Foreign Exchange, alias FX Trading, or Forex for short is as old as modern civilization itself, yet many, Nigerians particularly, have doubted its financial sustainability and stability.
Although the financial market has experienced some major speculative bubbles, crashes and flash crashes: from the 1929 implosion of WALL Street which ushered in the Great Depression, to the NASDAQ/Dot Com bubble of 2000, many millionaires, in fact billionaires, have emerged from trading in currency.
Success stories like that of Hungary’s George Soros who was reported to be worth over $25 billion, before transferring majority of his finances to his charity foundation.
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Bill Lipschutz is another, with a net worth of $8 billion that has given him the nickname, Sultan of Currencies. There’s also Paul Tudor Jones, Stanley Druckenmiller and Martin Schwartz who made $1.2 million or over ₦450 million in two years.
But citing the trend, are Forex success stories limited to Europe and the Americas? We we have compiled, in no particular order, this list of Nigerian millionaires that should inspire you to delve into the world of Forex. Here comes the 10 Richest Nigerian Forex trader You Should Know.
Paragon has been so successful in Forex that he shares his knowledge on financial trading in his own Forex trading schools in Port Harcourt and Lagos as well as trading firm, CCI Traders, which employs professional traders, market analyst, economists and advisers. He is also a director for InstaforexNaira.
He described the purpose of these institutions in a 2018 interview with Vanguard Nigeria as established to “teach people all they need to know about trading online and how to manage their risk in trading in order to maximize profit.”
His road to riches took off in 2007, when he dabbed his hand into Forex for the first time, a hand he has since withdrawn clutching a net worth of $16 million (₦6.4 billion).
His foray into this sector was however fortuitous and not deliberate, as he stumbled into Forex through a $30 No Deposit Bonus promotion ad by XM Forex brokers for traders in Nigeria while searching for the best ways to make money online.
He has since diversified into other online stocks but majors in currency and crude oil, which piques his interest for having “no shortage of news to cause the price of oil to move from day to day.”
He has also diversified into the entertainment sector where is a singer, songwriter and record label boss of Sky Beat.
Bade Ajidahun Afioluwa
Ajidahun is a Training & IT Officer at City Prime whose foray into Forex was fueled by a misconstrued ambition of getting rich-quick. In contrast, he got burnt much quicker, losing huge pockets of investments.
Rather than mentally depress, this losses motivated him to seek tutoring and education from experts at Lagos-based firm, Global Forex Traders, which acquainted him with the use of online platforms.
Following this upward trajectory, he began seeing returns in investments which had family and friends entrusting money into his hands for the purpose of trading.
He is popular for devising a strategy that had him profiting from up and down trends, a blueprint he has shared at several conference and functions like the second Lagos Forex Expo & Conference held in 2015.
Respected as the richest female trader in the country, Azeako’s success story shatters the glass ceiling in the very patriarchal finance sector.
She first tested the waters by trading major currency pairs for a secondary income while dedicating all of her hours to full-time job. She cautiously tried to learn the ropes in this sector with little risk, before decisively plunging in with full investments and resources.
Like many success stories, she had to wade through the waters of failure before attaining breakthrough, but today, she is believed to be worth around $200,000.
With his thin-rimmed medicated glasses, Patrick already has the archetypal look of a financial trader. He first dabbled in foreign exchange in 2003 as a regular employee for Zenith Bank seeking alternative source of income.
He discovered the lucrative business venture through newspapers subsequently describing Forex as “by far the largest and biggest market.” He began with a capital of $200, which grew by 2,400 percent to $5000 within four years.
He is currently dedicated to teaching his methods and strategies to interested traders, maintaining a growing cycle, as he also learnt from some of the world’s best Forex traders. As well as FX, he has also invested in cryptocurrency.
From all indication above, each trader has their own rules and modus operandi in relation to Forex trading but there are certain overarching ideas that span across Nigerian Forex trading success stories, as well as around the world.
The general trends show that a majority of Forex traders are proponents of using technical analysis for the best results. Though there are also supporters of fundamental as well as sentiment analysis. And furthermore, there are cases of other approaches — as can be demonstrated with Uche Paragon and his use of the binary approach to gathering multitudes of success.
This practically sums up the focus on stipulated strategies. To truly comprehend the strategies that go into Forex trading, it requires a further research and detailed inquiry into each individual belief.
Tips for Successful Forex Trading
Having a definite trading plan –a definite trading plan, which you can always work with, constitutes the ingredients of successful trading. For such a plan to yield success, it must incorporate your standards for evaluating currencies, your trading method, your level of risk tolerance and your expected trading profits. Nonetheless, you should always note that one important thing is having a definite plan while another is sticking to the plan all through.
Identifying trading opportunities –opportunities tend to find their way into trading situations and it behoves you to utilize appropriate tools in identifying these opportunities. Basically, you’ll want to use varying tools depending on whether you’re a fundamental or technical trader.
Technical traders utilize special analytical tools while fundamental traders zero in attention on financial and political news in deciding when to trade. By leveraging on the tools or informative data best suited for your kind of trader, you’re likely to identify trading opportunities and cash in on them in the long run.
Trading within Your Limits –in the real sense, what this means is avoiding costly risks; these are probably risks so great that they’ll cause you to lose more than you can afford. Trading within your limits implies that you align your leverage ratio with needs on the one hand and always ascertain what you’re ready to risk on the other hand.
As regards trading within your limits, making up your mind that you’ll do so is never enough. In reality, you have to imbibe the right trading habits.
Avoiding “revenge” trading –“revenge” trading is what occurs when you feel you should trade outside the purview of your trading plan. Perhaps, you’re doing this in hopes of making profits that will make up for a previous unfavourable trade.
By “revenge” trading, you’re allowing emotions to play into your trade and this clearly belies the principle of moderate trading. You can be keen to recover the loss encountered in a previous unfavourable trade but you should do this little by little while still sticking to your usual trading plan that works great.
Reading this post must have opened your eyes to the top richest forex traders in Nigeria as we speak, should you have additional information kindly inform us via the comment section. At this juncture, it behoves you to believe that it might take you a long period of patience, persistence and moderate practice before you arrive at your desired level of success in forex trading.
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