It’s not a secret that it’s possible to make money trading Forex in Nigeria. There are many stories of successful traders who have achieved outstanding results. If you don’t want to make trading your main business and consider it as an additional source of income, it’s fine too. But whatever you decide, when getting started, you will undoubtedly come across a number of misconceptions about trading. In this article, we will take a look at the five common thoughts that may hold you back from trading success.
Nigerian naira (NGN) is the official currency of the Federal Republic of Nigeria. The Nigerian naira is managed by the Central Bank of Nigeria. It distributes and attempts to maintain price stability with it. One naira is subdivided into 100 kobos. As of March 2021, 1 U.S. dollar is equal to around 380 NGN, so it takes 380 NGN to buy one dollar. The Central Bank of Nigeria has the sole authority to issue banknotes and coins.
We won’t bore you with lots of dates and details. In this article, we’ve compiled some of the most important facts about naira, and here they are:
- The name Naira was first introduced by more…
Bitcoin has been trading sideways for the entire month now. The BTC/USD pair has made 2 unsuccessful attempts to break through the bearish level of $ 40,000 and 3 failed attempts to break through the bullish $ 30,000.
While bitcoin is stagnant, traders have switched their attention to altcoins. After the BTC rate began to correct from $ 42,000 area, the altcoin market came to life: billions of dollars are circulating on crypto exchanges every day.
If you are stuck with Bitcoin trades, it’s time to take profits and look around: altcoins are becoming more and more attractive every day. Let’s start our analysis with Ethereum, the second most popular cryptocurrency.
Don’t you sometimes get tired of hearing: “Beginners shouldn’t get into intraday trading”, or “Experienced traders do not trade lower than the daily time frame.”
Well, you are not Warren Buffett yet, and while you don’t have millions of dollars on our account, let’s be honest: sometimes you do think of venturing into intraday trading and making a pretty penny, or even more.
Our first and most important tip here is:
Intraday trading should suit your personality.
Before we dive deeper into intraday strategies, let us remind you that you can only earn when the trading style suits your personality. Period.
If you like to get things done quickly, if patience is not your strong more…
1. How did the first Forex market look?
The barter system is the oldest method of exchanging goods for other goods. It was first introduced in 6000BC by Mesopotamia tribes. Back in the day, salt and spices were used as the main mediums of exchange. This is how the first-ever form of foreign exchange looked like. Eventually, the first gold coins were produced in the 6th century BC, and they acted as a currency. Although gold coins were widely accepted as a medium of exchange, they appeared to be impractical because they were quite heavy. In 1875, the countries adopted the Gold more…