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.