Forex trading in Nigeria: Your link to fabulous wealth?

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Many Nigerians today dream of hitting a fabulous fortune from working on the Internet. While there is absolutely no harm in dreaming big, for some, it is sheer greed. Greed that makes them ready to believe just about anything they read or hear about making money online.

A case in point is forex trading in Nigeria. On my recent trip to Ibadan, I saw several advertising drives, aimed at recruiting forex traders. Huge posters and banners have defaced just about any available public space in some parts of the ancient city. Many of them were advertising “forex training”, while others were advertising e-gold funding/exchange.

Wikipedia describes the term Foreign exchange market (forex trading) thus:

The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. It is by far the largest financial market in the world, and includes trading between large banks, central banks, currency speculators, multinational corporations, governments, and other financial markets and institutions. The average daily trade in the global forex markets currently exceeds US$ 2–2.5 trillion [citation needed]. Retail traders (individuals) are a small fraction of this market and may only participate indirectly through brokers or banks.

It is indeed possible to make money from forex trading online but then what the “trainers” do is to massively hype the returns one could make from forex trading. Thus, many Nigerians are attracted because they are informed that they could earn very high returns on their investment capital.

These hypes have resulted in many loosing their money due to mis-information and have ended-up denting the reputation of the forex trading brokers to the extent that Fx Solutions (FxSol) had to stop dealing with Nigerians completely. A mail from FX Sol has been making rounds in online forums recently:

Dear Trader,

Thank you for registering for a practice account. However, FX Solutions, in an effort to help protect the citizens of Nigeria from fraudulent schemes, is no longer accepting live trading account applications from Nigeria.

FX Solutions is taking this action as the company has noticed a rapid increase in instances of fraud that promise unrealistic expectations in foreign exchange trading, while specifically targeting Nigerian citizens. Nigerian citizens should be aware that there are risks associated with all trading, and there is no methodology that can eliminate risk or guarantee performance.

If you are still interested in trading foreign exchange, please consider opening a practice account with another broker.

Regards,
FX Solutions

These “trainers” charge between 15,000 naira and 100,000 naira (between $115 and $781) for training sessions that last for between 1 day and 3 days! Now, how someone can learn the nitty-gritty of a sensitive activity like forex trading in 3 days (talk-less of 1 day), beats my imagination! What such “trainers” only do is to introduce their audience to the basics of forex trading and expect them to figure out the rest themselves. The charitable ones among them give their trainees some printed or CD tutorials, and thus the money spent on training is exhausted.

Do not get me wrong. Forex trading is real and a trillion-dollar industry. It is indeed possible to make money from the foreign exchange market. What Nigerians need to be careful about are scammers who would only give you rudiments and collect your money in the name of training.

Oluniyi D. Ajao Avatar

Comments

  1. EPHRAIM Avatar

    What is the legal backing of forex business in Nigeria?, I may be intrested in forex but ,is the business legally approved by the CBN?.

  2. Tito Akpo Akpeti Avatar
    Tito Akpo Akpeti

    Ephraim , forex trading is like any business opportunity that you can think of. It has regulations though , but the CBN does provide backing because it has no regulatory role in forex trading online , underline the word online… . . Bodies such as the CFTC, NFA are internationally recognized bodies that regulate transactions between brokers ,traders and other affiliates . Forex trading is a market that is virtual and without national boudaries , all you need is an internet connection and a live account with a forexbroker .Pls make sure u go online , look for any forex broker, dont forget to ask others who have had dealings to reccomend any one . Dedicate some time to study fx .Best of luck

  3. Tito Akpo Akpeti Avatar
    Tito Akpo Akpeti

    Ephraim i actually meant CBN does not back !!!

  4. Ettia Sylvinus Avatar
    Ettia Sylvinus

    😆 Please i will like to know more about Forex trading and need to know some companies in Nigeria i can trade with. Thangs

  5. Tito Akpo Akpeti Avatar
    Tito Akpo Akpeti

    Ettia,

    Forex is very extensive it needs a lot of attention and dedication to understand, i dont wish to discourage you but will say that only a long term approach at gaining knowledge about fx would provide the required results. There are many “trainers ” around who profess expertise at transfering knowldge , while i dont have a problemn with this i do not support the high and outrageous amounts paid by “trainees” .
    I would advise that you dedicate some time to browse the net and check out sites that provide the basic information you need. I indicated some in an earlier response. About dealing with a Nigerian firm mmmmmmmmmmmmh i dont have much to say other than u should have verifiable evidence to show a track record of success and professionalism.Take care and think long term avoid short cuts u could be ruined . 🙂

  6. Bunmi Avatar

    FOREX (FOReign E?change market) – is the international currency market where money is being sold and bought.Presently most company have they own trader but you can always trade your own money.Let me introduce the best forex trading material 5emas system.I have the latest forex-killer but it is not has good has 5emas system.You can check the web:www.5emas-forex-system.com for more information.I also manage account from $5000 upward.You can call me on 08034413221 or 07027704563.e-mail:[email protected]

  7. Oladele Idowu Avatar
    Oladele Idowu

    Please can someone hear me out.I have been hearing about this forex,to be frank i am interested but afraid.How do i meet someone to put me on line with this stuff.I have seen people investing in it but i dont believe its their income until i experience it.

    1. ABRAHAM OLUWALOWO Avatar
      ABRAHAM OLUWALOWO

      Hi Oladele,
      Is true and real that people are making money in forex trading but you need to use best company to trade for you so that you can have good exprience of it.My name is Abraham.Am living nad working in japan for quite sometime.Am working in one of biggest forex trading in japan.You can log in and check our website above and get back to me.
      Our company provide adequate and good service to help people make money.I think you should use TOKIWA FOREX TRADING COMPANY in japan to trade for you.For more info feel free to check our website and write an email to me.Take care and looking forward to hearing from you.
      Thanks,
      Abraham

  8. Odesola Tayo Otosa Avatar
    Odesola Tayo Otosa

    Dear reader. pls. i need any one out there to give the good broker that he can accept the atlist

  9. ayodeji Avatar

    grace you actually didnot drop a contact add i would have contacted you,please kindly send the software to my box [email protected]

