The Current Nigeria’s Financial State and The Way ForwardSomtoo Egbunike
Nigeria housed over 186 million people, making it the most populous country in Africa and the seventh most populous in the world. The population is anticipated to exceed 250 million by 2050, while the country is already home to the third-largest youth population as well as the twentieth largest economy in the world.
One good measure of Nigeria’s increasing prosperity is the fact the gross domestic product per capita (per person) increased from $352 in 2001 to $3,222 in 2014 – an increase of approximately 900%! However, the figure has fallen sharply since 2014 to a little less than $2,000.
Most Nigerians would agree that getting by is neither easy nor simple despite Nigeria’s position as a relatively prosperous African country. When you combine these challenges with the fact that it is not impossible to get some spare cash together, you can see why Foreign Exchange Trading continues to become more and more popular in Nigeria.
Despite this plus the fact that Foreign exchange traders in Nigeria are believed to trade positions worth as much as $1.25 million daily on average, very few international Forex / CFD brokerages maintain a presence in Nigeria, so Nigerian Foreign Exchange traders are in need of more impartial guidance.
There is no point trading in Foreign Exchange until you have undergone a profitable training trading strategy which you are psychologically ready to execute.
Also,The lack of a sound Foreign Exchange training strategy reduces trading to gambling, with the odds stacked against the trader, and the eventual loss of the entire trading account.
The most proven trading strategy which has been proven to succeed over the years is a strategy which trades only in the direction of a strong trend, support and resistance cuts losing trades short, and lets winners run.
However, even with such a good strategy, there will be losing trades and losing periods, which the trader must be psychologically ready to accept as inevitable. By keeping risk small, a Foreign Exchange Trader can ensure survival through the losing periods and coming up ready to profit when the market turns profitable again.
Nigerian Government Revenue 2017-2020 data @Trading Economics
The Way Forward
With the emergence of many/new traders seeking to make ends meet from the financial market,there is a need for mentorship especially in Nigeria.No one becomes a professional trader without having a mentor whether directly or indirectly.This is the major pre-requisite for anyone desiring to trade in the financial market because without this, he or she is bound to loose money. Remember,mentorship is the fast track to success.
This mentorship program can spread across finding an educational platform or academy whose major purpose is to train,educate and empower men and women pursuing this as a career which forex Arcade offers. Moreso,it is stated that it will take anyone 6-18 months to be a professional trader:this shows how important a mentor or coach is needed.