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In continuation of my previous posts on this blog, I want to emphasize that Nigeria is a powerhouse in every endeavor on Earth, including the internet. It is about time that the rest of the world, particularly the United States, realizes this fact. I could have titled this piece “The Online Conspiracies Against Nigeria” but that would be cynical and foolish. We are not beggars waiting for the scraps from the rich man’s table; we are kings in the making. However, it is important that we take control of our destiny and not wait idly for it to come to us. But do you know one thing, my friend? Destiny will not come to you unless you cast off the ashes of defeat, rise, and claim what is rightfully yours. I apologize if I have digressed from the main topic of the day, but I wanted to ask for your patience, as is always the case with me.

As I mentioned earlier, Nigeria is the largest internet estate and can compete with India in the category of third-world countries. We can certainly give the West a run for their money. However, being a part of the cyber world does not make us immune to the falsehoods that circulate on the internet daily. Today, I will focus on the common misconceptions surrounding online forex trading in Nigeria.

It is clear to us Nigerians, especially those looking to make an honest living doing business online, that we are at a disadvantage due to preconceived notions held by developed economies against Africa and Nigeria in particular. However, as an optimist, I will not dwell on the negatives but instead focus on the possibilities and established facts as a realist.

Recently, online forex trading has become a popular niche for individuals with little to no experience in finance. Many people attend one or two-day seminars and expect to start making money immediately. But I want to ask you, have you ever stopped to think about why there are only a few who have become rich from trading forex despite all the hype surrounding it? My friend, as I mentioned in the title of this article, I will list the myths, facts, and reality of online forex trading. Personally, I do not trade forex, but I know of many who do. From what I hear, it is not as glamorous as it seems. You can both lose and gain money in this market, but the likelihood of losing far outweighs that of gaining if you do not understand the fundamentals of the trade. Acquiring this knowledge is not something that can be done in just a few days, despite what the organizers of forex seminars may claim. Their main goal is to recoup their losses from trading by charging exorbitant fees for their seminars. They do not take the time to explain the technical and fundamental aspects of the market, leaving participants even more confused.

Still, it is unfair to not mention the benefits of online forex trading, even though I am not personally involved in this lucrative market…yet. The forex market exceeds $1.3 trillion in daily transactions, so it would be foolhardy to jump into such a large market without proper knowledge. However, it is essential to familiarize oneself with this liquid market before diving in and potentially losing money while chasing after those promised 100 pips a day by self-proclaimed forex experts. I always conduct detailed research before writing any article, even if I have limited knowledge on the subject. When it comes to forex, I have subscribed to every newsletter, ezine, and publication available to gain insight. From my findings, I have observed that the requirements for this market are quite demanding. However, if these requirements are met, the market is worth pursuing. The necessary prerequisites include a laptop computer connected to the internet for mobility, a domiciliary account, and proper identification, such as an international passport or national identity card, as well as a platform for trading.

One day, I came across an advertisement for a two-day forex seminar where attendees would be taught all the basics needed to start making 30 to 40 pips daily (each pip is worth around $10). Although I didn’t attend the seminar due to the high cost, I decided to visit the forex firm and inquire further. To my surprise, I was greeted by a woman who appeared more like a cleaner than a forex expert. I was expecting to see someone who looked like a Wall Street worker or, at the very least, an individual who worked for a bank. How could she teach me the basics of forex trading so that I could make 50 pips every day? I thought maybe if she truly was an expert, she would be making good money and looking the part. This is not to say that there aren’t successful forex traders in Nigeria, but they are few and far between. This is the reality, and the sooner we accept it, the better. I don’t want to sound cynical, but in this business, it is crucial to be truthful and report the realities rather than promoting falsehoods.

On the contrary, forex trading is a viable niche that should not be ignored. It has enriched many Nigerians (those who understand the business), such as an individual I know who consistently makes 30 to 40 pips with each trade. Do you want to know his secret? He sells when others are buying and buys when others are selling. He knows when to set his stop loss and when to exit, understanding the basic trends and fundamentals of the market. By doing so, he gains an understanding of how currencies perform in relation to the various big economies. One other fact related to a myth in this scenario is that forex trading is not just a hobby, as the so-called “experts” claim. It is not something that can be done on a part-time…
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Ihab Salloum