December 22, 2020 / 07.57PM / By Olayinka Ajayi / Header Image Credit: iStock /
you start joining groups, here are what you should know about these folks
peddling forex like it's a commodity.
- They don't
make money from forex.
- Heck! Some
of these folks have never navigated a forex chart.
screenshots they post are from a practice account the broker you sign up
with dashes you to practice how to trade.
- If anyone
walks up to you and starts preaching the forex gospel, ask him/her to show
you their real account to know how much they're invested (yes you will see
real displayed on the mt4).
- Ask them
to show you their withdrawal history to see how much profit they've
See Also: Currency
ah, but Yinka, they are doing me a favor by teaching me how to trade, no harm
are the facts you
should know about trading
with no sugar coating.
have shown that 95% of retail traders lose money. If you start trading on
your own, you'll be among the losing statistic. You are not special.
- Expect to
lose all your capital in the first three (3) years of trading forex.
- It is
recommended that if you plan to trade forex at all, you should have at
least $10,000 YOU CAN AFFORD TO LOSE!! I personally recommend $20,000. In
other words, if your account balance is 100,000 naira you should only use
1% of your capital which is 1000 naira. I'M NOT JOKING!!
- You will
never become profitable unless you have huge leverage.
trading against bots, humans with Ph.D.'s in mathematics and statistics,
quantum computers (in other words ultra-fast computers), folks that have
poured thousands of hours into practice, and multi-billion-dollar hedge
funds. Do you honestly believe you stand a chance if you bet against the
- If you
don't already have a roof over your head, traveled half the planet, have
more than five (5) sources of income, don't even dare to smell forex.
then, how do these
people make money?
glad you asked. Here's how.
so-called traders lure you into a group and promise to teach you forex
for free. After few weeks in their group, then they ask you to pay $100 for
some pdf course that has a magic formula to help you become a
billionaire in 5 days.
if 5000 people are in a group, there's a likelihood that 100 people will pay
for that pdf ($100 * 100 people = $10,000).
cash out from you and fund their lifestyle with your money.
as an ordinary Nigerian to another ordinary Nigerian, we both know how hard it
is to make money in this country. Do you really want to risk your hard-earned
money to a trillion dollars a day market? No seriously, GOOGLE IT!
than 6.6 trillion dollars are being exchanged in just the forex market daily.
Do you genuinely believe your $100 would move the market? You're not even a
footnote in the grand scheme of transactions. You'll be swallowed alive.
if you no dey hear word and you get coconut head like me, again
here's the link to free pdf that guides you
on how to trade.
trading on the other hand is profitable provided you use the right strategy.
But that'll be discussed in another article.
post How to Make a Million Dollars Trading Forex was
first published in 'The Medium' on July 10, 2020 and is reproduced under
permission from the author.
About the Author
Ajayi Olayinka is a self-taught financial market trader who graduated
from Obafemi Awolowo University, Nigeria, with a BSc in public administration.
He is thrilled by the intricacies of investing and making gains from it and
therefore hurts when others are scammed of their hard-earned money in the name
of quick gains from forex. This has further prompted him to give advice on how
to avoid pitfalls in the financial markets. He's also well versed in how to
navigate blockchain technology and their cryptocurrencies. He can be reached
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