“How Forex trading has transformed lives of young Nigerians”
In an interview with ROYAL NEWS, a Fund Manager and Chief Executive Officer of DCROCSTYLE Nigeria Limited, Mr. Stano Emmanuel, exposed many secrets on how to become a multi-millionaire through effective Forex trading business. Excerpts:
Can we know about your company?
DCROCSTYLE Nigeria Limited is a company being established for Money management. We are into foreign exchange market where we have over $5.3trillion exchanging hands in a day. It is the largest market in the world, where we have big players like banks and other financial institutions as participants; this is relatively the most volatile market.
What we do as trader is to take part in the financial world from the $5.3 trillion that exchange hands in one day, we need to take our own part which is the share of the profit and with consistency and not being greedy, we can what we want at the end of the day.
There are so many scammers in this business that would promise you mouthwatering returns on investments, they would tell you all sort of things that are not realistic but we train students to know more. We know that when you are well trained you will know the truth as it is obtained in the market.
There was one of our students who was approached by a trader with fake trading statement but because of his depth of knowledge, he was the saving grace for the people in his environment. He was able to recognize that it is a fictitious statement and he didn’t fall for it. The people around him would have lost their funds to that man, so we are trying to close that gap. We need to let the world know that this Forex market really works.
I have a case of a 22 year old guy serving at em em, he was sent to me from Lagos, he was then a final year student of UNILAG at 2017 when I lectured him back then. To the glory of God, he is now doing well with huge landed property.
That is why as a Nigerian, when I hear youths involve in Fraud, Cyber-Crime, Scams, I just felt like since they do all that on internet with their laptops, I can give them a new orientation, using the same laptop and internet connectivity. This transaction we are doing is more or less like a Bureau De Change; they stock dollars when they buy and then sell later. The little margin of surplus of sale over buying of dollars is the profit they make.
In our own case, we don’t stock, we trade directly, the margin is what turns out as our profit. If you want to know the exact rate of exchange, ask us, not the Bureau de Change traders. They have a standard fixed rate for the day for example they sell N360 per dollar day in day out but in our case we experience fluctuations per time. That fluctuation per time is what gives us profit, we engage the largest fund, not the bureau de change. The only side effect with our trade is that if you don’t know how to analyze the market well it may turn out bad.
In the foreign exchange market, you can make as high as 90% of your investment in one single month while some months you can make as low as 10%, 20% or 30%. You don’t run with the market, when you pick your trade, you will set some risk levels because for every single trade you pick in this foreign exchange market there must be a particular risk involved.
If for example, I have a million naira in this business and I want to pick a trade, I will set a Stop Loss which is the risk limit that I can bear as a trader, I set a Stop Loss of N 5,000, whether I’m online or not, even if the market is going the other way, the highest that could affect me is N 5, 000 and I have N995,000 to fall back on. This is a way to protect my funds because if I don’t set Stop Loss, all my fund is exposed to the market.
Every business has its own particular risk and telling people about the risk involved is part of being sincere. Setting a risk limit is the main secret, if you don’t set a risk limit; you are most likely to be doomed. There is what we call resistance and support, so if you pick a trade from your support, I set my Stop Loss below my support because the support is a strong point that I don’t expect price to go below, so that if any volatility or adversity happens in the future, it will just take me out with that little loss.
If any news is released in America or elsewhere and there is market volatility, it would empty my account. This is what those unprofessional traders don’t utilize because they are greedy. They don’t want to let go of a little amount, they end up losing all that they have in their account. About 97/98% of the time, it will go to your projected direction and make money for you. I have trading statement to prove that.
For example, a trading statement for a month that gives about $45,000 gross profit, gross loss of about $1,200 and a total net profit of $43,800. Now you have net profit and gross profit. The difference is the gross loss and the loss is very little. I am not saying that I am fully secured or immune to error, I also make loss and this is what people don’t let others know. They prefer to tell the people out there of only the sweet tales leaving out the sour part of the deals. I don’t believe in such, things don’t work that way.
I’m not saying I’m 100% correct, if you look at weather forecasters, they’re not always absolutely correct, sometimes they forecast partial rainfall and it turns out heavy rainfall and vice versa, it is the same thing in the financial market, when you do a complete market analysis, after doing the market analysis, you also need to set your Stop Loss in case the analysis and forecast fails, this will help to protect your funds. It is not as if you think the forecast will not work but you need to protect your fund that is the essence of Stop Loss.
