My forex success story

Conference, which  held at Sheraton Hotel, Lagos brought  my forex success story the industry’s most respected speakers and drew international exhibitors, sponsors and participants under one roof. Daniel Essiet spoke with successful professional traders to uncover what it really takes to make a living in the markets.

The international retail Forex industry is spreading to Nigeria with newly established brokerages gaining ground in Lagos, the country’s commercial nerve centre. Most  of them  showed up  at  the Lagos  Sheraton  Hotel, venue  of this  year’s  forex  expo, appealing to diverse audiences. They included professionals, entrepreneurs, long time stock traders, equities and forex, and those curious about Forex. But he lost so much  money. It was a period of  high for  people around him, who made money from forex trading and low for him. He  made contact with global forex traders, a firm which introduced him to better tricks of trading, using online platforms.

This worked for him and he made a huge success from it. Moreover, after recording the success, many of his friends and family members began to entrust their money with him in Forex trading. He  then employed a   strategy, which has continued to be profitable for him over the past three years. His  strategy simply is to extract profits from up and down trends, resulting in a consistent stream of profits. He  has kept  going because he  kept improving. For  him, forex trading  was a kind  of  entrepreneurship,  which meant tough times and struggling to make ends meet. His  greatest strength is seeing an opportunity in every challenge, and finding solutions where others would give up.

He  trades only when the timing is right for a trade and when the odds are on his  side. The   strategy incurs less losing trades, therefore, preserving his capital and keeping consistent profit gains. He  has  gone from a poor  start  five  years ago to having many  clients and generating N800,000 from  trading for himself  and  others. He has been  coaching traders and has continued to develop seminar and training programmes on trading psychology for the investment industry, and individual traders. 500  into  thousands  of  dollars  in  a week.

According  to him,  they  create a mindset that pressures them  want  to make money  quickly  and  as  such  trade emotionally, losing  money in the process. While it is very important to have an effective and uncomplicated trading strategy, Ajimoko said  it is even more important to manage  emotions around your trades, adding that  one   needs both to experience long-term success in trading. Ajimoko said  prospective traders  need to understand is that trading is a discipline. It is a long-term game of probabilities, one will win some trades, and  lose on some, but as long as one is disciplined enough to stick to a trading strategy, not being emotionally attached to losses, one would  make more winning trades than losing trades and net a profit.

The   important thing to him is how sustainable the strategy is. For  him, there is no  point for a trading strategy to be winning this  week, and  losing  next week . For him, it  is   depressing and emotionally disturbing to trade that  way. That’s why he   settled down on  trading  strategy  where  he  consistently made  profits, at least  10  per cent  profit on the  capital.

He  currently focuses  on one particular trait common in winners: patience, enough to wait for the right timing. Onuoha  said  what  he  has  succeed in achieving by this, is to reduce  losses as a trader. The  other  thing is  not  to sell  the dream of instant riches. Though, it is a booming trade, he  said  such  dream  has turned into a nightmare because  it is not  realistic. He  trades  a multitude of financial markets, including futures, equities, commodities, and currency markets with a global macro strategy.