  10. Forex Riders Inc. Avatar
    Forex Riders Inc.

    There’s an evil i have seen under the sun, and that evil is greed in the hearts of men, but y?
    Facts/reasons to y people lose their shirts/cash in forex trading.
    1. A lot of misinformed, under-experienced and amateur traders jump into the forex waters and get “DROWNED” 😕 due to the hype they hear out there about how lucrative and profitable forex can be, by the so-called “trainers” and “seminar organizers” sometimes even loose their shirts/lives over it:sad:.
    2. Pple are so “lazy” 😉 and “greedy” 😈 that they want to sit down somewhere(in the comfort of their homes/offices) and watch their capital get doubled and doubled(and they become millionaires), overlooking the risk involved in doing that, pls note that the Forex Market is not the “Las Vegas Gambling Floor/Casino”, where u might “get right quick 😆 ” or go “poor and bankrupt 😥 ” over night.
    3. People trade Forex with the wrong capital(i.e $100-$500) just wait and i’ll tell u y? And they expect much 4rm it at the end of the month to either pay-up their :- internet bills, generator expenses and other miscellaneous expenses, there by opening themselves to more risk of loosing their little capital, by trading high lot sizes(i.e 0.1 lot on a $100 or $200 account)to meet up the expenses.
    4. Pple dont practise very well enough on their demo before going live due to impatience and the anxiety of wanting to start making money and the internet cost involved in demo trading forex for so long and getting grounded, hmnn well i seriously pity u,lol, bcoz by the time this market will show u the bad side of it……..
    5. Pple think bcoz they have done well on thier demo probably for some consistent profiting period so they feel so confident and when they want to go live they start so big(very big capital i.e $1000 above), my advice is this for the fact that u have done pretty well enuff on ur demo does nt warrant u to start so big, bcoz bliv it or nt demo is a different ball game 4rm the real trading where ur real cash is involved, so i recommend u begin with $100-$200 and 4get abt paying ur bills 4rm there.
    6. Pple want to eradicate poverty 4rm thier family or upgrade thier financial status by trading forex with peanut money(i.e $1000), well we cnt say coz som pple r very good with this gambling stuff, and it works very well 4 them so good luck, 4rm my point of view b4 u can start talkn about upgrading ur family financially u should have at least $5000 minimum, then u r talkn.
    7. Yes we knw every1 wants to make money trading Forex but the fact still remains that its not applicable, suitable, advisable and compatible for some pple bcoz its nt just thier way, its only if God says u’ll make it 4rm there, thats wen u might prosper/profit trading it, nw hw will u knw if its nt 4u?
    a. If u are nt literate to a certain extent of knwin hw 2 read and write or computer literate, then 4get it pls look else where.
    b. If u r naturally and habitually “greedy” and “stingy”, pls look else where.
    c. If after so much and many training 4rm a very good teacher/trainer (like myself ehen, dnt mind me oh,hey y nt pls mind me,hheheh jus joking) and u still cant comprehend or profit 4rm trading forex,pls 4get Forex.
    d. If u find it difficult to follow laid dwn trading rules and regulations 4rm a mentor/teacher(i.e myself) or u get to a certain level of expirience/practise where u feel u nw knw too much(the mentality of oversabi is disturbing u) then pls and pls look elsewhere.
    8. Pple underestimate the Forex market and ignore Sound Risk and Money Management Principles, look take it or leave it without these 2 things all ur trading efforts and profits will amount to zero in little or no time jus watch.
    9. Pple mix faith and Christianity with forex in the sense that when u have a loosing trade and all odds are against u they’ll say they have faith and trust God that the trade will still go back in their favour, surprisingly they get a margin call 4rm thier broker leaving them with a very huge drawdown/loss which could have been easily avoided, pls dnt get me wrong oh coz am also a Born Again Child of God too oh, ehen.
    10. Traders lack a very good trading strategy and dnt knw how to spot/identify a ver good trade set-up for potential profits and when to just sit dwn on ur hands and do nothing, u c dats whats separates the Pro’s 4rm the Amatuers(entry principles and rules).
    11. Traders loose their cash due to impatience and indisciplined trading stlye, when they see a small negative value they start shaking and panting, and they jump out of the market too soon only to nw find that the trade is now going back to the direction they just closed.
    12. Over trading is anoda cause of loss in forex due to nt having a disciplined daily “pip target” for each days trade so they jus trade and trade until they loose the small profits they have made, which could have been safe if they had a daily “pip target”.
    13. A lot of traders try to fight back the market(trading with emotions) for the loss incurred in the course of trading, only to end up incurring more and more losses, my advice is that jus go off and chill somewhere, cool off and 4get u ever had any loss 4 that day and dont try to go back to the market, no matter what the market is saying, until the next day.
    14. Inappropriate take profit & stop loss levels bcoz most traders dnt even knw wat kind of trader they r, whether they r Scalpers, Intraday Traders, Swing or Position traders.
    15. Forex is nt a childs play or a lazy or easy way to making money, jus put that fact in u and let it replay itself every morning mwhen u wake up.
    16. Pple want smthing or a system that guarantees so much profit and little losses that requires so little time and less effort, so they end up settling for Forex Robots or Auto Pilots, 1st off i stand to be corrected or challenged if there’s at all any 1 of u out there that preaches this so called Robot trading that Profit 4rm in in a “long run” bcoz i day of loss can do alot of damage to all the profits and even ur account, hey thats nt to say that these things r nt workn, bcoz as a matter of fact “most” of them are powerful weapons in the hands of some Pro’s (i.e myself hehe,yeah dnt i deserve to be called 1?), but they all need Human Supervision, so buttom line’s that there’s no such word as Plug n Play(Auto Trading) bcoz if an event sneaks up and catches ur robot unaware well u knw wat……..
    17. Finally the last but not the least, bcoz som pple r alredy telling me am giving out 2 much alredy, is that.
    a. run away as fast as u can 4rm anything that promises so much(i.e%50-%100) serious apologies to any1 this might be affecting but, no disrespect lets see hw far u can go with that.
    b.have a reasonable, little & realistic expectation 4rm tradn Forex monthly so as to avoid been wiped out.
    c. Dnt stop learning or acquiring more knowledge about Forex Trading.
    d. Have a mentor/some1 that knws more abt it than u do for help, at least som1 u can easily run 2 for assistance and will be “expirienced” & “blunt” enuff to tell u where u aired.
    NW U MAY WONDER HOW I GOT TO KNW ALL THESE? SIMPLE! COZ AM A VETERAN I’V EXPIRIENCED AND GONE ALL AND EVEN MORE THATS LISTED HERE AND CAME OUT A BETTER AND STRONGER TRADER WHEN MOST OF MY FRIENDS THREW IN THE TOWEL, NW LOOK AT WHERE I AM 2DAY THANKS 2 GOD ALMIGHTY.
    Pls if u fall into any of these categories listed above or u need help as regards ur forex trading pls dnt hesitate or fail to send us an email to [email protected] or call 07038056944 or visit our site at http://www.forexridersinc.com and we’ll be more than happy to help u out and solve ur forex problems the best way we can, bt until then stay blessed and happy trading. our motto: watch over the pennies and the dollar will take care of itself.

