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The Best Ways To Start Forex Trading Investment In Nigeria: Beginners Guide

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start forex trading investment

The Best Ways To Start Forex Trading Investment In Nigeria: Beginners Guide

To start Forex trading investment used to be a mystery to private individuals. It was what only the banks were involved in and no private individuals ever dared venturing into it.

This has however changed with the wide spreading of the internet. The internet has solved the issue of disconnect and made it possible for individuals to assess the market at ease. It’s Popular saying that one can even trade forex from the comfort of his bedroom. Interestingly, the market has a low entry financial requirement.

It’s Important to point out that one can even start a forex business with as little as $100 but this is not advised as the person will find it difficult to make reasonable profit. This article will point out the various ways that you can make money in the Forex market that you did not know.

Related: 4 smart ways to avoid losses in forex trading in nigeria

Can Ordinary individuals still make money from forex trading? You can start trading investment as an individual. As a part-time or full time trader, how much profit do you stand to gain? What forex risks do you need to be aware of? Can an individual with average or basic knowledge about money market and financial management Start a forex business? This article will address the above issues and many more. So, follow through to the end and don’t forget to drop a comment.

What Exactly Is Forex Trading?

Forex trading can be defined as the online/internet currency exchange trade or an act of simultaneously buying and selling currencies of different countries online using internet trading platforms.

Literally, Forex is a combination of the two Foreign Exchange, so, Forex Trading simply means Foreign exchange trading or trading on foreign currencies by its exchange rate. Owing to the fact that Forex trading involves the trading in various currencies with disparities in their exchange rates, the ability to make profits or losses depend so much on the economic state of different countries at a time.

Also Read: How to learn forex trading in Nigeria

The various factors that affect an economy at a time defers from those that affect the other economies at that time. Hence, the interaction between economies are volatile and never static. So, the forex market fluctuates with the economies as well.

The currencies of the various economies in exchange for each other experience rises and falls due to so many reasons from demand and supply of currency to government fiats. For instance the Dollar in exchange for the naira can rise or fall pending on how many people demand the dollar in exchange for naira and how many people demand the naira in exchange for the dollar. If more people demand the dollar in exchange for the naira, the value of the dollar rises and that of the naira falls.

When the values of currencies fall, the forex market is affected. In the forex market, traders speculate on the tendency of a currency to rise or fall within a specified time period. Traders profit on every right speculation of the trend and lose vice versa.

The Forex market is a volatile market that is constantly changing and never totally accurately predicted. This is where the profit or loss is made. If the currency goes up in your favor, you make profit, if it goes down against you, you make loss.

The essence of this long explanation is that you need to have the necessary information if you want to start forex trading investment. It is a very technical business.

Understanding the Forex Market

Understanding the Forex market well enough implies availing yourself of serious training in Forex trading! This equips you with the technical know-how required in Forex trading. It is necessary if you will ever want to start  forex trading investment.

Another Vital requirement is to have enough time and willingness to study this ever changing price market over a period of time and be up to date with the local and foreign news as global trends have a tendency to determine the direction the prices of the currencies go, either up or down.

It is advised to use a demo account for practice, in order to aid learning and mastery of the market. Almost all the Forex trading platforms have demo accounts were you can practice Forex trading in what looks like real time trading.

The demo accounts are loaded with virtual money and in real time mode. The only difference is that demo accounts are artificial accounts with non-drawable funds. Hence,the gains and losses made do not affect the trader’sreal funds.So, you neither make gains nor losses in real terms while demo-trading.

You need to continue to practice with the Forex demo account until you become very proficient. You must be good with the virtual trade before you ever attempt with real money because once you are up with the real money, there is no going back, its either profit or loss. From then, it becomes investment that must be handled very seriously.

To start a Forex trading investment is not something you joke with, you need to be up to date with knowledge and information. You must be into it and do research regularly.

How To start Forex Trading investment in Nigeria

To start forex trading investment, you need to open an account with a forex broker but caution must be taken not to open such account with fake brokers as not all brokers are real. In the light of this, it’s advised that you work with the established brokers who have managed to build some good reputation over the years. This will save you from the risk of losing your investment to scammers or brokers That Won’t manage your investment with utmost priority.

You have to go to the website of your desired Forex Brokers and open an account with them. The Forex Broker or the Forex trading platform is the medium through which currency is traded online.

Fund Your Forex Account

Funding is one of the necessary things to do when you want to start forex trading investment. It is the medium through which you add money to your online trading account. This is the money you use to trade, so you cannot trade without finding your account. This can be done through direct deposit or by using your credit/debit cards.

