In this live AMA session, I interviewed a great guest in the person of Chieh Liu, the founder, and CEO of Overbit.com, a cryptocurrency and forex derivatives platform based in Seychelles.
I get to ask him a couple of questions about his adventure in Bitcoin and cryptocurrency, professional trading, and how he got to start his own cryptocurrency exchange. Liu also gave his personal life and success principle, which is the fact that you need to have goals, otherwise you’re going nowhere.
You’ve got to watch this AMA session, as you’ll definitely learn a lot.
Also, follow Chieh Liuand Overbit on Twitter and visit Overbit.com to experience a new world of Crypto and Forex derivatives trading.
Click here to access my Cryptocurrency Profit & Mastery Course. And should in case you would like me to mentor and train you about cryptocurrency trading and investing, you can message me via Whatsapp(+234 810 185 0909)to enroll in my crypto mentorship program.
Do it now and you won’t regret the next 10 years.
Got any questions, don’t hesitate to ask in the comment section below👇.
And until next time, keep learning.
We are also social; kindly follow us across our social media handles:
Trust Wallet has become one of the most used wallets in the crypto space, especially when you talk of decentralization. Due to this feature, it shares one of the most important characteristics of cryptocurrency, it has gained the TRUST of millions of users worldwide. Many cryptocurrency assets now try their best to be listed on the wallet, so as to tap into their user base and other opportunities.
As interesting as it takes to talk about this wallet, it is an incredible tool most crypto users ignore due to the fact that they lack the idea of using this tool to its fullest potential. And did I also mention that this wallet has its own native Token (Trustwallet Token – TWT).
Now let’s dive into the tutorial;
Things you can do with Trust Wallet;
Add multiple tokens
Send and receive tokens
Staking and swapping tokens
Store tokens and collectibles (NFTs)
Buy and sell tokens (Trading on DEX)
Buy token from a Broker
Get a notification on the price of some coins – BTC, ETH, etc.
Convert the price of an asset from one currency to the other
Using Dapps
WalletConnect to interact with DEX.
WHAT IS DEX?
DEX simply means Decentralized Exchange, it has no central authority ruling or governing it affairs, no restrictions. Unlike CEX which are Centralized Exchange, where everything is owned, controlled and managed by a central authority like an individual or group of persons.
Now let’s get to the main part of this post.
HOW TO TRADE ON TRUST WALLET (DEX)
Firstly, you need to have Trust Wallet installed on your device, then you proceed with creating a multi-coin wallet with it.
Secondly, you need to have some BNB in your wallet – you can buy from Binance then transfer to your wallet (BNB Bep2), because to place trades you will be required to pay little network fee as it common with all dex.
Also, note that the DEX you are trading with is Binance DEX incorporated into Trust Wallet for easy access and a smooth trading experience.
This image shows the interface of the DEX and the numbered parts are explained below.
Numbered Parts;
Name of crypto pair you are trading on
To see other crypto pairs you can trade
Buy and Sell Tab
Set price box
Set amount box
Ask – placed sell orders
Market Price
Bid – placed buy orders
Order History
Open Order for Buy/Sell.
So, finally, I hope with this brief analogy we are able to place a trade successfully on Trust Wallet DEX.
Feel free to drop comments and questions as they would be answered promptly.
Credit: Micheal Olatunde+234 814 251 3384Here is a link to one of his crypto guides: https://selar.co/hyka
Everybody wants to reach a point in their life where they will never worry about money. And to be honest with you, it’s possible and achievable. Just that it will take time, and it will never happen overnight.
Real wealth usually takes time to grow and multiply, and the question is whether you ready to devote your precious time to the gradual attainment of wealth or not.
If yes, then what’s left in my opinion are some sound money mastery tips that can help you attain wealth. That’s exactly what I will be sharing with you in this article.
So let’s go:
9 money mastery tips that will help you get ahead financially in Nigeria
This is one of the most important steps you can take in your life right now. Just by doing it, you have set the right foot that will instantly gear you towards success.
You see, in this life, your irreplaceability is very important. That is the difficulty in finding a replacement for you in everything you do. You need to learn and master a particular hot-in-demand skill that very few people can do. This is paramount to your success.
Only a fool will invest where everybody is putting their money. Similarly, you shouldn’t start what everyone is doing. A good example is the POS business. Right now, I can see it in almost every street corner. It’s already saturated. That’s a no-no business for me.
The next step after building a scarce high in-demand skill is to give a portion out of the income you earn.
Giving is a natural principle. The more you give, the more you get from the universe. You must continue to give more and more of what you want to the world.
The problem I see with many people is that they refuse to give because they believe they have very little. That’s very wrong. You need to give your money proportionately. That is, giving between 1% to 10% of the money you earn no matter how small or big it is. Stop being a stingy dude. Closed hands receive nothing.
It’s the consistency that matters and not the amount. If you keep giving at a proportionate amount that won’t affect your business, work, or lifestyle, then you’re on the right track.
Moreover, money is not the only thing you can give. You can also give people your food, cloth, time, and affection but before you get to give all of that, first start with money that is proportionate to your income. Do that weekly or monthly.
Make it a regular culture to save out of the earnings you make no matter how little it is. You can even start by saving 5%. It is the consistency that matters and not the amount.
According to Tai Lopez(a renowned Digital Entrepreneur), nature is unforgiving. It has a way of teaching the unprepared brutal lessons. So, as a result, we must always prepare for unforeseen circumstances.
The old nursery rhymes “Make hay while the sun shines,” explains it best. No season is permanent. You’ve got to make good use of a season while it last and prepare for the coming season.
Another insightful wealth-building book titled “The richest man in Babylon” also explains the principles of setting money aside in a great way. It advises individuals to save at least 10% of their salary for the rainy days, which will surely come.
