Forex Trading: 5 Best Low-Risk Trading Strategies For Nigerians in 2022

Forex trading in Nigeria has seen increased participation in the world of investment. All thanks to the country’s burgeoning middle-class flourishing economy, and the proliferation of fast and reliable internet access.

As such, forex trading is a potentially lucrative investment approach, which involves currency speculation in the world’s biggest market. There are several defining characteristics of the forex market which make it a unique investment arena for individuals in Nigeria.

There is no centralized foreign exchange market. Instead, this form of over-the-counter (OTC) trading is conducted electronically among traders throughout the world.

The market is open 24 hours a day, five days a week, with currencies being exchanged between the world’s largest financial hubs.

While trading currencies on this vast and volatile global market present many profitable opportunities, it is vital to enter the forex market with a sound strategy that allows traders to mitigate their risk for financial loss as far as possible says Louis Schoeman from Forexbroker.ng

In this post, you will learn the 5 best low-risk forex trading strategies that will allow Nigerian traders to tackle the currency markets with a stable investment approach.


1. Momentum trading strategy

The premise behind momentum forex trading and the use of momentum indicators is that a significant price movement in one direction is a positive sign that a price trend will continue in that direction for a while.

Loss of momentum can be an indication that a trend is losing steam and may be headed for a turnaround as well.

Price and volume are regularly taken into account when employing momentum techniques for forex trading in Nigeria, which often makes use of oscillators and candlestick charts as visual analytical aids.

2. Range forex trading strategy

The theory behind range forex trading is that prices tend to remain stable and predictable over the course of a specific time period. Markets with predictable economies and currencies that aren’t frequently affected by unexpected news occurrences are ideal for this strategy.

The relative strength index, the commodities channel index, and stochastics can all be used by range traders to identify opportune trade entry and exit points.

In order to make consistent profits, range traders must be able to buy and sell at predetermined resistance and support levels at regular intervals.

To use this strategy effectively for forex trading in Nigeria, it is worth combining both technical and fundamental analysis in order to take a longer view of market trends.

Fundamental analysis involves observing news trends and collecting other important market data which will allow you to interpret the direction in which the markets are headed.

3. Trend trading strategy

Another popular and prevalent forex trading approach is trend trading. It’s very simple to follow and understand for beginners.

Moving averages, relative strength indicators, volume measurements, directional indices, and stochastics are all used by trend traders to evaluate trends.

If you discover an upward or negative trend in currency prices, you can then determine the best time to buy or sell. In addition to the currency’s price position within the trend, the strength of the trend is also taken into account when making these predictions.

4. Using fundamental analysis

A country’s economic data has a wealth of information that may be used to predict future trade and investment patterns. Concentrating on a few key indications simplifies the process.

There are a number of major elements that can affect a country’s economy and currency, including retail sales, GDP, industrial production, the CPI, inflation, purchasing managers’ index data, housing data, and many more.

Forex traders use fundamental analysis to determine if a currency is cheap or overvalued based on the country’s economic fundamentals. They also use data to try to predict how the currency’s value will change in the future in relation to another currency.

5. Breakout forex trading strategy

Breakout forex trading is an excellent alternative for newcomers to the forex market because it is one of the easiest strategies to learn.

Any price movement outside of a designated support or resistance range is referred to as a “breakout”. “Bullish” breakout patterns emerge when prices rise over resistance levels. Alternatively, “bearish” breakout patterns can also occur when prices fall below key support levels.

Due to the fact that market volatility generally begins with breakouts, breakout trading is an important method. The volatility of the market can be used to a trader’s advantage if he or she waits for a price level to break before jumping into a new trend.

A useful tip when applying stop-loss orders using a breakout strategy is to do it no more than a few ticks above or below the breakout candle. That way, your bets will be linked to prior levels of support or resistance.

Integrating fundamental analysis here will also allow you to detect whether there is a false breakout occurring so it is important to keep tabs on major news announcements that may shift the markets in this regard.

Breakout strategies are highly common amongst Forex traders as they give a strong indication of good buy or sell points and therefore can result in strong profits.

Final thoughts

Successful forex trading in Nigeria relies on a sound strategy that will allow you to determine the best entry and exit points in the markets, and which will cause you to approach the forex markets with a risk-adjusted mindset.