  11. odez Otosa Avatar
    odez Otosa

    Hi. pls i want to know much about M LEVEL DAY (M1,M2,M3 and M4). although i know, they were part of indicators.but
    i don’t understand them better. some says when close it’s higher than open is M1,m3.that is buy. And M2,M4 is when open higher than close that is Sale.
    But i don,t understand it better. then how i am going to use it as part of indicator to market?

    you can reach me on [email protected]

  12. Bunmi Avatar

    You can get an indicator that will give M1,M2,M3 on your chart everyday at earnforex.com just click at the pivot indicator.It is free but i will like to introduce 5emas fores trading system it’s real and simple.I also use these system to manage account for my clients.These is a way of giving back to the society because most successful traders in Nigeria don’t tell people they secret.The 5emas System is available for sales i also manage forex account of minimum of $2000 for now.You can call:08034413221 0r e-mail:[email protected]

  13. odez Otosa Avatar
    odez Otosa

    Bunmi thank you very much, i got the message you sent to me on my handset. but you didn’t send me the price or you mean 120k?

  14. odez Otosa Avatar
    odez Otosa

    Bunmi thank for replaination. But How to know if M1-M3,M2-M4 is it buy or sell? Thanks.

  15. odez Otosa Avatar
    odez Otosa

    Bunmi, i got the site but i need the site that will give me on there platform. Do you know any one?

  16. Samuel Adedoyin Avatar

    Forex is real there no doubt about that. My major concern for everyone is to take action, do something with forex, and make money. This is no longer news, there are terrible risk in forex, but some of us in the biz. is still making head way in the midst of the risk.
    You must understand the concepts, strategy, and programming associated with forex before you launch your hard earned money into it.
    Forex is not a magical thing, it is a business, see and accept it like that.
    In your daily biz. there are moments of biz downside, understand that, you will not make profit every time in biz, once, you have that idea, you will make it big in forex.
    Like today now, am presently transacting a biz between gbp/usd in the forex market, i have made just $1,250usd, and i have not close the trade.
    Am not against any fx software but be very careful, I have an e-book on forex, just for free. I have another one which will cost you $100.
    If you are not interested in trading, I can trade for you, open a live account with any forex broker of your choice, esspecailly alpari.uk. or any forex broker with meta trader4. Fund your acct with at least 2,000usd, expect 100% ROI-returns on investment on every 30working day.
    My charges, you will pay 10% of your start up capital i.e $2,000 into my account e.g 200usd will be for me before the start of the deal.
    Am very sure we shall be able to beat the 100% profit behind us and make more. Whatever I made beyond the 100% profit agreed on, shall be divided into two, you shall take half while the remaining half will be mine.
    If you are ok, with the condition, pls e-mail me [email protected] or call 08032470050
    Samuel

  17. karthikeyan Avatar
    karthikeyan

    Dear sir,

    from Last 6 months i come to know about forex currency trading. i can invest $10000 i n trading but i cant trade so i want fund manager for trading my funds in forex trading. If u give fixed return that is also help ful for me. please reply as soon as possible.

  18. Forex Riders Inc. Avatar
    Forex Riders Inc.

    karthikeyan,

    I read your post/reply, and noticed you requested for the services of a “Fund Manager”. That’s why I responded to your post/reply.
    Now before i proceed please I’ll strongly advice you apply serious caution when choosing or working with a Fund Manager. Why? That’s because most of these people just don’t have the required experience and professionalism required to “Manage Funds” or might be a scam.
    For more info about our packages and consultancy, visit our website: http://www.forexridersinc.com email: [email protected] or call: 07038056944.

    regards
    Forex Riders Inc.
    http://www.forexridersinc.com
    [email protected]
    07038056944.

  19. Babs Edun,Abuja Avatar

    Hi Guys,
    Thanks for contribution on forex topic.Will appreciate if we can be including our location in our posting.

    Mr Samuel Adedoyin,where do you base and for you to manage an account what monthly % can you Guaranty?

  20. Samuel Adedoyin Avatar

    Dear Babs Edun,
    thanks for your direct request, I based in Abeokuta, Ogun State, by God’s grace, I shall make 100% return on investment on monthly basis.
    Thanks and God bless

  21. Nigerian Entrepreneur Avatar

    It is interesting how Nigerians still refuse to pay attention to the issues raised in this article. One year after it was published the lessons are yet to be learned. I think I will do a follow-up on this post. Thanks for sharing your insight. I was once a victim of IGNORANCE.

  22. […] Ajao did an unbiased post about Forex Trading about a year ago. The post Forex Trading In Nigeria: Your link to Fabulous Wealth? addressed some issues which any wise Nigerian investor will need to thouroughly consider before […]

  23. Bunmifx Avatar

    I will appreciate it,if Samuel Adedoyin can display some of his statement of account also how many drown down has he experienced?.How long has he been trading?
    I have a prove of my performance and forex is one business you keep
    on learning every day 0ne year is not a enough.At least i buy forex e-book once in every two months and these had really help my trading decision.According to my Mentor Tom Flora of FT,James Chen of FXsol ,Avri Fisher of Forex Trading Machine forex, one year is not a enough to learn forex.I due recommend 5emas system because i am using it also have a means of getting it for interested client.I have several forex e-book e.g:Forex Trading Machine,Daily Limit,10 Minute forex wealth builder and many others.

