This can be processed at the foreign exchange market. For instance, if you live in Nigeria and want to purchase wine in Italy, you need to pay the winery in Euro. To do this, you need to exchange the equivalent value of Nigerian Naira for Euros on a special foreign exchange point. If you are a private person and buy several bottles, you can exchange currency in a local bank. If you run a company and want to buy thousands of bottles, you or your bank go to the Forex market for Euros.

Forex trading can be risky and complex. Forex instruments are not standardized. In some countries and regions, Forex trading isn't regulated at all. The interbank market consists of banks, financial organizations, and funds trading with each other worldwide.

There are the most beneficial periods for trading in every market. The Forex market is no exception. It's the best time to trade when the level of volume and liquidity increases. The most effective time to trade in this region is between 2 pm and 10 pm. At this time, more traders are awake, and the activity level is the highest. If you are a Nigerian, you just end your working day at this time and trade after a hard-working day.

Read more: The Best Time to Trade Stocks in South Africa and a Glimpse into the World of Global Stock Exchanges. One of the main benefits of trading in Nigeria is that the Forex market isn't regulated in Nigeria although the current market is one the most active across the region.

If you are a Forex trader, you are not charged any commission. Any regulators don't control this market. Therefore, the supply and demand of currency traders affect the current price. One of the main reasons to start Forex trading in Nigeria is low transaction costs.

In the Forex market, currencies are traded directly by market participants, including banks, without intermediates. It means that participants are not charged fees involved while trading bonds, stocks, and ETFs.

Forex doesn't charge commissions on currency trades processed through currency trading platforms. In addition, the essential benefits of the Forex market in Nigeria are high liquidity and excellent profit potential. When it comes to the disadvantages, we need to mention a high-risk factor, social trading, and scammers.

Let's consider them in detail. Read more: Social Trading VS. Copy Trading. One of the main disadvantages of Forex trading in Nigeria is high leverage that can reach in certain cases. If you use high leverage, you risk losing everything at one moment. For instance, your leverage is equal to You can lose your entire investment if a small price movement is against your open position. A lot of brokers in the Nigerian market are not transparent.

They can use some Offshore regulations. If you want to learn how to trade Forex in Nigeria, you must avoid brokers who offer a get-rich-quick scheme. Pay attention to brokers regulated by government bodies. A wide range of different factors, including political and economic, affect the volatility of currency pairs in the market, especially for non-conventional ones. Therefore, it's very important to monitor any news before opening and closing a trade.

To reduce losses, don't forget to use stop-loss orders. Forex trading can sometimes be highly emotionally exhausting. One bad trade can cause large losses that exhaust traders emotionally. Among the most successful traders, we can emphasize Uche Paragon, Ajidahun Afioluwa, Blessing Ezeako, Sandile Shezi, Patrick Ogagbor, and others.

Uche Paragon is one of the most popular traders in this region. He started his career from Binary Forex trading. Ajidahun Afioluwa is another successful trader.

When he started, he faced losses one by one. However, despite many losses, he continued learning Forex and growing through his failures.

He investigated diverse strategies and designed his own one. Blessing Ezeako started her career by exploring trading strategies. She learned the Forex trading process while having a full-time job. Sandile Shezi is a South African trader who was born and grew up in a very poor family.

Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade. You will make a loss in this case. To understand it more, let's use an example again. If you place a 'Short' trade for EURUSD at 1.

But if in this same example, the price of EURUSD goes to 1. Also Read: Our detailed guide on How to Trade Forex in Nigeria. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. While the fundamental analysis is mainly related to trading based on Economic outlook for a currency which could be impacted by news events like GDP, Unemployment data, balance of trade, capital outflows etc.

Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade. Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. Only based on your strategy, you can make actually get the best returns in the future. We call the high the resistance. There can be resistance levels on lower time frames as well, but we will use a higher time frame to find important levels for positional trends.

Once the price crosses the previous high to achieve a higher high price crosses 1. The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading on one of these pairs. This is because these pairs are very liquid, have low spreads and have stable volatility.

Since these currencies are stable in their movements, they will help you in managing your risk initially by reducing volatility against your direction. It is always a good strategy, to begin with, a USD pair because of stability. There are various other pairings available which do not include the USD.

Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window to book your profits or loss. You can realise profits quicker in this strategy although the risk is also higher, as most of the traders try to gain high returns with small capital.

This is a very common strategy followed by a wide variety of traders, but you must understand its risk as well. Another strategy is known as scalping. This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker or app should you choose to trade online.

Forex Trading, like any other market investment has many benefits but also carries significant risks. On the positive side , forex trading has the potential to bring good income if you trade with a sound working strategy while properly managing your risks. You don't need very high capital to start. It is really important to understand all the risks.

