updated - October 26, 2020 Monday EDT
2020 has remodeled global reality. The effects of COVID-19 are still being felt on all continents. Millions of people have lost their jobs, and economies are struggling to recover. It is now clear that these consequences will linger. Nigeria has been hit especially hard, as its wealth is dependent on oil prices. In these desperate times, online trading provides people with an opportunity to maintain their incomes.
It is not clear when oil consumption will rebound to pre-crisis levels. With prices consistently low, prospects for the country look bleak. Now, conventional employers are downsizing, leaving residents stranded. More and more Nigerians are joining the ranks of online traders. This community now includes over 15 million people worldwide.
The largest financial marketplace is the global currency exchange. This is an over-the-counter market where buyers and sellers of currencies find each other. Every day, roughly 6 trillion US dollars circulate in this international environment.
Trades are conducted by institutions and individuals. While institutional activities account for a lion's share of the volume, retail traders can also make a sizable profit. They predict market trends and open positions accordingly.
Due to COVID-19, people cannot rely on the conventional economy to support them. Remote schemes are not just convenient - they could be a real lifesaver. If you are willing to learn and develop in the field, trading could be a full-time occupation. Successful traders enjoy a neat monthly return on their investment. With persistence, a 10-percent figure is quite achievable.
Do not expect to make a fortune overnight. The currency exchange is not a gambling house. Consistent profit relies on solid knowledge and the ability to monetize it. Currencies lose or gain value based on a multitude of factors, both political and economic. Your goal is to foresee these changes using technical tools and media information.
Most traders begin with the currency exchange. Subsequently, they expand their portfolios with stocks and assorted derivatives. Importantly, all of them may be managed via the same software. This will be provided by your broker free of charge. Here are the key advantages of trading through the Internet.
Today, revenues in many sectors of the economy have shrunk. Gig employers have suffered severely. Establishing a start-up in these uncertain times is hardly an appealing prospect. The task is generally labor-intensive and time-consuming. Moreover, it may be hampered by legal barriers. Given the pitiful state of the Nigerian economy, consumer spending is unlikely to recover any time soon.
A trader does not need an office or an employment contract to receive profit. Through cutting-edge terminals like MetaTrader 4 or 5, you can analyze the market and manage positions. Trading does not require a wide technological arsenal. Platforms work on Windows and Mac computers, tablets, and smartphones with both Android and iOS. Minimum deposits may be as low as $10.
Educational resources are also easily accessible. The Internet has a wealth of articles, books, tutorials, and videos on the topic. On YouTube, there are over a dozen reliable channels focused on trading insights. Moreover, MetaTrader 4 has a demo mode that allows practice in a simulator.
As platforms work on desktop and mobile devices, you can manage trades even on the go. This means you are less likely to miss a lucrative market opportunity! The currency exchange is awake 24 hours a day, 5 days a week. No need to rush to finalize positions before the closing bell! Traders are free to choose their schedule. There are no bosses breathing down your neck either. Forex may be a part-time or a full-time job depending on your needs.
The currency market has colossal daily turnover. With persistence and constant improvement, a trader may reach a 10% monthly return in 6-12 months. The most important thing is to pick an effective strategy and follow it to the letter, regardless of spontaneous impulses.
Renowned brokers like FXTM tailor their services to the needs of Nigeria's population. Live trading is accessible with as little as 2,000 Naira. Cent accounts allow you to start with low risk and gradually gain experience. Even a modest investment unlocks a wealth of opportunities.
Cent accounts also allow leverage. When used carefully, this tool boosts your purchasing power with higher, but manageable risks. It reaches 1:1,000 on some accounts and instruments!
Today, trading is more accessible than ever. Efficient platforms and apps allow easy management of accounts and instruments. Thanks to low deposit requirements, anyone can learn to harness the power of market trends! Those who invest themselves into the activity gain a source of steady income, and an opportunity to rethink their career.
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