Have A Domiciliary Account

The Domiciliary account or Dom account as it is sometimes called is used for cashing or depositing funds into your Forex trading account. This is very important for effective transaction and to enable you make a withdrawal of your profit when there is any. Some use other currency medium like the e-Currencies but at the end, it will still get to Domiciliary accounts.

Fast Internet Connection

You need fast internet access if you want to start forex trading investment. Forex trading is an online business and cannot do without internet connection. In essence, You need a very fast and reliable internet connection to be able to trade Forex in Nigeria or elsewhere.

This is the first step to guard against unnecessary losses. Trends move with time do fast that your internet connection needs to always be as fast to catch up, otherwise, losses in the market are inevitable. Without this, it will be difficult for you to make profit because your internet has to be fast and reliable to enable you take quick actions.

High Performing Laptop

This is very necessary for efficiency and accurate performance in live market. Do not make the mistake of using a wacky laptop for Forex trading. Most times, the losses people make are as a result of inefficient trading devices. You cannot start forex trading investment without a laptop.

The profit you make depends on your trading skills. Yes, people are still making profit in Forex trading in Nigeria and will continue to make profit as long as currency remains in use. In fact, nothing has changed and will probably change forever.

Starting a Forex Trade with little capital is never a good idea. You need to invest something substantial to make reasonable profit. A serious trader trades with thousands of dollars. I have seen people who make hundreds of thousands of dollars with Forex trade and you too can.

 

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Ossi Samuel is a mafian thinker, an avid reader and writer, and political analyst. Am a humanitarian and fun loving person. I love Tech by the way and will always have your time if you have any ideas. I can be reached on Facebook

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A Brief Analysis Of The Nigerian Paint Industry

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For decades, Paint manufacturing companies have long been in operation in Nigeria, mostly as subsidiaries of foreign paint companies. As time passed, however, indigenous paint industries sprung up and completely bought over the shares of these foreign firms and continued to expand with every passing year. Several technological advancements have been witnessed since then, with the Nigerian paints industry contributing a significant quota to Nigeria’s economy and employment scheme.

The existence of paint manufacturing companies in Nigeria dates back to as early as the nineteen sixties. Recently, there has been a high demand for paint due to the increase in construction of buildings for private and commercial purposes. This factors thus makes the paint industry a profitable one to invest in.

An Analysis of the Nigerian paints industry

A Brief Analysis Of The Nigerian Paint Industry

A Brief Analysis Of The Nigerian Paint Industry

It has been estimated that the about 128 million litres of paints are consumed in Nigeria within a year. In the year 2012 alone, the Nigerian paints and coatings industry was estimated to be worth about $200m. this grew to about $218m by 2013, signifying an estimated 9.01% growth rate.

There are two major components of the Nigerian paints market. Lack of sufficient access to funds and technical imbalances needed for the production and management of industrial coatings constitutes a major yardstick for distinguishing between the industry players. The first sector is the organized sector which comprises of companies possessing sufficient capital and efficient distribution system.

The second sector is the decorative paint sector, which houses both the organized and unorganized players. This component does not need advanced technological inputs. With a good governmental backing, it is quite easy for new entrants into the Nigerian paint market to thrive in the system.

This sector is dominated by about 5 key companies, each of which’s annual revenue is estimated to exceed $7m, with several other small and medium-scale companies scattered across the country.

So, as it stands, the decorative sector of the Nigerian paints industry accounts for about 60% of the total sales volume and/or value. The industrial coatings segment of the market, on the other hand, is said to constitute about 40% of the total sales volume and 29% of total production volume.

As Frost & Sullivan report, in 2012, the decorative paints & coatings sector of the Nigerian paints industry was said to possess a significant synergy with the real estate industry and estimated at 71% of the overall volume of coatings and pains in the country.

Nigerian paint industry Regulatory Bodies and Associations

The regulatory body for the paint industry in Nigeria is the standard organization of Nigeria (SON).

They are entrusted with the responsibility of ensuring that all manufacturing industries in Nigeria are duly certified, their products are safe and guarantee maximum consumer satisfaction through compliance with government policies.

SON encourages healthy competition amongst manufacturers and also give room for continuous improvement on quality of manufactured products.

Paint Industry Manufacturers Association of Nigeria (PMA)

Asides SON, another regulatory body in the paint industry is the PMA. PMA caters to the welfare of the Nigerian paint industry. It is headed by a chairman and serves as a voice as well as a monitoring body for paint manufacturers in Nigeria.

