The most successful Nigerian Forex traders

Forex trading has become a very popular field, and it has attracted the attention of numerous people around the globe. With the development of technology and the Internet, it has become much easier to conduct trading and the alluring nature of Forex is enticing for everyone.

While it is already well established in Europe and the United States, Africa is also becoming the forefront of Forex brokers and traders. Countries like South Africa and Nigeria undoubtedly stand out, and Nigerian Forex traders have established themselves as one of the wealthiest in the region.

It should come as no surprise that many Forex traders in Nigeria have managed to make a fortune at a very young age. The young generation in the country has exceptionally unique views, is more adapted to modern technology, and determined to achieve success no matter the costs. Yet Forex trading is exactly the field that essentially requires skills, strong psychology, and determination to accomplish desired goals.

Looking at the Nigerian traders their success stories prove the point – nothing is impossible if one has patience and a hardworking spirit. Once they were beginners as well and became professionals through constantly learning and developing new strategies. In this article, we will introduce to you the most successful Forex traders in Nigeria.

Uche Paragon

Youngster Uche Paragon is without a doubt one of the best Forex traders not only in Nigeria but in all of Africa as well. He started trading Forex in 2007 at a young age. He specializes in trading oil and currencies, the decision which he explains by the fact that it is the most active market in the world with investors.

Paragon said that his interest in Forex was aroused at a young age. He preferred trading Forex over stock and futures markets because of its accessibility from the computer, without the need of going to central physical exchange. As he started to make huge profits with trading, he made a fortune and became a notable trader in Nigeria.

When asked what it is important for success in Forex trading, he emphasized the importance of having trading skills. A lot of people lack this particular skill, and without a well-chosen strategy and profound knowledge – success does not come.

He further expanded his reach and opened Forex school in Nigeria. Paragon also owns a trading firm called CCI traders. Uche Paragon net worth reportedly amounts to $16 million.

Apart from trading and business, Uche Paragon is an avid lover of music. He is a singer and songwriter, owning a record label called Sky Beat.

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Chinedu Onuoha

Head of Training Department Chinedu Onuoha is perhaps best known for tutorials and strategies he offers to beginner traders. He is a very experienced trader, being in the arena of Forex for almost 12 years. Onuoha emphasizes that a sustainable strategy is key to success. When a person chooses a particular direction, it should not be winning at one week and losing the second week.

After some time, he expanded the latitude of trading and became involved in commodities, futures, and equities. When asked what it is the most important thing for a trader, the answer was the reduction of losses. Of course, it is difficult to avoid them, but with the correct strategy, you can minimize it and embark on the way to become the richest Forex trader in Nigeria.

Chinedu Onuoha currently undertakes a job of teaching others to become successful Forex traders. He is a unique personality in Nigeria for his methods of teaching and the experience he has under his belt should envy even the most experienced traders.

Blessing Ezeako 

Not only men but also women are involved in Forex trading, and one representative that we have here is Blessing Ezeako. She is a clear example of an individual, ignoring all the stereotypes.

Initially, she started Forex trading as a business opportunity, and soon after that, it became a full-time job. Ezeako says that the main thing for her in Forex is not about getting rich but about knowledge. When she was still a beginner and slowly learning the basics of Forex, she suffered losses. She was very unlucky, but changing the direction when you have a hard time to reach goals is another key trait of a successful Forex trader.

The stubbornness to be successful in Forex trading eventually prevailed and Ezeako became a prominent trader in Nigeria. She attended classes, learning trading psychology, trend trading and money management. Ultimately she has become one of the richest Forex traders in Nigeria – a dream for every Nigerian citizen.

Blessing Ezeako could be considered a role model for everyone. If we take into account the situation in Nigeria, it is a daring move for a woman to undertake a career in Forex. Still, she neglected all barriers on her way and proved everyone wrong.

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Bade Ajidahun Afioluwa 

Afioluwa is also an example of a person who started Forex trading with losses. While being an entrepreneur himself, he decided to take on a new business opportunity and found out that Forex trading was a chance of getting rich quickly.

Investing a huge amount of money had its drawback, and initially, Afioluwa lost a lot of money. It was a huge disappointment for a person whose friends made a fortune from Forex trading. He understood his errors, where he made mistakes and started learning to master trading strategy. Eventually, everything worked out, and he established himself among top Nigerian Forex traders.

