For + ex = Foreign exchange, which is the act of exchanging one currency for another globally.
For example, if you exchange one currency for another, forex has taken place.
And when we hear forex, we see it as a form of investment.
But in reality, it is way beyond that.
In other terms,
We put our money into an investment platform that can trade our money for us as a forex investment and expects decent returns of ROI.
Lol, it’s just a fallacy.
And that is why in today’s post, I am going to uncover the myths behind these forms of investments.
Forex Investment With Monthly Returns In Nigeria
Now I know you might be expecting a list of forex investment companies in Nigeria that can produce a nice return on investments (ROI) for you.
And I will gladly tell you for a fact that there is nothing of such that exists.
In the quote “There are no Forex Investments companies in Nigeria”
If you want to look for platforms or investment vehicles like forex where you can invest your money earned into those platforms to trade, then am so sorry to say it again, nothing of such exists.
Forex is an investment vehicle for experienced traders, and there are no platforms that can help you trade forex and guarantee you better ROI.
I can explain
You may probably hear from bloggers or other articles mentionings platforms like
- Octa FX
- FBS trading system as a form of forex investments.
Now all the above-mentioned are not forex investment platforms and neither do they guarantee you a good ROI.
They are all Brokerage firms and not investment schemes.
Octa Fx made it clear on their sites that they are offering brokerage services.
But that is not all,
They also have a section called copy trading, where you will be allowed to copy from so-called master traders who are experts in trading.
In other words, you will be given opportunities to trade setups from master traders and these setups are called forex signals.
This may sound enticing but from experience, if you are planning on doing this in a long term, then you are one step away from blowing your money.
Because forex is a zero-sum game.
If it is working, everyone would be a millionaire (more on that later).
Dapo willis said it bests “Forex signals cannot make you the millionaire trader your want”.
On the other hand, is FBS.
And they made it clear also.
And they also made it clear in their footer menu,
Before you start trading, it is in your best interests to know the risks involved when starting to trade currency pairs AKA forex.
There is a big difference between a broker and investment schemes.
But don’t quote me wrong.
Investment schemes exist especially for legitimate ones but not platforms that will guarantee you a nice return when they trade forex for you.
A Forex Broker: a forex broker or brokerage firm is a financial service that allows financial traders to buy or sell currency pairs or currency.
While Forex Investments: Allows you to invest your money into their platforms and then trade for you and give you a return of ROI that doesn’t exist.
A forex broker doesn’t invest your money, they only act as a middleman between you and the financial markets (interbank).
So if you think there are forex investment schemes then it is a flat lie.
And without them, retail traders (traders with a small budget) can not trade forex.
When you trade forex, for you to make money, it is either you buy or sell currencies.
You buy when you believe currency pairs go up, and if that happens you just made yourself some dollars.
You sell when a currency pair goes down, you also made money when the currency goes down too.
And you lose money when your prediction goes wrong, e.g you anticipated for the price to go up, and then it goes in the reverse direction.
Then you lose money and it is a win for the broker, so now tell me how they are helping you to invest.
What does this tell us?
Forex trading is a game of probabilities and there are no platforms that can tell you when prices or currencies are going up or down.
Even the so-called “World banks” cannot decide the next move of the markets and that is why experienced trades only anticipate/analyze and judge their analysis based on historical price movements.
There is a saying that usually quotes “History will always repeat itself“. and in trading, this statement holds because technically forex prices move in patterns that have usually occurred in the past.
But Racksterli is different
They don’t trade forex nor are they even forex brokers.
They are Ponzi schemes (learn more).
So if there are no forex investment companies in Nigeria, then this is what you should do next?
How To Invest In Forex Trading In Nigeria
Forex trading is not as tough as you thought it is.
It is just all about dealing with losses that cannot affect your daily life activities knowing full well the risks involved in trading.
Forex can be so risky.
But the truth is, it is still very profitable and by far, forex has also produced more millionaires than any other form of investment vehicle could provide.
But if you can’t afford to take control of your emotions then you can check out other forms of online business that can make you money.
That is why most traders always go by the quote “only trade what you can afford to Loose“.
To get started with forex,
- Register with any regulated forex brokers you know
- Fund Your Trading account
- Connect your login details with your MT4
- Start trading demo or live accounts.
But I won’t deceive you.
All these are ways to start trading and investing in forex but it doesn’t guarantee the fact that you will become profitable.
So if you want to become profitable, Learn from Other successful forex traders.
Below are lists of successful forex traders you can learn from or follow their blogs/youtube channel
- Rayner Teo founder of tradingwithrayner
- Dapo Willis’s Youtube channel
- Habby forex academy
- Jeffery Benson
- Kojo Forex
Now It is Your Turn
I hoped you discover some uncovered myths about forex investments schemes
Now I would like to hear from you
Do you have the psychological level to deal with losses when trading forex?
If yes then would love to know and if no, specify down below.