  24. Samuel Adedoyin Avatar

    DearBunmifx,
    By the grace of God, I do not make noise on my trading ability, am a simple child of God, who strongly believes in quietness and simplicity in whatever i do. To window display all your wonderful requests on my trading ability personally is out of place.
    I wont for the pleasure of satisfying you head against my etiques. And that is that.
    People on this forum, let’s talk about other area where we can make easy money, about information marketing kits.

    [Samuel, I deleted the rest of your post as it was just an ad. This platform is meant to share your view and not to post ads. Thanks. – Oluniyi]

  25. Bunmifx Avatar

    Mr Samuel Adedoyin,You can’t use simplicity and quietness as an excuse not to tell the Truth.Most forex traders are lier.Displaying
    your result won’t cost you a thing.I know in Forex you can make 1000% within a month also loss all your money within a week.But with proper money management in can remain the the market as long as you want.Most guys that organize forex seminar don’t trade life
    account that why they can advice they client to use a whole size for a $1000.Professional trader can do that,by the grace of God I’m a professional and i have been into up and down of forex.These is one of my account and if you want more i will provide:
    North Finance Co Ltd

    Account: 48048 Name:Olubunmi Fasusi Currency: USD 2008 April 7, 00:23
    Closed Transactions:
    Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
    23463756 2008.03.20 00:28 balance Deposit 1 000.00
    23463881 2008.03.20 00:32 sell 0.10 eurusd 1.5640 0.0000 1.5520 2008.03.20 10:09 1.5557 0.00 0.00 0.00 83.00
    23464180 2008.03.20 00:43 sell 0.10 usdcad 1.0121 0.0000 1.0001 2008.03.20 10:36 1.0221 0.00 0.00 0.00 -97.84
    23464259 2008.03.20 00:46 buy 0.10 usdchf 0.9977 0.0000 1.0076 2008.03.20 10:09 1.0042 0.00 0.00 0.00 64.73
    23488183 2008.03.20 10:10 sell 0.50 eurusd 1.5560 0.0000 1.5536 2008.03.20 10:14 1.5552 0.00 0.00 0.00 40.00
    23490412 2008.03.20 10:31 sell 0.50 gbpusd 1.9787 0.0000 1.9700 2008.03.20 10:44 1.9779 0.00 0.00 0.00 40.00
    23491478 2008.03.20 10:46 buy 0.50 usdjpy 99.54 0.00 99.68 2008.03.20 11:03 99.63 0.00 0.00 0.00 45.17
    23491506 2008.03.20 10:46 sell 0.10 gbpusd 1.9789 0.0000 1.9770 2008.03.20 11:03 1.9770 0.00 0.00 0.00 19.00
    23494809 2008.03.20 11:28 sell 0.50 eurusd 1.5517 0.0000 1.5490 2008.03.20 11:39 1.5490 0.00 0.00 0.00 135.00
    23495066 2008.03.20 11:29 sell 0.10 gbpusd 1.9749 0.0000 1.9700 2008.03.20 11:55 1.9744 0.00 0.00 0.00 5.00
    23519170 2008.03.20 15:16 sell 0.50 gbpusd 1.9820 0.0000 1.9765 2008.03.20 16:41 1.9800 0.00 0.00 0.00 100.00
    23528575 2008.03.20 17:04 sell 0.50 usdcad 1.0254 0.0000 1.0198 2008.03.20 23:21 1.0242 0.00 0.00 0.00 58.58
    23529889 2008.03.20 17:20 sell 0.10 gbpusd 1.9786 0.0000 1.9740 2008.03.20 23:21 1.9870 0.00 0.00 0.00 -84.00
    23552384 2008.03.21 00:34 buy 0.50 eurusd 1.5443 0.0000 1.5455 2008.03.21 01:08 1.5455 0.00 0.00 0.00 60.00
    23564093 2008.03.21 08:43 sell 0.50 eurusd 1.5447 0.0000 1.5395 2008.03.23 23:01 1.5442 0.00 0.00 -2.45 25.00
    23564126 2008.03.21 08:44 sell 0.10 gbpusd 1.9838 0.0000 0.0000 2008.03.21 08:53 1.9831 0.00 0.00 0.00 7.00
    23564145 2008.03.21 08:44 sell 0.10 usdjpy 99.56 0.00 0.00 2008.03.23 23:01 99.49 0.00 0.00 -0.83 7.04
    23564158 2008.03.21 08:44 sell 0.10 usdchf 1.0090 0.0000 0.0000 2008.03.21 09:25 1.0089 0.00 0.00 0.00 0.99
    23588063 2008.03.23 23:10 buy 0.50 eurusd 1.5442 0.0000 1.5450 2008.03.25 03:58 1.5450 0.00 0.00 1.00 40.00
    23588132 2008.03.23 23:14 buy 0.10 gbpusd 1.9821 0.0000 1.9936 2008.03.24 13:24 1.9844 0.00 0.00 0.00 23.00
    23588196 2008.03.23 23:18 buy 0.10 usdjpy 99.38 0.00 99.85 2008.03.24 02:54 99.85 0.00 0.00 0.00 47.07
    23600953 2008.03.24 07:38 buy 0.10 eurusd 1.5369 0.0000 1.5400 2008.03.24 10:37 1.5390 0.00 0.00 0.00 21.00
    23607706 2008.03.24 10:38 buy 0.20 eurusd 1.5391 0.0000 1.5442 2008.03.24 12:15 1.5442 0.00 0.00 0.00 102.00
    23615989 2008.03.24 13:26 buy 0.20 gbpusd 1.9846 0.0000 1.9896 2008.03.24 18:39 1.9851 0.00 0.00 0.00 10.00
    23639242 2008.03.24 19:07 buy 0.20 eurusd 1.5428 0.0000 1.5456 2008.03.24 23:38 1.5428 0.00 0.00 0.00 0.00
    23642053 2008.03.24 20:24 sell 0.20 usdjpy 100.74 0.00 100.00 2008.03.24 23:38 100.69 0.00 0.00 0.00 9.93
    23648477 2008.03.25 00:08 sell 0.50 usdjpy 100.56 0.00 100.20 2008.03.25 05:21 100.20 0.00 0.00 0.00 179.64
    23669736 2008.03.25 08:20 sell 0.50 usdjpy 100.19 0.00 99.86 2008.03.25 16:00 99.86 0.00 0.00 0.00 165.28
    23669961 2008.03.25 08:24 sell 0.20 usdchf 1.0122 0.0000 1.0068 2008.03.25 22:38 1.0068 0.00 0.00 0.00 107.27
    23670227 2008.03.25 08:28 buy 0.20 eurusd 1.5562 0.0000 1.5590 2008.03.25 13:16 1.5590 0.00 0.00 0.00 56.00
    23670692 2008.03.25 08:37 sell 0.20 gbpusd 1.9921 0.0000 1.9870 2008.03.25 08:44 1.9933 0.00 0.00 0.00 -24.00
    23670971 2008.03.25 08:44 buy 0.20 gbpusd 1.9934 0.0000 1.9957 2008.03.25 10:20 1.9934 0.00 0.00 0.00 0.00
    23671748 2008.03.25 09:01 sell 0.10 gbpusd 1.9923 0.0000 1.9900 2008.03.25 10:45 1.9918 0.00 0.00 0.00 5.00
    23678361 2008.03.25 10:50 sell 0.20 gbpusd 1.9917 0.0000 1.9856 2008.03.28 16:18 1.9966 0.00 0.00 -13.90 -98.00
    23724304 2008.03.26 00:12 sell 1.00 usdjpy 99.86 0.00 98.80 2008.03.26 11:27 99.68 0.00 0.00 0.00 180.58
