Meet One Of Nigeria’s Most Successful Forex Traders, Patrick Ogagbor
By Daniel Essiet, The Nation
Ex Zenith Banker Patrick Ogagbor, quit his job to become a full time professional Forex trader. Today, he is happy he made the decision- DANIEL ESSIET reporting.
Patrick Ogagbor is among the best professional FX(foreign exchange) traders in the country.
A former banker with Zenith Bank, Ogagbor quit his job to become a full- time professional forex trader. His entrepreneurial curiousity encouraged him to try out new businesses. He believed the story that forex trading is a get-rich–quick business. He, therefore, did not hesitate to invest huge sum in it. Today, he is happy he made the decision.
He began trading in the financial markets in 2003. Soon, he established himself as one of the most successful traders. How did the idea come about? His answer: “I love reading a lot, especially financial newspapers. That was how I heard of Forex trading back in 2003,’’ he said.
While still working with the bank, he researched on forex.
“Through research, I discovered that trading forex was by far the largest and biggest market with a daily volume of $5.4trillion, that passes via the market. I thought to myself for a second, which industry as at 2003, in the financial business world could do that kind of volume of transaction? I found none. So the question for me was how can I access this market? Because if you want to invest in anything, you want to be sure of its strong liquidity first.”
“My startup capital was $200. In 2007 I grew that money to $5,000. My trading then was part time and not full time; so as soon as I made a profit I withdrew and used it for other things. I was basically trading for income till 2016 when I quit my full-time bank work to focus on trading full time.”
He has gone from his little begining to having many clients and generating thousands of dollars. Moreover, after recording the success, many of his friends and family members began to entrust their money with him in forex trading. For him, the business is a kind of entrepreneurship.
Ogagbor has developed a sound strategy, creating a competitive edge and managing risks.
His approach has worked well. He has been using it to drive major profitability from FX for years. Throughout, he analyses the strategies of the world’s greatest FX traders.
He provides the foundation one can use with the right combination of discipline, original thinking and the will to win.
“We have put in place defined world-class structures, for any investor to take advantage of. These structures range from copy trade, signal services, fund management and online training services, which you have to subscribe to for a fee. The worth in this case is seen in terms of structuring and processes in place.”
Whether one is new to trading Forex, or a seasoned trader on the currency markets, Ogagbor’s approach is to make them successful in the Forex market.
He told The Nation that many Nigerians who trade forex have not been trained to appreciate the reflexivity in judging the financial markets.
His trading philosophy for building long-term returns revolves around preserving capital and then aggressively pursuing profits when trades are going well.
He believes market perceptions help determine price action as much as pure fundamentals. His greatest strength is seeing an opportunity in every challenge and finding solutions where others would give up. He trades only when the timing is right for a trade and when the odds are on his side. The strategy incurs less losing trades, thereby, preserving his capital and keeping consistent profit gains.
He said what prospective traders need to understand is that trading is a discipline.This is because it is a long-term game of probabilities, one will win some trade and lose on some, but as long as one is disciplined enough to stick to a trading strategy, not being emotionally attached to losses, one would make more winning trades than losing trades and net in a profit.
His point is that traders must build seemingly foolproof trading strategies and techniques that work to consistently turn a profit each month in trading FX.
He provides training in all aspects of trading, from demystifying crypto currency to working with Nigerians to change their mindset towards success.
He also run introductory workshops and seminars for people who are looking to become financially independent, and these events focus on equipping attendees with the necessary tools to play an active role in changing their financial circumstances.
He believes profitable and consistent trading requires a lifetime of learning, as opposed to a fixed period of training offered by many other educators.
Becoming a successful trader, according to him, requires hands on, practical experience with real cash and live markets, coupled with the necessary mindset to handle stress and confidently make decisions, and all the courses are geared towards developing these practical, applicable skills.
His failures: “In Forex trading you only learn and keep learning. It is a constant learning process all the time never ending. Your failure in trading simply means that you are yet to master the method you are using or you have been thought.”
“Please by all means, get a good mentor and never go into the market alone or you will get your figures burned big time.
He is satisfied with the business:
“You must love what you are doing. If you are only trading because you of the money, you will be disappointed because trading forex is full of challenges. But if you love the art of trading, this singular factor will bring all the satisfactions.”
He is proud of his accomplishments so far. His words: “Like in any other career or profession, you have to put in the time and effort. Trading in Forex requires a full-time focus, void of distractions. Your mistakes, disappointments, bad decisions only make you better trader at the end of the day, if you don’t give up and you hold on; learn from it and practice constantly till you succeed. Avoid negative mind people, and focus.
See trading as a life-time career, because it is, if you have mind up your mind to toe this line of professional, then give it your 100 per cent attention and all. Life is full of challenges; the challenges are what make life interesting so it is with trading Forex. You can be the best forex trader if you are diligent, patient, hard working in terms of putting the time and effort with consistent practice.”