Nigerians interested in forex trading have been advised by the Head of Sales at Infinox Global Service, Mr Sam Chaney, to get the right skills and education, saying risk management is part of the forex trading.
Chaney, at a training programme organised for potential forex traders on Saturday in Lagos, said the forex market was built on the demand and supply chain.
He said, “There are risks involved in any investment and the forex market is not an exception. The key to any investment is to minimise those risks as much as possible.
“With forex, which is an ever-moving market, it is based on many aspects but supply and demand being the most, it is important to have the right risk management skills. And that is what our platform allows traders to do. The tools we have and the education we are providing will hopefully help traders in managing that correctly.
“The forex market is built on a flat rate; it goes up and down and it is linked to the economy of any country, which means that anything can happen at any time.
“As a broker, we cannot control how the economy of a country works, but when traders have the needed education and skills, they will know when to trade and when not to trade.”
The Business Development Manager at Infinox, Mr Oluwatosin Olusanmi, said forex trading could not be compared with Ponzi schemes and other investments that offered outrageous and unrealistic returns.
He said, “Most times, people confuse forex trading with Ponzi schemes and other investments that offer outrageous interest with nothing sustainable backing it up. What they do in Ponzi schemes is that they pay people with the funds of those that have invested before but what forex trading does is that traders trade in currencies, crypto currencies and commodities.
“Global events will allow traders to predict the direction of these commodities and currencies.”
The Head of Business Development, Infinox, Mr Chibuike Obiagwu, said the forex market was capable of providing jobs for the teeming unemployed youths, stressing that a trader did not have to have a degree before operating in the market.