Added to this, using a strategized approach allows you to retain focus while not succumbing to the emotions that so often overtake beginner traders. Such emotional thinking can result in critical mistakes and lead to discouragement in your trading.

Whichever strategy you choose will ultimately depend on your own trading goals, but it is also important to find the strategy that works best for your experience level, the resources at your disposal, and your trading profile.

Finally, it is vital to backtest several strategies before settling on the one that works best for you. By making use of a demo account from a reputable broker, you can test your strategies against real market conditions without risking any of your own money.

10 Awesome Ways To Make Money Online In Nigeria (2020)

Whether you are a freelancer, full-time employee with a major corporation, a stay at home mom, a university student, or a job-seeker – there are several ways to make money online in Nigeria with little or no capital investment.

One of the great things about the internet is that it’s such a great way to get into business for yourself. No matter where you live, as long as you have an internet connection, you can always make money online. In this post, we’ll be sharing some easy and legit ways to make some extra cash in your spare time.

1. Publish Books Online

Okadabooks is an online website in Nigeria that makes it fast, easy and free to publish books online. This is not limited to books alone but also short stories, reviews or anything worth reading. The best part is that Okadabooks allows users to monetize each book published which means you get paid when any of your publications are downloaded or read.

2. Sell Designs & Creatives Online

Do you have some basic design experience? Printivo Online Store is a marketplace that allows anyone to upload and sell designs to customers. Each time a Printivo customer makes use of your design or orders a print with your design you get paid 15% of the value of the design by Printivo.

3. List on Property Websites

Do you know of any property available for rent or building for sale in your area where you live? You can always earn a quick agency fee by posting available properties in your area on property websites such as Tolet, Jumia House & Private Property. All you have to do is to register as an agent and you are good to go.

4. Start a Blog or a Vlog

Yes, good old blogging is still chugging along in 2017. By providing valuable content on a regular basis you attract like-minded prospects who are interested in information and products related to your niche. The more traffic you have the more money you can make by monetizing your blog. For Vlogging, you can get started by creating a Youtube channel as a platform for distributing your video contents.

5. Sell on E-commerce Websites

Another legit way to make some extra cash online in Nigeria is by selling on e-commerce websites. Jumia, Konga, PayPorte are all e-commerce websites that allow a merchant to list and sell products online for free. This list of websites exposes your product to a huge chunk of online audiences that you will not be able to access offline making it easier and faster to sell and make more money online.

6. Affiliate Marketing

If you’ve got a good presence on social media or perhaps you even have a blog or website, you can start bringing in money immediately by promoting all sorts of companies, products, services and offers online. You can even apply to affiliate programs of some notable brands in Nigeria such as Konga and Jumia Affiliate Program.

7. Offer Professional Services Online

Another way to make quick and legit money online is by freelancing. Most freelancing websites allow you to leverage your skills to earn some quick cash online. Common skills in demand for online services like these include content writing, social media management, website design, graphic design, search engine marketing, etc.

8. Become a Virtual Tutor

Another way to make money online is by teaching others what you know. You can become a virtual tutor and engage in one-on-one tutoring sessions or even host Webinars to help people directly with any number of topics. Nigerian websites like Tutors NG allows users to monetize their knowledge by creating online learning materials for others in need of specific knowledge.

9. Online Surveys

An increasingly popular way to make money online in Nigeria is to fill out online surveys. This can be done in your spare time. Research companies are always recruiting new members to answer surveys and test new products. For a few minutes of filling online surveys, you can make some quick cash as a reward.

10. Apps & Websites Testing

The main aim is to improve online experiences for everyday internet users. Internet companies are always looking for real people like you, to test out new or existing mobile apps and websites so that website owners, coders, and designers can see and evaluate the obstacles that real people experience with their products. Most of the companies reward the testers in cash for each app or website tested (Check out User Testing).

Conclusion

These online business opportunities should give you plenty of ideas for making money online in Nigeria. Take what you’ve learned from this post and start testing your own ventures. It will take some hard work. But it’ll be well worth it when you find yourself on the road to financial freedom in a very short while.

We will be adding more ideas and opportunities to this post as time rolls on, so go ahead and bookmark this page for future references. You can also share with your friends that may need some money making ideas.

Top 10 Free Business Listing Websites In Nigeria

Listing your business in local business listing websites is a great way to increase your business online visibility, reputation, and branding. Local business listing websites help a business to get more traffic from its target customers. If you are visible in front of your target customers, you will get more traffic and leads.

