The State of the Nigerian Internet: The Myths, the Facts and the 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 understand 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. But you know something 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. I’m sorry if I’ve strayed from the main topic of the day, well I was trying to crave his indulgence as I always do. As I said earlier, Nigeria is still the largest internet state and can compete favorably with India in the category of third world countries and in the real sense can give the West a run for their 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 at a huge disadvantage due to a preconceived notion of developed economies against Africa and Nigeria in particular, but not I will spread. much on the bad side as an optimist, but will deal with the possible and well-established side as a realist. 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 that everyone with little or no experience in money matters wants to get involved with 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 so 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 titled this article, I would 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 fillers I get on a daily basis, it’s not as optimistic 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 basics of trading. Knowing the fundamentals is not something that you acquire knowledge in 1, 2, 3 or even 7 days as those who advertise it in the newspapers will tell you. What the organizers of various FOREX seminars are looking for is to recover what they have lost in trading by charging outrageous seminar fees to the participants. The seminar does 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 earlier, trading without prior knowledge of the aforementioned points makes trading a not worth the experience.

Still in online FOREX trading, it would be unfair if I didn’t mention the benefits of this company of making money online, even if I am not trading in this very lucrative market (yet). Basically, FOREX trading exceeds $1.3 trillion daily, 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 fully understand this liquid market before burning their hands in the process of wanting to earn 100 pips per day, as most of the acclaimed FOREX experts promise you when you trade on their systems. . As I always do when I publish any article, I try to do detailed research (even if I know little or nothing) before I publish it, and when I do it is in the form of personal experience. While this FOREX rave reached a fever pitch, everyone wanted to take advantage of this market to reap handsomely; I decided to make mine on the go. On a daily basis, I accessed all the search engines on the net for a detailed report, I subscribed to all the e-newsletters, newsletters and all the available publications that deal with the subject. From my findings, I saw 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 home account and a form of identity which could come in the form of an international passport or national identity card and a flat form to trade.

One day I saw a daily announcement in a FOREX seminar that will last approximately two days, and within these two days you will be taught all the basics necessary to start earning between 30 and 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 more questions. Arriving there I met a lady who looked more like a cleaner than a FOREX expert as I was expecting to see a person who looked 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 as she claims, I think she should earn 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 think of it, the better. I don’t want to sound cynical but in this business it is very good for you to be very honest with your audience, telling them the reality of each situation, instead of misleading them by reporting fallacies and stuff.

On the contrary, FOREX trading is a niche and cannot be ignored as it has made many Nigerians rich (the few who know the rudiments of the business) 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 put his stop loss and exit when it really matters, he understands the basic trends, mainly the fundamental ones, since with him he has an idea of ​​how the currencies are behaving in the market in relation to how the various large economies are doing. . . Another fact regarding a myth that pervades the scene is that FOREX is not a vocation as the ‘experts’ will tell you. It’s not something you do part-time; I will rather say that it is 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 letter of termination 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 vocation, rather than a career as previously speculated. The secret is that most FOREX traders do not trade every day. This is another fact, you only trade when there are auspicious signals. Another secret is contentment (avoid being unnecessarily greedy), when you make a good move that gives you 20-30 pips, it is usually advisable to fold at that point even if you see another favorable trend. Usually, these trends end with the loss of 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, looking at the charts, knowing when to buy and when to sell, knowing the best currency pair (e.g. euro/dollar ), knowing when to enter and when to exit and Fibonacci analysis. If you become familiar with all of this then your adventure in this market will be worthwhile, on the contrary the myth is that you don’t earn 30-40 pips daily just by taking part in a 2 day seminar or workshop as most will call it, the Most self-acclaimed experts introduce you to robots trading on your behalf, well the truth about robots is that they only work according to the way they are programmed. Most of the 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 recession so experienced 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 going on. 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 divide 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 accepts Nigerian registration. So it is up to you to decide how to conquer this market as I promise to provide 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 world’s best FOREX experts, contact me by email if you need this manual, it’s 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, many free gifts are also included like ‘as a man thinketh’ e-book by James Allen and another free e-book by Wallace D Wattles. entitled ‘the science of getting rich’. Just contact me by email to get these rich books that will enrich your experience of making money online.