The secrets of a successful forex trading in Nigeria in particular, and the world at large, lies on two basic factors; you forex trading skills and the ability to keep to your trading rules in the forex market.it may surprise you to know that forex trading carries little or no risk.however,it is said that trading the foreign exchange market {forex} carries a high substantial risk, and may not be suitable for all investors.The reason why trading the forex market can be regarded as any other business ventures, is that you determine the risk you can take. Listed below are some of the top secrets of a successful forex traders in Nigeria
Develop a forex trading idea or techniques.
The importance of developing a forex trading plan can never be underestimated. Just like a every other business ventures need a well written trading strategy, so is forex trading. Like as the saying goes ; when you fail to plan you plan to fail. Even with the best forex trading system or software in Nigeria you are likely to loss you money without a trading plan. Determine if you want to be a day trader or a swing trader , ask yourself how many times you intend to trade a day. In the same vein, if you want to be trading once or twice a day, just try to keep this rule. It is not advisable to trade every currency pair, you should have a specific forex currency pair you intend to trade on, and stick to it. Determining you stop loss and take profit on each trade is another factor you need to consider. After determining your forex trading techniques or plans, don’t just carry it out on your forex live account.try out these plans on a demo for at least one month before implementing these rules on your live trading.
Avoid trading emotions
This is one of the most difficult factors new forex traders cannot avoid. Don’t be shock that some professional or skilled forex traders still make this mistake in trading. Avoiding emotions in forex trading is not easy, but it’s not impossible. Emotional traders are the ones who consistently go against their trading rules, resulting in them losing their trading money. This is how you can stop you emotions into coming to play in your forex trading. As a forex trader in Nigeria, after analyzing and forecasting the forex market,enter your trade with your target take profit and stop loss, then close your system and wake away until a specific time developed by you in your trading plan. This way,your emotions will have nothing or little effects on your trade.
Do not over leverage you account
Don’t be carried away with forex brokers promising you high leverage on your account.Most forex brokers in Nigeria promise up to 1:500 leverage. A good forex investor will not use more than 1:20 leverage. Over leveraging your account could be devastating to your money. Determine your risk ratio on each trade you want to take. Putting more than 5% of your money at risk on each open position is against good money or risk management. You should note that forex trading in Nigeria is not a get rich scheme. Don’t think of the profit you will make from each trade alone, but also think about the loss you will make should the market go against you before taking your volume or lots on a trade.
Keep your forex trading rules
Endeavour to keep your trading rules. You are worse than a coward if you make rules you cannot keep. Keeping your trading rules is a trend to a successful forex trading. Pls don’t trade the forex market if you cannot keep your rules.