Life is just not guaranteed and mother nature recently taught me that.
Mid August this year I took my grandpa to the hospital for treatment and the doctor guaranteed he just needed to undergo a small operation and all will be fine. The operation was successful but he died some hours later. Right there I learned nothing is certain.
You’ve got to make sure you’re prepared for whatever circumstances. Don’t be the fool that forgets to save in the good times. Such a person will be shocked when things changed overnight (in case of a market crash) and would have no option than to beg.
Besides, don’t just save all your money till it becomes millions. Take out of your savings regularly to buy a book, course, training, or seminar that will improve you. Buy things that will make you better than most people.
If your savings have accrued to a tangible sum, then it’s time to set up a side business in small simple steps. But be careful, don’t just go ahead and start a business that’s money and time-consuming.
Start small by identifying the simple step you can take to achieve that business without losing your current job/business and income. This very important.
If all you need is to start a blog or an Instagram page for that particular business in other to gain followers and customers, do it. If you need to partner with people or sell other people’s products, do it.
Just understand that you don’t have to start everything from scratch up at the very beginning. Look for the easiest way to start it without losing your job, income, or old customers. When you start seeing tractions and regular customers, you may now completely focus on it.
For instance, some of my side business is just selling other people’s quality products and services. I recommend platforms like Binance where people can buy Cryptocurrency and I get compensated for that.
5. Use Social Media and the internet to increase your income
Everything in the world is going digital and now is the best time to become a global citizen and earn income across the world.
You can do this by creating content on one or two social media accounts or even a blog. All you need is to document your journey in a particular skill, business, or discipline. After which you promote your products, create books, and offer services like consultation, speaking, etc.
You can even create a YouTube Video Channel like that of 9jaCashFlow. You will be surprised to know how many more Business, Deals, and customers you can get from the channel.
You can also run online ads via Facebook and Google. Doing this will enable you to increase your customers, income, and revenue tremendously.
When you start getting consistent income from your skill, business, and online presence, you can now delve into the world of investing.
There are two major types of investing:
Investing for cash flow: this is when you invest in income-producing assets like real estate, royalties, and even stocks of businesses that pay dividends on a monthly or yearly basis.
Investing for capital gains: This is simply buying things low and selling it at a higher price. It’s a viable business model if you have a cash reserve to buy things when the market crashes and sell when things get back to normal.
Before you venture into any of the above investments you need to first gain as much knowledge as possible. Find a mentor or buy a course about what you want to invest in. This will save you from losing your hard-earned money in an investment you don’t understand.
I write a lot about investing in cryptocurrency. If you’re interested, register on Binance, take my free cryptocurrency course here and message me on Whatsapp for further mentoring.
By the way, you shouldn’t take all your savings out and put it into a single investment. That can be a very fatal mistake.
Take this gradually because investment takes time to yield good returns and you should use this period to learn and become smarter at what you do.
When you get your investment right, and you’re still earning income from your skills/businesses and putting money into savings, you can now start looking at helping as many people as possible to succeed.
You can start by mentoring serious-minded individuals around you scale their businesses.
Here you should make sure you don’t lose focus or drown yourself in other people’s problems. You’re to give tangible advice from your experience, maybe some monetary support. Just make sure everything you touch keeps moving forward, and if it doesn’t get out.
If people take this help for granted or try to sabotage your effort. You need to cut the relationship or the amount of time been devoted.
You should never lose focus.
8. Keep your expenses low
This is a very important finance tip that could save you from losing your hard-earned money and going broke.
We have what we call commensurate spending which is the constant increase in your expenses as you make more money. You need to avoid this by evaluating your income, expenses, liabilities, and assets every single month.
You can prepare and analyze your cash flow statement or get an accountant to do that for you.
This is not compulsory at all. I’m only adding it to the list because the future of the agricultural sector in Nigeria looks bright. We need more producers in our dear country.
The easy days are just over..
Robert T. Kiyosaki.
Oil price isn’t that encouraging and everybody can’t just sit in offices. We need more educated and business-oriented people in farming. In addition, while everyone is focused on saturated markets and industries, it’s best to take the lead and venture into an emerging and evolving market like agriculture. The upside is just too much.
Besides, you don’t have to start or run a farm. You can find an aspect of the agricultural value chain that you like and focus on it. It can be Agro-processing, Agro marketing, agro procurement, etc. It all depends on your choice.
At 9jacashflow we’re trying our best to impact as many Nigerians as possible. We have helped as many people buy farmland from verified agents in Ibadan, Oyo, and Ogun State. Feel free to message us on WhatsApp if you’re interested.
Conclusion
The bottom line of this article is that becoming wealthy takes time and you should focus on taking small simple steps that will take you to the next stage financially.
Start by mastering a hot in-demand skill that is scarce. Be generous to donate a portion of your income to the less privileged and have the humility to save a percentage of your income consistently. Otherwise, life will humble you.
Also, don’t forget to use your savings to improve yourself via seminars and resources that will make you better than the average Nigerian. Next, start a side business in small simple steps and use the internet and social media to your optimum advantage.
You’ve to invest part of your income and savings. Also, help as many people that you can help without losing focus and keep your expenses low relative to your income. And if you wish, run a farm or participate in the agriculture value chain in Nigeria.
One last thought, make sure you write out your plan on paper and documents your journey. What gets measured gets accomplished.
Questions:
Don’t just read this post. Make sure you answer the following questions in the comments below👇. It will make you accountable.
What’s the ratio of money that you’re saving regularly?
How are you giving money to people?
How are you keeping your expenses low?
See my response below. I’m patiently waiting for yours🤔.
Trading cryptocurrency or any derivatives is a probabilistic activity that can make you rich or poor quickly. Nothing is guaranteed.
