There is no doubt that online Forex, stock and commodities trading which has a daily trading volume of over 5 Trillion Dollars and the highest most liquid tradable market in the world has become the major source of stable income for many globally. Nigeria is not left out as over two million Nigerians are trading in international Forex market in the comfort of their homes and offices, making good profits. This young Nigerian, Mr Uche ParaGon, is one of the successful traders, who has made fortune trading Forex and crude oil online. In this interview with the Vanguard, he explained to us how he made his journey towards learning this craft of trading and how successful he has become trading Forex and commodities online.
I started trading Forex in 2007, later extended my trading skill to other online stocks, but currently I specialize in trading crude oil and currencies ( Forex).
I chose to trade crude oil because it is the most active market with many investors all over the world, There is usually no shortage of news to cause the price of oil to move from day to day. This presents many good trading opportunities, whether you focus on day trading futures or you are a longer-term trader or investor.
In addition to this, I own a Forex trading school in Lagos and Port Harcourt and a trading firm called CCI traders, also director of InstaforexNaira. In our trading school, we teach people all they need to know about trading online and how to manage their risk in trading in order to maximize profit.
How does online trading works?
Unlike the stock and futures market that are housed in central physical exchanges, the Foreign exchange market is a decentralized market, completely housed electronically. Banks from Hong Kong to Zurich and from London to New York. Though most investors are familiar with the stock market, they are unaware how small in volume it is in relation to the international Forex market.
Again, access to online trading is done through an online Broker, the broker will provide you a trading platform, a trading account and other materials you may need to trade, but you must have a device with internet connection. And apart from this, the most important factor is learning the skills of trading which many don’t have. That is why I opened a Forex trading school, we also run the classes online for some public individuals, such as celebrities, we use our advance technology ( Webinar) to train them.
How about your trading firm, CCI traders ?
How does profit come in trading?
If I may ask, who and who should go into online trading?
Apart from Forex and crude oil trading, what else do you do?
Thank you too.