PMA caters generally for issues bothering on productivity and development of the industry. In 2016, an exhibition was commenced which now holds yearly.

The exhibition which is centered on annual raw materials, equipment and painting show held on the 23rd of October and was tagged “PMA Nigeria Coating Show”.

The event had exhibitors from the United Kingdom, Germany, Greece, Turkey, South Africa and India in attendance. The major aim of the exhibition is to develop strategies on how to handle the issue of high cost and scarcity of raw materials for local production which is a major challenge faced in the industry and to promote paint Technology by sourcing for local contents.

PMA (Paints manufacturers association of Nigeria) functions collectively with SON (standard Organization of Nigeria) to guarantee an acceptable global quality standard for manufactured products.

Challenges and Prospects of the Nigerian Paint Industry

These include:

1)     NEGLECT BY THE GOVERNMENT

The paint industry is one of the most neglected in Nigeria. There are no incentives provided and routine checks are not always carried out. This, in turn, puts a restriction on the percentage of the paint industry’s contribution to the gross domestic product of the country.

Also, the lack of an efficient regulatory system increases the emergence of new industries which lead to a decline in the standard of products manufactured.

2)     ACCESS TO FACILITIES

This can be said to be a major limitation for investors in the industry. These facilities include: constant power supply, access to funding, unavailability of raw materials, lack of proper facilities for certification and test purposes.

Prospects of the Nigerian Paint industry.

These include:

1)     QUALITY CONTROL

Due to the effort of the Paint Manufacturers Association of Nigeria and the standard organization of Nigeria, the quality of paint produced has improved tremendously.

2)     HIGH DEMAND

The increase in demand for paints is as a result of the increase in building construction in the country which has also helped the sustenance of the industry.

LIST OF PAINT INDUSTRIES IN NIGERIA

Paint industries in Nigeria include:

  1. Premium paints,
  2. Dulux Paints,
  3. Meyer paints, Berger paints,
  4. IPWA,
  5. Nigerian German Chemicals,
  6. African Paints
  7. CAP Plc.

I hope we have made your search complete.

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How to Pitch Your Idea to Investors in Nigeria

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Are you an entrepreneur in Nigeria with a business idea that you want to pitch to investors? But you don’t have the finance to invest in the business and the only option left is to look for investors in Nigeria who would love to invest? Read this simplified guide to learn how to pitch your idea to investors in Nigeria in a professional way.

You see, Nigeria is a country with many people with money that don’t know what to do with it. A large chunk of these people will be very happy to invest their money in places that will bring them maximum profits or a good return on their investment. Having the opportunity to meet this class of people (i.e., angel investors) to share your business idea with is one problem.

Here’s what you should know…

You see, it is one thing to have a good business idea, but a completely different thing to know how to pitch it to potential investors. You need the skills of how to convince potential investors within minutes to invest in you, because if you don’t know how to do it professionally, investors won’t be able to understand what you’re trying to relate with them or how best to help you.

The importance of rehearsing your pitch is one thing I can’t stress enough in pitching potential investors in Nigeria. As an entrepreneur, you might think that you know your business in and out, and that when it comes to pitching it to investors, it will be easy just like singing the National anthem (is that even easy?). Well, this is not always the case most times. Cases abound where entrepreneurs freeze in front of investors while pitching, and ramble on and on. Many entrepreneurs don’t put the same effort they used in preparing their business plan to pitching their plan to investors. As such, you should take the time to acquire the needed skills of business idea pitching to pitch your business idea to investors in Nigeria with ease.

How to Pitch Your Idea to Investors in Nigeria

How to Pitch Your Idea to Investors in Nigeria

How to Pitch your Idea to Investors in Nigeria.

1. Start with a story, end with your solution

If you can relate your story to the problem you are solving in the market place, then do it. Nothing engages people better than a good captivating story. Start your pitch with a story that will catch your audience or investor’s attention, the complaint and address it to how your business idea will be the solution to the problem in your story.

So, don’t just keep talking about the problems all day, pitch your idea by showing potential investors how your product or service will solve the hungry market’s problem. Make it easy for the investor to understand how you plan to execute the solution with your idea.

2. Niche down to the exact market you are targeting.

Every product, service or business idea has a specific market it is made for. Don’t lie to investors saying that your product or services is for everybody on earth. It is too broad. Everybody is no market. Tell your investors the market needs your idea is meeting.

