trading forex in nigeria how can slum
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Trading forex in nigeria how can slum cara membuat robot ea forex

Trading forex in nigeria how can slum

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In this day and age, national sovereignty is all the rage and seems to trump cross-border collaboration. Certainly, flaws of an integrating world are evident but so are those of their populist detractors. The authors further point out that strengthening domestic macroeconomic frameworks would yield similar improvements as monetary integration. This outcome reduces the relative attractiveness of the proposed Eco initiative. Eurozone lessons.

In EuroTragedy: a drama in nine acts , Ashoka Mody provides sweeping historical context to the unfolding eurozone crisis. First, leaders must be absolutely clear about the expected benefits of the single currency. Second, a fiscal pool is important for crises response and for an effective monetary union.

Third, public opinion matters. The decisions by the Danes, Swedes, and Brits to retain their national currencies came largely under public pressure opposed to the euro. Even today, the U. The bottom line here is that even with strong institutions of governance, the euro experiment continues to face serious challenges—both economic and political.

At the outset, the deutsche mark was seen as a success of hard money orthodoxy—a stable currency regime protected from manipulation for political ends. Embedded in the postwar industrial success of the then-West Germany, it won praise from capitals around Europe.

The idea to export the trust that the Bundesbank had earned across Europe, to facilitate integration and also promote hard money discipline in the south, seemed to combine conservative monetarism with the progressive idea of bringing Europe together. In hindsight, it is easy to see the appeal. The illusion was that hard money and industrious economic development would go hand-in-hand right from the start. The Greek debt crisis served as a brutal warning that a currency union was no deterrent, though.

It may be tempting to conclude the opposite, but then identifying the currency union as the major culprit is challenging too. The unsustainable build-up of debt at the heart of the crisis mirrored the dynamics experienced under floating currency regimes. What was certainly different was the reaction to the ensuing crisis. All we have seen is a muddle across the eurozone but the same applies to their free-floating neighbors.

The ECB certainly was not as accommodating to stability at all costs but eventually gave in. What seems apparent though is that the benefits of trust, just like the corrosive effects of manipulation in currency arrangements, do only accrue over long periods of time. As Keynes famously noted, in the long run we are all dead. There is no instant gratification. Proceed with caution is all we can say. Nigeria and the Eco. This role would be akin to the one played by the German deutsche mark in the period leading to the introduction of the euro.

However, for the naira to serve as an anchor currency means that the Central Bank of Nigeria CBN will have to give up its control of the naira to a supranational West African monetary authority. This is like asking the Brits, the Danes, and the Swedes—to finally give up their national currencies and adopt the euro. We now know the answer to that.

The response of Nigerians to give up the naira will most certainly be negative. In any case, the true value of the naira remains unknown as the CBN currently uses hard-earned foreign reserves to mechanically manipulate the exchange rates.

As a consequence, Nigeria now has a multiplicity of exchange rate windows. Expenditure on lesser prioritised projects takes precedence. They accelerate existing projects accompanied by lavish expenditure. Then, faced with rising inflation as a result of unmatched productivity, they race to absorb the liquidity and therefore relax financial discipline and propriety. The combined effect of these factors leads to the appreciation of the currency, which hastens the worsening performance of the economy and renders the non-oil sectors uncompetitive as exchange rates soar.

Studies have shown that following an oil boom, an imbalance results as the non-oil sectors are left underdeveloped. As demand rises for capital and labour, the booming oil sector draws away those same factors from essential but less-lucrative sectors, such as agriculture, leaving them enfeebled.

The windfall, having created a concomitant abundance and ensuing vast revenues, higher wages, and better returns on investments, leads to administrations finding themselves in new territory. Incompetence and inexperience in managing state finances creates higher incentives to attract corruption.

Newfound wealth creates expectations by citizens and demands for resources increase, not just from state bodies but also from civil society. The middle class demands more social spending, unions demand higher wages for the same jobs, and the unemployed demand the creation of jobs. Bureaucracies are formed and quickly become ineffective or incompetent, contributing to accumulating foreign debt and operating at trade deficits.

The state earns most or all its total revenue from the rents paid by foreign individuals, companies or governments. This leads to non-oil sectors shrinking, inflation spiralling, imports increasing in quantity and costs, more expenditure on political vanity projects, subsidies and welfare programmes to counter increased cost of living and the depletion of foreign exchange. With astute management and determination other countries have beaten the resource curse and steered their economies to success.

Whether it is fated to become a failed state, only time will tell. Nigeria has failed to realise the economic potential of its oil resources. Reuse this content.

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Moreover, the absence of a solid trading strategy makes Forex trading look more like gambling when you start "guessing," not trading and making strategic decisions. As a result, you risk wiping out your entire account.

The most effective trading strategy which has proven itself over the years is trading with the trend or trend trading. It means that you enter the market only when there's a strong and clear trend. Another rule of thumb is cutting the losing trades short and letting your profitable trades run.

However, even if you have a working trading strategy, you should be ready to fail as well. Unsuccessful trades are inevitable. It's part of the process. By keeping risk levels at bay and sticking to money management rules, a smart Forex trader can ensure his "survival" during the periods of drawdowns and win back his losses when the market turns profitable again. It is important to understand that Forex trading isn't a quick and easy money source.

It requires special knowledge, self-discipline, patience and dedication. But that's in theory. Besides, most Forex brokers don't accept deposits directly in Nigerian Naira, so be ready to lose some money on currency conversion as well. One advantage of Forex trading that can be enjoyed by everyone living in Nigeria is the time zone.

