In the time when more and more people become disappointed in regular office jobs, thousands of Nigerians are looking for ways to work from home. Trading currencies with Forex has become one of the most popular business opportunities in the past few years, and here is how to start your own currency trading business.
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1. Research, research, and more research
Currency trading is not a business that you can start overnight and instantly get a profit. Before you can reach any success, you need to know currency trading from A to Z. Luckily, there is no shortage of credible resources where you, as a beginner, can get reliable information on trading.
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The first thing you need to do is learn what Forex actually is and what are the key terms associated with the industry. The currency market is never stagnant and changes every minute, which is why it’s essential to have plenty of knowledge to always predict its next move correctly.
2. Find your Forex broker
Even though most currency traders in the world operate their businesses through Forex, there are numerous Forex brokers, and not all of them may be good for your enterprise. The first thing to look for here is the experience – your Forex broker of choice needs to have no less than 5 years of experience in trading currency.
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The second step to choosing the best broker for your needs is to check the reviews online, looking specifically for the reviews from Nigerian currency traders. That way, you will instantly know if the broker is trustworthy, good for beginners, and generally has a good reputation.
3. Create a demo account
Nearly every currency broker these days offers beginners a chance to create a demo account, and this is an offer you should definitely take. A virtual account will help you learn the specifics of currency trading without spending a single naira of your own.
Trading with virtual currency takes place simultaneously with real money trading and allows you to estimate what your losses or profits would be in every situation. You can spend as much time trading virtual money without any pressure of losing your hard-earned cash.
4. Analyze currency trends
Even though it may often seem that way, nothing about currency trading is random. The trends and movements of the currency market can be studied using two analysis methods, technical and fundamental.
Fundamental currency analysis allows you to study major events that have an influence on the exchange rate of any currency pair. Technical analysis gives you an insight into the price action, which includes such aspect as trends, momentum, and reversal patterns.
5. Trade with real money
Once you have completed the previous four steps and feel confident enough to start trading for real, you can create a live account and put the first sum of money into your trading account. You may have heard the basic principle of trading: “Buy low, sell high”, but successful trading is more complex than that.
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Even after you begin trading with real money, you still need to learn every day. Trends in currency trading change regularly, and only traders who stay up-to-date can expect long-term success in their enterprise.
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