Finance-Forex & Trading20 Comments

Forex trading used to be the exclusive business of the banks where the banks make millions of dollars by just exchanging the currencies of different countries. But the internet has changed all that and now you can trade Forex even in your own bedroom with as little as $100 start up capital. While it is possible to start Forex trading with $100, it is however not advisable for profit sake. In this article, I will be endeavor to address some of the mysteries about Forex trading for beginners.

Is Forex trading still profitable for ordinary individual? How much can you possibly earn trading Forex on part time or as full time trader? What are the risks involved in Forex trading that you need to be aware of. Can average person start a Forex trading business with basic knowledge about money market and financial management? All these and more will be answered in no particular order in this article. So, follow through to the end and don’t forget to drop a comment.

What Exactly Is Forex Trading?

Forex trading can be defined as the online/internet currency exchange trade or act of simultaneously buying and selling currencies of different countries online using internet trading platforms. Forex stands for Foreign Exchange so, Forex Trading simply means Foreign exchange trading or trading on foreign currency by its exchange rate. Since Forex trading involves the disparities in foreign exchange rates, making profit or loss in Forex trade is usually determined by the economic state of different countries at a time.

SEE ALSO: A Simple Way To avoid Losses In Your Forex Trade

Since the economy of different countries is not static in relation to one another at any point in time, the Forex market is never fixed or stagnant at any point in time as well. It is a volatile market that is constantly changing and are never accurately predicted. This is where the profit or loss is made. If the currency goes up in your favor, you make profit, it it goes down against you, you make loss.

Understanding the Forex Market

To understand the Forex market and be good at it, you have to avail yourself to serious training in Forex trading! You must acquire the technical knowledge required in Forex trading. You must have enough time and willingness to study this ever changing price market over a period of time and be up to date with the local and foreign news as global trends have a tendency to determine the direction the prices of the currency goes, either up or down.

To assist you in the learning process, it is important to use a demo account for practice. Almost all the Forex trading platforms have demo accounts were you can practice Forex trading in what looks like real time trading. The demo accounts are loaded with virtual money and in real time mode. The only difference is that you neither make profit nor loss in demo trading.

You need to continue to practice with the Forex demo account until you become very proficient. You must be good with the virtual trade before you ever attempt with real money because once you are up with the real money, there is no going back, its either profit or loss. From then, it becomes investment that must be handled very seriously. Your investment in Forex trading is not something you joke with, you need to be up to date with knowledge and information. You must be into it and do research regularly.

How To Get Started With Your Forex Trade

Before you proceed to open an account with any Forex Broker, you must understand that not all Forex Brokers are genuine. Make a thorough research before settling with any trading platform with real time investment. I will advice you use the big and established Forex trading platforms only.

Open Account With Forex Brokers

Go to the website of your desired Forex Brokers and open account. Forex Broker or the Forex trading platforms is the medium through which currency is traded online.

Fund Your Forex Account

Before you start live Forex trade, you must fund your account. Funding can be done through direct deposit or by using your credit/debit cards.

Have A Domiciliary Account

This is very important for effective transaction and to enable you make a withdrawal of your profit when there is any. Some use other currency medium like the eCurrencies but at the end, it will still get to Domiciliary accounts. The Dom account is used for cashing or depositing funds into your Forex trading account.

Fast Internet Connection

You need a very fast and reliable internet connection to be able to trade Forex in Nigeria or elsewhere. Without this, it will be difficult for you to make profit because your internet has to be fast and reliable to enable you take quick actions.

High Performing Laptop

This is  very necessary for efficiency and accurate performance in live market. Do not make the mistake of using a wacky laptop for Forex trading. Most times, the losses people make is as a result of inefficient trading devices.

The profit you make depends on your trading skills. Yes, people are still making profit in Forex trading in Nigeria and will continue to make profit as long as currency remain in use. In fact, nothing has changed and will probably change forever.

