Nigeria’s State of the Internet: The Myths, Facts and Reality I (Online FOREX Trading)
As a continuation of my previous posts on this blog, I will continue to affirm the fact that Nigeria is a force to be reckoned with when it comes to all known endeavors on the face of this planet called Earth, and the Internet is no exception. It is left for the rest of the world, especially the United States, to grasp this cold, hard fact. Well, I would have titled this article ‘the West’s online conspiracies against Nigeria’, that would sound cynical and silly. It will seem that we are beggars at the rich man’s table waiting for the crumbs that fall from his table; when we are kings in the making However, it has become imperative that we embrace destiny instead of lazily waiting for it to come calling us. But you know one thing my friend? Your destiny cannot come to you unless you shrug off the ashes of defeat, stand up, and then take what is rightfully yours. Sorry if I’ve strayed from the main topic of the day, well I was trying to crave indulgence from him as I always am. As I said above, Nigeria is still the largest internet state and can favorably compete with India in the category of third world countries and in the real sense can give the West a run for its money; and as a member of the cyber world you are not immune to the handful of online fallacies that permeate the internet on a daily basis. But I will only deal with this bad wind as far as Nigerians are concerned.
One thing that remains obvious to us Nigerians, especially those who want to make a decent living doing decent business online, is that we are heavily disadvantaged by a preconceived notion of developed economies against Africa and Nigeria in particular, but not I will extend much on the bad side as optimistic, but will deal with the possible and well-established side as realistic. What I mean by this? The internet has become real estate, and as such, many people around the world are reaping the benefits of this innovation and smiling at the bank every other day, so my main concern is that you become familiar with the common myth that pervades Internet daily and the obvious.
Recently, online forex trading has become a niche where everyone with little or no experience in money matters wants to get involved in a short period of time (most attend a one or two day seminar) and wants to start harvesting from it, stop! I would love to ask, why do we still have few people who are rich from forex trading with all the hype associated with it? Well, have you stopped to think about this? But my friend, as I have titled this article, I will love to list the myths, facts and reality of online forex trading. Personally, I don’t trade FOREX, but I know a lot of people who do; And from the refills I get on a daily basis, it’s not as rosy as it sounds. You lose money and you make money, however, the tendency to lose outweighs the tendency to win if you don’t know the fundamentals of trading. Knowing the fundamentals is not something you acquire the knowledge in 1, 2, 3 or even 7 days as the newspaper advertisers will tell you. What the organizers of various FOREX seminars are looking for is to win back what they have lost in trading by charging outrageous seminar fees to the participants. In the seminar they do not take the time to explain the technique and fundamentals of the market, terms like pips, bull traps, Fibonacci analysis, etc. they are not well explained, leaving the participant more confused than ever. But as I said above, trading without prior knowledge of the above mentioned points makes trading a worthless experience.
Still in online FOREX trading, it would be unfair if I didn’t mention the benefits of this online money making venture, even if I’m not trading this very lucrative market (yet). Basically, FOREX trades in excess of $1.3 trillion a day, so it would be mediocre for a person to jump into a market as big as this without formal knowledge of events. However, it becomes convenient for the person to be fully acquainted with this liquid market before burning his hands in the process of wanting to earn 100 pips per day, as most of the acclaimed FOREX experts promise when trading their systems. . As I always do when posting any article, I try to do detailed research (even if I know little or nothing) before posting, and when I do it is in the form of personal experience. While this FOREX frenzy reached a fever pitch, everyone wanted to take advantage of this market to reap handsomely; I decided to do my own on the go. On a daily basis, I have accessed all the search engines on the net for detailed report, subscribed to all the ezines, newsletters and all available publications dealing with the subject. From my findings, I observed that the requirements of this market are quite demanding, however, if all these requirements are met, the market is worth it, what are the requirements I am talking about? They include a laptop connected to the Internet; as you need it to improve market mobility, a domiciliary account and a form of identity which could come in the form of an international passport or national identity card and a flat form for trading.
