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Finding the perfect trading method in the Forex market

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It is necessary for all of us to work with some of the most necessary settings of the trades. There will have to be some kind of better setting for the trades though. We will all have to work with some kind of control. In fact, the whole setups for the trades will have to be on the right side of the business. It is necessary for all of the traders to come clean with some simple management of the money. From the investment to the closing of the trades, there will have to be some kind of handling system for all of the trades.

We are talking about the right kind of lots and leverage for the orders. Then the stop-loss and take-profit will have to be sorted out too. All of them will be poor for the trades if we cannot decide on the right things for the most legitimate setting of the business. All of the performance will have to come with something right and the most proper handling over all of the trades will have to come out. Think in the right way for all kind of business management over all of the trades.

Use demo trading to get ideas

For the right kind of setting of the trading method, all of us will have to think about the system. It is necessary for all of us to think in the most proper ways for the right kind of setting. First though, there will have to be some kind of experience taken in the system. We are talking about the demo trading system to be used for proper learning. All of the traders will have to use it for the best possible learning about the most proper performance in the business. Take all kinds of action in the business for some quality management over all of your trades. Then think in the correct way for the best possible management over all of the trades. One thing we can say is that it is simple to think about a proper trading method. Just choose either the swing or the position trading method for your business.

Back-test your trading strategy

Once you find a simple trading method, never jump in the real market of trading. Just like pro traders in Hong Kong, you need to back-test your trading strategy. Becoming a successful trader in the Forex trading industry is a very challenging task. You have to keep pace with the market dynamics and execute the trade with proper logic. To do so, you must have a balanced trading system. So work hard to create a simple trading strategy which will help you to find great trades in the higher time frame.

Take some time to get good

It is necessary for all of the traders to come with the most legitimate performance. The most proper setting will have to be there with the right kind of trading performance. The traders will have to think in the best possible ways for some of the most legitimate setting. We will have to take some note on the right kind of analysis as well as money management. Things like that will have to get the most care from you. Take all of the ideas into consideration to use proper things like moving average and true lines for the correct kind of analysis. Then use some simple calculations for the money management of the trades. Then all of the trades will come out good and decent for the right kind of performance.

Safety is a good concern

It is necessary for all of the traders to work with the most legitimate setting of the trades. Without having an idea, we cannot do well for the most proper performance. All of the trades will have to get it., safety precautions in the business of trading.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Forex

Naira Remains Flat Against US Dollar, Euro

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500 and 1000 naira bills (Nigerian currency)

Naira Exchange Rate Remains Flat Against US Dollar and Euro on Black Market

The Naira remained unchanged on Tuesday despite the curfews and social unrest that grounded the nation’s economy.

Naira traded at N463 against the United States dollar on the black market on Tuesday morning, the same rate it exchanged on Thursday.

Against the European common currency, the Nigerian Naira exchanged at N540 to a single Euro.

However, the local currency dipped slightly against the British Pounds as it exchanged at N595 to a British Pound, representing a N3 decline from N592 it traded on Friday.

Social unrest amid weak economic fundamentals continued to weigh on Nigeria’s local currency, especially with Foreign Direct Investment expected to drop in the final quarter of the year through the first quarter of 2021.

This coupled with weak foreign reserves and a drop in global demand for crude oil is expected to compound Nigeria’s economic woes.

Lagos State governor, Babajide Sanwo-Olu, has said Nigeria’s commercial capital needs at least N1 trillion to fix the destruction and vandalisation that trailed the #EndSARS protest in the state. An amount equivalent to the state’s annual budget.

Experts, who spoke on the situation, said it would hurt the nation’s output and may plunge fourth-quarter GDP by as much as 6.9 percent. These rising uncertainties amid the second wave of COVID-19 and possible lockdown in key trading partners could further plunge Naira value against global counterparts in the fourth quarter of the year.

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Transparent Exchange Rate Can Boost Nigeria’s Forex Inflow

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Transparent Exchange Rate Can Improve Nigeria’s Diaspora Forex Inflow

Experts that gathered at a virtual summit organised by Ecobank Nigeria with a theme, ‘Financial Services & Remittance Solutions for Nigerians in Diaspora: Leveraging Ecobank’s Pan-African offering’, have said Nigeria can boost foreign exchange inflow through proper engagement and a transparent exchange rate.

Mr. Patrick Akinwuntan, Managing Director of Ecobank Nigeria, in his opening speech, said growing evidence has shown that diaspora remittances were positively impacting economies of various nations in the world.

Akinwuntan put the total annual remittances to Nigeria at around $20 billion per year, saying it boosts the nation’s foreign exchange earnings.

Speaking on how these remittances can be sustained, he said constant engagement with Nigerians abroad is imperative and it is the reason Ecobank is leveraging its digital technology through Rapidtransfer App and Ecobank mobile App to ensure affordable and easy transfer of funds by Nigerians abroad to their home country.

“Our dedicated Rapidtransfer, mobile remittance app is a game-changer for the market. It enables Africans and indeed Nigerians wherever they are to easily and instantly send money to bank accounts, mobile wallets and cash collection in – and across – 33 African countries.

“Historically, the cost of sending cross-border remittances to Africa has been far too high at about 6%-7%. Similarly, the process to send funds has long been inefficient and burdensome, with customers typically needing to go physically to an agent sometimes late in the night or in poor weather with attendant discomfort and risks.

“The Rapidtransfer app remittance solution is a quick, easy and reliable digital solution that removes all of these issues. It is indeed a game-changer for Nigerians and all Africans with its sustainable and standout affordability,” he said.

Speaking on transaction charges, the Ecobank Managing Director said transfer fee range from zero to about 3 percent as compared to 6 – 7 percent charge elsewhere.

He added that the bank’s instant transfer and transparent exchange rate is a unique factor its competitors do not possess.

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Naira to Dollar Rate Today: Naira Exchanges at N463 to Dollar on Black Market

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Naira to Dollar Rate on Black Market Today Stood at N463

The Nigerian Naira to dollar rate slid slightly against the United States dollar on Tuesday on the black market as social unrest continues to weigh on the nation’s economic outlook.

The local currency lost N1 against the US dollar to N463 while against the British pound it remains pressured at N592.

This decline continues against the European Union’s common currency, the Euro. The Naira traded at N540 to a single Euro on the black market.

Naira to dollar rate plunged amid rising economic uncertainties and unclear policy path caused by both COVID-19 and government limited fiscal buffers to cushion the negative impacts of the virus on Africa’s largest economy.

This coupled with the ongoing social unrest by the Nigerian youths to force decorum across the Nigerian Police Force and call global attention to decades of systemic intimidation and harassment of innocent citizens.

The Nigerian Stock Exchange has been closing flat since Thursday and continued this week, suggesting that investors are concerns and wary of eventualities as they look to safeguard their investments.

Again, the projected third-quarter recession, low foreign revenue generation, weak consumer spending and the rising cost of living are some of the factors hurting the Nigerian Naira outlook.

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