Start a Forex Trade with little capital is never a good idea. You need to invest something substantial to make reasonable profit. A serious trader trades with thousands of dollars. I have seen people make hundreds of thousands of dollars with Forex trade and you too can.

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  • frank August 23, 2016

    thank you sir for this info on Forex trading. The visual money you talk about is it an app or a cd-like software which I can buy?


  • israeldags September 28, 2016

    I am a professional forex trader with eight years experience. I have worked with many trading firms in Nigeria before relocating to UK last year while i became my own boss making money in my house. You can check me on Linkedin and contact me on Skype with the same ID. I can trade your money if you don’t mind or also train you for free. Just get in torch with me and let me be of help to you as well.

    Israel A. Dagunduro
    (Linkedin & Skype ID)


    • Nwankpu Ugochukwu November 14, 2017

      I would love to learn sir… I’ve done many researches about forex and even played many forex games to foster learning,it helped tho… I have created account with almost 4 brokers but I still haven’t used my real money yet because I’m not all that good… Been learning for the past 3months now and it’s still hard to decipher .. Would be glad if you would be off assistance..thanks


    • ANTHONY OLOWOJOBA December 7, 2017

      Hiya Israel,
      Nice post you have here. I am interested in going into forex trading and i will need your coaching pls.
      I had gone to view some of your posts on facebook and they were so powerful. I had equally sent a friend request too on facebook.
      please kindly accept me.
      I have been in Uk sometimes in 2011 and i am now back in Nigeria.



    • David January 16, 2018

      please am interested to learn forex trading….. Thank u very much sir in favourable anticipations…… David


    • ESTHER January 24, 2018

      Good day sir, please I want to learn forex trading. Thank you very much sir.


  • gudtalent chrisent September 23, 2017

    Wow, This guide is the best!
    Thanks Darlington for sharing, it really helped me alot here.


  • Bobby October 21, 2017

    I’m a Forex and Binary Option Trader, a Data Scientist, an Online Coach. Those are my main occupations. I’ve been into Forex Trading since 2007 and, as they say, I’ve seen the good, the bad, and the ugly. I’ve survived the GFC and learned a lot along the way. If you’re reading this, I want to share all my knowledge and insights with you as I have families who resigned from their jobs and earn a lot today. Feel free to mail me via for trading guidelines.


    • Nwankpu Ugochukwu November 14, 2017

      I would love to learn sir.. Been on this for 3months and I’m still finding it hard to understand.. Thanks


    • ANTHONY OLOWOJOBA December 7, 2017

      Dear Bobby,

      I read about you on the internet wherein you offered to coach people on forex trading.
      Pls am interested.




    • OVIE PETER February 13, 2018

      I am a Nigeria, I want to learn forex trading.


  • Gabriel Opeyemi October 23, 2017

    Make 100 pip to 150pip weekly with Top signal services


  • Biodun November 23, 2017

    Although I have heard so much about Forex, just reading about it for the first time. Thank so much for this introductory insight, would like to know more about it.


  • Ryan Ruwaldo January 10, 2018

    Everyone loves to earn some extra money and if it is coming through an easy way, then why not? Binary options trading has been influencing millions of people worldwide because of its amazing ability to let you earn big investment with a minimum of $300 and make good profit of $1,200 in a week & $500, will get you $2000. it’s very easy when you have the right manager to manager your account


  • clinton January 19, 2018

    please i will love to learn how to trade forex


  • Emenike Emmanuel January 22, 2018

    Hello Darlington,

    You’ve got an amazing perspective to it. Thanks for taking time to explain the fundamental requirements for Forex trading.




  • Sunday Margaret January 29, 2018

    I’m interested in learning foreign trade sir, pls help!


  • Ray Moore January 30, 2018


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  • Gbrika George February 22, 2018

    Blunt piece indeed. You mention plenty of time along strong desire to learn. What risk is there combining FOREX with a high time consuming paid job. I want to learn more.


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