Can I Make daily Income trading Forex in Nigeria

Yes you can make daily income trading Forex in Nigeria it's very possible but with high risks.

Making daily income trading Forex in Nigeria is possible but there are several things you should know first about Forex. If you are looking to make quick money easily trading Forex in Nigeria as a newbie then this article is not for you. To make daily income trading Forex in Nigeria you have to master the forex market industry and understand how charts patterns works. You must be the reading type who is always conscious and current with news and government policies but existing and new ones.

 To make daily income trading Forex in Nigeria you must firstly how to trade forex from professional forex traders who have had good experience with trading the forex market over the years and you must also learn to control your emotions when trading the forex market and once again don't ever put in money you can't afford to loose now you want to back out?

Well there's no business you do today that doesn't involve risk the only thing you can do is to minimize the risks and maximize profits that's why you need to learn Forex trading and master the act of self discipline when it comes to emotions. 

There are two major factors that affect Forex traders especially beginners these factors includes:

1. Fear
2. Greed

If you are able  to conquer this two major factors then you are on your way to success. But that's not all you must be disciplined and careful when trading the forex market.

What Is Forex?

Forex is the short form of Foreign Exchange. This involves the trading of currency pairs and its the biggest liquid financially trading market in the world worth over $5 trillion. 

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Is forex trading easy?

Forex trading is easy and hard, it depends on the individual who's involved in the trading. Some professional traders makes thousands of dollars daily why some are on constant loss and some gain and loose at the same time. 

When you learn forex and follow the principles and guidelines of proper trading then you will find yourself making easy money with Forex sometimes within minutes or hours.

Is Forex trading risky?

Yes! Forex trading is very risky you can actually loose more than your capital in the sense that if you invested $1000 you can trade and make profit of $500 plus your investment which is $1500 and loose all the money in just seconds so if you are not ready for the risks then don't trade forex you can check out other business ideas that has lesser risk. 

Though the risks in forex can be minimized through what I call account risk management. To minimize risks in forex trading you have to understand what lots sizes are the higher the lots sizes the higher the risks the lower the lots sizes the lower the risk.

What are Lots sizes in Forex trading?

 

Lot size simply means the unit of standard measurement in forex trading for the volume of a trade. 

There are three types of Lot size which are:

1. Micro lot
2. Mini lot
3. Standard lot

Micro lot

A micro lot represents 1000 unit of the base currency it's all the one-tenth of a Mini lot.

Mini lot

Mini lot is the one-tenth of a standard lot which represents 10,000 units of the base currency.

Standard lot

Standard lot is the biggest trading lot size in Forex trading and it represents 100,000 units of the base currency. Example of a base currency EUR/USD the base currency here is the EURO. 

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Understanding Lot sizes with respect to account risk management.

If you understand these terms implement it rightly then you will be able to minimize risks of loosing your capital. These are not the only factors and principles to implement. 

To be able to succeed while minimizing risk you should come up with a trading plan this will help you also to conquer fear, greed and contro your emotions. 

To be able to make daily income trading Forex in Nigeria you must have mentors who are already successful in Forex trading with the likes of Habbyfx, Jide Hassan and the rest you should be able to master the act of trading Forex in Nigeria and make daily income.

To get gets started with Forex below are things you need:

1. Your capital 
2. A forex broker
3. MT4 or MT5
4. Forex mentor 

To master trading Forex most forex traders will tell you to start with demo trading that's they will give virtual money which is not real just to practice but I personally don't really believe in this method because where the real deals are is when you trade with your real money that's when you will know if you can control your emotions or not. 

You can make $2000 on demo account trading recklessly and you get carried away but won't be so when you start trading with real money. 

I'm not saying is bad to trade with demo you can trade with demo account infact you should trade with demo as a newbie to understand how to place trades and set lot size according to your account size but be rest assured the real trading starts when you start trading live account. 

List of forex brokers to get started with

1. Interactive Brokers
2. IG Group
3. Derive.com
4. Forex.com
5. Saxo Bank
6. OANDA
7. Octafx
8. Hotforex

How much income can I make daily trading Forex in Nigeria.

It depends on your capital and discipline if you invest $1000 of capital into Forex trading, with proper risk management and discipline you should be able to make at least $100 daily if you ain't greedy. Be sure to always make use of your trading plan and stick to them.