7 Richest Forex Traders in Nigeria – what are their secrets?
There are numerous individuals who have taken Forex trading and made a grand success of, making thousands of dollars in profits without setting foot outside of their homeland. These individuals, seven of them, are based in Nigeria, in the western part of Africa.
Having a look at their story, and how they set about trading Forex, along with looking at the strategies they applied in their trading, may provide a lot of beginner traders an idea of what the true secrets are to success in Forex Trading.
1. Uche ParaGon
He is a young entrepreneur who managed to successfully trade currency pairs along with commodities and it eventually led him to being one of the most successful Forex Traders in Nigeria.
After scouring the internet for ways in which money can be made from trading, ParaGon came across the campaign of the broker XM, offering percentage-based bonuses despite the initial deposit made when registering a trading account.
ParaGon jumped at the opportunity and started trading Forex. After several months spent learning the ropes in Forex Trading, and having gained the necessary skill, knowledge and experience, ParaGon sealed his success when he started trading crude oil.
In 2019, ParaGon’s net worth accounted for around $16 million which he gained from trading Forex and commodities.
Uche ParaGon’s success is attributed to spending a substantial amount of time gaining the necessary knowledge and skill before entering the Forex Market.
Prior to this he also spent a lot of time familiarizing himself with different advanced trading strategies and mastering them before applying them.
2. Sandile Shezi
This South African trader of Nigerian origin began his journey in Forex trading from a young age and despite facing numerous difficulties, Shezi became one of the most successful traders in Africa, earning him millions of dollars by the age of 23.
He is one of the youngest Nigerian Forex traders who decided to invest a year’s worth of tuition fees, which had been put away towards university, to enter the Forex Market instead.
His success came after spending several months gaining the necessary knowledge about the Forex Market before placing his first order, and through this making substantial amounts of profit.
Sandile Shezi’s secret to success lays in accumulating all the necessary knowledge, evaluating different brokers until he found one that suited his needs. He also spent a lot of time studying and monitoring the markets before the placed his first trade.
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3. Ajidahun Afioluwa
Ajidahun Afioluwa attended a networking event where he met and partnered up with various top Nigerian Forex Traders. He decided to try his hand at Forex Trading but was met with a significant loss of thousands of dollars upon placing his first trade.
Having incurred such a loss, Afioluwa spent a significant portion of time studying various trading strategies and experimenting with different variations until he found a strategy that suited him.
Over time, using his trading strategy, despite facing some challenges along the way, he was able to start profiting from Forex Trading. Having built substantial wealth in just a little over a year since he started trading, he could retire at the age of 28.
Ajidahun Afioluwa’s secret to success was in spending hours in experimenting with various strategies until he found one that suited his needs and despite facing challenges, he did not stop trading, he continued finding solutions in improving his trading strategies.
4. Blessing Ezeako
When this successful Nigerian trader started learning about the Forex Market, and trading, she had already been working a full-time job, resulting in less time that could be spent learning enough about Forex trading to make it to an advanced level.
After spending months gaining the necessary knowledge and experience, Ezeako started trading Forex in a live trading environment, targeting the Forex major currency pairs, which resulted in her capitalizing on prospective profits.
The profits that were made were from such trades was reinvested back into trading Forex and Ezeako became the first successful female trader in the financial niche. Instead of taking the profits and exiting the Forex market, she continued reinvesting her profits.
Blessing Ezeako made use of various educational resources such as conferences and events to build up her knowledge and understanding of trends that could be identified and using strategies to harness these opportunities.
5. Benjamin Ilesani Ajimoko
A Senior Sales executive who achieved success in Forex trading by applying the right mindset along with trading psychology to earn him success in trading, turned toward being a Forex Trading teacher instead of turning to the Forex Market fulltime.
He started teaching other Nigerian individuals who were interested in trading about the fundamentals needed to become a successful traders by basing his teachings on the principle of trading discipline as a starting point.
His secret to success is firmly in the fact that to be successful, traders need to gain a vast amount of knowledge and experience in Forex Trading
He also advocates that the approach towards trading needs to be one that is disciplined, void of emotions and without prior expectations of riches that can be obtained quickly.
6. Chinedu Onuoha
This Nigerian trader started off trading in mostly Forex before he explored other avenues such as commodities, futures, and equities. After actively trading in the Forex market for around 12 years, he started providing tutorials and strategies to beginner traders.
His secret to success is that trading strategies that are sustainable should be used and traders should avoid incurring losses as far as practicably possible.
Even though losses seem inevitable, by making use of the correct strategy, traders can minimize such losses and start accumulating profits.
7. Patrick Ogagbor
Is a former banker who had quit his fulltime job to become a professional Forex trader. Due to his entrepreneurial curiosity, he was encouraged to try out Forex trading.
At the current time he already had substantial knowledge about finances due to his background and he shifted his focus to researching Forex trading specifically followed by entering the Forex market in 2003.
Shortly after his first success in trading Forex, he decided to make a career out of it starting with only $200, and by 2007, his capital had grown to $5,000.
His secret to success is attributed to gaining the necessary knowledge and developing a trading strategy that provided him with a competitive edge while managing the risks and minimizing the risk of incurring substantial losses.
Final Thoughts
When considering the success stories of these Nigerian traders, a theme becomes apparent, one that is consistent with gaining the necessary knowledge and experience involved with trading, monitoring market trends, and developing a sound trading strategy.
When starting off in trading Forex, beginners may be too hasty in an attempt to make profit before doing thorough research into what the Forex market is, how it works, what it entails and what is necessary to prevent substantial losses.
By taking the necessary steps in gaining sufficient knowledge and trading in a risk free environment by using forex trading demo accounts, beginner traders can gain the necessary experience and it allows for them to experiment with different trading strategies.
There is no holy grail of trading strategies, and a lot of time must be spent researching strategies, testing them out and adapting them to cater for the needs of the trader and accommodating conditions presented in the market to identify opportunities for profit.
