Trading financial markets is taking advantage of price changes of various financial assets such as equities, forex indices & commodities on a virtual platform via a brokerage firm. With the boom of online trading in Nigeria, derivatives trading has become even more common. We spoke with 5 Nigerians about how they handled trading and how it’s affected their lives so far.
Philip
I started with a small deposit to gain experience. I’m in school and my academics didn’t allow me a lot of time to make income, so trading seemed like an ideal option to me. For a while, I learned how to trade by copying the trades of more experienced traders. Fortunately, the trader I was copying was profitable and I made 100% of my capital in a short while. I think I’m going to be trading for a while to come. I’m looking forward to executing my own trades after I conclude my exams.
Halimat
Trading for the longest was something of a mixed bag for me. Depending on the market, I might have a good trading experience or a bad one. There are times I’ve made money and sometimes I’ve lost everything I’ve made. However, I’ve found that if I’m disciplined enough and manage my risks sensibly, I can learn to protect myself against losses and make sure my capital is protected. If you’re going to be trading, it is important to think about how much you’re ready to make or lose. I think I’m going to keep trading and get better and learn from my mistakes. Thanks to free webinar lessons from my broker, I’ve been able to learn the basics of trading and this has been very helpful in teaching me the right principles of trading.
Udofia
A big part of trading is discovering how to trade. In one day, I was able to double my account and in the next, I lost all of it. I’m still hopeful about learning more, despite my losses.
Egmarkets has great customer service and is also very sincere about the realities of trading. I also find it profitable to trade with Egmarkets thanks to their great spreads across different currency instruments. As a non-professional trader, this has been very helpful.
Otuchi
Being a newbie in trading has taught me a few lessons. I’m focused on learning the basic principles of trading such as risk management. I’ve also learned to discover proper entries, trade with a plan, how to read the chart and use market indicators. I’m glad with the progress I’ve made.
PraiseGod
I’ve only been trading for a short while. I started when I saw my colleague trading and he answered the questions I had. This really piqued my interest and I decided to learn more. I started with a demo account and quickly learned that trading is an intentional exercise! Still, I kept asking questions and making more mistakes and I’ve learned a lot in such a short time. Brokers like Egmarkets that let me trade in Naira helped make trading very easy and more relatable to me. That was what got me interested in trading.
I’ve been making gains as much as losses. I once lost out on a trade because the internet network wasn’t good enough and I made a loss on that. I grew my initial capital of N160,000 to N315,000 in a week before losing all of it again. However, it’s not all bad because these experiences help teach me more about training. I’ve also been learning about trading psychology, money management, risk management but the experience is just as important.
