Tuesday, December 22, 2020 / 07.57PM / By Olayinka Ajayi / Header Image Credit: iStock / Header
Before
you start joining groups, here are what you should know about these folks
peddling forex like it's a commodity.
See Also: Currency
Trading Platforms
Ah
ah, but Yinka, they are doing me a favor by teaching me how to trade, no harm
in that.
Here
are the facts you
should know about trading
with no sugar coating.
But
then, how do these
people make money?
I'm
glad you asked. Here's how.
These
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.
Say,
if 5000 people are in a group, there's a likelihood that 100 people will pay
for that pdf ($100 * 100 people = $10,000).
They
cash out from you and fund their lifestyle with your money.
Now
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!
More
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.
But
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.
Stock
trading on the other hand is profitable provided you use the right strategy.
But that'll be discussed in another article.
Credit:
The
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
via yinkakani@gmail.com
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