In the business, you will get punished(lose money) for everything; whether you’re making good decisions, being disciplined, being profitable, being confident, or not. You will still get punished. Losing money is part of the business.
And from my over 2 years experience in trading, the most important thing is constant Risk Management. So in this article, I will share with you the 9 tips you can use to manage risk and trade Cryptocurrency profitably.
9 Tips To Become A Successful Crypto Trader
1. Know the difference between trading and investing
Image Source: Trade brains
It’s appalling that a lot of people venture into the cryptocurrency space without prior knowledge of what they’re going into. Some don’t even know the difference between investing and trading crypto, anyway I will save them time by defining it below:
Investing is simply buying an asset or security at a relatively cheap price and selling it at a premium or higher price over a long period of time(let’s say 1 to 5 years).
Trading on the contrary requires buying or selling a security or asset and expecting to profit from price fluctuations
over a short period of time.
From experience, it is easier to make money investing than trading because things get to fall in place over a long period of time if you buy a valuable asset at a relatively cheap price.
Trading is much riskier because there’s no guaranteed return on investment in the short run. Even though you make the right decision, a single market participant can nullify the trend.
Having known that, you need to ensure you allocate your capital wisely.
2. Capital Allocation
Image Credit: Auspicecapital
This is simply how you allocate your hard-earned money for investing and trading purposes.
Since investing is safer and much easier, you need to allocate more capital to it. And since trading is much riskier and less predictable, it’s advisable to use a lower amount of money for trading.
Benjamin Graham (Warren Buffet’s mentor) in his book “The intelligent investor,” advise speculators to allocate capital between investing and trading in the ratio 70:30. So if you have $1000 as available capital:
$700 will be set aside for investing. And you invest it using a technique called Dollar Cost Averaging. That is you buy gradually every week or month over a long period of time and hold it(don’t sell) for years. A better way to do this is to not buy with all your capital at once, instead, you will buy regularly on days or weeks the price falls. That way you will average out.
$300 will be used for placing short-term trades which are often not predictable.
3. Separate your trading capital from investing capital
Common sense image from Graphy.com
After allocating 70% of your available capital to investing and 30% to trading, you need to complete the process by separating your capital.
Take your investment capital off the cryptocurrency exchange (eg Binance: largest Cryptocurrency exchange in the world) and only leave your trading capital on it. This is very important don’t underestimate it.
I will reiterate, don’t store your investment capital on a cryptocurrency exchange. Most times when trading goes south, you can become emotional and easily take your Cryptocurrency investment and place trade that is usually not well analyzed and calculated.
To avoid the gambler mentality that can even set in when you’re making a profit, lock your investment capital on Binance fixed savings or take it off the exchange completely.
4. Have a specific number of trades you will place in a month and stick to it.
Trading is more like walking on a diamond mine or digging a well. You don’t just start digging a spot without prior analysis and investigation. You need to carry out the test and make sure you’re digging a spot that you will easily strike a large quantity of diamond or water without much stress. You don’t want to just dig deep down and get stuck at a rock. That’s exactly what trading is.
Another good analogy of a trader is comparing a sniper and artillery in the war front. Artillery waste thousands of bullet and achieve a little strike rate(average of 50 bullets to a kill) when compared with a sniper who has a higher strike rate(1.5 bullets to a kill).
As a trader, you want to be a sniper waiting patiently for the market to show you a good risk to reward opportunity, then you strike. You’re now like a hunter with a loaded gun who sees a single deer but decided to wait patiently till the group of dear gets to him before taking his shot. That way he would most likely get a kill(a good risk to reward trade).
I currently take a maximum of 10 trades in a month and as a result, I need to wait patiently for high probability trades. If I hurry and place trades with little rewards, I will end up not being able to place high probability trade as I can’t exceed 10 trade for the month.
This method also protects me from losses as I don’t trade anyhow.
5. Only trade with a maximum of 10x leverage
Image Credit: MindMathMoney
Most traders with little capital will use leverage for margin and futures trading. If at all you will use leverage, ensure that it doesn’t exceed 10x leverage.
Leverage does not make you profitable instead it multiplies your profit and loss by the leverage amount. If you’re winning you make more money and if you’re losing you lose more money. Hence use leverage wisely. Do not exceed 10x leverage.
5x leverage means you will lose your capital if the crypto price goes against you by 20%
10x leverage means you will lose your capital if the cryptocurrency price goes against you by 10%
20x leverage means if you will lose your capital if the cryptocurrency price goes against you by 5%.
Since the cryptocurrency market has daily average volatility of 5%, it’s advisable to stick with lesser than 10x leverage.
6. Use proper position sizing
Your position size is the amount you risk per trade, and a generally accepted standard by most expert traders is to risk not more than 5% on a single trade.
You shouldn’t be the one that uses all your capital on a single trade and lose it all. You must spread it across many trades and accumulate your profit over time.
Using 5% of your capital on a single trade would allow you to place over 20 consecutive losing trades before you lose your entire balance.
Using 2% on all single trade will enable you to place over 50 consecutive losing trades before you lose all your capital.
Using a 1% position size on a single trade will enable you to place over 260 consecutive losing trade before you lose all your capital.
Using this technique coupled with waiting patiently for a good risk to reward trade will enable you to compound your profit over time.
7. Use tight stop loss
When you enter a trade with good risk to reward, it’s important you use tight stop loss (especially when using leverage, like in futures trading). That way you can easily get out of the trade with little loss if it didn’t go as planned.
Stop loss must be placed immediately when you enter a trade(when you have a sound mind) and before wins or losses blindfold you from making good decisions.
I have seen people who because they don’t want to set stop loss and take small losses end up taking a very big loss or losing all their capital.
