which would ensure the safety of your funds. Nigerian traders can trade the securities listed on NGX, which includes Nigerian blue-chip stocks like GT Bank, Dangote etc.& African investors mostly trade forex & CFDs with FSCA regulated derivatives brokers.
Another important factor that you need to keep in mind is the various charges & fees that a broker will charge you for your trades. The charges vary from transaction fees, order fees to withdrawal charges. These charges are different for every broker. You need to compare which broker is the cheapest option for you. The charges also vary for every instrument you want to trade.
So, you must have a contingent plan for every trade you make. The market can be extremely volatile and there are innumerable factors that affect the price in the market. By the time you hear the news of some event, the market could have already dropped 5-6% or even more, that’s how fluctuating a market can be.
Always have a risk management plan, and ask yourself these questions: how much you are going to risk on a trade, what could be your loss, is the possible loss bigger than potential profit to be gained, what is your contingency in case the market goes against your trade? You should not treat the financial markets as a casino because things can go haywire in a matter of time.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »