General News
The Winning Habits of Successful Forex Traders
By Abiola Akinyele, General Manager of FXTM Nigeria
Who is a forex trader?
A forex trader is an individual who exchanges one currency for another in the global financial market. The financial market is an over-the-counter (OTC) market, where financial instruments are traded. It is considered the largest and most liquid market in the world, with a daily turnover of over 5.6 trillion dollars.
Anyone who wishes to become a successful trader is responsible for honing their skills through education and consistent practice. At FXTM, we believe educated traders are successful traders, which is why we run very detailed seminars and workshops, both at an introductory and advanced level at our offices and training centers here in Nigeria.
Anyone can train to become a disciplined trader, through self-analysis to see what drives their operations and also learning from their mistakes &forex psychology.
It is a fact that successful traders think and act differently. They usually have specific habits and usually follow a series of steps or patterns which guide them daily as they trade in the markets.
When you start trading forex, you know that it can be very lucrative and rewarding, but this does not mean that you do not have risks, or that 100% of the time you will be successful. It is important that you master the basic concepts and understand the foundations necessary to excel to become successful.
Get going!
To achieve what you want, you must focus on trading and make it part of your daily actions. You must alsounderstand that behavior is an integral part of the trading process and thus your attitude and mindset should reflect the following attributes. Let’s have a look.
- Manage your money
There is not a single successful trader who does not know how to manage their money. The art of understanding money management – knowing how much you can invest and afford to risk, in addition to being able to establish the appropriate losses and thus take profits at the right time, are skills that are indispensable and that you must acquire. You must preserve your capital always and at all costs, in order to possibly generate wealth in the long-term.
- Manage your emotions
Remember that in forex trading there is no place for emotion of any kind.If both the winners and the losers act in the same way, the operations will be executed in a more professional manner and without drastic changes.
You can achieve this with calmness and dedication; for example, if you are upset because one of your trades is experiencing losses, try to take a break from the trade. You can reintegrate once you have calmed down.
Avoid making any emotional decisions, as this can lead you to commit commercial mistakes and disasters that will result in losses.
- Take advantage of demo accounts and use them until you are ready
Demo accounts are usually a great way to test the waters in a place where it is not risky since you do not lose real money.
This applies above all if you are a newbie and so you can try different trading platforms. But once you feel very prepared to start a live account, you may try it, and take a chance.
- Run your winners in order to have as many benefits as possible
Now, in the financial markets, there are many beginners who think that the best traders are the ones who are always right. This is a myth because in the world of trading, not everything is theory.
Then, once you have found an asset in which you are good, hold on to it and learn to polish that skill. You should always learn to obtain benefits that are significant enough as this is the only way in which you can cover your losses.
- Cut losses early
By taking into account how difficult it is to beprofitable in the competitive forex world, you must keep an eye on them and are willing to cut losses ahead of time, even if they are your profitable trades.
This means that when the market moves against you, you should not trust that it will return soon. Of course, unless there is a signal that is clear and precise and expresses what will happen in the market, in that case, leave soon and go to the next, always with the hope that it might beprofitable.
- Learn from your mistakes and see them as knowledge
You learn while doing it. That is why you should not allow a bad experience to truncate the path to success.
It’s a learning curve that would allow better decision-making in the future.
- Find the perfect strategy and repeat
It is well-known that trading can belike a big battle to take money out of the market. And to be able to achievethis in the most appropriateway, you will need a repeatable and efficient strategy that works for you in the long run. The market is always changing, which means that you will sometimes need to make adjustments to your strategy. That way, you will mightmore chances to win if you can find a way to make your strategy works. Don´t waste more time.
- Separate your life habits from the trading habits
It is important that you can make time and maintain a balanced lifestyle to your life outside of trading. Having a healthy and calm lifestyle requires that you take regular breaks from trading during the day. This will help you to make better trading decisions and as a result, you will have more chances of being successful.
- Search and use methods that have been tested and you can prove it.
Do not believe everything you read and see on the internet, remember that it is a minefield of lies and people seeking profits on the backs of frauds.
That is why you should look for a real test of the methods that are being promoted to you and verify that they really work well.
This insurance process can include going with current trends, also reducing your losses, in case you are seeing a benefit, or letting go.
- Never forget the risk / reward
Do not forget that there is always a risk before a reward. The ratio of risk to reward is not going to be the same all the time, due to the fast-moving nature of the financial market. There are times when it may seem that you are failing in the trade with the risk you see, only so that everything can become a reward in this way.
Then you can proceed to make your withdrawals and they can be about half of your returns or even less. Youmust pay attention and definitely not expect for every tradesto produce profits every time.
- Keep a trade journal
By having a trading diary, you can keep a record ofyour winning positions as well as the losing ones. It is also important to also point out the characteristics that led you to that position, and be able to analyse these results.
It is necessary to be very orderly in the life of a trader, since keeping a record of trades gives the trader a really objective platform and thus be able to better understand both their options and their decisions. All of these are importantin order to improve the process of trading.
- Take responsibility for your movements
This habit is linked to controlling your emotions, with the difference that this time you mustn’t just control your emotions, but that you have to accept them.
You must take responsibility for each of the movements/decisions you make, and you should not blame anyone for your losses. Equally, this means no one but you gets credit for your profits. Do notinvest in more than what you can afford to lose.
- It’s not just habits that make the trader, it’s the personality too
Habits are important because they form a routine for the traderand make them a person who follows certain steps that will lead him to their next gains. However, personality also plays one of the most important roles in being successful trader andit is the perfect complement for these habits to work in their entirety.
A trader must have a defined personality in order to predict a pattern of behavior that will not only help them to understand the market better, but also the way in which the same trader manages that market.