So be smart enough to use stop loss to take small losses and get out of the trade before things get worse. That’s what stop-loss is made for.
Putting a stop loss in place is like having your fire extinguisher in your car, you just don’t know when things will go pretty worse.
8. Have a take profit target and withdraw your profit regularly
There’s this mentality in the cryptocurrency market where people think prices will just keep rising up. This very wrong. You must have a reasonable take profit target for all your trade.
For high probability trade, you can use a risk to reward of 1:2, 1:3, or more.
If it’s 1:3, it means a risk capital of $10 should make $30. Therefore, I can set a take profit at a price level that I will make $30 on the trade.
Another thing you should understand is that you should withdraw part of your profit regularly and take it of the cryptocurrency exchange.
Use it to buy some valuable Cryptocurrency and keep it in your investment account or keep it as cash in your bank account.
9. Avoid trading with signals or the news
Most news can be very manipulative and getting signals on the other side doesn’t guarantee you will make a profit if you can’t execute it well. Hence, it’s advisable that you focus on looking for high probability setup, and at the same time managing your risk instead of looking for news and signals.
If you do get news updates and signals without following all the above-stated approach, it will shock you that you will lose money.
In addition to that, we have what we call front running, which is a situation where the signal providers already took the trade before sending it out and then cash out on a lot of people when they got the signals and placed it.
We also have what we call shadow trading which is a situation where particular news is been broadcasted so that people could take a particular investment decision but in the end, a big market participant trades the opposite direction and wipes you out.
Another explanation of shadow trading is when you publish your trade position out for a lot of people to see, then as a result big market participants decided to take the opposite trade direction and wipe you out.
To avoid losses due to signals and news always make sure you wait patiently for good risk to reward trade and you use your stop loss.
3 Bonus Trading Tips
10. Find a mentor or join a trading community
Image Source: Edutopia
Mentors are very essential if you want to be successful in any field of endeavors. They serve as gatekeepers ensuring that you stay accountable and you follow a sound, working principle.
If you can’t find a mentor you can decide to join a trading community like the 9jacashflow General Crypto Group. That way you can share ideas, collaborate with people, and learn fast through peer learning.
11. Stick to your plan and neglect the noise
Reading this article is the easiest thing but taking action and sticking to the sound principles that you learn here is the real work. To achieve greatness in trading you need to be focused, disciplined, and patient.
You just don’t have any option other than to stick to your plan and shun the noise if you want to be a profitable trader.
Don’t jump from one strategy to another or from one signal group to another. Save yourself time and be focused.
12. Monitor your trade and investment.
There’s this saying that “what gets measured gets accomplished.” This is very true and much applicable to trading and investing.
Make sure you track your investment and pen down the dates and amounts you invest regularly. Blockfolio is a good app for cryptocurrency portfolio management, you should check it out.
For trade management, websites like Binance provides history logs that you can check and use to figure out ways to improve your trading significantly. That is making more profit and less loss.
Conclusion
The bottom line of this article is that understanding the landscape of investing and trading is very important if you want to be successful in the cryptocurrency space. You just have to know what you’re doing and allocate your capital wisely.
Also, trade entries are very important, hence you need to wait patiently for high probability trade setup(good risk to reward trade) and ensure you use the right position sizing technique.
Furthermore, once you enter a trade you need to set a tight stop loss so as to limit your loss. And if you eventually make a killing profit like 150% and above, you should definitely withdraw part of your profit and keep it in cash or long term cryptocurrency holding.
One last thing, do not borrow money from friends or family to trade or trade on their behalf. Just save yourself the headache, pain, and frustration from losing your relatives’ capital. Try to get a job and gradually build your trading capital and skill.
What do you think?🤔
I hope you’ve learned something new. Feel free to share your opinion or ask questions in the comments below👇.
Better still, you can message me on WhatsApp to enroll for my Cryptocurrency trading class that costs ₦50,000 or to join my private trading group for ₦20,000.
Looking forward to hearing from you.
PS: Trading is a probability game, act accordingly.
PPS: You also need a mentor or a good trading group. Message me on WhatsApp to join or make further inquiries.
The more I learn about trading and investing, the more I found it fascinating and intriguing. I have now taken my time to compile a list of valuable resources for every Newbie trader out there.
13 Best Resources For NewBie Traders
1. Tradingview
TradingView is a social network for traders and investors on Stock, Futures, and Forex markets! You get Live quotes, stock charts, and expert trading ideas.
2. MetaTrader 4
MetaTrader 4 is a platform for trading Forex, analyzing financial markets, and using Expert Advisors. Mobile trading, Trading Signals, and the Market are the integral parts of MetaTrader 4 that enhance your Forex trading experience.
3. HotForex
HotForex is an award-winning forex and commodities broker, providing trading services and facilities to both retail and institutional clients. They always maintain a very good and outstanding relationship with African clients.
4. Binance
Binance.com is the largest cryptocurrency exchange in the world in terms of volume. It offers a very low transaction fee with numerous cryptocurrencies to be traded. I do recommend Binance to every newbie crypto trader out there.
5. CoinMarketCap
This platform is best for cryptocurrency market cap rankings, charts, and more. Visit CoinMarketCap to get Bitcoin price, charts, and other cryptocurrency info.
6. BabyPips
A very user-friendly school level based forex trading platform. BabyPips operates the School of Pipsology which offers free online courses that helps beginners learn how to trade forex.
7. Admiral Markets
Admiral Markets offers a state-of-the-art platform for currency & metals trading. They also offer CFDs on stocks, indices and energies. There education platform is one of the best with updated articles and resources.
8. DailyFX
DailyFX is the leading portal for forex trading news, charts, indicators and analysis. Every tool you need to trade in the foreign exchange market.
