Why So Many Nigerians Lose Money In Currency Trading.

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The international foreign exchange market is the biggest financial market in the world, with a daily trading volume estimated to be around $7 trillion. Nigeria is one of the nations making full use of the global, decentralize forex trading market, where currencies and other financial assets are trade.

The majority of people are looking for ways to make money online in order to supplement their incomes as a result of how quickly the internet is developing and becoming a significant part of daily life.

Even if the popularity of forex trading has increased as more participants enter the market, many Nigerians have lost a lot of money due to bad behaviours.

Extreme Leverage

Leverage is not always a “positive” thing. To be more accurate, consider it as “risky or safe” rather than “excellent or awful”. In the context of sound risk management, high leverage shouldn’t be used too frequently, especially by novice and intermediate traders.

They feel it’s better to engage in more transactions, Rich quick scheme mentality

They are market prophets. You can’t, of course. However, a lot of individuals deceive themselves into thinking they can. This is a mental trap one can fall into that finally results in losses. Never base a trading choice solely on intuition, gut instinct, or hunches. Anyone promising to sell you the ability to predict the market or make such claims is neither trustworthy nor reputable.

Nairametrics.

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