Learning in Nigeria isn’t that hard for those willing to take the time needed to gain a certain form of specialized knowledge. The skill to trade crypto in Nigeria isn’t just what comes with ease. It requires time and dedication to learn what it takes to become a professional at trading cryptocurrency. There have been overnight millionaires made from cryptocurrency in Nigeria and more are coming up every day. To some, it is seen as the fastest way to become rich, and to some, losses have forced them of trading crypto-currency trading.
In this article, you will be learning how to trade cryptocurrency in one day. Yes, all the courses you have heard about cryptocurrencies are nice. Most times, people in Nigeria get confused because of having too much information about cryptocurrency trading stored in their heads. To learn cryptocurrency trading in Nigeria, you will need to unlearn whatever idea or knowledge you already have and learn what you need to know for you to be profitable. Below, you will be looking at steps to take in trading cryptocurrency for exponential growth. Do you want to learn more? Read on.
What is Cryptocurrency?
Cryptocurrency is a digital currency whereby transactions are verified and records maintained by a decentralized system using cryptography, rather than choosing a centralized authority.
With crypto, you can have wealth that is beyond restriction and confiscation. That is, it will be very difficult for any governmental institution in Nigeria to have any decision-making on your account as it solely belongs to you and is purely under your supervision.
How to Learn Cryptocurrency in One Day
The following listed steps are important to learning and perfecting crypto–trading in one day. With this strategic approach, anyone in Nigeria can understand the breakdown steps involved in becoming a cryptocurrency trader and start making profitable trades.
- Open an account with a brokerage
- Choose an investment
- Fund your demo trading account
- Practice and Practice
- Choose a trading strategy
- Fund with real money
- Start trading
Open an account with a brokerage
There is numerous brokerage firm out here in Nigeria that offers various packages for cryptocurrency traders. As a newbie into trading crypto, always seek the ones you are most comfortable with. It is also advisable to watch out for fraudulent brokerage firms in Nigeria that are not properly regulated by the regulatory commission. Each successful account opened would require some certified information which will serve as your security pass. Once an account is opened, then you can proceed to the next step of your trading.
Choose an investment
There are various kinds of crypto investment to choose from where you can allocate your money to. Some of the common popular investment products out there are Bitcoin and Ethereum. There are still others you can choose from, and some new ones are springing up from different corners.
Some people would prefer to choose the ones that can move well and are more predictable and more flexible with technical indicators. Whichever investment you choose from, always know that every investment is a risk. Always apportion some certain percentage of your funds towards that range.
Fund your Demo Trading Account
This is the next step to learning how to trade is to fund your account with some training money. The majority of the brokerage platform out there have demo accounts for you to use and perfect any skill you have in trading. The demo account gives you an overview of what the whole trading experience would look like. It is always advisable to work with the demo account before thinking of switching to the live trading account.
Practice and Practice
Now you have your account created, it is time for you to practice and practice till you get close to perfection at what you are doing. Never underestimate the power of practice. When you are not practicing, someone else is getting better. The more you practice, the you get closer to the art of what you do which would help you become better.
Choose a Trading Strategy
Every trader you find in Nigeria has a trading strategy he/she uses to beat the market. What works for the other might not work for you. That is why you need to identify your pattern of trading crypto which would be gotten the more time you spend practicing on how to beat the market. One of three trading strategies is very important and necessary –if you find it working for you, all you need to do is maintain the pattern and continue what you are doing. Never go against your trading pattern just because of what you might come across online. A wrong move can wipe out your entire trading account.
Fund With Real Money
Time to go strong with real money after the long hours of practicing. Fund your account with real money and test your trading abilities. Notice some things that happen when you start trading live with real money – you begin to work on the physiological aspect of your trading. This is one of the most important parts of trading – because it controls everything you do about your profitability and continuity of crypto trading. Most traders in Nigeria don’t pay attention to this.
Now you’ve learned everything you need to learn as a beginner in crypto trading. Waste no time and start trading. Learn from your mistakes and become better as the day goes by. You learn more when you start trading live. You’ll be able to discover where your weak points are, and be able to correct them accordingly.
In Nigeria, cryptocurrency trading is one of the most beautiful things that has ever happened to the world. It has given people the opportunity to have full control over their financials while being able to make decisions anything they please to do. Since the advent of cryptocurrency, the world has recorded more billionaires and millionaires over the years. The more it gets to spread across more cities and countries, its value would be more appreciated.