9. FX Rebate Central
Do you need Forex Rebate every time, FXRebateCentral is best for those looking for FX Rebates and cashback on their trades. I found there education section highly benevolent because they explain Forex and FX terminologies in a clear and simple format.
10. FXStreet
FXStreet is a leading source for reliable news and real time Forex analysis. FXStreet offers real-time exchange rates, charts, and an economic calendar.
11. Investopedia
Investopedia is the world’s leading source of financial content on the web, ranging from market news to retirement strategies and investing education. It’s the best platform to search for definitions of financial words like “leverage” etc.
12. Twitter
Twitter gives you access to insightful updates from experienced Crypto Traders and Technical Analysis pros like Rayner Teo, Luke Martin, and CryptoYoda.
If you want to be successful in 2022 then these 5 keys are for you.
Read through below and change your life for good.
1. Earn as much as you possibly can: Do everything possible to excel in your field so you can get paid more.
Learn more. Attend seminars. Get a mentor. Network with intelligent and smart individuals. Just do all is required to earn more income consistently.
2. Hold onto as much money as you can: Never spend all that you earn. Resist the natural tendency to spend impulsively. Save 10 to 20% monthly.
Just do all you can to hold some money and not spend it. Don’t increase your expenses or lifestyle as you increase your income. In fact, save 50% of any increase in income.
3. Reduce and control your cost of living: Look for where to be frugal in your monthly expenses. Buy less expensive items. All wealthy people are careful with their expenditure. Have a budget to help people; once it’s exceeded, don’t give over it.
4.Invest carefully and make it grow as much as it can. Use compound interest to your advantage. Also, use Dollar Cost Average to acquire stocks or crypto for long-term holdings. Keep adding more money to your portfolio.
5. Get out of bad debt: These are debts that incur interest but does not generate any income or cash flow. Be careful of debts that is used for consumption only. Don’t borrow it at all. Only borrow for a business or investment that produces consistent income or returns.
Those are the key to financial success in 2022.
Use them daily and it’s certain I will meet you at the top.
Investment is the act of using your money to make more money. It’s one of the games played by the smartest individuals in the world.
If you’re new to investing, this likely to be the best article you could read right now.
It’s an excerpt from Global Crypto Podcast featuring Raoul Pal, the renowned trader, and hedge fund manager at Realvision.
So what are the 5 Investment lessons every newbie investor must know by Raoul Pal?
1. Don’t invest in what you don’t understand.
Before you start throwing your hard-earned capital into products, projects, stocks or securities, etc. make sure you’ve done your homework. Do a thorough research of what you’re about to put money into.
According to Robert Kiyosaki, the renowned author of Rich Dad Poor Dad,
“Investment is not what you do, it’s what you know.”
So if you don’t know jack shit about what you’re doing, don’t bother investing in it.
2. Don’t invest because someone told you to invest
This a very common mistake among newbie investors in Nigeria. A friend tells them to buy a particular stock or invest in a scheme, and without doing proper analysis they jump on it.
This can be a very fatal investing mistake, as you can end up losing all your capital.
We do have a lot of front runners in the market who would already purchase the stock you’re buying, and would later dump(sell) it on you.
So be careful. Don’t be the one that buys a basket of something that worth nothing.
Don’t be the greater fool. Don’t let your friends dump on you.
3. Don’t invest because you want to impress someone
A lot of individuals out there enter trades or investment so they can impress their fellow mates. You see them posting all entries and screenshot of their trades online.
This very wrong. In the investing world is either you make money or you impress people.
You can rarely do both.
4. You need to understand how volatile something is, so you can understand how to size it.
Volatility, which is the sharp intense movement in the prices of goods and services is a very cogent factor in every Investment.
The more volatile your market, the more potential profit and loss you can make. Take Bitcoin, for example, it has an average daily volatility of 5%. This means every day you can make up to 5% gain or lose trading it.
In a highly volatile market, what can be done is to manage risk is to size your position properlly. Follow this link to read more about Position Sizing.
5. You won’t become rich overnight
Yes, this very true. It takes time to master the game of investing and eventually become a professional investor.
I will advise you don’t focus on the money you can make at the moment. Instead, focus on following your plan and getting better day after day.
Overestimate the process and underestimate the result. It takes longer than you think to become good at investing. A five-year timeframe could help.
What other investment advice do you think every newbie should know?
Many dreams to become millionaires or better still billionaires. I mean, there is this joy that comes with being financially free. We get to take care of ourselves, families, and friends. The good news is, it is very ACHIEVABLE. All you need do is to follow some sound principles, this will in turn put you on the path of success.
So what are these sound principles?
I will share them with you:
1. Successful people know that success is not a gamble or a matter of chance.
Yes, every successful millionaire out there knows that becoming successful is not a matter of hit or miss. It’s just a matter of time. If you’re doing the right thing and giving value, you will surely be successful.
2. Successful people know that all success comes from hard work.
This is another thing you must know about success. It doesn’t just come from playing and watching things pass you by. You must work your butt off and put in the required effort to get outstanding results.
Smart work is also important but you’ve got to work hard before you work smart. Things won’t come to you on a platter of gold.
3. Real success is a lifetime of learning
I say this every time. You must make yourself a learning machine.
Don’t ever underestimate the amount of knowledge you can accumulate if you dedicate just 2 hours every day to know what’s going on in an industry.
Learning is not enough, unlearning the wrong or out-dated information is also very important.
Note that the illiterate of the 21st century will be those who cannot learn, unlearn, and relearn.
4. Successful people have conditioned themselves to learn from others and their failures and successes.
It’s crystal clear that every successful person out there knows the importance of learning from other people’s successes and failures.