How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading. At Forextrading. NG our ultimate aim is to help you choose the best broker for your trading needs. Get A Free PDF Version Of This Guide: Contains all the tips, resources and case studies found here. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers. Read More. Read full risk disclaimer..

NG: Your Guide to Forex Trading in Nigeria. All Rights Reserved, See Best Brokers! Forex Trading in Nigeria The Ultimate Guide for Beginners. For Nigerian Investors, forex trading can be a way to earn wealth. Akin Benjamin Last updated: September 24, Don't have time right now?

Read the guide later! Give me my PDF See Best Forex Brokers! Broker Name Regulation Max. Leverage Min. FXTM is a Tier-1 regulated forex broker. Their spreads are low with Advantage Account.

HotForex - Low spreads with Zero Account. HotForex has low spreads for most curreny pairs. Their Swap fees is moderate. Chapter 1 What is Forex Trading? Chapter 2 Understanding Currency Pairs. You can also learn how to trade forex by enrolling in a forex trading school.

In fact, there is no shortage of forex trade training institutes in Nigeria. These are training companies set up by successful forex traders who got into forex trading some years earlier, mastered a system and decided to help fellow Nigerians learn how to trade. One word of caution though. Not all forex trading schools in Nigeria are legit.

If possible, let the trainers show you a track record of successful trading using their live trading accounts or MyFxBook. In Lagos, the best place to learn forex trading is the OASIS International FOREX School. The academy is located at Allen Avenue in Ikeja. However, the school does not limit itself to Lagos alone. From time to time, the tutors hold classrooms in other cities including Abidjan and Port Harcourt. So, if you are looking for forex mentors in Lagos, be sure to give these guys a visit.

Aplus Training Hub is also an exceptional forex academy. The school teaches a simple price action trading strategy that is best suited for swing traders. Another school that makes it on top of our best forex schools in Nigeria is the Revglobal Forex Academy. I want to learn forex trading in Port Harcourt. Kindly link me to Uche Paragon academy for forex education in Port Harcourt. I want to come lagos and start learning forex for two months, I actually want to know d procedure.

Save my name, email, and website in this browser for the next time I comment. December 30, January 6, December 3, December 15, December 28, Futures, CFDs, and Forex are leveraged products with a high degree of risk to your capital. Such products may not be suitable for all investors and therefore you need fully understand the risks associated with them and seek independent advice if necessary.

The information in this site does not contain and should not be construed as containing investment advice or an investment recommendation, or an offer of or solicitation for a transaction in any financial instrument. Skip to content. Where to Learn Forex Trading in Nigeria November 20, Beginner Forex Patrick Mahinge 9 🗪. Last Updated on November 20, by Patrick Mahinge Forex trading has become a popular way to make money in Nigeria, and many people are looking for ways to learn how to do it.

Best Forex Trading Schools in Nigeria 🏫 School Name 🏙️ City Habby Forex Academy Lagos Oasis International School Abuja Aplus Forex Training Hub Uyo Revglobal Forex Academy Lagos Global Forex Trading Institute Sango Otta ProTraders Academy Ikeja. How Can I Learn Forex Trading in Nigeria? There are several other ways you can use to learn forex trading in Nigeria including: 1.

How Much to Learn Forex in Nigeria? Contents Best Forex Trading Schools in Nigeria How Can I Learn Forex Trading in Nigeria? Can I Teach Myself Forex Trading? Best Places for Forex Training in Nigeria Why Learn Forex Trading in Nigeria? Top Places to Learn Forex Trading in Nigeria for Free 1. Forex Broker Websites — Best Places to Learn Forex Trading in Nigeria 2.

Forex Trading Academy in Nigeria. Where can I learn forex in nigeria Reply. I need a Good Forex tutor To learn and earn well This my WhatsApp number Am Tyga. I need a tutor for forex please Reply. I want to forex I need a goof tutor Please Reply. I want a forex teacher within Lagos state , who can coach me Reply.

The forex market is active 24 hours a day for 5 days a week. This means that any currency pair is available to be traded throughout the weekdays except on weekends. However, trading at some particular hours can be more advantageous to the traders than other hours. The volatility in the forex market is different during different hours of the day for each currency pair.

If you are seeking the best time to trade forex in Nigeria and Africa, this article can be quite helpful. The global forex market can be divided into four major trading sessions. Each trading session is centered at different locations with different time zones. The four major trading hubs are namely London, New York, Tokyo, and Sydney. Following are the four forex trading sessions from hubs globally along with their active hours. We have used the West African time zone to make it convenient for Nigerian traders.

The currency pairs involving local currencies in trading hubs are most liquid during active hours. Currency pairs involving JPY will be fairly volatile and liquid during the active Tokyo session.