    23764489 2008.03.26 13:25 sell 0.50 gbpjpy 198.42 0.00 198.00 2008.03.26 13:51 198.00 0.00 0.00 0.00 211.82
    23827612 2008.03.27 07:07 sell 0.50 eurjpy 156.26 0.00 156.10 2008.03.28 23:42 156.81 0.00 0.00 -7.57 -277.30
    23832856 2008.03.27 08:49 sell 0.10 usdjpy 99.14 0.00 97.70 2008.03.27 09:12 99.16 0.00 0.00 0.00 -2.02
    23848999 2008.03.27 11:11 buy 0.50 usdjpy 99.70 0.00 100.20 2008.03.27 14:36 99.87 0.00 0.00 0.00 85.11
    23868099 2008.03.27 14:37 sell 0.10 usdjpy 99.87 0.00 99.46 2008.03.27 15:08 99.86 0.00 0.00 0.00 1.00
    23965100 2008.03.28 16:05 buy 0.10 usdcad 1.0172 0.0000 1.0210 2008.03.28 18:42 1.0196 0.00 0.00 0.00 23.54
    23966411 2008.03.28 16:20 buy 0.50 eurusd 1.5772 0.0000 1.5830 2008.03.28 16:59 1.5776 0.00 0.00 0.00 20.00
    23971231 2008.03.28 17:07 sell 1.00 usdjpy 99.46 0.00 98.73 2008.03.28 23:41 99.17 0.00 0.00 0.00 292.43
    23971466 2008.03.28 17:10 sell 0.10 eurjpy 156.95 0.00 156.19 2008.03.28 18:44 156.93 0.00 0.00 0.00 2.01
    23979612 2008.03.28 18:46 sell 0.30 usdjpy 99.58 0.00 99.41 2008.03.28 18:52 99.55 0.00 0.00 0.00 9.04
    23980076 2008.03.28 18:52 sell 0.40 usdjpy 99.53 0.00 99.39 2008.03.28 20:41 99.39 0.00 0.00 0.00 56.34
    23995602 2008.03.31 01:46 sell stop 0.40 eurusd 1.5738 0.0000 1.5660 2008.03.31 17:03 1.5844 cancelled
    23995679 2008.03.31 01:48 sell stop 0.40 gbpusd 1.9773 0.0000 1.9749 2008.03.31 09:51 1.9866 cancelled
    23995783 2008.03.31 02:54 buy 0.40 usdjpy 99.28 0.00 99.90 2008.03.31 03:53 99.90 0.00 0.00 0.00 248.23
    23995828 2008.03.31 02:01 buy 1.00 usdchf 0.9958 0.0000 1.0121 2008.03.31 10:16 0.9964 0.00 0.00 0.00 60.22
    24013549 2008.03.31 09:52 sell 1.00 gbpusd 1.9864 0.0000 1.9800 2008.03.31 10:17 1.9862 0.00 0.00 0.00 20.00
    24017298 2008.03.31 10:42 buy 2.00 usdchf 0.9946 0.0000 1.0075 2008.03.31 14:41 0.9949 0.00 0.00 0.00 60.31
    24019274 2008.03.31 11:03 sell 0.50 usdchf 0.9932 0.0000 0.9910 2008.03.31 17:03 0.9917 0.00 0.00 0.00 75.63
    24036136 2008.03.31 14:47 sell 1.00 eurusd 1.5802 0.0000 1.5775 2008.03.31 15:35 1.5808 0.00 0.00 0.00 -60.00
    24038461 2008.03.31 15:16 sell 0.50 usdjpy 99.50 0.00 99.00 2008.03.31 15:35 99.40 0.00 0.00 0.00 50.30
    24040223 2008.03.31 15:36 sell 1.00 usdjpy 99.39 0.00 98.98 2008.03.31 15:40 99.37 0.00 0.00 0.00 20.13
    24040617 2008.03.31 15:40 sell 2.00 usdjpy 99.34 0.00 99.00 2008.03.31 17:03 99.31 0.00 0.00 0.00 60.42
    24048994 2008.03.31 17:09 buy 2.00 eurusd 1.5836 0.0000 1.5880 2008.03.31 17:18 1.5862 0.00 0.00 0.00 520.00
    24090548 2008.04.01 08:22 sell 2.00 eurusd 1.5742 0.0000 1.5600 2008.04.01 08:41 1.5730 0.00 0.00 0.00 240.00
    24091434 2008.04.01 08:35 buy 0.60 usdchf 0.9968 0.0000 1.0121 2008.04.01 08:42 0.9978 0.00 0.00 0.00 60.13
    24092125 2008.04.01 08:42 sell 2.00 eurusd 1.5728 0.0000 1.5600 2008.04.01 09:26 1.5685 0.00 0.00 0.00 860.00
    24092791 2008.04.01 08:54 buy 0.50 usdjpy 99.73 0.00 100.10 2008.04.01 09:26 100.00 0.00 0.00 0.00 135.00
    24097285 2008.04.01 09:38 buy 4.00 usdjpy 99.90 0.00 100.10 2008.04.01 10:28 100.10 0.00 0.00 0.00 799.20
    24099391 2008.04.01 10:02 buy 0.50 gbpchf 1.9803 0.0000 1.9870 2008.04.01 12:36 1.9870 0.00 0.00 0.00 333.14
    24115051 2008.04.01 13:11 sell 3.00 eurusd 1.5628 0.0000 1.5613 2008.04.01 15:56 1.5613 0.00 0.00 0.00 450.00
    24120648 2008.04.01 14:22 sell 0.30 gbpusd 1.9837 0.0000 1.9800 2008.04.01 14:34 1.9832 0.00 0.00 0.00 15.00
    24140382 2008.04.01 17:53 sell 3.00 usdjpy 101.78 0.00 101.00 2008.04.01 18:44 101.75 0.00 0.00 0.00 88.45
    24178764 2008.04.02 11:08 sell 3.00 usdjpy 101.92 0.00 100.93 2008.04.02 12:37 101.88 0.00 0.00 0.00 117.79
    24224623 2008.04.02 22:01 sell 3.00 usdjpy 102.33 0.00 102.05 2008.04.02 22:05 102.30 0.00 0.00 0.00 87.98
    24225807 2008.04.02 22:14 sell 3.00 usdjpy 102.28 0.00 101.60 2008.04.04 00:11 102.29 0.00 0.00 -97.33 -29.33
    24331411 2008.04.04 09:34 buy 3.00 eurusd 1.5669 0.0000 1.5715 2008.04.04 10:44 1.5704 0.00 0.00 0.00 1 050.00
    24349754 2008.04.04 14:54 sell 3.00 usdchf 1.0089 0.0000 1.0039 2008.04.04 15:34 1.0039 0.00 0.00 0.00 1 494.17
    24350251 2008.04.04 15:03 sell 2.00 usdjpy 102.25 0.00 101.90 2008.04.04 15:30 101.90 0.00 0.00 0.00 686.95
    24356959 2008.04.04 15:43 sell 3.00 usdjpy 102.59 0.00 0.00 2008.04.04 15:45 102.36 0.00 0.00 0.00 674.09
    24357405 2008.04.04 15:45 sell 2.00 usdjpy 102.36 0.00 102.00 2008.04.04 16:10 102.23 0.00 0.00 0.00 254.33
    24364754 2008.04.04 16:42 buy 2.00 gbpusd 1.9980 1.9936 2.0024 2008.04.07 00:22 1.9945 0.00 0.00 13.00 -700.00
    24384596 2008.04.04 21:34 buy 2.00 eurusd 1.5727 0.0000 1.5750 2008.04.07 00:17 1.5734 0.00 0.00 4.00 140.00
    24390309 2008.04.07 00:19 buy 0.10 eurusd 1.5737 1.5722 1.5757 2008.04.07 00:19 1.5731 0.00 0.00 0.00 -6.00
    24390336 2008.04.07 00:20 buy 0.10 eurusd 1.5733 1.5718 1.5753 2008.04.07 00:22 1.5725 0.00 0.00 0.00 -8.00
    0.00 0.00 -104.08 9 553.55
    Closed P/L: 9 449.47
    Open Trades:
    Ticket Open Time Type Size Item Price S / L T / P Price Commission Taxes Swap Profit
    24390372 2008.04.07 00:22 buy 0.20 eurusd 1.5731 1.5716 1.5751 1.5725 0.00 0.00 0.00 -12.00
    0.00 0.00 0.00 -12.00
    Floating P/L: -12.00
    Working Orders:
    Ticket Open Time Type Size Item Price S / L T / P Market Price
    No transactions

