Forex Trading in Nigeria.
The Association of On Line Forex Trading Agents, a group of On Line Foreign Currency trading brokers in Nigeria has started the initiation to restore lost confidence by engaging various government agencies to see to the regulation of the business. Nigerian Forex partner services. You can get a full consultation at one of the offices of Alpari's Nigerian partner regarding the company's products and services, including a wide selection of training courses for both novice and experienced traders.
Also called point or points. Increasing your leverage magnifies both gains and losses. To calculate the leverage used, divide the total value of your open positions by the total margin balance in your account.
Used margin is that amount which is being used to maintain an open position, whereas free margin is the amount available to open new positions.
This allows a trader to leverage his account by up to times or a leverage ratio of Most brokers will automatically close a trade when the margin balance falls below the amount required to keep it open. In order to break even on a trade, a position must move in the direction of the trade by an amount equal to the spread. The reason for this is because in any foreign exchange transaction you are simultaneously buying one currency and selling another.
In other words, in the example above, you have to pay 1. In other words, in the example above, you will receive 1. An easy way to think about it is like this: So, whether you buy or sell a currency pair, it is always based upon the first currency in the pair; the base currency. The basic point of Forex trading is to buy a currency pair if you think its base currency will appreciate increase in value relative to the quote currency.
If you think the base currency will depreciate lose value relative to the quote currency you would sell the pair. Thus, at the bid price, a trader can sell the base currency to their broker. Thus, at the ask price you can buy the base currency from your broker. Most currency are traded during the decrease or increase of the currency exchange rate, you buy when if falls and sell when it's high. A lot of economical factors affects the value of a country's currency, so therefore to start Forex Trading one needs to be informative.
Not everyone that goes on to start Forex Trading achieves success and that is a normal condition for any business to account for looses, it's how you learn from it that helps you handle such situations next time.
While some people do lose in Forext Trading others profit. Alpari, Instaforex, Liteforex, Marketiva etc. Get a Domiciliary or Liberty Reserve Account: A liberty reserve account is an electronic base payment where you can store value in U. For Your information Sec Called a meeting and we all went to CBN to discus the issue of regulation with all the issues arising from from forex trading.
You could visit basil page to check our pictures at CBN head quarters in abuja. Please you also should veryfy your information before you make unguarded comments. One of the major problems that has plagued foreign exchange trading in Nigeria and the reason it lacks participation from big money are lies peddled around and the failure of the small guys in retail to for once just be modest and straightforward in their assessment of the current reality on ground.
Anonymous, I share your views and enthusiasm for the state of the forex market in Nigeria. However, I strongly disagree with you that Emeka Basil orchestrated the event in his quest to secure sponsorships from brokers for his expo or for any order insidious motive. Basil remained neutral in our debates and clarifications. Anonymous, you had three issues with this post, 1.
I made a point in my first comment that the article is poorly researched, lacking in facts and is misinforming the well meaning executives who read this blog. Basil, Bade, Kingsley, I advice you not to pay attention to the anonymous fellow is obvious that he his mischievous and and unlearned very unconisistent in all of his way, look at him explaining the process of getting regulation when he boldly claim that no meeting was called by the CBN and SEC with respect to regulation.
In the west, when a company or entity is criticised, they take it as constructive feedback to work on. You see really its time that justifies reality, well you could chose to accuse an innocent person who is perfect bystander over this issue or better yet confront the reality of your ineptitude. Bade, Basil, Bull FX. Why are you mentioning my name please? Wow, Basil did all these and still walking a free man? I await the drowning things and you have really opened my eyes to these stories.
I can see you are a good Orator. There are so many other thing Basil did, spill it out bro. A journey of a thousand miles begins with a step. The step has been taken, which is the most important thing. It is imperative Forex is Regulated in Nigeria so support the movement. Secondly, a friendly advise Mr Kelvin, i will not allow falsified usage of my name on social media. I am a loss here.
At what point did Bade and Basil mention Kelvin Emmanuel in their responses to the comments made by the anonymous? Was their offence in calling out the the anonymous to his identity known? Kelvin, you obviously have an axe to grind with basil as evident in your vituperation.
At best, you could have offered or tender your perspectives instead of the all-out attack approach you adopted. Hi my brother, thanks for your article.
I am one of the early casualties of forex market foray into Nigeria. I want some personal development before I go in again. Useless Anonymous who has blown several managed accounts, held failed fx-expo,. AUFX — well, not sure about optimism as much as some people seeing short term opportunities. The market is divided with those playing the long and short game.
There are so many other thing Basil did, spill it out bro. Please be aware that the amount that is shown in the "Amount to be Credited" field may differ from the amount that is actually credited to your account.