What informed your decision to go into forex trading?
I’ve always been an entrepreneur. I’ve been in the corporate world for 18 years, and at some point I knew I needed more out of life. I wanted much more than the desk could offer me. I wanted more, and I knew that no job could really pay me what I desire from life. So I went into entrepreneurship. From there, I knew that I wasn’t somebody that is cut out for the desk, I always like to do my own thing. So I went for a few business opportunities. I did some office stuff, but nothing quite did if for me. I wasn’t really fulfilled. I lost a lot of money and all that. Initially, forex for me was just an opportunity to make legitimate money. I wanted an opportunity where my income potential is not limited. I wanted a very big opportunity. Also, I’m somebody that likes to impact people. I like to be a blessing to people. I wanted to have a business opportunity that would allow me to fulfill both aspects of my desire, that is, a business opportunity that would put money on my table and also allow me to reach out to people and be a blessing.
But coming to forex was not an easy decision. People see me now and feel it’s a natural thing for me. I avoided forex for six months. The gentleman who convinced me about the trade actually chased me for six months, so to say, and eventually had to come to my office. I remember him sitting where you are seated now, breaking it all down for me because I’m not somebody that likes numbers. I’m not a Mathematics person. In school, it was my least favourite subject. I didn’t like the Mathematics teacher. I didn’t like computers, though today I’m seated behind one now. If I could do without one, I tell you I’m not one that wants it. I’m not technically inclined.
So when I heard forex, I was biased. I thought it was for some people who knew numbers, who were very good with numbers. It sounded very complicated to me. I told them I know that there is very big money in forex, I know banks, multinationals, big financial institutions do forex. But they have a full understanding. But my own understanding of the market is vague. So, it’s not for somebody like me, who struggled with maths, as a subject.
But the guy came here and broke it all down to me. He said, “Bukky, what you lack is information. What you need is information. You are ignorant. If you can give me your attention, I’ll break this down to you”. And that he exactly did. You see, forex trading has been demystified. It’s no longer difficult. Anybody that is intentional, that is deliberate about changing their lives can come in to forex, learn it and make money, seated here in Nigeria.
For me, initially, the attraction was the money. When somebody sits before you and tells you that the forex market is the biggest and the most liquid financial market in the world with a daily turnover of $7.3 trillion , that’s a lot of money. The whole budget of Nigeria, how much is it? If you throw the budget into the daily turnover of forex, it’s going to sink it. When somebody sits in front of you and give you that information, and you googled it and found it to be true, it’s not rocket science.
Every smart person wants to know more about that kind of industry, an industry that has$7.3 trillion on the table, everyday for anybody, who plays there. Why are banks doing forex? It is because there is money in it. Why are the wealthy people doing forex? The likes of Warren Buffet, Donald Trump, Jim Ovia, Tony Elumelu, they make good money through forex market. So why not me?
If it is possible, if you are telling me I can also learn the skill-set, that it has been simplified, why not? For me, initially, it was money. Then when I got into it I realised that God is actually taking me into my purpose. Money is good, I’m not going to knock that out, very important in our day to day life, but what is more important is fulfillment.
No matter how much you are making, if you don’t feel fulfilled, there is something still missing in your life. So I saw the opportunity that could give me the money I so wanted, and will also give me the opportunity to be that blessing to people. I saw that in this one opportunity. So, initially it was money, now it’s beyond money. It’s about the people, it’s an opportunity that I’m already in. It’s no longer about me. I have the skill-set to trade forex comfortably, now it’s about spreading the message, getting it out there, especially in a country like Nigeria, where poverty level is alarming.
So the fact that I have the skill in my hand, that I can pass on to the common man, and which can actually change his life for the better, is highly fulfilling for me, because forex trading is a big deal. It gives the opportunity for an individual to sit in the comfort of your office, and make money. As I’m talking to you, I’m trading. I’ve picked some trades today, and I’ve won them. So when you have such skill-set, and you are able to pass it to your neighbour, your friends, your colleagues, fellow citizens and you see them change for the better, it brings you a lot of fulfilment, and for me I think that is very important.
But many believe if it was that lucrative, those in there wouldn’t want to share it?
That is for people with small minds. If you have a big mind you’ll understand that there is enough for everybody. There is enough on the table for every single person. There is no competition, especially in what I do. As a forex trader, I told you that the daily turnover of $7.3 trillion on the table, everyday, is massive. It’s a daily turnover, not monthly. It’s impossible for me as a person to keep the entire market to myself, no matter how skilled I am. So why will I not want to share with my next door neighbour?
How capital intensive is this business?
Let me shock you with this fact. Forex trading is an investment opportunity, just like real estate and others. But it is one that does not require a large amount of money, to start. To go into real estate in Nigeria, you’ll be looking for between N50 million and N100 million. But with $5, in your trading account, you are good to go. I’m sure you are wondering, is this real? I’m telling you from a perspective of somebody that does this for a living. Some brokers will even allow you to start with $1. To trade forex, what is most important is the skill-set, education and that is what we’ve brought to the table, and that is where we come in. Forex trading is not new. It’s been running since the early 1930s. It’s a well-regulated market. It has a watchdog. The big players had been banks, financial institutions, hedge-fund managers and countries. For instance, Central Bank of Nigeria (CBN) trades forex. Recently, they drew $337 million in the foreign exchange market. So those are the big players before now. But, right now the regular person can now leverage our tools, the tools of the company that I work, to trade forex. So, that is the gap that this company has actually filled. Before now, there used to be a gap in the learning process.
So, the way you trade forex is not different from what they do in the banking hall?
No difference. What I do is what the traders who trade for the banks do. What is most important for somebody coming into forex trading is education. A lot of people lost money in the past because they had no education, concerning the trade. So education is the number one thing you must have, not even the capital. Once you have the education, even with $5 in your trading account, you are good to go. One of our past partners, a black American woman and a pastor of a church, who never traded in forex before, came into forex market few years ago. She grew a $40 account to $1.8 million, within eight months. That is the power of skill set. So I must correct the notion that it’s a capital-intensive venture. Nothing can be farther from the truth.
and then