    Summary:
    Deposit/Withdrawal: 1 000.00 Credit Facility: 0.00
    Closed Trade P/L: 9 449.47 Floating P/L: -12.00 Margin: 314.62
    Balance: 10 449.47 Equity: 10 437.47 Free Margin: 10 122.85

    Details:

    Gross Profit: 10 941.76 Gross Loss: 1 492.29 Total Net Profit: 9 449.47
    Profit Factor: 7.33 Expected Payoff: 124.34
    Absolute Drawdown: 0.00 Maximal Drawdown: 701.00 (6.29%) Relative Drawdown: 9.44% (284.87)

    Total Trades: 76 Short Positions (won %): 48 (83.33%) Long Positions (won %): 28 (89.29%)
    Profit Trades (% of total): 65 (85.53%) Loss trades (% of total): 11 (14.47%)
    Largest profit trade: 1 494.17 loss trade: -687.00
    Average profit trade: 168.33 loss trade: -135.66
    Maximum consecutive wins ($): 16 (3 913.17) consecutive losses ($): 3 (-701.00)
    Maximal consecutive profit (count): 4 303.54 (6) consecutive loss (count): -701.00 (3)
    Average consecutive wins: 7 consecutive losses: 1

    I also provide signal service an average of four pair per day with good money management.For more inquiries call:7027704563

  26. GENIUS PLANET Avatar
    GENIUS PLANET

    The challenge young business minds have is that of focus. As a young entrepreneur, you want to do all the business advertised to you. It’s not like that. Every Nigerians can’t become a forex trader or investor. What will happen to your expansion program? Or you want to forget about the present business for now? That’s too risky and unintelligent. No wonder, the statistics that 90% of small businesses back-out after every 3 to 5yrs.
    Pls, i will advise that Nigerians learn the lesson of persistence or stick-to-it-iveness until they see results. Mind your business. Every other opportunity is a distraction.
    Thank you!

  27. Samuel Adedoyin Avatar

    Free Guide to open a clickbank acct
    Dear Internet Millionaire,
    Today, i bring to you yet another free report that explains in an easy step by step format, how to get a clickbank account. But before i begin, i’m sure you’l be wondering why i’m giving you all this particular information for free; the information i’m about to share with you cost me …

    [Samuel, I deleted the rest of your post as it was just an ad. This platform is meant to share your view and not to post ads. This is a final warning. I will delete ALL your posts and tag you a spammer if this repeats itself. Thanks. – Oluniyi]

  28. Kolly Jay Avatar

    Hello guys,

    U guys re really doing a great work here, I must confess. It’s a year and exactly a month this week that I started forex. To Tell you the truth guys, succedding in trading depends on so many things!