You see, if you’re to make all the mistakes in this world and learn from them, it will take you over 500 years to be successful. That’s too much time. And that’s why you need to learn from mentors, thought leaders, and researchers via their books, papers, and videos.
Great people STAND on the shoulders of Giants.
5. Successful people learn by practicing what they know daily.
I was so amazed the day it came to my realization that you could become a very knowledgeable expert just by increasing 1% every day on a particular subject or aspect of your life. That alone is 365% in a year, and over 1000% in 3 years.
This is how successful people make it in life. They didn’t get there by becoming 100% better today, 20% tomorrow, and 0% next tomorrow.
They ensure they discipline themselves to improve daily. Lasting change is gradual, and it does take time.
6. Successful people know that true education is what you get for yourself and by yourself.
You will surely learn a lot by trying things out.
Action is very important in the game of business. The faster you get at executing your ideas, analyzing it, and making corrections, the more successful you will become, and the more money you will make.
Don’t just wait and watch things happen. Get both your hands dirty by jumping on trends before others.
7. Successful people know that true success doesn’t come by luck.
I want you to know that even though every successful man was once lucky, it is not luck that made them successful in the long run.
They proved themselves worthy of success through a lot of daily ups and downs that may swallow others.
So be prepared, the road to being a millionaire won’t be easy. You’ve got to maneuver yourself from one failure, setback, opportunity, advice, success to another. And don’t let any of them hold you down.
8. True winners know that they must develop skills and acquire adequate knowledge before becoming truly successful.
The fact still remains that if what you are currently doing or what you currently know is enough to make you a millionaire, you would have become one a long time ago. This means you need to dedicate time to learn new things and master what is working.
You’ve got to learn more to earn more.
9. A successful person is one who has the knowledge, skills and expertise. He knows his onions!
The world is filled with many one-time millionaires who got rich and then lost it all.
What happened? They most likely lost focus and stopped learning and becoming good at what they do.
To avoid this, always surround yourself with experts and good advisors.
10. Work your way to success and don’t expect it to come by accident.
The majority of successful millionaires out there worked their way to success. It wasn’t handed over to them by a friend or relative.
Growth is key. You may not become successful in 1 to 3 years but if you keep at it, you will eventually become successful.
And don’t forget: life is a ride and wherever you get to, just keep riding, and that’s how you get things accomplished.
Now back to your entrepreneurship journey. I wish you the very best!
Did you know the pitch deck is a presentation that entrepreneurs put together when seeking a round of financing from investors? On average pitch decks have no more than 19 slides. I will even suggest 10 pages.
Ultimately founders need two different sets of pitch decks. One version will be with a lot of text and information which will be shared with people via email. The other version will be the pitch deck that entrepreneurs present to investors in person with more visuals. Having more visuals will contribute to having investors focused on you.
In essence, the three keys to powerful pitch decks that get funded are:
Clear and simple
Compelling
Easy to act on
Below are essentially the slides that you want to include inside your presentation:
Problem
Solution
Market
Product
Traction
Team
Competition
Financials
Amount being raised
Note that according to research done by DocSend, investors spend on average 3 minutes and 44 seconds per pitch deck. From their study which analyzed 200 pitch decks, investors spent the most amount of time reviewing the slides concerning financials, team, and competition.
You need to be crystal clear about the following:
1. Problem
The slide covering the problem should be a way for you to explain what gap you are filling in the market. This needs to be a painful problem that people can relate to and that investors would not have issues with understanding.
Furthermore, you are only resolving one problem. Not two or three. You need to come across as someone that is focused and relentless to resolve a known issue.
Normally I would recommend startups to create different slides for the problem and the solution as you don‘t want to overwhelm the investor in one slide.
Note when an investor gets involved with your venture is either because one of the following things:
They have experienced the same problem in the past
There is a clear sense of ROI down the line for them
Given their professional expertise they understand it (e.g. doctors with healthcare)
If an investor falls inside the three buckets of interest cited above at the same time, that means you got your lead investor. This may result in you securing at least 20% of the financing of the entire round that you are looking to raise.
2. Solution
The solution needs to be concise and very clear. Especially if you are a tech startup, your solution needs to be scalable. Scalability is the capability of a system to increase its total output under an increased load when resources are added. This is what investors essentially want to see. A company in which they can invest in order to have the wheel turn much faster.
Moreover, it makes sense on the solution to outline why it makes sense now. As you may know timing is everything in business and being at the right time in history is what really matters. Being too early or too late to market can be the main cause of failure for startups.
Avoid statements referencing you being the only one doing this, you being the clear leader, etc. Just like Mark Cuban puts it, there are at least 100 people that have come up with that idea before you and other companies that may be tackling that same problem with a different
3. Market
The market is going to determine the potential exit of the investor. If you are operating in a small market also the returns could be impacted by this.
Remember that any market that is under $1B might not be that attractive to an investor in hyper growth businesses. The reason for this is mainly because these investors are on the hunt for investment opportunities that may provide a 10x return in a horizon of 5 to 7 years.
Ultimate investors, and especially institutional investors, look for companies that will not only transform or disrupt their industry but have the potential to fundamentally reshape the way consumers interact with a market.
My recommendation is to show on this slide a graph that outlines the market growth in the past and the future potential growth so that investors can quantify the upside and potential ROI on their investment. Make sure you are including sources from research papers.
4. Product
This slide is all about showing screenshots of your product in action. To make it even more powerful you may want to add some description about the product itself and some quotes of some of your existing clients talking about how much they love your product.
5. Traction
This slide should show the month over month growth of the business (e.g. revenue, metrics, etc). This is the slide where you would include hopefully the famous hockey stick that investors want to see on every pitch deck they review. Getting to this type of “promise land“ for startups is not easy.
