1. Others do and are making life out if it.
2. I can trade at the comfort of my home
3. I just need a little things like a smartphone, METATRADER 4 platform and databundle.
4. I shall know also what only banks suppose to know.
5. I shall be exposed to and handle the world major currencies.
6. It's legal here in Nigeria and many parts of the world.
7. I will first of all learn to trade forex with virtual ( Not real) money.
8. It's not complex, its either I BUY fallen currency or I SELL risen Currency to make profit.
9. Ready Buyers and Ready Sellers are at my disposal in the platform.
10. Practice makes perfect.

Now let me briefly tell you what bureau de change (The parallel marketers) do.

An Hausa man will provide a capital to trade Forex locally on his own to make profit.

See what he does: He use a capital of Lets say I million Naira ( N1,000,000 ) to begin his Forex business. At every point in time, they have a price they buy and sell foreign currency like the dollar, Euro, or pounds.

If he buys dollar with his capital at the rate of N400 Per dollar as it is today; then N1,000,000/N400 = $2,500 ( Cash in Dollar )

He now wait for a buyer who will buy the $2500 at the rate of N450 per dollar. So a buyer now pay him N450 per dollar which is $2,500 X N450 = N1,125,000.

His profit will be N1,125,000 (Sold) - N1,000,000 (Capital used) = N125,000 (profit).

The illustration above is a primitive picture of why we trade forex.

Please download (The Metatrader 4) from your Apple store or google app if you haven't. Thanks.

Next Topic: Can I loose my money in Forex?

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