Forex trading has become increasingly popular in Nigeria in recent years. With the foreign exchange market being one of the largest and most liquid markets globally, there is significant interest and opportunity for Nigerians to get involved in trading currencies. However, learning the right skills and strategies is crucial to succeed as a forex trader. This article will explore the key options for Nigerians looking to learn forex trading.
A roadmap to learning Forex trading in Nigeria for beginners
Forex trading has become increasingly popular in Nigeria in recent years. With the foreign exchange market being one of the largest and most liquid markets globally, there is significant interest and opportunity for Nigerians to get involved in trading currencies. However, learning the right skills and strategies is crucial to succeed as a forex trader. This article will explore the key options for Nigerians looking to learn forex trading.
How much does it cost to learn forex trading in Nigeria?
Forex trading courses and programs
There are various forex trading courses and programs available in Nigeria that range widely in terms of cost. Typically programs aimed at beginners that cover forex basics and introduce key concepts and strategies tend to be more affordable, often pricing from 20,000 to 50,000 naira.
More advanced comprehensive training programs that provide in-depth education across forex technical and fundamental analysis, risk management, and include ongoing mentoring support generally cost between 100,000 to 250,000 naira.
Individual mentorship
Working one-on-one with an experienced forex trading mentor is another option. The cost for individualized mentorship programs really depends on the specific structure, frequency of sessions, and experience level of the mentor. On average expect to invest around 50,000 to 150,000 naira for a solid forex mentorship.
Key factors in cost
So the cost to learn forex trading in Nigeria can vary quite broadly. Key factors that impact the price include the depth of training provided, access to ongoing support, whether it's group or individual training, and the overall quality and experience of the instructors/mentors.
Free and low-cost alternatives
While thorough training does require an investment, there are some free and low-cost self-education alternatives to get started as well which will be covered later in this article. The key is to align your learning approach to your current skill level and budget.
Where can I learn forex trading in Nigeria?
Rally Academy - Best Forex Academy In lagos, Nigeria
Rally Academy is considered one of the best forex trading academies in Lagos and Nigeria as a whole. Founded in 2015, Rally provides comprehensive forex education and training programs to help both beginner and experienced traders.
Beginner Forex Course
Rally Academy's beginner forex trading course is designed for people with no prior experience in the forex market. It teaches you the fundamentals including:
The beginner course features both classroom sessions and hands-on practical trading sessions. By the end, you will have the knowledge to start trading forex on a demo account.
Advanced Forex Course
Once you grasp the basics from the beginner class, you can move on to Rally's advanced forex trading program. The curriculum has been designed to take both your knowledge and skills to the next level.
You will learn things like:
Like the beginner course, the advanced program ensures you put what you learn into practice with virtual trading sessions.
Habby Forex Academy
If you are in Abuja, Habby Forex Academy is a leading choice for forex trading education. Since opening in 2017, Habby has equipped hundreds of forex traders through exceptional classroom training.
Forex Fundamentals Course
Habby's introductory course focuses on laying a solid foundation in forex. The curriculum enables you to fully grasp concepts like:
The course format includes presentations, videos, and class discussions to cement the fundamental concepts. You'll also get an introduction to the MetaTrader trading platform.
Price Action Trading Course
Beyond the basics, Habby Forex offers a dynamic price action trading course. You discover how to:
With an emphasis on reading price charts, this course teaches actionable trading strategies. The instructor helps you spot profitable price formations on real charts.
Aplus Training Hub
Located in Port Harcourt, Aplus Training Hub excels in delivering online forex trading education. Their virtual courses make forex accessible to anyone in Nigeria with an internet connection.
Forex Trading Masterclass
Aplus Training's flagship Forex Trading Masterclass is an A to Z guide for beginners. Packed into 12 modules, you gain well-structured knowledge covering:
Each module features video lessons, written guides, quizzes, and bonus materials. You can post questions and get instructor feedback as well.
Pro Forex Trading Course
For traders with a grasp of the basics, Aplus offers their Pro Forex Trading course. Using live market analysis and real-world examples, Aplus dives deeper into:
You'll gain professional-grade insight into exploiting long-term directional moves.
Revglobal Forex Institute
Revglobal Institute is a well-established forex trading academy with centers in Lagos, Abuja, and Ibadan. Their industry-leading courses develop reputable and successful traders.
Beginners Forex Trading Course
Catering to people without experience, Revglobal's beginner class teaches you forex from the ground up through:
You'll also gain hands-on MetaTrader practice in a simulated trading environment.
Advanced Price Action Course
Once the basics are covered, Revglobal offers an Advanced Price Action trading course. It enhances technical analysis skills for identifying high-probability setups without indicators. Key topics include:
Through interactive workshops, you'll gain applicable skills for trading price movements skillfully.
XM Academy
As an educational branch of the XM Group, XM Academy gives Nigerian traders world-class forex education online.
Forex Fundamentals Program
XM Academy's free introductory course covers the entire basics on how forex trading works. Presented in 8 units, lessons provide crucial knowledge on:
The course gives beginners a robust foundation before funding a live account.
Advanced Trading Course
Expanding substantially beyond the basics, XM's paid Advanced Trading curriculum offers 50+ hours of video instruction. The in-depth course fully equips you with insider techniques for:
XM supplements lessons with detailed written manuals, real trading examples, quizzes and a certification upon completion.
XTB Trading Academy
Known internationally, XTB established its Nigerian trading academy in 2016. They deliver premium education locally through their Lagos and Abuja centers.
Forex Foundations Course
XTB's intro program lays the groundwork for new traders via:
You'll also gain practical experience with virtual trading and get ongoing support.
