The Regional Manager for Vantage Market Africa, Mr. Ted Odigie, has advised Nigerians on how to imbibe the core aspects of e-trading in order to avoid unnecessary and avoidable financial losses.
He said this is key to success in the sector: proper education and knowledge are needed before investing and embarking on a trading journey.
He said this is a prerequisite towards ensuring financial success in e-Trading.
He gave this advice at the “Trade Smarter” summit organised by Vantage Markets Africa, an online trading platform, an award-winning, multi-asset broker, with over 15 years of market experience.
The well-attended summit was held in Ibadan, the Oyo State capital.
Participants said it was an eye-opener, which allowed them to learn more about e-trading.
According to him, there are smarter ways to do e-trading these days, adding that learning the rudiments is key to e-trading success. “It is vital to learn the primary aspects which entail proper fundamentals and technical analysis,” he said.
He also said that fundamentals are basically news and economic data, financial, or even political, while the technical aspects have to do with interpreting chart candlesticks, examining and predicting price movements on our e-trading platforms and apps.
The expert said findings have shown that people are not so much in the know about these key aspects of e-trading, thus the decision to organise the summit for proper sensitisation.
According to him, people are not that knowledgeable or privy about financial markets. “So we have decided to go on a mission by moving from place to place to sensitise people on how they can earn passive income from not just online trading, but in a smarter way too and understanding that it portends a certain level of risk which must be understood.
Ted Odigie noted that the reasons why many Nigerians fall victim to ponzi schemes, and even the ones in diaspora, too, are that they fail to ask the necessary questions or verify very important details.
“Such questions include who regulates the platform? Are they licensed? Are they legitimate? What is their investment strategy, country of Origin, and website? Etc.
Stating also that there should be a thorough background check on their physical presence in an office or branches, whether locality or in the diaspora, as the case may be, he said: “Our people don’t do the necessary checks. Once they hear that someone who is on that platform and making money already, they just join in without asking questions. Not knowing it’s another pyramid scheme, where money from a few investors is used to settle incoming ones, and the pyramid chain continues until the bottom is too heavy, and then it crashes and closes, leaving a sour taste in the mouth of investors.
A participant, Seun Olukayode, commended the organisers for putting up a sensitisation project of this kind.
“I am a developer and also a Forex trader. For me. The e-trading market is all about profit and losses. When you are the one directly doing your thing, you get to see it there..I enjoin participants to make use of the knowledge they have acquired today so they can be able to identify and differentiate between the real and skewed e-trading platforms.”
The Vantage Markets Regional Head also called on the government to rejig their polices and adopt measures that will help teach Nigerians, especially the civil servants (public sector) and employees in the private sector, on how to be equipped with financial skills and rudiments in practical aspects of e-trading.
He said that doing so will enable many to survive to an extent financially after retirement or disengagement from paid jobs.
The summit was an avenue to introduce the Vantage smart e-trading platforms, which he said come in two categories: allowing clients to engage in self-trading and plug automation.
He said their core mission of a long-term projection is thorough sensitisation, and providing prerequisite education, strategies and knowledge on trading global financial markets (e-trading) using the Vantage Markets state-of-the-art All-In-One app.
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