Afioluwa became such a successful trader that even his associates and close friends entrusted him with their money at some point. He had a strategy that was profitable all the time. He did not stop – a mistake which Forex traders make frequently, but he continued improvement and earned himself a place among the top 10 richest forex traders in Nigeria. He explained that Forex trading was entrepreneurship for him, and while others would give up after suffering losses, he saw it as a motivation.

Right now he has become famous in Nigeria for training other Forex traders as well. He conducts seminars on trading psychology.

Benjamin Ilesanmi Ajimoko

Currently being Senior Sales Executive, Benjamin Ilesanmi Ajimoko has also achieved success in Forex with proper mindset and psychology. After trading for some time, he established himself as a teacher rather than a trader to provide key insights for people interested in trading. He explains that people who come into the market with a desire to earn millions in a blink of an eye often end up in losing positions. They trade emotionally, thus becoming the victims of failure.

In order to become a successful trader, as Ajimoko declares, an individual needs to have a vast experience in Forex trading. Trading is a discipline, and one who is not attached to the discipline will make more losing trades than winning ones.

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What can we learn from Nigerian Forex traders?

Based on the experience and results of the top five richest Forex traders in Nigeria, we can point out several key points based on the experience of people mentioned above, which would be good for everyone to pay attention to.

Never go for immediate success

The very first instinct to everyone would be planning for making huge money in a short time. An excessive desire to make money on Forex leads to greed and excitement, the desire to win back after each unsuccessful transaction immediately. Having succumbed to emotions and thirst to get a big jackpot, you will cease to be guided by the rules of the strategy and begin to make ridiculous mistakes that will grow like a snowball, and as a result, will lead to even greater losses or a complete loss of the entire deposit. The experience of Ajimoko is an obvious example of that.

Control emotions and choose the correct strategy

Another thing is the control of emotions. Every trader described above managed to contain their emotions. Trading can cause strong emotions in people – and this is not surprising. When you try to make a living for yourself, and when every transaction can destroy your entire trading account, it can be very stressful.

One of the keys to controlling such strong emotions is not to risk so much of your capital in one transaction. Nigerian traders looked at Forex trading as a long-term game, not a lottery or an all-or-nothing offer. They managed their risk and kept their anxiety to a minimum. This helped them maintain their nerves and position themselves well in order to take the next step to make them profit from Forex.

The final insight from the experience of the top Forex traders in Nigeria is choosing the correct strategy. The trading method that determines your trading decisions every day should not contradict your personality. If you feel that you are not capable of losing a significant part of the profit for your current position, then the strategy for following the trend is not for you, because you simply can not stay in it. This aspect of trading is very important because if your trading methods are profitable, you will not be able to use their potential due to external factors: psychological stress, lack of time, etc.

How to start trading Forex

If you decided that trading Forex is attractive to you and you are ready to jump into the waters of Forex, it is time for you to choose the most reliable broker that will assist you with the best available tools. Anyone familiar with forex trading in Nigeria would know about XM Forex broker, providing one of the most notable brokerage services worldwide. Setting up an account with the XM Forex broker is a relatively easy and safe way to start trading Forex. Let’s go through the registration process at XM step-by-step:

1. To register as a trader at XM, one should simply visit the official website xm.com and click on open an account. It will prompt the registration page for opening up a real account.
   
2. Fill in the registration form with your personal data – your first and last names (middle name if applicable) as they are provided in your identification documents; country of your residence and your preferred language; valid phone number and an email address, which you will be using with XM. You will not be able to add another email address, as it is allowed to have only one email address per client.
   
3. Afterward, you have to choose the trading platform type according to your preferences. If you have decided that you want to trade in Forex, then MetaTrader4 is the platform that you should go for, as it was designed particularly for Forex traders. If you keep your options open and consider trading with stocks, equity indices, metals, or energies, then MetaTrader5 should work best for you, as it also fits Forex trading perfectly. You should choose the account type that you want to open with XM and you have five different account options. Standard Account comes with a contract size of 1 lot = 100 000, lot restriction per ticket – 50 lots and the minimum deposit of $5. At Micro Account you will have a contract size of 1 lot = 1000, 100 lots restriction per ticket and minimum deposit again for $5. XM UltraLow Account (Standard Ultra: 1 lot = 100 000, Micro Ultra: 1 lot = 1000) requires a minimum of $50 deposit, while Shares Account allows contract size of 1 share, the minimum trading volume of 1 lot, and a minimum deposit of $10 000. The most frequent account type is Standard and Micro accounts.
   