In the event you are very early stage or your growth is not that interesting I would avoid including it. To give you an idea, accelerator programs like Y Combinator expect at least 15% month over month growth.
6. Team
The team is probably one of the most important slides in any pitch deck. The investor wants to know who is driving the bus and what makes them so unique to execute on that mission and vision. Note there are at least 100 other people that have also thought about your same idea. For that reason idea is 10% and 90% is from execution.
If you have the right people seated on the right seats of the bus the company will end up finding its direction to success. Unfortunately when you are investing in a first time founder you are also investing in that individual‘s education and all the mistakes he or she will make during the early days. This is always part of the journey and there is no way to go around it.
The best way to showcase the team slide is by just describing the members of the leadership team (ideally cofounders). List in bullet points what have been the two or three achievements from every member. Ideally those would be related to the company that is seeking capital.
7. Competition
A diagram is a good idea to show the investor the competitors that you have executing in your space. How you compare to them and where you land with your value proposition.
You want to clearly differentiate yourself from the rest so that the person that is reviewing the slide gets what makes your company so unique.
Perhaps another slide that you want to include is one that describes how much capital each competitor has already raised in the past and at what valuation. This could help in providing some perspective of how much the market is paying. This could also play in your favor when the time comes to negotiate the terms of the deal or proceeding with a potential investment.
8. Financials
Normally you want to shoot for at least 3 years of projections. There are some institutional investors that even ask for 5 years of projections but in my experience these investors tend to be the least sophisticated ones.
Even though projections are a shot in the dark when you are dealing with startups, they do provide a good idea of where the business is heading and potential outcomes. It also give a good idea to the investor as to how grounded the management of the the company is.
This slide is more important than entrepreneurs normally think. When you first connect with an institutional investor they will ask for your pitch deck. 3 months later they will ask you on your next meeting where things are at and then they will make a decision. With this in mind, it is always a good idea to be more on the conservative side and to over deliver. Worst thing that can happen is for you to completely miss the mark and under promise.
Additionally you will need to have ready your financials in Excel format as investors may want to see that after reviewing your pitch deck. For that reason you do not need to go into much detail on the deck. All you need is to provide a summary.
9. Amount being raised
On the ask slide you want to be strategic. Do not put a specific amount that you are raising. For example, if you would like to raise $5 million, I would suggest putting a range between $3 million and $5 million. Firms have limitations on their investment which means that if you place $5 million in your pitch deck and that firm has a mandate to not invest over $3 million, you will most likely have them pass. By including the range from $3 million to $5 million on the raise amount you are also including such firms. For that reason you want to be attractive to as many targets as possible, so go with ranges instead of specific amounts.
Most founders forget to include in their pitch deck their contact information. If you have a large following on social media you should include the links on the cover slide. I find this would provide social proof. Interested investors will most likely look you up and will also reach out to people in common in order to ask for references.
This pandemic has changed the course of work and business in 2020. And many people now need to look for ways to make money while staying safe at home.
So if you’re currently broke or rich and you would like to start earning money online, then this article is for you. I’ve taken my time to compile 9 full-proof ways to make money online in Nigeria in 2020. All you need to do is focus on 1 or 2 of these businesses and master it, after which you start making money consistently.
Besides, this article was inspired by one of my old-time friend “Mr Seyi” who messaged me Whatsapp requesting for any of my blueprint to make money online in Nigeria.
Below are the few online businesses I suggested to him
Note: They all require time and monetary requirements. You’ve got to put in initial effort and some little spending before you start reaping returns. This not MMM 😂.
1. Start a Blog
Image Credit: Neil Patel’s Blog
This a simple and full-proof method of making money online in Nigeria. You simply find a particular topic or niche you know much about – it can be football, tech, love or fashion – and you share your thoughts daily or weekly on it via your blog.
You can make money from your blog through advertisement (e.g. Google Ads), selling your eBooks on a relevant topic, and training people(trust me, a lot of Nigerians will pay if you’re an expert at what you do).
Mind you, if you think blogs don’t work any longer, you’re completely wrong. I’ve gotten a lot of paid gigs and partnership just by running this blog, and I still get till today.
So what do you need to start your blog? You need a domain name (blog name), hosting space and a web designer.
In case you would like to have your blog all set up for you so that you can start sharing your knowledge via blog post immediately, do reach out to our sister company Filtamedia. You would get it done for just ₦20,000.
2. Start Affiliate Marketing
Image Credit: SMEdigest.com.ng
This will be my number one choice for people who have no capital and need to make money as soon as possible.
You see, some companies have a very good product and services, and all you just need to do is recommend them to your friends and family members and you get paid commissions on each sale.
Affiliate marketers are also called business developers, and the uniqueness of this method of making money online is that you don’t need to create your product. I find it difficult to create an awesome product from A-Z without a good team.
Anyway, instead of going through the stress of creating your product, you simply sell other people’s product that you know is good and make cool cash.
The fact is that we have a lot of platforms out there who need you to promote them in exchange for a commission, so feel free to do some research.
I currently do affiliate marketing for Cryptocurrency and FinTech platforms like LUNO, Paxful, Binance and Chipper Cash etc. because I have used their platform and I can see that they’re offering good product and services.
Besides, do reach out to some online platforms as regards promoting their products and services. You will surely get to know about their affiliate programs and how to earn through them. You shouldn’t be scared about helping another business with sales. Even my website (9jacashflow.com) need customers.
Although cryptocurrencies like Bitcoin, Ethereum & Monero can be very volatile, there’s still room for earning sizeable profit.
You can make some money at the side if you spot good trade setup and time your entry very well.
Note:From experience, I don’t advice day trading because someone can’t win trades every day or all the time.
