX TRADERS IN NIGERIA

For the traders we are about to list below, forex trading has become a business a and they share their stories.

  1. Uche Paragon

 He is a senior trader and hedge fund manager, self-employed. CIS, NCX, commodity Exchange trader.  Uche Paragon showed interest in Forex trading at a very young age, he thought of it as an opportunity to be financially loaded.  He is one of the richest forex traders in Nigeria, he started forex trading in the year 2007, later he extended his trading skills to other online stocks but he currently specializes in trading crude oil and currencies.

He has a trading firm called CCI traders which is made up of different professional traders, market analysts, and economists. In addition, he also owns a trading school in Lagos and Port Harcourt. Currently, Uche Paragon is worth $16 million.

He dedicated his time and effort to learn how to effectively trade the forex market by developing his profitable trading strategy and his persistence paid off eventually.

  • Bade Ajidahun Afiolowa

Ajidahun Afioluwa is not only the youngest but also one of the richest forex traders in Nigeria, he has an estimated net worth of $220,000. He did not find it easy to attain so high, he persevered, he was determined and patient after experiencing loss after loss. He invested a lot of money and had it taken away due to negligence and lost more money but at the end of it all, he succeeded. He continued studying many Forex Strategies before discovering the one that brought him to the limelight. He gave advice to upcoming forex traders to never give up and keep learning.

  • Blessing Ezeako

Blessing Ezeako Started her forex trading journey by studying various trading strategies. She saw trading as a business opportunity and trading experience until it became her full-time job. According to her, she stated that forex needs dedication and determination to attain success. Though, things didn’t go well for her at the beginning. There were trials, hurdles, losses, and setbacks but she succeeded at the end of it all.  She is currently a trader with lite forex. Her net worth is $200,000.

  • Benjamin Ilesani

Benjamin Ilesani Ajimoko is a successful forex trader who applied the right mindset and trading psychology to succeed in forex trading. He chose to be a forex trading teacher over trading full time. His secret to success lays in the vast world of trading knowledge that there is benefit in gaining experience in forex trading.

  • Chinedu Onuoha

He is the head of the training department who offers tutorials to beginner traders. He is the managing director at Mzuri solutions limited. He has been trading for over twelve years. His success in forex trading comes from exploring sustainable forex strategies and ensuring that risk management practices are employed and followed to avoid incurring losses.

  • Patrick Ogagbor

He is an ex-zenith banker who quits his job to become a full-time forex trader. He had this belief that forex trading is a get rich quick business but he later found out that there is more to it. He sought new ways to become successful and out of curiosity, he gained experience in forex trading. He believes forex trading is a market that needs to be understood before making profits.

Benefits of forex trading

Forex trading is good for beginners who wish to gain financial freedom. It is well regulated, and there is a good technology for trading. Listed below are a few benefits of forex trading:

  • It is a large global market
  • There are low transaction costs
  • You can benefit from leverage
  • It is a market with high rate of liquidity (refers to the ease with which an asset can be bought or sold).
  • It’s a 24 hour market of five days

In conclusion: Forex trading is not a get-rich-quick scheme but you need the determination to get to whatever level you wish to attain. You want to be one of the top forex traders, it takes sacrifice and enough time to get there. You can start from somewhere, anywhere at all.

There are several forex trading websites one can start trading with, one of them is forextime.

Written by Cryptopidia

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