4. After choosing your trading platform and the account type, you have to complete the form on your address and date of birth. Keep in mind that you have to fill in the details as they are given in your legal / supporting documents. Choose your date of birth, city/town, along with your residential address, and whether you are a US tax-payer or not.
   
5. Continuing on with the registration, choose your account base currency and if you would like to receive an account bonus. In the investor information, fill in the amount of investment in USD together with the intended purpose and nature of transactions. Set your employment status and the nature of the business, in case employed, while if unemployed you should indicate your source of the funds. Select your level of education, your total estimated income in USD, as well as your total estimated net worth.
   
6. The last step before completing the registration is to indicate your level of experience with trading, as well as knowledge in regards to it. Choose any related professional experience, the number of times you have traded in OTC derivatives over the past 3 years, and whether you have traded at least 25 times in OCT derivatives on a demo account for the past year. Set your account password and proceed with the confirmation.
   
7. You will be asked to confirm your email address by proceeding with the link received on your email address. Then you will be redirected to Members Area, where after logging in, you will have to provide the documents proving your identity and residency. Congratulations! Now you own the real account on FX.
   

What are the best Forex brokers in Nigeria?

Now that we have looked at how to sign up with the XM Forex broker, let’s see what are the best options in Nigeria to start trading Forex with the best forex brokers in Nigeria. When choosing the broker to start trading with, one has to consider a number of factors, such as reliability, credibility, and availability in your residence country. There are more and more brokerage services available for Nigerian traders and few of them stand out with their exceptional services and strategy focusing on the satisfaction of their clients. Below is the list of the top brokerage service providers for traders from Nigeria.

AvaTrade

Starting Capital

$100

Financial License

CBI, BVI FSC, ASIC, FSCA, FSA, ADGM, CySEC

Promotion

Financial Leverage

1:400

Established

2006

Trading Software

MT4, MT5, WebTrader, AvaTrade Go

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XM

Starting Capital

$5

Financial License

CySEC, FCA, ASIC

Promotion

$30, 50%+20%

Financial Leverage

1:1000

Established

2009

Trading Software

MT4, MT5, WebTrader

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Plus500

Starting Capital

ZAR 1,500

Financial License

FCA, CySEC, FMA, FSCA, ASIC

Promotion

12-25%

Financial Leverage

1:300

Established

2008

Trading Software

MT4

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CM Trading

Starting Capital

$250

Financial License

FSB

Promotion

Financial Leverage

1:200

Established

2012

Trading Software

MT4, SIRIX

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Exness

Starting Capital

10 USD

Financial License

FSA

Promotion

N/A

Financial Leverage

1:2000

Established

2008

Trading Software

MT4, MT5

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IQ Option

Starting Capital

$10

Financial License

CySEC

Promotion

Not available

Financial Leverage

1:30

Established

2013

Trading Software

WebTrader

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RoboForex

Starting Capital

€/$ 10

Financial License

FCS Belize

Promotion

30 USD

Financial Leverage

1:2000

Established

2009

Trading Software

MT4, MT5

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EagleFX

Starting Capital

$10

Financial License

N/A

Promotion

N/A

Financial Leverage

1:500

Established

2019

Trading Software

MT4

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AMarkets

Starting Capital

$/€ 100

Financial License

FSA

Promotion

25%

Financial Leverage

1:1000

Established

2007

Trading Software

MT4

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OspreyFX

Starting Capital

$10

Financial License

N/A

Promotion

N/A

Financial Leverage

1:500

Established

2019

Trading Software

MT4

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HotForex

Starting Capital

5 USD

Financial License

FCA, FSA, DFSA, FSCA

Promotion

100%

Financial Leverage

1:1000

Established

2010

Trading Software

MT4, MT5, WebTrader

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ForexMart

Starting Capital

15 USD

Financial License

CySEC

Promotion

30%

Financial Leverage

1:500

Established

2015

Trading Software

MT4, WebTrader

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Tickmill

Starting Capital

100 USD

Financial License

FSA, FCA, CySEC, FSCA

Promotion

30% Welcome Bonus

Financial Leverage

1:500

Established

2014

Trading Software

MT4, WebTrader

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FXOpen

Starting Capital

1 USD

Financial License

ASIC, FCA

Promotion

Forex Cashback

Financial Leverage

1:500

Established

2005

Trading Software

MT4, MT5, WebTrader, TickTrader

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