For those with little trading capital, you may try out Binance margin trading. It allows you to borrow 5 times your initial capital and if you trade with it when you see good trade potential, you can make some money at the side.
To be sincere, YouTube can be very time-consuming and less profitable at the beginning, but once you get what people want and you master how to give them through videos, you will make it.
And besides, don’t ever think that people don’t need what you know. That is a lie. A lot of Nigerians aren’t tech-savvy, and if you can talk to them in the way they will understand, you will make money.
5. Sell products online via Jiji, Jumia, Konga and other e-commerce platforms
eCommerce in Nigeria
If you’re the type running away from sales then I’m sorry to say this, you’re wasting your time. And the earlier you embrace sales, the better for you.
You see, to make money you’ve got to sell a product or service. There are no two ways around it because fundamentally you must exchange value. Whether money for goods or money for services.
Nevertheless, if you don’t have the time to sell offline, you can start selling online via your phone and some e-commerce marketplace like Jumia, Konga and Filta.ng.
Bitcoin vending is a very profitable business if you know the in and out. It has to do with buying Bitcoin at a low price from people around you (let’s say@ ₦400/$) and selling it online or to some merchants at a higher price(let say @ ₦430/$) instantly.
You don’t necessarily have to keep the Bitcoin, you mostly sell it instantly. In addition, if you want to really make a tangible profit you need to grow your customer base and be able to get a sizeable amount of Bitcoin at a cheap price.
The Forex Market is a $5 Trillion market where you simply earn money from the fluctuations in the prices of fiat currencies.
To be honest, this is not a get rich quick scheme. It does require initial training, practice and experience, but once you master it, you can be earning consistently every single month.
Let know what you think about Forex Trading? Also feel free to message me on WhatsApp if you would like to enrol in our Forex Training.
8. Freelancing
Image from Quora
You can also do freelancing at the side and make some cool cash. These are activities like web design, graphic design, video editing, translation(rev.com) etc. It’s a very lucrative and profitable business if you can devote the time to build the needed skill.
Note that at the beginning you will earn less but as times goes on, you will start earning more because you would have become an expert and you will have more clients.
9. Network Marketing
Image from Legit.ng
Another thing I’m doing now which is not completely online is Network Marketing. I’m into Kedi Healthcare mainly because I like natural medicine. The company sell what is referred to as “The Chinese Medicine (TCM),” which are quality herbal medicine.
I’m using it and I’m happy with the result I’m getting.
You can message me on WhatsApp if you would like to join Kedi so that you can start earning from the commission from product sale and from distributors who register under you.
In conclusion
All the online businesses require time to develop and become profitable but they are full proof – that is you will surely make money once you master it.
I will further suggest you choose 1 or 2 of the above businesses that are good for you and stick to it. Make sure you learn the ins and out and master it. That is how you make money online.
Moreover, when you see some companies doing a great job or having a great product, it’s good to just recommend them and earn commissions rather than start the same business or create the same product. This does work for me. I recommend what I’ve tested to be good and I make money.
Anyway, to my brothers and sisters in Nigeria and diaspora, feel free to share your thoughts or ask questions in the comments section below👇.
And if you found this article useful, kindly share it with anyone who could benefit.
I remain my humble self Kehinde Lawal, founder @ 9jacashflow.com
When you enter a trade with good risk to reward, it’s important you use tight stop loss (especially when using leverage, like in futures trading). That way you can easily get out of the trade with little loss if it didn’t go as planned.
Stop loss must be placed immediately when you enter a trade(when you have a sound mind) and before wins or losses blindfold you from making good decisions.
I have seen people who because they don’t want to set stop loss and take small losses end up taking a very big loss or losing all their capital.
So be smart enough to use stop loss to take small losses and get out of the trade before things get worse. That’s what stop-loss is made for.
Putting a stop loss in place is like having your fire extinguisher in your car, you just don’t know when things will go pretty worse.
Reading this article is the easiest thing but taking action and sticking to the sound principles that you learn here is the real work. To achieve greatness in trading you need to be focused, disciplined, and patient.
You just don’t have any option other than to stick to your plan and shun the noise if you want to be a profitable trader.
Don’t jump from one strategy to another or from one signal group to another. Save yourself time and be focused.
Before you start throwing your hard-earned capital into products, projects, stocks or securities, etc. make sure you’ve done your homework. Do a thorough research of what you’re about to put money into.
According to Robert Kiyosaki, the renowned author of Rich Dad Poor Dad,
This a very common mistake among newbie investors in Nigeria. A friend tells them to buy a particular stock or invest in a scheme, and without doing proper analysis they jump on it.
This can be a very fatal investing mistake, as you can end up losing all your capital.
We do have a lot of front runners in the market who would already purchase the stock you’re buying, and would later dump(sell) it on you.
So be careful. Don’t be the one that buys a basket of something that worth nothing.
Don’t be the greater fool. Don’t let your friends dump on you.
A lot of individuals out there enter trades or investment so they can impress their fellow mates. You see them posting all entries and screenshot of their trades online.
This very wrong. In the investing world is either you make money or you impress people.
You can rarely do both.
Volatility, which is the sharp intense movement in the prices of goods and services is a very cogent factor in every Investment.
The more volatile your market, the more potential profit and loss you can make. Take Bitcoin, for example, it has an average daily volatility of 5%. This means every day you can make up to 5% gain or lose trading it.
In a highly volatile market, what can be done is to manage risk is to size your position properlly. Follow this link to read more about 
Yes, this very true. It takes time to master the game of investing and eventually become a professional investor.
I will advise you don’t focus on the money you can make at the moment. Instead, focus on following your plan and getting better day after day.
Overestimate the process and underestimate the result. It takes longer than you think to become good at investing. A five-year timeframe could help.
