Posted by forex at 9:48 AM
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1. Open an account with a FOREX broker that accepts individuals from Nigeria. You may also want your broker to work with money transfer systems that are popular in this country: Webmoney or e-gold, for example (see Resources). Note that PayPal does not operate in Nigeria.
2. Educate yourself about the foreign exchange market. Read a FOREX book, preferably written by a star Forex trader or investor. For up-to-date information, regularly check FOREX reports on business news agencies such as Reuters or Bloomberg.
3. Create your own trading strategy and stick to it. You can base your strategy on macroeconomic or fundamental analysis. Macroeconomic analysis tells us that you should buy currencies that are backed by stronger economies while avoiding those with stagnant or contracting gross domestic products (GDPs) and high national debt. Always employ stop-losses--orders to the broker to close your position when the exchange rate moves against you and you start losing money.