3. Analyze Your competitors

A quick analyses of your potential competitors is very important as every business has a competitor even if the competitor is located far away in another continent. Tell the investors how different your business model or approach to solving the problem is from that of your competitors and how much market share you are likely to take if your idea comes to the limelight through their support.

4. State the exact amount you need

Don’t beat around the bush about the exact amount of money you need to fund this idea. Tell investors the exact amount of money that will be required to fund the business idea to success, as well as how much have been invested (if any). Also, give a detailed breakdown of why you need the exact amount you have stated and the intended outcome of the money too. You can do this using slides, charts, tables, diagrams, etc.

These are few tips to know on how you can pitch a business idea to investors in Nigeria. I hope with this  information, you have gained clarity on how you can pitch your idea to investors in Nigeria. Go ahead and put it into practice.

If you have any questions on this topic or a related on, let me know in the comments box below.

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5 Ways to Spot Exceptional Employees in Nigeria

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The Nigerian labor market is very flexible with a skilled, low labor cost, highly motivated, and productive workforce. High level of education and efficiency are common factors for spotting exceptional employees. Besides, exceptional employees are easily self-motivated and self-managed.

Another important factor used for distinguishing an exceptional employee is the personality of the employee. This informs why some people are more successful at work than others? Travis Bradberry of Forbes magazine stated that following a research done around 2016, it was concluded that the key to exceptional performance is in the personality of the employee. Bradbery (2016) stated that the results indicate that “78% of leaders consider that personality distinguishes great employees, much more than cultural adjustment with 53% and even the skills of an employee (39%)”.

However, the qualities that the leaders pointed out as part of the personality are those of emotional intelligence. Unlike personality (which never changes), emotional intelligence can be transformed and improved. So executives don’t need to look for employees who have these skills. His duty, and also that of the company, is to help the entire team to enhance their emotional intelligence to become exceptional.

In essence, a typical team does all of its planning to achieve goals, with minimal intervention from management. Exceptional employees are also known to be healthily self-critical, with a willingness to learn and a commitment to making improvements both in production and performance.

It is clear, therefore, that the key indicators of exceptional employee are high level of education, efficiency at work, self-motivation, self-management, great personality, and emotional intelligence.

However, how can we see these playing out to determine how exceptional an employee? How does one spot the level of education, efficiency at work, self-motivation, self-management, great personality, or emotional intelligence of an employee? It is by observing if the employee has the following characteristics before and after employment.

Exceptional Employees in Nigeria

Spotting Exceptional Employees in Nigeria

5 Ways To Spot An Exceptional Employee.

 Exceptional employees may be spotted using the 5 indicators below:

(1) The Employee Is Willing To Delay Gratification.

Exceptional employees work outside the range of job descriptions. Rather than expect recognition or compensation to come first, they move forward in their work, confident that they will be rewarded later, but they don’t worry if they aren’t.

(2) Exceptional Employees Tolerate Conflict.

While exceptional employees don’t seek conflict, they don’t run from it either. They can maintain their composure while presenting their positions calmly and logically.

(3) Exceptional Employees Are Focused.

Exceptional employees are not distracted by grumpy customers or disputes in the office. Rather, they know how to detect the important issues and that is why they stay focused on what matters.

(4) An Exceptional Employee Is Judiciously Brave but Courteous

An exceptional employee is willing to speak up, ask a difficult embarrassing question, or challenge an executive decision. Besides, an exceptional employee chooses the best time to do act and thinks before speaking.

(5) Exceptional Employees Control Their Ego

While the ego is part of an exceptional employee’s drive to constantly improve, they never overdo it. An exceptional employee admits when he/she is wrong and agrees to do things differently with or without correction.

Becoming an exceptional employee is a skill, an art that can be learned and practiced to efficiency. One of the ways to become an exceptional employee is to establishing open and trustworthy lines of communication with the management and co-workers.

Besides, the Human Resources (HR) department has a role to play in the building of an average employee into an exceptional employee. Rather than dismiss below average or average employees, the Human Resources (HR) team can deploy technology to improve their integration with the entity’s values. In this sense, e-learning, for example, can have great value in developing courses that convey to that person what it means to work in that company and what it contributes to society.

Another mechanism that may be used to is improve an employee’s performance is proper mentoring, that is, involving some of the people with the best reputation and knowledge within the organization to protect and accompany the toxic worker, giving them advice and offering advice whenever they need it. In this way, individual attitudes can change, although care should be taken so that it does not in any way cloud the relationship between the company and the staff.

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