We’ve created these posts with Forex beginners in mind, to better help out your start in trading Forex in Nigeria.
A good place to start would be with our What is Forex guide to better understand the basics, and then perhaps move on to an introduction of how to use MetaTrader 4.
Also good to know is the difference between lot, margin and leverage to really understand how trades are done and how profits are generated in Forex.
Did you know for instance that most brokers provide Demo accounts to help you practice before taking on the real market?
Do you need tips for what to think about before selecting a Forex broker to trade with?
For profitability, we have a great post about famous traders that could be inspiring to read as well.
A pip is a unit of measurement that indicates the smallest change in value between two currencies. The term “pip” stands for Price Interest Point or Percentage in Point. Pips are quoted to either four or two decimal places. Most currency pairs pip movement are in the fourth decimal place with an exception to currency pairs that include the Japanese Yen (JPY) that move in the second decimal place. For…
The Forex market provides a lucrative opportunity for traders to earn profits. Studying and understanding how the Forex market works add to the chance of being successful. Some traders have given up already, others are thinking about it, and there are people interested in Forex trading but are yet to take the plunge. This article will explain to you some of the reasons that discourage Forex traders from participating in…
Are you ready to trade live? A Demo account offers a safe place for traders to hone their skills without the fear of losing money. But what is next after trading a Demo account? What factors will you consider before moving from a Demo account to a Live account? This article will help guide you. Here is what to consider as you advance into Live Trading. Consistent Profits As you…
The Forex market can be lucrative for different people. But the number of successful traders is few as compared to losing traders. As a new trader, it is important for traders to get useful advice before participating in the Forex market. Before investing your money in the market, ensure you understand the following; Invest in Education Education cannot be ignored in Forex trading. Just like any other field, new traders…
Tired of trading on your own?Trust other people more than yourself? Then it’s time to try the copytrading over at HotForex, as it’s one of the best platforms out there! Copytrading is a great way of simply following a profitable trader and get the profits and benefits without spending time on trading and analyzing charts on your own. HotForex has been at the forefront in regards to copytrading systems for…
There are many strategies used by Forex traders to trade the Forex market. One strategy is through using Forex chart patterns that regularly occur in the market. These patterns show traders where price may be likely heading to. Some of these Forex patterns are and not limited to: Double Top This is a pattern that is formed after an uptrend. The tops are formed when the price reaches a certain…
Forex charts are tools used to study price changes during a chosen time period. For example, charts show minute, hourly, daily, weekly and monthly price movements. This helps traders predict the future short and long term price movements. The most common chart types are the line, bar, and candlestick charts. They are discussed below: Line Chart In this chart, the price movement is shown by lines connecting from one closing…
The Forex market presents a great investment opportunity for traders to profit. A $5 trillion daily worth of transactions shows what a profitable venture it is. Understanding the market and having an effective trading plan is essential for success in the market. However, there are risks involved in Forex trading that you should know about. They are as follows: Liquidity Risk Liquidity risk is the risk that arises when there…
All human beings are different, and so are Forex traders. A look through the MetaTrader 4 platform will show you different time frames used by traders. These are the 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, daily, weekly, and monthly time frames. Different traders use the various time frames listed above according to their preferences and as a result these influence their trading styles. In…
The Forex market has a daily transaction of $5 trillion. Trading currencies, CFDs, indices, commodities, and metals among others present a lucrative opportunity to make profits. However, that doesn’t guarantee success trading the market. According to research, a huge percentage of traders lose money. Only a small percentage makes profits consistently. Below are our 6 awesome tips for success in forex trading. These can help you be successful in your…