One of the main advantages of trading forex online is the flexibility of forex trading times. The currency market is open and accessible 24 hours 5 days a week. The market opens on Sunday PM Nigeria Local time (GMT+1) and closes on Friday 10 PM Nigeria Local time 5/25/ · It is therefore the best time to trade forex in Nigeria given that the possibility for profit is at the highest, especially if you are trading with currency pairs that include the euro, the British pound and the US dollars. If you are struggling finding out what time it is with market you would like to trade at compared to your local time 1/6/ · As Nigeria is one hour ahead of London, and the best time to trade Forex is widely agreed to be during the New York/London overlap, followed by the later New York session, the best time to trade Forex in Nigeria will usually be between 2pm and 10pm local blogger.com: Adam Lemon
Best Time To Trade Forex In Nigeria Guide
It involves speculating on the rise and fall of a currency's fluctuations. But is trading in the forex market really profitable for small or retail individual investors? How much income can you earn from trading forex rading forex trading time in nigeria time or full time? What are the risks? There are so many other questions that may come to your mind if you are a beginner forex trader. We will try to answer all these questions and more with this guide.
Busy right now? Don't worry. Chapter 1. What is Forex Trading? Chapter 2. Understanding Currency Pairs. Chapter 3, rading forex trading time in nigeria. How to start Forex Trading? Chapter 4. Forex Trading Strategies. Chapter 5. Forex Trading Platforms. Chapter 6. Traders can place their trades in the forex market, which is an over-the-counter market that allows investors to trade currencies. This is a platform for investors, institutions, banks, and retail traders.
This is larger than all the stock markets in the world combined together. Have you traveled overseas? If you have then the chances are that you have already traded currencies before.
This is because you need to acquire the currency of the country you are visiting by exchange the currency of your home country. In this example you are physically buying USD by exchanging your Nairas. When you change your Naira into a different currency to spend money on your trip, you are actually making a forex transaction.
The rate that you get from your exchanger is decided on the basis of the real time exchange rates plus the profit margin of the money changer. In theory, this is what online forex trading on the internet is all about, but still a bit more than exchanging currencies through a Money Changer.
All transactions in the forex market are based on the purchase of one currency for the sale of another currency. It is really important to understand what currency pairs, and how they work before you can start trading Forex. The opportunities to make profits are higher. These include EUR EuroGBP PoundJPY Japanese Yen etc. As you may have noticed that these are the crosses of all the major currencies excluding US Dollar. As a beginner Forex Trader, you need to stick to major pairs only as it offers high liquidity and predictable market movements.
While trading forex, you would come across these common terms. We will be explaining all the important terms here. This price is the quote by the broker, rading forex trading time in nigeria. It is the last decimal in the price, rading forex trading time in nigeria. For Example: In the quote 1. At this price, you can sell base currency in the pair. This price is shown on the left side in the quote ticker by the Broker.
At this price, you can buy the base currency mentioned in the pair. It is shown on the right side of the quote ticker by the Broker. Spread is the fees charged by forex brokers, so it is essential to choose a forex broker that has lower spread you should also check the overall fees.
Forex trading can now be done by anyone in Nigeria, anytime, from home or anywhere through the internet. You need to signup with a Forex broker. We will tell you exactly who to choose.
In order to trade forex, you need to find a CFD broker. There are numerous forex brokers available for Nigerian traders such as HotforexExnessXM Forexrading forex trading time in nigeria, FXTMrading forex trading time in nigeria, Forex. com, FxPro, Oanda etc.
We have compiled the list of best forex brokers for Nigerian traders. ForexTime is the best broker for Forex trading in Nigeria. Start Trading at FXTM Important: Forex Trading is risky, so have a working strategy before trading with real money. Start with Demo Accounts: Never start trading directly on a live account if you are a beginner becaue your real money will be at risk.
Once you have found the forex broker of your choice, you can then open an account with that broker to start trading or demo account to learn. This account will enable you to place your trades in the interbank market at the live currency prices. Once the verification is complete, rading forex trading time in nigeria will need to make a deposit to fund your live account.
These funds will be used to place live trades at the real market prices. The long position implies that you are buying a currency pair and are betting on it to rise in value in the future. For ex. Buy order in forex is similar to buying an equity stock. You buy the currency at a low price, and once it reaches a higher value, you can then sell off the currency, thus making your profit.
The short position can be taken when you believe the price of the currency will fall in the upcoming period. You can place a sell order when the currency is at a higher price and then when the value falls significantly, you can buy it back at lower price, thus realizing your profit.
Profit or Loss? Depending on the movement of the currency pair that you were trading, you will either be profitable or make a loss once you close the trade.
You will make a loss in this case. Also Read: Our detailed guide on How to Trade Forex in Nigeria. There are many different strategies that are followed by successful forex traders. But most of them fall into 2 categories which are 'Technical Analysis' and 'Fundamental Analysis'. Technical Analysis involves the study of chart patterns, currency trends, using indicators etc. While the fundamental analysis is mainly related to trading based on Economic outlook for a currency which could be impacted by news events like GDP, Unemployment data etc.
Most technical forex trading strategies involve some level of study and analyse of the chart or trend patterns of the currencies before making an actual trade. Good thing is that almost all brokers around the world now offer MT4 or MT5, which are excellent platforms for sound technical analysis. Only based on your strategy, you can make actually get rading forex trading time in nigeria best returns in the future. We call the high the resistance. Once the price crosses the previous high to achieve a higher high, there is a huge chance that the old high will become the new low in a trending market.
The low is now called the support. If you are a new investor, it is a good strategy to begin trend trading with one of these pairs. This is because these pairs are very liquid and have stable volatility. Since these currencies are stable, they will help you in managing your risk initially. It is always a good strategy, to begin with, a USD pair rading forex trading time in nigeria of stability.
There are various other pairings available which do not include the USD. Day trading is not strategy per se, it is more of a trading routine. In this strategy, you place your trades, and close them within the same day or within a hour window to book your profits or loss. You can realise profits quicker in this strategy although the risk is also higher, as most of the traders try to gain high returns with small capital.
This is a very common strategy followed by a wide variety of traders, but you must understand its risk as well. Another strategy is known as scalping. This strategy is based on opening a position for a short time and closing it to make a small profit. These strategies can be a great way to book profits quickly. If you are ready to start Forex trading then you may have doubts on which broker or app should you choose to trade online. Forex Trading, like any other market investment has many benefits but also carries significant risks.
On the positive sideforex trading has the potential to bring good income if you trade with a sound working strategy while properly managing your risks. You don't even need very high capital to start, rading forex trading time in nigeria.
It is really important to understand all the risks. How you can manage these risks? Be cautious, have a fully tested trading strategy on demo and use good risk management to be successful at forex trading.
At Forextrading.
Lesson 14: What are the best times of day for trading forex?
, time: 11:59Best Time to Trade Forex in Nigeria - Relaxed Mode
1/6/ · As Nigeria is one hour ahead of London, and the best time to trade Forex is widely agreed to be during the New York/London overlap, followed by the later New York session, the best time to trade Forex in Nigeria will usually be between 2pm and 10pm local blogger.com: Adam Lemon 5/25/ · It is therefore the best time to trade forex in Nigeria given that the possibility for profit is at the highest, especially if you are trading with currency pairs that include the euro, the British pound and the US dollars. If you are struggling finding out what time it is with market you would like to trade at compared to your local time One of the main advantages of trading forex online is the flexibility of forex trading times. The currency market is open and accessible 24 hours 5 days a week. The market opens on Sunday PM Nigeria Local time (GMT+1) and closes on Friday 10 PM Nigeria Local time
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