All traders, whether new or experienced, in the forex market have a common goal: success. In this article, we will look at 5 of the richest forex traders in Nigeria and hopefully, it will inspire you on your forex trading journey. We will also provide you with some tips that might help you become a successful trader.
An important point to note is that for an average retail trader, rather than it being an easy road to success, it can be a shaky one filled with both losses and hardships. That’s not to say you can’t be successful but you will have to have the right tools to help you achieve success.
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What Percentage of traders become successful?
The Forex market can be an exciting prospect for many people because it has the potential for great returns. However, the reality is that forex trading is a risky business. Prices are constantly fluctuating and they can go against a trader’s position in a flash. So how many people actually succeed? The exact number is hard to estimate but it’s around 10-20% which isn’t a big percentage. This means that the successful traders are the elite and are small compared to the majority of traders in the financial market.
It takes a special combination of knowledge, experience, and a special feel for the market to succeed in the rough financial markets. Having all this set of skills is very hard and most likely traders will make mistakes and fail. However, through trials and tribulations they can learn from their mistakes and in the long run, will be beneficial. With that said, let’s take a look at 5 of the richest forex traders in Nigeria.
Uche Paragon
First on our list is Uche Paragon one of the wealthiest forex traders in Nigeria. Paragon is a well-established businessman and forex trader in Nigeria. He’s a good example of an investor who steadily accumulated wealth through profitable trading decisions. Paragon trading strategies entail a disciplined approach, extensive research, and strict risk management.
Uche Paragon mostly focuses on oil, one of the market’s most volatile commodities. Paragon’s net worth is estimated between $16 and $20 million. Currently, Paragon runs a thriving business called CCI Traders and owns two renowned forex institutions in Nigeria. One is located in the city of Port Harcourt and the other in Lagos.
Dapo Willis
Our second guy on the list is Dapo Willis with an estimated net worth of $10 million. He’s an accomplished technical analyst, keynote speaker, and financial coach. Daplo Willis is well respected within the day trading market and as such top tier investors seek out his knowledge and expertise. His popularity is tied to the fact that he has mastered various key details of forex trading. He has developed an approach using both technical analysis and risk management and as such he has been entrusted to manage funds for some of the richest people in Nigeria.
Dapo Willis began trading at an early age and by 28 years he was already a self-made millionaire. His road to success in the forex market was not easy but Dapo Willis was able to succeed. It took a lot of quality education, patience, and practice to succeed as a trader.
Ejimi Adegbeye
Ejimi Adegbeye has an estimated net worth of $5 million. He began trading at the young age of 19 and has become one of the richest and most influential forex traders in Nigeria. Ejimi Adegbeye has gained a reputation as a forex coach, ex-bank trader, and wealth manager. He educates people on how to invest wisely and earn profit with minimal losses. He has published two free e-books to help investors learn about the markets.
Notably, has a cautious approach to the market and does not rely heavily on technical analysis. Ejimi mostly prefers using price action to trade the markets.
Damilare Ogundare
Damilare Ogundare stands out among other traders with his disciplined approach and unique style. He also started trading at an early age and by 18 he was already a self-made millionaire making him one of the youngest and richest forex traders in Nigeria. His expertise lies in effectively managing risks and his use of price action in trading has set him apart from other traders. It allows him to predict future market direction with immense success.
Damilare Ogundare has partnered with leading currency brokers like ICM and Infinox. He is also the CEO of Happy Forex Academy which offers online courses to traders.
Jeffrey Benson
The last on our list is Jeffrey Benson who has a net worth of $1.5 million. He has been successful in the forex market through hands-on experience, diligent study, and key market insight. Benson also has a popular currency trading school that helps new traders understand the workings of the forex market and become successful.
Tips for New Traders
Despite the potential for great returns, the forex market is also immensely risky. There are many factors that go into the success of a trader in the market. For starters, choosing the right forex broker to invest with is crucial. You must ensure that the broker you choose is well-regulated, offers a diverse collection of instruments, supports a variety of trading strategies, and has low fees. You can also consider other factors that factor into your preference and choice. For example, Nigerian traders may prefer brokers with Naira base currency support to avoid currency conversion fees. But what are the common reasons why traders fail in the market? Let’s take a look.
Some Common Pitfalls in Forex Trading
- Poor Risk Management – Improper risk management is one of the major reasons why forex traders lose money. A trader must take initiative and manage their risk by using tools such as ‘take profit’ and ‘stop loss’ to mitigate losses.
- Trading Addiction – Trading addiction is another reason why a trader can fail to be successful. Trading addiction happens when a trader focuses on the highs of trading due to adrenaline. The emotions associated with this can blind traders and make them trade recklessly.
- Not following or having a business plan – A lot of traders do not take financial trading as a serious business project. Any serious business needs a business plan and a trader that does not have one or does not follow one will prepare for failure. the business plan should entail strategies, entry and exit points, and money management rules.
- Overtrading and unrealistic profit goals – Overtrading can be caused when a trader makes too many trades over a short period. When a trader does this he/she will not have done the necessary research and this may lead to considerable losses. A trader can also make unrealistic high-profit goals and just like overtrading may lead to failure.
Conclusion
We have looked at 5 of the richest Nigerian traders. This list can act as motivation, especially for Nigerian traders and inspire them to succeed in the forex market. However, becoming successful in the forex market is not easy and it will require a lot of hard work, diligence, and perseverance. This article has given you some of the traits of the best forex traders and the reasons why many traders fail in the forex market. Having a solid education in addition to hard work can help a trader succeed in the forex market