### Advanced Forex Strategies Course
Building significantly on the basics course, XTB's advanced program equips traders to apply strategies like:
With a mix of instruction and hands-on applications, the course produces skilled traders.
Trading Academy Forex.com
As an educational project from Forex.com, the Trading Academy offers free forex education around Nigeria. Materials are also available through their website and branches.
Forex Beginner Course
The beginner forex course serves as an introduction to currency trading across 8 modules:
Video lessons make grasping forex easier through visual explanations and real trading examples.
Advanced Trading Course
Expanding well beyond the basics, the advanced course delivers 25 modules of world-class forex education. You gain professional techniques for:
Hard skills combine with trading psychology and discipline insights to produce skilled traders.
Forex Academy Exness Guide
Run by the Exness Group, Forex Academy offers Nigerians affordable basic to advanced forex trading education. Instruction is delivered through online courses or in-person locally.
Forex 101 Course
The beginner Forex 101 program delivers core knowledge to new traders including:
The course sets up new traders to demo trade effectively before going live.
Price Action Advanced Course
For traders beyond the basics seeking advanced skills, Forex Academy teaches proven price action strategies. Traders learn to execute techniques like:
The course produces traders able to profit from price movements skillfully and consistently.
Where is the best place to learn forex trading?
Forex trading academies
There are a number of respected forex trading academies established in Nigeria's major cities like Lagos and Abuja that teach a solid foundation in forex practices. These centers are equipped with technology, tools, and experienced instructors to deliver an immersive learning experience.
Some reputable academies to consider are VADO Academy, SuperTrades FX Academy, and Cititrust Academy which all have intensive programs, from short courses to advanced diplomas, focused specifically on forex and technical analysis.
Online forex trading programs
For those that prefer flexible and self-paced learning, online forex trading programs are a top option without geographical limitations. Leading global providers like BabyPips, Learn to Trade The Market, Forex4Noobs, and Forex School Online have structured online courses taking students through everything from basic terminology to technical chart patterns and complex strategy building.
Online courses allow Nigerians to access high-quality international forex trading education tailored to different knowledge levels and budgets without the need to travel abroad.
One-on-one mentorship
Working directly with an experienced forex trader or analyst is another hands-on way to advance trading skills. There are independent trading coaches and established academies that offer one-on-one mentor services. This approach provides for ask-anything sessions to address specific gaps while benefiting from personalized feedback and support.
Trade groups and communities
Peer-based trading groups are a good option for ongoing learning and exchange of ideas between amateur and professional forex traders in Nigeria. Groups like the Lagos Forex Trading Community and the Abuja Traders Community provide meetups, seminars, workshops and online forums to its members helping traders continue to build knowledge and connections within the industry.
List of free Forex trading courses in Nigeria
Forex trading requires substantial knowledge before jumping in with real capitalinvestment. While premium training courses have immense value, there are also some great free learning materials available online for Nigerians looking to start acquiring fundamental forex literacy.
BabyPips School of Pipology
BabyPips is one of the most popular free online forex training resources in the world. Their beginner trading course provides an introduction to forex concepts covering topics like currency pairs, charts, strategies, and risk management.
While fairly basic, it establishes foundation knowledge and includes community forums to engage with other traders. BabyPips also offers more advanced paid training for those looking to take their education further.
MyFxBook Forex Course
MyFxBook has a free 6-part beginner video course that teaches the basics of forex trading from market players to chart analysis using simple language. The course is a great first step to understand key components and terminology to build on before progressing to more advanced concepts.
Forex School Online
Forex School Online is run by professional trader, Price Headley, providing many free video tutorials on Youtube covering technical analysis topics like chart patterns, indicators, risk/money management tactics, along with episodes focused specifically on trading insights for the Nigerian forex market.
While more suited for traders with some foundational knowledge, there is a lot of free expert education available on the channel for self-directed learning. They also offer in-depth paid training programs.
Forex Factory Forums
Forex Factory has one of largest online trading communities attracting amateur and pro forex traders sharing insights and market opinions through its forum site and news/blog content. While not structured training, Nigerians can access volumes of free discussions and perspectives to help further develop trading ideas.
Forex Peace Army
In addition to its popular forex broker reviews, Forex Peace Army offers free trading articles, videos, glossaries, and daily news feeds to help traders continue to build on their knowledge and stay on top of market shifts and events.
A roadmap to learning Forex trading in Nigeria for beginners
Succeeding as a forex trader takes substantial commitment in continually developing knowledge and experience. Here is a starter roadmap for Nigerians new to forex to begin that learning journey:
Learn the forex basics
Open a practice trading account
Start technical analysis education
Specialize your trading strategy
Invest in ongoing education
The path to forex trading competency requires substantial personal dedication over months and years. Take it step-by-step, be patient in the process, and invest in knowledge acquisition from a variety of quality sources.
Conclusion
While forex trading presents major income potential, like any professional endeavor it takes years of continual learning, practice, and experience to truly excel. There is no shortcut. Expect to commit lots of time in acquiring technical know-how across forex analysis, financial markets, global macroeconomics, geopolitical landscape - ongoing education is critical for long term trading success.
For beginners specifically, prioritize building strong literacy in those core forex foundations before thinking about putting up any real capital. Learn risk management, money allocation, and emotional control. There are many quality paid and free forex trading education options available in Nigeria outlined in this article covering both structured courses, online content, communities, and one-on-one coaching alternatives.
Align your learning approach to your existing ability level and available budget. The journey will have ups and downs but committing to incremental knowledge gain is what separates the successful traders from the rest.