Adding your business to an online business listing directory is one of the best SEO strategies for small businesses as it will positively impact your business ranking on search engine websites such as Google, Bing etc. Aside from referral traffic, posting your business with appropriate points of interest for your business or an organization can give help your potential keyword positioning also.

There are numerous quality business listing websites that have premium memberships however we have tried our best to give you the free quality listing of business listing sites in Nigeria.

1. Google My Business.

Take charge of what people see when they search for your business. Getting on Google My Business can increase your chances of showing up in Google’s Local Pack, Local Finder, Google Maps, and organic rankings in general.

Google My Business gives you the tools to update your listing, build a website, and engage with your customers from your phone, tablet or computer. Qualifying local businesses can also claim existing free listing on Google and include information about their company, like their address, phone number, business hours, and types of payments accepted.

2. Facebook Business Page.

A Facebook business page is a free public profile you can create for your local business, brand, or product. Similar to your personal Facebook account, you can use the Page to promote your business or products by posting status updates, links, event announcements, comments, or photos and videos.

Facebook also allows users to list local business or brand to FB pages. You can publish your local business on FB and also get some good reviews from your customers. Facebook reviews also appear in the right sidebar of Google search.

3. VConnect Nigeria.

VConnect helps you hire local professionals for all your service needs. From repairing your car to planning your wedding, the platform connects you with the best service businesses to get things done.

VConnect is committed to making a meaningful impact through continuous innovation to meet the dynamic needs of SMEs and empower users by creating a system that delivers better value through easily accessible information and connections with the right service businesses.
4. Business List.

Business List Nigeria integrates all the best services and businesses in Nigeria into an easy-to-use, searchable database with a user-friendly and stylish interface. The platform helps you look into the Nigeria business world with confidence and style.

Listing your business on Business List website will give you the online presence and visibility you need to attract more customers online. The platform is completely free and you don’t need to pay any money to get listed.

5. Connect Nigeria.

ConnectNigeria.com makes it easy for you to find businesses and places. Whether it’s the nearest amala joint, a bank branch, a restaurant or an embassy. You can find it on ConnectNigeria.com fast and easy.

ConnectNigeria.com’s mission is to organize Nigeria’s information, making it easy to find and easy to use. If you want to get some free publicity for your new business, ConnectNigeria.com is the right place to be.

6. DealDey Nigeria.

DealDey is one of the most popular e-commerce websites in Nigeria. DealDey supports local business and merchants who want to attract new customers and consumers who want to save money and take advantage of great services and activities in their own city.

The company philosophy is simple: To help great businesses be found by consumers who are looking for a great deal. If you want to give your business the right online publicity in Nigeria, then get listed on DealDey.

7. SME Arena.

The SME Arena is one of the largest SME search engines in Nigeria that you can sell and buy anything at the marketplace, engage in the community and enroll at the directory by signing up for free.

The now-defunct Etisalat Nigeria launched SME Arena on August 10th, 2016 in Lagos. This e-commerce portal allows small and medium-sized enterprises to showcase their products and interact with customers and business partners.

8. Finelib.com

Finelib.com was developed with an idea to develop Nigerian local content thereby leveraging information technology potentials for higher productivity, good governance and global competitiveness for Nigerian companies offering goods and services.

The website helps businesses who need customers to find them. Finelib.com works in all the areas local customers search which includes online, mobile and more. The company’s primary goal is to develop and grow Nigeria local content in a wide variety of topics.

9. NG Contacts.

NGContacts is a database with profiles and contact details of companies and businesses in Nigeria. It also has details of company executives in various companies and organizations. NGContacts is one of the trusted and leading source of business information for company executives in Nigeria.

NGContacts is used for research and marketing, to promote your products and services, and reach millions of customers in Nigeria and beyond. It contains addresses of companies, phone numbers, emails, and much more.

10. LGT Nigeria.

Just in case you are wondering, LGTNigeria stands for Let’s Go There Nigeria. The main goal of the company is to organize Nigeria’s Business Information; making it easily accessible and useful to the general population as well as provide a platform to help promote the Nigerian startup business and their products.

Business merchants can list their business information for free and catalog, manage and advertise their products. Customers can also easily search for local business info, purchase products, request services, provide feedback and share their experiences.