Similarly, currency pairs involving EUR and USD will be most active during active hours of London and New York Sessions respectively. Apart from the active trading hours, there is a significant drop in the trading volume in the respective hubs. During the inactive hours, the concerned currency pairs have lower liquidity as the number of participants is low. This increases the difference between the bid and ask prices as the spread increases dramatically.

Trading in the inactive hours can be done but it is not recommended as prices will either remain stable or show significant movements. There is very little chance of booking profits in the hours of low liquidity due to high spreads. Technical or fundamental analysis does not work best during this time. The price movements are generally random and instantaneous. Hence, it becomes nearly impossible to predict the price movement and execute analytical trade orders.

The best time to trade forex depends on the location where you are trading from and the currency pair you are dealing with. The time period when 2 different forex trading hubs are active is considered the best time to trade forex pairs involving local currencies. In Nigeria, according to the West African Time Zone, the active forex market hours correspond to the London session. The best time to trade European and African currency pairs in Nigeria is 8 AM to 5 PM WAT.

African as well as European markets are active during this slot and it can be the best time to trade currency pairs involving EUR, ZAR, GBP, etc. The New York trading session becomes active from 1 PM till 10 PM WAT. Hence, this can be an ideal time to trade currency pairs involving USD, CAD, etc.

The best time to trade forex is when 2 different trading sessions are active simultaneously. Most African nations including Nigeria have active working hours in this period.

During this particular time period, the London, as well as New York trading sessions, are active. The spreads at these times are lowest for all the pairs involving European, American, and African currencies. There are a total of 3-time slots when more than 1 global forex trading hubs are active.

Tokyo and Sydney active trading sessions remain open for nearly 8 hours. Although, there are fewer trading volumes for currencies actively traded during this time slot. This makes the intersection of London and New York trading sessions the busiest. Both these trading sessions remain active simultaneously for 4 hours every day throughout the year. The slow and high-volume trading hours are separated depending on the availability and activity of traders in time zones.

This makes it feasible for traders residing in different time zones to make their trading schedules. In general, the market is volatile during active trading hours and stable with a high spread during slow trading hours. However, some events can trigger price movements at any time during the day. The impact of news can trigger price movements at any time of the day regardless of liquidity in the market.

The impact of national, international, or geopolitical news is much severe if the news is not expected or against the anticipation. This can show dramatic price movement at any time of the day during weekdays.

The impact of news released during the weekend is visible on Monday when the forex market gets active. Major events affecting the forex market also include trade deals, unemployment rates, GDP data release, accidents, attacks, etc.

Any event that enhances or deteriorates the relation between two nations with different can also affect the prices of concerned currency pairs. The global forex market is divided into trading hubs that have different trading sessions.

The American, European, as well as African markets, are active during this time. The spreads are lowest and technical analysis can work best during this period. This however may not be the best time to trade currency pairs not involving American, European, or African currencies.

The best time to trade forex pairs depends on the currency pair and the location of the trader. With slight experience in forex trading, traders can themselves understand the best time to trade. New traders are always advised to gain some experience using virtual currency with a demo account.

This will not only enlighten them with the best time to trade forex but will also provide the experience of price movement in the market. Forex Trading Sessions in Nigeria Time The forex market is active 24 hours a day for 5 days a week. Forex Trading Session in Nigerian Time The global forex market can be divided into four major trading sessions.

The activity and volatility of the forex market are different for each trading session. Tokyo Session — 12 PM to 9 AM Sydney Session — 11 PM to 8 AM Winters , 10 PM to 7 AM Summers London Session — 8 AM to 5 PM Summers , 9 AM to 6 PM Winters New York Session — 1 PM to 10 PM Summers , 2 PM to 11 PM Winters The currency pairs involving local currencies in trading hubs are most liquid during active hours.

Can You Trade Forex Anytime You Want? What is the Best Time to Trade Forex in Nigeria The best time to trade forex depends on the location where you are trading from and the currency pair you are dealing with. Impact of News on Trading Activity The slow and high-volume trading hours are separated depending on the availability and activity of traders in time zones. Bottom Line The global forex market is divided into trading hubs that have different trading sessions.

Education What is Forex Trading? How to Trade Forex? What is Leverage in forex? Related Resources Best Forex Brokers Forex Trading Apps.

If you want to know more about Forex Trading, take a look at the Diploma in Forex Trading course. We can take the hard work off your shoulders, by allowing you trade with our Forex signals. For beginners , it is advised to take beginners course to get a general knowledge about Markets and then select the best trading school and find a course that will cover your trading need. please i need face-to-face training here in Lagos, can you help me with any contact of the training pls. If you start trading with JustMarkets, you can start trading on the Standard Cent account. Forex Trading: Technical Analysis Mastery For Daily Profit.

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