Recently, I went to the store to get sachet tomatoes, but I was so dumbfounded by the price tag. It had become three times its usual price, and it turned out that was the least of my worries. If you are in Nigeria, in Lagos to be precise, then you know that basic commodities like rice and onions have become liquid gold. #Sigh
Needless to say, Nigeria is now at its worst recession since 1987. These price hikes will make life difficult for many average income families; and personally, if I did not have multiple sources of income, I would have been in dire straits.
Speaking of multiple streams of income, we often talk about side hustles but not so much about the stock market, specifically foreign exchange. The truth is that stock trading and Forex have become quite easy and accessible these days, with all the apps that simplify the process and link you with trading agents.
If you are young and not investing in stock, omo! You are on a long thing. And if you are thinking of joining the rest of us, here are a few things to consider.
Get familiar with It
Before you get a good trader to teach you, research on your own. Like the way a trader of clothes and bags also does, you have to acquire the basic knowledge of the market you want to go into. Learn the currency pairs you would be trading on such as the USD (United States dollar), GBP (Great Britain Pound), Bitcoin etc, and then the general layout of how the market operates. In simple terms, it is buying and selling using currency.
Avoid Ponzi Schemes
There are quite a lot of ponzi schemes that use trading cryptocurrency as a cover. Whenever you see something that involves bringing two people that’ll bring two more people, distance yourself from it, that has all the makings of a scam. Remember, forex trading involves only you, your capital and the market.
Practice On A Demo Account
A major factor that makes trading easy to learn is this. The demo account is a simulation of the actual thing, you get to trade with money, you have a feel of the market and also put into practice what you have learnt by placing trades and learning from your mistakes if you make a loss. The demo account allows you test the waters and builds a foundation that would help you become a good trader.
It is gradual process that is worth it in the end and before long, you’ll be flexing your trading skills and would be on the way to becoming more financially independent.