There is no doubt that online Forex, stock and commodities’ trading has become the major source of stable income globally.
In this interview, Mr Uche ParaGon, one of the successful Nigerian to have made a fortune from the trade, demystifies online trading of Forex and Crude oil.
I started trading Forex in 2007.
I later extended my trading skill to other online stocks, but currently I specialize in trading crude oil and currencies (Forex).
I chose to trade crude oil because it is the most active market with many investors all over the world, there is always news that can cause the price of crude oil to move daily, weekly and monthly, it presented to me a very good opportunity to make profit from the fluctuation of oil price, and the price of crude oil affect the price of every other products including currencies.
In addition to this, I own a Forex trading school in Lagos and Port Harcourt and a trading Firm called CCI traders, also Director of InstaforexNaira.
How does online trading work? Access to online trading is done through an online broker, the broker will provide you a trading platform, a trading account and other materials you may need to trade, but you must have a device with internet connection.
And apart from this, the most important factor is learning the skills of trading which many don’t have. That is why I opened a Forex trading school where we run classes online for some public individuals such as celebrities.
We use our advance technology, Webinar, to train them.
Tell us about your trading firm, CCI traders
Our trading firm is made of different professional traders, market analyst, economics and advisors.
Our work in CCI is to trade our own account, and to trade for those who have trading account but lack adequate trading skill to trade on profit.
CCI trades for such individuals and share profit with them. How does profit come in trading? The profit in online trading is huge, but most successful traders are those trading with big funds in their account.
Assuming you own a stake in crude oil that gives you $20 profit per price movement, and oil price move from $69 to $70 per barrels, you have made $2000 profit that day, and the profits are paid in cash.
The same applies to currencies (Forex). Why I said those with big funds earn much profit is because of use of leverage and margin maintenance.
Your risk is associated with your leverage and margin which those traders with big funds are not exposed to. Who and who can go into online trading of Forex and crude oil?
Any interested individual, whether male or female, as long as the person is interested in 21st century way of making money. Other outstanding persons are news men, economic analyst, political analyst, bankers, treasurers, finance managers, decision makers, asset management companies, oil and gas companies, oil and gas workers, Industrialist etc Apart from Forex and Crude Oil trading, what else do you do?
I am a singer and a song writer, I own a record label ( Sky beat)