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.
Regulation plays an important role in the forex industry, as it keeps traders informed of market risks and helps protects them against bogus forex brokers. In fact, forex regulation in its simplest form is a system of checks that were put in place to ensure that the forex marketplace is safe to be in. Such checks include the setting up of legal and financial standards in order to be compliant…
In case you didn’t know, forex is the most traded product in online trading today. In this article we are going to briefly discuss the main forex pair categories. We are going to help you learn about major, minor, crosses and exotic currency pairs. We are also going to help you understand the difference between the different forex pair categories and how to approach them when an opportunity arises. Forex…
There are different ways to analyse price movement in the Forex market. Technical analysis is one way to do it. It involves studying the historical price movement to determine the probable future price movement.Line charts, bar charts, and candlestick charts are applied in technical analysis. They help in showing price fluctuations across different time frames. One very popular chart is the candlestick chart. What is a Japanese Candlestick Chart? Japanese…
Risk management is one of the most discussed topics in financial trading. Most traders end up with an unsuccessful trading journey because they have never studied what risk management is and how to implement it in their trading plan. Today we’ll cover some basic risk management techniques. How Much Should You Risk? In simple terms, you should not risk more than 1% of your balance on a single trade, and…
Access to the forex market is important to forex traders. With billions of transactions done daily in the market, opportunities to make profits are immense. This is where trading platforms come in. Trading platforms are what gives traders access to the forex market. They are where you do your research, plan your trades, and execute your trading strategy. The most commonly used trading platforms are Metatrader 4 (MT4) and Metatrader…
There’s a lot to learn when it comes to trading, and all the complicated terminology certainly doesn’t help.Here are a few essentials to help you get started. Pips You might have noticed that currency pairs are usually shown to four decimal places. The pip is the 4th digitshown. So, if the price goes up by 0.0001 then the price has gone up 1 pip. The only time this doesn’t applyis…
There are many strategies you can use to trade the Forex market. One strategy is to use Forex chart patterns that regularly occur in the market. These patterns show can you which direction the price may be going in. Some of these Forex patterns are: Double Top This is a pattern that forms after an uptrend. The tops are formed when the price reaches a certain level and can’t rise…
Forex charts are used to study price changes during a chosen time period. For example, forex charts show minute, hourly, daily, weekly and monthly price movements. This helps traders predict future short term and long term price movements. The most common forex chart types are the line, bar, and candlestick charts. About Forex Charts Line Charts The most basic type of forex chart is the line chart. Line Charts show…
Forex trading involves buying and selling currencies, with the expectation that you will make a profit from the changes in value of these currencies. The forex market is the largest financial market in the world. It provides many opportunities for many people, including retail traders like you, to make a profit. The best part? You don’t need a lot of money to start trading. In this article, we’ll look at…
A trading plan is a set of rules and guidelines that shape and define your trading decisions & behavior, including but not limited to: financial goals, money management rules, risk management techniques and criteria for opening and closing positions. Due to lack of education a large number of traders have never used a trading plan and that’s one of the reasons that many of them end up in a loss….