One day I saw a daily ad on a FOREX seminar that will last about two days, and within these two days you will be taught all the basics needed to start earning 30-40 pips daily (note: one pip is worth about 10 Dollars). I didn’t attend the seminar because the seminar fee was too high, not because I can’t afford it, but because the money was too much for a seminar that will last a couple of days. So I took the address of the FOREX firm and decided to pay them a visit and maybe ask some more questions. Arriving there I was met by a lady who looked more like a cleaner than a FOREX expert as I was expecting to see a person who looks like those who work on wall street or if I want to sound modest like someone who works for one of the banks So how can such a person teach me the basics of trading so that I can start earning 50 pips every day? I thought that if she really is an expert like she claims, I think she should make a lot of money as a FOREX expert and at least look good for her problems. Not that I am saying that there are no people here in Nigeria who are doing good FOREX trading, but what I am saying is that there are very few, this is the fact and the sooner you come up with it the better. I don’t want to sound cynical but in this business it’s very good for you to be very honest with your audience, telling them the reality of every situation, instead of misleading them by reporting fallacies and stuff.
On the contrary, FOREX trading is niche and cannot be ignored as it has made many Nigerians rich (the few who know the rudiments of the trade) as I know of a guy who takes home about 30 to 40 pips every time it operates. Do you know his secret? Sell when others buy and sell when others buy. He knows where to stop and exit when it really matters, he understands the basic trends, mainly the fundamentals, because with him he has an idea of how currencies are performing in the market in relation to how the various major economies are doing. . . Another fact in relation to a myth that permeates the scene is that FOREX is not a vocation as the ‘experts’ will tell you. It’s not something you do part time; I’d rather say it’s more of a career as most traders do it full time. The reason for this is that you can stand on a chart for a whole day waiting for a favorable signal to start trading, while you are in your office waiting for the required signal, your boss will be telling the secretary to prepare your dismissal letter and pay – off. But if you learn the ropes, you work smart as a FOREX trader, knowing the best times to trade; then you can make it a calling, instead of a career as previously speculated. The secret is that most FOREX traders don’t trade every day. This is another fact, you only trade when there are auspicious signs. Another secret is contentment (avoid being unnecessarily greedy), when you make a good move that gives you 20-30 pips, it is generally advisable to quit at that point even if you see another favorable trend. Usually, these tendencies end with you losing the money you’ve already earned. So be careful as it could be very tempting and misleading.
The fact of this market is that you make money by avoiding bull traps and interpreting both fundamental and technical market trends, watching the charts, knowing when to buy and when to sell, knowing the best currency pair (for example, Euro/Dollar). ), knowing when to enter and when to exit, and Fibonacci analysis. If you familiarize yourself with all this then your adventure in this market will be worth it, instead the myth is that you don’t earn 30-40 pips a day just by participating in a 2 day seminar or workshop as most will call it, the Most self-acclaimed experts introduce you to robots that trade on their behalf, well the truth about robots is that they only work according to the way they are programmed. Most robots are programmed using technical analysis, but this market is very volatile and economic trends in most of the leading economies, especially the US, can affect the market negatively or positively, for example the recent so experienced recession in the US. The virus spread to other economies, especially the Eurozone and Japan: so if your robot was programmed backwards, you can find out what’s wrong. The reality here is that you can only succeed in FOREX when you master the ropes of the market, as it has been observed that around 90 percent of those who enter FOREX exit after a short period of adventure. So the fact is that forex trading can be lucrative and unprofitable. Whichever side of the dividing line you belong to, the choice is yours. But I assure you that you can make a difference if you believe in yourself as many platforms reject Nigerian registration (another western conspiracy) for example FXSOL no longer accept Nigerian registration. So it is up to you to decide how to conquer this market as I promise to give frequent updates on my online experiences as I decided to join the trend of Nigerians earning dollars through FOREX trading.
Feel free to post your comments and views on this topic, you can also get a free FOREX manual from one of the best FOREX experts in the world, contact me by email if you need this manual, it is free and will come as an attachment of email sent free of charge to your box. You can also get e-books on how to build your internet empire for a nominal fee, also included are many freebies such as James Allen’s ‘as a man thinketh’ e-book and another free e-book by Wallace D Wattles titled ‘the science of becoming rich’. Just contact me by email to get these rich books that will enrich your experience of making money online.