    I have blown up several of my money over and over again, but the joy of some set of profitable trades I made when i started out kept me on then and i continue to research, reading and seriously searching. IN FACT, THAT TIME, GOOGLE MUST KNOW THAT THERE IS A GUY REALLY LOOKING FOR INFO ON FOREX FROM NAIJA! U may not believe this, there re some pple in this our small world that never loose a single trade! if they will have to loose, it will be like lossing a trade or 2 out of about 30-40 trades placed. And i didnt stop until i was able to get one of those guys.

    In forex, if you re the impatient type, u re already a looser, and thatz if you re a swing trader. And if you want to be a scalper and u re slow or sluggish, u re also in trouble as well.

    Whether u will make money in your first set of trades depend majorly on the trainner that trained you.

    Several things will turn you to a success if you want to depend solely on yourself, one of it is reading, you must be able to lay your hands on books wriiten by some of those gurus. I bought several of them, read and read and read, so it helps.

    2. Dont risk more than 3-5% of your account in a single trade! its easier said than done. When i started out, my first life account was just $630 or so, and guess the lot I was using? 1 standard full lot! Mennnn… thatz sucidal, and in the first day, i made 300$ on it, but gess wot, i lost all the account everything withing 3 weeks! thatz it! Money management Makes you U last!

    forex is easy after you have learnt alot of things! I mean it will become an ATM machine stuff, but before you reach that level, u must have burn some good amounts if you re not starting out with a professional.

    right now, guys shld keep there eyes on the oil prices and gold, wherever they go, EURUSD follows,where ever Euro goes, Pounds followe, and wherever this guys goes, USDJPY and USDCHF do complet opposite 90% of the time! thatz one of the secret!. I advise you to get use to GBPUSD, EURUSD, |EURJPY, i love those guys! GBPJPY is a crazy beast, so dont start out with that guy!
    if its ready to give u the money its gonna give it to you big time, and if its gonna mess with you, then u re in trouble if stops is not in nice place!
    I hope this help a bit, and if i have some other time to spare, i shld come back later. but in case u have any questions about this, my email is [email protected]

    Take care guys.

    Kola Jayeoba.

  29. Okoye Chiedozie Avatar
    Okoye Chiedozie

    Please I need to know from you as regards investing in FOREX.
    Thanks

  30. Bunmifx Avatar

    You can login:www.babypip.com,earnforex.com,these are the once i remember now.You can call me for more information:07027704563

  31. Koll Jay Avatar

    Hello,

    Forex, the crazy market where a man is buying while his friend is selling and they both think they re right cos, they got a reason for their actions, but whoever has the strategy IS THE WINNER!

    There is this system I use, a bit expensive, $980, but u don’t loose your money when u use it. U can ask for account history, I ll link u with the Malaysian guy that I bought it from so he will help u as well, i stumble on the guy while searching for forex gurus all over the net and believe me honestly, i thank God. This system makes you loose less than 5 trades out of over over 30 trades, therefore turning u a winner.

    We use the skype to trade together. He will ask your broker, and the account number u want to use it on and send u a license copy. He makes sure u don’t get it copied out. He can also trade your account as well because he has a registered fund managing company and also use the multi platform of mig, but he trades $5k USD minimum, and that’s with http://www.migfx.com. No cheating,as mig will be the one to share your profit @ the end of each month. And I told u, there are months when he makes over 1200pips.

    Take care guys and have a great week.

  32. remi Avatar

    Hello Bunmi,
    I’m really impressed about your bluntness and openness. How many people can do that? Absolutely few! I will like to get to know you better. I’ve some propositions to make to you and will appreciate if you can call me on 08033340182 or mail me on [email protected].

    I will be waiting.

  33. Raymond gates Avatar
    Raymond gates

    The most difficult part in Forex is finding a good, reliable, useful Forex trading software. Can anyone suggest me with a Forex trading platform which is popular and is widely used by Forex traders around the world. So far have looked at FXCM.com,forexfreedownload.com and metatrader.com. I have been using the the demo account with FXCM. Seems pretty good the only bad thing about it is. It always asks you to confirm your order. so you do generally get slip and can loose 1 or 2 pips in the process. which really sucks.

  34. AIQ Avatar

    Well all I have to say to every Naija brother and sister is “Study Study and Study more” There is nothing you cannot achieve if you have full knowledge (Anatomy) of it. Forex is like the human body, It functions as one whole, yet every part works day and night to maintain the balance. Imagine trying hard to predict whether you will be sick on not anytime soon. Thats what speculation in forex is about. When you exercise your body, eat well, keep clean, the probability of you falling sick is low. So in a nutshell, catch the trends, eat the charts, digest the news and economics data and watch your forex health get better. NB It take patience too. say, 8 months to 2 years.

  35. Jessica Avatar

    Thanks, I am a forex trader myself & this info about forex trading is indeed very informative.
    Amazing, how many views this post has had and not many people have said thanks yet, but I guess you are used to that 🙂

    Cheers
    Jessica
    forexfreedownload.com

  36. kena Avatar

    please, i would like some information on which forex trading-techniques softwares or assistants are the most effective i.e, tested and trusted. how effective is the 5emas system or forex assasin? or which is the best?

  37. Kenito Avatar

    Hello,
    People should understand that forex trade is not an event but a process that take sometime to practice,trade and perfected with time.i myself traded forex for a period of 4 years,i have never seen this Get Rich Quick kind in forex as we are seeing today,there is no such thing there.Forex trade can make you rich but not the way some lose heads are making it to sound.There are more to that than what you see or hear from them.
    I would say that forex is a wonderful biz you can do part time or full time but you need to be trained first,then practice it before you embark on the real thing and time.
    Above all you need to know more about, how the world economy works and what makes them react the way they do and also what make them tick and you need to know how financial markets and exchange works around the world.

  38. Ubani Avatar

    I appreciate what everyone is saying here. The contribution so far has been gr8. Thanks to all that have been contributing here. Bunmifx, we are already together, expecting more in the future.

    We must all succeed.