For example, there are traders who are calm and determined; in case they are not 100% sure of a trade, they may decide not to go ahead withit and thus maintain their current balance.In this way, they remain a cautious and patient trader.
At the same time, there are traders who take risks and this can lead them to have big profits,or big losses. Regardless of personality type, the important thing is that the trader knows themselves, knows what kind of habits are indicators for them and whattheir movements are in the market.
Summary
Finding at least one advantage in forex trading will help keep you in a superior position; having good tradinghabits can certainly be one of these advantages.
These habits that were explained previously serve for all types of traders, since if there is something that all successful traders have in common, is that everyone must maintain good habits in order to be successful. Organize yourself and create a routine with habits that couldlead you to success.
National Identity Management Commission (NIMC) has announced that as of February 28, 2025, the number of Nigerians enrolled in the National Identification Number (NIN) database has reached 117.3 million.
This marks a significant increase of over seven million registrations since September 2024, when the figure stood at 110 million.
Gender and State Distribution
The latest statistics reveal that 56.5% of registered individuals are male, totaling 66.2 million, while 43.5% are female, at 51.07 million.
Among states, Lagos leads with 12.6 million registrations, followed by Kano with 10.2 million and Kaduna with 6.9 million.
This is consistent with the high populations in Lagos and Kano.
Other states with notable enrolment numbers include:
Ogun (4.9 million),
Oyo (4.5 million),
Katsina (4 million).
In contrast,
Bayelsa (758,111),
Ebonyi (990,775),
have the lowest enrolment figures.
The government has been emphasising the need for citizens to link their NIN to access essential services, including social services, financial transactions, and telecommunications.
A well-developed and accessible digital ID system is seen as vital for effective digital governance.
Beyond strengthening security and promoting transparency, this initiative aims to enhance the efficiency of service delivery across the country.
As part of efforts to reform the economy for sustained and inclusive growth, the Director-General, National Information Technology Development Agency, (NITDA) Kashifu Inuwa, CCIE has called for a collaborative partnership between NITDA and the MTN Foundation to promote digital literacy and capacity building in Nigeria.
Inuwa made this call during a courtesy visit by MTN Foundation delegation, led by Odunayo Sanya, at the Agency’s Corporate Headquarters in Abuja.
The Director-General emphasised the importance of synergy in fostering digital literacy and advancing President Bola Ahmed Tinubu’s agenda of promoting industrialisation to create a dynamic and diverse economic landscape.
He noted that NITDA’s initiative, DL4ALL, aims to achieve 95% digital literacy across the country by the year 2027. “This aligns with the Agency’s strategic pillar of fostering digital literacy and cultivate talents,” he noted.
Inuwa also highlighted NITDA’s dedication to developing a digital literacy framework based on UNESCO and DigiCom standards, adding that the Agency is collaborating with stakeholders to create a three-phase curriculum for primary, secondary, and tertiary institutions, with a focus on prioritising skills over certifications.
The MTN Foundation shares similar goals and currently offers online programmes featuring over 4,000 courses, with 2,000 young Nigerians already registered.
Mr. Sanya commended NITDA’s initiatives and invited the Agency to unveil its academy platform on April 17th of this year.
Both organisations have agreed to establish a committee to efficiently achieve their shared objectives. This partnership is expected to drive digital literacy and capacity building in Nigeria, aligning with the country’s national development agenda.
MTN Nigeria is set to bring its Go Make A Difference (Go M.A.D) campaign to Aba, Nigeria’s renowned enterprise hub, on Sunday, March 23, at Sugarland, Luxury City Hotel.
This initiative continues MTN’s mission to inspire Nigerians to take deliberate steps toward community development and digital empowerment.
Speaking with the press at the campaign launch, Onyinye Ikenna-Emeka, Chief Marketing Officer of MTN Nigeria, shared the inspiration behind the Go M.A.D initiative. “At MTN, we believe in driving progress, giving our customers the power to rise above challenges and create something extraordinary. The Go M.A.D campaign is rooted in the belief that MTN data gives you the power to take on the world, to achieve the extraordinary, and to make a meaningful difference, in your community, your family, and your workplace. It’s our way of saying: we see you, we support you, and we’re here to make your journey better.”
Following exciting stops in Abuja, Enugu, Calabar, Ibadan, and most recently Benin, the campaign now heads to Aba with a promise to spotlight the city’s rich entrepreneurial spirit and creative talent.
In Aba, attendees can expect a thrilling fusion of technology, entertainment, and culture, with augmented and virtual reality zones, a flash mob, interactive games, special guests and inspiring real-life stories. The event will also feature Kahoot trivia games, a Go MAD puzzle, a pledge wall, and giveaways of MTN-branded merchandise and digital devices.
A highlight of this event will be the Talent Showcase, dedicated to spotlighting Aba’s emerging creatives and innovators. This platform provides local talents the opportunity to share their creative skills and connect with a broader audience.
Set against the backdrop of Aba’s reputation as a powerhouse of local industry and innovation, the event will celebrate individuals, known as Go MAD Icons, who are making a difference through MTN Data by driving social impact, growing businesses, or sharing knowledge digitally. These icons will serve as powerful reminders of what’s possible when creativity meets connectivity.
As with the previous activations in Abuja, Enugu, Ibadan, Calabar and Benin, cultural expression will remain central to the experience, with performances and installations that pay homage to the Igbo culture while encouraging young people to take positive action in their communities.
MTN’s Go MAD campaign is not just a series of events; it’s a national call to action. By merging storytelling, digital experiences, and grassroots inspiration, the campaign continues to engage Nigeria’s youth and highlight how technology can be a force for change.
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