It's simply because if the narrative that a huge percentage of traders are not making profit. Then add the fact that many forex firms involved in investment scheme folds up every now and then because of greed. Furthermore, most of Nigerian traders take forex as a get rich quick scheme thereby making mistakes and loosing money as a result.
Report Gbenga's answer
Foreign currency trading does have inherent risks. A lot of people get into it without a good understanding how margin works. While margin empowers you to purchase more, it also increases your risk exposure. It is really really important that you don't overleverage your account, meaning have buffer margin that is not being used to hold an open position available. This allows for you to be able to withstand the swings in the market without having your positions liquidated.
Report Elizabeth's answer
the beginner article here is great https://forexwithanedge.com/ultimate-beginners-guide-to-forex/, at forexwithanedge.com, Its very insightful
Report Daniel's answer
Hi, actually, There could be several reasons why it is hard to convince people in Nigeria that the forex market is profitable. Here are a few possible reasons:
Lack of Knowledge: Many people in Nigeria may not have a good understanding of how the forex market works, and may not be aware of the potential profits that can be made through trading currencies. pizza tower
Scams and Fraud: Unfortunately, there have been many cases of forex scams and fraudulent activities in Nigeria in recent years. This may have led to a general mistrust of the forex market, making it harder for legitimate traders to gain credibility.
Cultural Attitudes: In some cultures, there is a skepticism towards new or unfamiliar opportunities, and a preference for more traditional investments like real estate or stocks.
Economic Instability: Nigeria has experienced significant economic challenges in recent years, including high inflation, currency devaluation, and political instability. This may make it harder for people to believe that forex trading can be a reliable source of income.
To overcome these challenges, it may be helpful to provide education and resources to help people understand how the forex market works and how it can be profitable. It may also be helpful to build trust and credibility by sharing success stories and testimonials from legitimate traders. Additionally, it may be helpful to emphasize the benefits of diversifying one's investment portfolio and taking advantage of global market opportunities.