Currency, as we know in forex trading, responds to a lot of factors. These include the falling naira owing to Nigeria’s dwindling crude oil export earnings, socio-economic challenges in Great Britain hurting the pounds sterling, and the expected rise or fall in the United States dollar due to the upcoming presidential election. Forex traders with technical abilities, who have their ear to the ground, are bound to make profit if they are on the right side of the market.
Online forex trading business has somehow been adversely affected in Nigeria due to the exchange
rate. An investor cum trader will need more ‘hard’ naira to invest in order to fund their account in the USD, GBP or EUR.
Regrettably, interested ‘’public new babies’’ are also not coming up for training for fear of the amount of naira they will need to convert to the aforementioned foreign currencies. Brokers are much more on the prowl to woo traders to their platforms.
Over the last two weeks, I have received calls, mails and overtures from more than four overseas brokers to help populate their platforms. Everybody is feeling the pinch.
At this period too, traders who have earlier funded their accounts at lower rates and withdrawing profits are smiling with the new developments on the naira. Forex trading therefore remains a way of surviving this inflation and making it if caution is applied to investments.
My advice for those who want to invest now despite the current rate of exchange is to look inwards and fund within their capacity in naira while still having the opportunity to trade the foreign pairs. This will abhor a vacuum in their trading activities. Also for newbies who want to go into forex trading you need not be scared at this time as you can trade even with less than $100 equivalent and still perfect your trading skills acquired from training.
Luckily, we have a handful of brokers or appendages of them offering naira deposit to your advantage. They are even ready if you are bent on conversion to foreign currency to offer you at the official exchange rate.
I will be offering my own reprieve to registered traders by way of offering free training on online platform (online class/lecture) on Thursdays at 19.00GMT. This will enable you to invest and trade with the naira on CloudTrade platform. The training takes place on gotomeeting.com platform. This is for Nigerians at home and those in the Diaspora. Please download gotomeeting platform on your device or system prior to attending the online lecture. Registered traders with this link http://track.eagleglobalmarkets.com/?t=5PtQoRvk should contact me for meeting/training ID to join. In the face of adversities, we must look for a way out – the promise of this column is to serve the interest of Nigerians and Nigeria online forex traders.
Over the next one week, forex traders on pairs involving the USD must be careful as market volatility is expected during the US elections. Risk management must be put in place for all your trade orders. Ensure your stop loss, TP and trailing stop are in place as there might be slippages. Though not a trading tip nor market advice, it is of the opinion that a Trump win might make the USD dovish while a Clinton win might make it hawkish. Till then our hands should be crossed. I wish you all a happy trading week.
Market tip for the week Monday 31St October – Friday November 4th, 2016
Please note the suggested entry points/ranges. The buy trades will most probably trend down at the week early days like Monday to Tuesday. You may therefore trade them on sell pending when they reach the SEPs and vice-versa for SELL trades too.
Entry (SEP) and exit (TP/SL) could also be at trader’s discretion.
USDJPY (BUY): Entry between : 103.06.-103.3 TP: 106.30 .6925 SL:103.15
EURUSD (BUY): Entry between : 1.0920-1.0940 TP: 1.1083 SL:1.0850
GBPJPY (SELL): Entry between : 127.70-128.40 TP: 126.10
GBPUSD (SELL): Entry between : 1.2186-1.2270 TP: 1.2031 SL:1.2443
Registration for November 2016 Batch training which begins on Monday October 31st is currently on. Call 01-3429029, 08039391041, 08148405500 or send a mail for details to email@example.com or firstname.lastname@example.org
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