Nigeria is one hour ahead of London, the global hub for currency trading. The best time to trade Forex is when the market is the most active, i. Research shows that the greatest liquidity in the Forex market occurs at the intersection of the London and New York trading sessions. Trading remains relatively active until the New York session closes. Luckily, this means that the best time to trade Forex is between 2 pm and 10 pm Nigerian time. These are rather convenient hours for most Nigerian traders.

You can easily stay awake during this period. You don't have to sit through night trading. Most of this time falls after regular business hours, meaning that Nigerians don't need to sacrifice their normal jobs to day trade Forex successfully. They can easily catch peak market hours and make a good profit. If you want to make money trading Forex, you will need the services of a broker.

AMarkets offers a wide range of trading assets to invest in: Forex, stocks, cryptocurrencies and commodities. Affiliate Material. Every day we publish the best materials for everyone interested in economy. Did you spot a mistake? Content rights belong to their respective owners. This site may display materials that are under copyright of Reuters.

All rights reserved. No Yes. PRO Login. Specialised Forex trading platforms display currency pairs as a financial instrument. The user "buys" a certain number of what's called "lots", which are units of the base currency, and a sell of the equivalent value of the quoted currency occurs.

A key aspect to keep in mind is that despite talking about buying and selling currencies, you do not acquire the value of the quoted currency. What happens effectively is a transaction on that the exchange rate, no user obtains the amount of Dollars, Euros, Pounds, or Yens. Therefore, FX trading focuses mainly on transacting pairs in a relatively short term to try to forecast the price movement and make a profit with the accurate ones.

All trades are executed electronically through broker's apps that offer Forex trading, although other alternatives such as banks or exchange houses act as intermediaries. This one is a much more expensive option, though. Suppose that you are interested in becoming a Forex trader, then the question would be: how would you carry out Forex transactions in the real world?

You would have to go to a bank or a foreign exchange shop, with a briefcase full of cash nominated in different currencies, Euros, Dollars, Pounds, Swiss Francs, Yens. Whenever you see that the price of one of the exchange rates is low at the moment, and you forecast that there will be a short term move on the exchange rate, you would buy the currency with another currency you hold in your briefcase.

Suppose you intend to acquire Pounds with Yens. Do you have an idea of how complicated and expensive this transaction could be? There has to be an easier option to fulfil this transaction, and the answer is through CFDs. CFDs are financial derivatives assets that replicate the price of the underlying financial instrument.

Traders use CFDs as the representation of a particular currency pair of the exchange rate. So, CFDs allow them to speculate over the short term price changes of the underlying asset the one the CFD tries to replicate without actually having to buy the underlying asset.

Forex Trading platforms have excellent graphic interfaces, where it is not required to transact with a briefcase full of money. Clients can trade anywhere, through their phones. To buy a CFD, you have to search for it at the brokers' app and press Buy. To find out whether to buy or sell, he performed a technical and fundamental analysis on the potential price variation of the pair, which allows him to predict the decline of the US Dollar price against the Euro.

At the time of opening the order, the exchange rate is 1. He monitors his trade, time passes, the price of the US Dollar falls, and on the other hand, the Euro price roses, reaching the exchange rate of one USD equivalent to 1. So, the trader would have generated 2 pips in favour of the executed order:.

And how much profit does this difference of 2 pips represent in real money? To calculate the equivalent of pips in cash, you must calculate the CFD contract size combined with its leverage. It is a "loan" that allows you to multiply the initially invested capital to have extra firepower available in the account.

It is a loan provided to you by the Broker. If the leverage level is , it means that for every dollar or Euro you deposited, you will have available for trading. Sounds good, right? You might think: I invest 1, and I get the profit multiplied by The downside is that leveraged trading also bears multiplied losses, leading to the total loss of the amount invested. Yes, all of it. A Forex trade stays open until the reversal transaction is completed if your order was a Buy, then a Sell order should come after , and the profit or loss gets calculated.

Completing a transaction could take you from a few seconds buying a CFD and then closing it to hours. The duration of a trade will depend on each trader's objective, strategy and trading plan, and available capital.

Scalpers: Those who keep orders open for minimal periods. The opened trades are maintained for 15 minutes or less before the position is closed. That is, after a minimum movement in the price, the scalper closes the trade. Day traders: They tend to liquidate all their trades before the trading hours end. It does not imply that the day trader leaves their transactions open until the end of the day.

It means that yes or yes, he goes to sleep without having an open position at the end of the day. Swing traders: They operate according to the medium-term trend, for example. They can maintain the same trade for periods ranging from a week to a month. To calculate the cost of each trade, we again use the lot size. A lot represents , units of the base currency. So, the size of the lot has to be multiplied by the price of the acquired contract. As we mentioned before, through leverage, you do not need to deposit at an exchange rate of 1.

The Forex market operates all day long, all year round, since there is always someone trading anywhere in the world at any time, although it closes on weekends. To understand better how Forex works, trading hours are one of the most important aspects to consider since they are affected by the opening and closing of the most important financial centres in the world. They, in turn, have different time zones, which allows transacting Forex 24 hours a day.

Following are the opening and closing hours of each financial centre, described in GMT:. During the day, the trading time of one major financial centre intersects with those of another territory, such as Tokyo and London and London and New York, for example. During these hours, the tradeable liquidity the amount and volume of operations is much higher.

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17 years old Trader from Nigeria flipped $500 into $4973.08 in less than 2 weeks - Genius Trading

Unique forex traders our years of operating as the foremost forex education provider in nigeria, forex seminar in abuja. Will Nigeria ever give up its national currency, the naira? These are fundamental questions. There are also lessons to be learned. Global forex broker OctaFX has partnered with Chess in Slums in Africa to celebrate the Children's Day in Nigeria.