Is it only fund management and forex trading; you do in your company?
What we do here is not Forex alone, we train people on how to analyze the charts and all other instruments even if they were given any stock chart, as a technical analyst they will be able to analyze and make forecast of where the stock would be in the next 2 – 3 years, all things being equal.
What is average gross profit you make in a month?
There are some months we make high profit and some months we make low profit; when the profit is high, we use that to compensate for the month when profit is low. What we are trying to let the world know is these, scammers can do better things with their time on the internet and it pays them more legitimate incomes but the problem I notice about these scammers is they’re very greedy so they get involved in rituals and other means to make money. I strongly believe that if they can be put through the Foreign Exchange Trading, it will pay them more than their scamming business.
The market opens on Sunday night and closes on Friday night which means you have rooms to pick a trade at anytime you wish during the week.
I have a student who started January, now he has a land of his own. His elder brother handed him over to me and I started training him. On 8th January, he was given a loan of USD$300 which is to be returned later and the young man has turned it to over USD1000 so far. It is from the profit that he made that he bought a land. Initially, the boy was working as a DSTV installer but now he lives happily and comfortably.
How do I start trading Forex?
This Forex software is what can be installed on any system and very easy to operate. It’s like Microsoft word and power point on our systems. This is the software that we are training people to use. Forex trading is a business that you can monitor through your telephone from anywhere. There is a difference between those that we train and those we manage their funds.
How about the training fee?
The training fee is USD1000 with life mentorship.
I have a student in Port Harcourt; he said he went to an institute in the United States. He said he finished their syllabus but some topics that are paramount were not treated. He said that they took them through theory with little or no practical. He discovered that going there was just for their certification, not for skills. That is why I teach my students what to do with the money they are making.
What is the duration of training?
Two Months, twice a week that is Tuesdays and Thursdays and we issue certificates to our students. Next month we are going to have a grand ceremony when we shall issue certificate to those who are graduating.
Do you trade in other commodities?
Yes we trade Gold, Silver, Platinum, Diamond, Oil and other instruments.
What are the challenges that beginners face in the Forex Market?
The professional have their own challenges let alone beginners, doing this business requires strong internet connectivity because there is a broker who is the intermediary between you and the market. When you place your fund with a broker and he puts the fund in your trading account to trade, if the network is not good, you may not be able to pick necessary trade you want to, at that moment.
Also emotional control, which ought to be number one challenge, you need a balanced emotion to engage in Forex trading. A starter without other source of income might be consumed with greed, putting all hopes on the trade. For example, if you are using 0.1 as a trading volume and that gives you One Dollar, you might be forced to think and jump to use 1.0 thinking because 0.1 gave 1Dollar, 1.0 should give more, like times 10, that is greed, whereas the fund you have in your account is just enough to work out with 0.1. If there is fluctuation in the market, there will be trouble, because Price can keep you on negative for a whole day or month before it comes to your direction for profit.
Must a trader be on line 24 hours to trade?
You don’t need more than one to two hours per day as a professional. A beginner who needs to practice well will use up to 4-5hours practicing per day. Cumulatively, I don’t use more than one hour on my system per day. I check every four hours to see what happens in the market, because I use a four hour chat.
What advice do you have for prospective Forex Traders?
It is very important to be patient as a forex trader, taking one step at a time as we know Rome was not built in a day. You have to grow in the industry, don’t expect to start making huge profit and not experience any loss.
You need to put in the right parameters in place since Forex Market is not anybody’s father’s property, Don’t be over confident not to set Stop Loss and Take Profit when necessary,
You should prepare your mind and face the bitter truth, market price will not always be in your favour. What really matters is the net profit, after deducting your gross profit from your loss. This is the accurate way to measure your growth in the industry.
Forex Trading has ups and downs, so it is very expedient to save for the rainy day when you’re having surplus so that when you’re experiencing loss (which Stop Loss feature can help you minimize), you’ll have enough to fall back on.
Controlling your emotion is a key feature in Forex Trading, as you may be tempted to use high lots which are not ordinarily realistic with the amount you are using to trade but because you feel miracle can happen, you may be tempted to try this, which can easily wipe your account, some while making profit don’t know how to control emotions.
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