  39. tosin Avatar

    hi grace please is there anyway i can get the forexkiller from you? you can reply to [email protected]…thank you

  40. kena Avatar

    can somebody please predict the movement of the dollar if US Congress approves Henry Paulson’s $700bn bailout plan to deal with the US economic crisis

  41. Bunmifx Avatar

    The forex market had been very challenging for the pass two weeks as a result of uncertainty in the financial sector couple with these bailout plan.I guess the it will be better to take a break still when the U S government clear the issue on the bailout plan.

  42. titus Avatar

    Grace, Please can you help me with the forex killer as promised, Thanks. my mail is [email protected]

  43. Kenito Avatar

    Hello.
    Kena,there would be no movement that would result in profit after the approval of the $700 billion bailout.I can see tighter policy on financial market activities.Market would react but not immediately,even though we are coming to the end of the month,when financial companies/bank moves in and out of financial market with huge amount,which create opportunities in profit,this time it is not going to be so,especially this month and next coming one.We have not seen the details of the bailout and its conditions.As at this moment,Fed were urgently making sure that they wrap up the deal before the end of the month to avoid total failure in financial market,as they are aware of time and consequence.There are a lot of technicality involved here.Just keep cool and see what the conditions of the bailout were before you rush in.

  44. Samuel Adedoyin Avatar
    Samuel Adedoyin

    Quick information about the situation of things on Forex biz.
    To all forex traders, if you have not made money before in forex, now is your time, because the $700bn bailout concensus in the economy of the u.s,
    Last week, friday, I sat with my t.v set watching cnn, and I watched keenly about the drama in the house of us economy, after resolving with the crises i logged on to my computer and guessed what i did, i gapped trade the fx market.
    Gap trading means taking a bold step to trade between the close of friday nite and the opening of sunday nite.
    Since I knew the economy of the us is crashing and the us govt is not folding hands, they are trying to revive it but before they revive it i need to make from the down side of the economy, in other to make money from the down side of the economy, i must follow the bearish trend.
    from now till when the bailout will be implemented, the bearish will be in control in this currency pair.(eur/usd, gbp/usd)
    Bewteen 12a.m till 5a.m everyday just follow the bearish direction. And I know you will make all the money ever lost in your forex a/c.
    This is an oppurtunity, you must not miss out.
    But always make sure you use stop loss of 45 – 50 pips and takeprofit of 30pips.
    Dont be greed, 30pips is okay for each day, but the gap trade i made between friday and sunday thru monday morning made over 200pips. Reap just 30pips and be satisfied.
    The Bible says godliness with contentment is a great gain.
    Don’t be scared about the $700bn bailout plan rather see it as an oppurtinuty to make money in forex.
    Thanks and God bless everyone
    Samuel-08032470050

  45. kena Avatar

    kenito, u sound like a very smart sort. i wish i had seen your post and taken your advice before i traded this week. i was lucky or shuld i say, quick enuff to have gained from the market volatility this week, and i mean a lot. but unfortunately, i happened to have lost a great deal by monday because of my brokers inability to accept my close order and fill me in on time. it was a painfull loss, but i was trained to accept losses. but listening to your advice, it would have been smart not to have even done anything at all. thank you for the advice. if you may, i would love to get your contact details so we can talk and exchange trading ideas. it may just be worth it, who knows! thank you.
    kena

  46. Kenito Avatar

    Kena,thanks for your comment.it is very painful to lose huge amount in day trade,but a good trader were also trained to absorb losses without tears and fear.Cool down,you would rebound back soon.For now allow them to finish their concert, then we shall know where the profits and loss stands.you can catch me up this address [email protected]

  47. tayo Avatar

    Does anyone know about GFT Forex DealBook platform.Just registered with them for a live account.

  48. Anthony Anene Avatar
    Anthony Anene

    Knights Capital Market(KCM) is an arm of Knights Capital LLC specialising in trading global derivatives. KCM has offices in London, UK and Lagos, Nigeria.

    In trading financial derivatives, KCM provides effective and efficient discretionary and non-discretionary services for clients looking to trade global equities, Indices, commodities and currencies.

    Avoid dealing with unprofessional traders with little or no experience.

    Our analyst and traders have vast knowledge and experience in financial markets trading having traded for major UK and US financial institutions and high net worth clients. We also provide our self-directed clients effective training to enable profitable markets trading.

  49. Anthony Anene Avatar
    Anthony Anene

    From my trading experience in the UK, myslef and fellow traders traded on behalf of high networth institutions and clients. Risk management was the ultimate determinant of our trading decisions regardless of the strategy. If you dont look out for risk, it will look out for you and will eat you raw. So when you have this so called trainers in Nigeria telling there trainees to use over 50% of their equity on one trade, that’s a clear sign for you to run. On average, clients should only risk 1% of their total equity in a trade with a risk:reward ratio of 1%:3%. Also a trader needs to be aware of the diverse trading psychologies. Knights Capital provides all these. Contact me at [email protected].

  50. Amina Avatar

    Nigerians!! still as greedy as ever. There is absolutely no doubt that the fx market can in the LONG RUN make you rich through the power of compounding if you reall really know what you are getting into (which takes months or years of studying and demo trading your strategy before trading a live account).

    The problem is that the average nigerian is too greedy, and greed beclouds their judgement. Sorry sisters and brothers, but in FX trading someone who is greedy and cant control his/her emotion will simply keep blowing his / her account.

    If you really want to trade fx, there’s no need to register in unnecessary expensive training, or looking for some holy grail system or strategy, all the information you need is on the net. Study, study study, demo trade, demo trade, demo trade for at least 6 months, Iyear is a good enough time to practice. Take it as a new career. If you are going into a totally new career, you might need to go to school or study for professional exams which could take 1-3 years, why would any smart person think he can build knowledge of fx in such a short time. Dont you know that banks employ full time traders, they just dont take any one from the street, they take professionals or put rookies into rigourous training to become professionals. Be wise, dont let greed becloud your judgement, if you are not willing to study and practice, and manage your emotions, then FX is not for you. I am sorry to dampen your morale, but I want you to make and not be scammed or cheated, and that is why I am telling you the truth. It is possible to make it in FX, but it take a lot of harwork, rome was not built in a day, a word is enough for the wise

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