NIGERIA: THE FOREX TRADING SEASON

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A scan through any of the major Nigerian news dailies would reveal quite a number of ads inviting readers to attend an online forex trading seminar. According to these ads one can make between $5,000 and $10,000 in a month or between $100 and $500 in a day from online forex trading. The seminar fee ranges between N5, 000 and N120,000 and always promises to teach you all you need to know about forex trading. But how true are all these claims?






A few years ago these Nigerian dailies were awash with ads on all sorts seminars on different money making opportunities on the internet. The opportunities range from making hundreds of dollars daily reading emails to making thousands of dollars selling information on the internet. In fact some ads went as far as claiming that all Nigerians need to know to become internet millionaires is how to move the mouse. However, some of these ads are no more. It seems that this is the season for online forex trading.

The online forex trading opportunity is real, there is no doubt about it. So also is the reading email and selling information opportunities, they are all real. However, the problem is that in their bid to make money the organizers of these seminars do not paint the true online forex trading picture. They advertise these forex trading opportunities as if it is an all comers affair.

How true is it that one can make up to $300 a day from online forex trading? The first of many questions that Nigerians should ask is how much does one need to invest before making $300 in just a day from online forex trading. To the best of my knowledge return on investment is calculated percentage wise. So how much will a Nigerian have to invest in online forex trading in order to make $300? So as you can see some pieces are missing.

How many Nigerians can invest N10 million into online forex trading in order to make $300 some days?

Secondly, even if an average Nigerian can make up to $300 per day from online forex trading, is it possible to do this day after day, month after month in a year? I could imagine that the thoughts that come to the mind of some Nigerians when they read these ads is that if they could make $300 per day then by the end of the first month they would have made about $3,600 from forex trading. Any body that is conversant with business knows that it has its ups and downs; online forex trading is not an exception.






Thirdly, even if it is possible for an average Nigerian to make $300 day after day from online forex trading, is it as easy as one is made to believe? I have been to online opportunity seminars were almost half the attendees do not know how to use a computer. The big question is, how can some one who does not know how to use a computer make money trading forex online? So before attending any one of those seminars, first find out what you need to know so that you don’t waste your money on a wild goose chase.

Do not attend the seminar without researching about forex trading first on the internet. In fact the only reason to go for an online forex trading seminar is if after going through the tons of information online about forex trading, you still have some unanswered questions. In such a situation, write down the questions and take it with you to the seminar venue.

The only advantage that attending the seminar gives you, is the experience, contacts and the network you create. I must warn that some of your resource persons have not traded forex for one day. They just attended an online forex trading seminar for one or two days and off they go teaching others.

In the past couple of weeks I have been researching on this online forex trading subject and in the next couple of days and weeks I will be revealing the truth about online forex trading. However, the worst thing you will do to yourself, is to doubt that you can make money from forex trading.

The aim of this write up is not to deny the universal truth, that forex trading is a very lucrative and as a result very risky investment opportunity, but to separate the fact from the fiction.