“I Don’t Want to do Forex Trading or Crypto,” – Dr. Joe Abah
Dr Joe Abah is currently the Country Director of DAI (Development Alternative Inc). Prior to returning to Nigeria in 2003, he worked in various public sector organisations in the UK, including the Prime Minister’s Office of Public Service Reforms and the Audit Commission.
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He is a great Twitter influencer. He recently explained how he needed a side hustle (A means to make extra money apart from the paid income/one’s main source of income) in a tweet, soliciting business ideas. He vehemently ruled out Forex trading and Crypto trading as options!
Guys, I need a side hustle o. Something that will be bringing me small money like N5k-N10k everyday. As I work full time, I can only spend like 2 hours a day on it. I DON’T want to do forex trading or Crypto. Let’s assume a seed capital of N1 million. Any ideas? #NaijaKnowledgeX
— Dr. Joe Abah (@DrJoeAbah) January 24, 2021
In response to his tweet, thousands of Nigerians who followed him on Twitter started suggesting numerous business ideas in response to his tweet. The one time Director-General of the Bureau of Public Service Reforms in Nigeria stated that the amount he sought to make on a Daily basis from this Desired trade was a minimum of #5000 – #10,000 naira.
He vehemently opposed the option for Cryptocurrency and Forex trading in the list of business ideas to venture into as side hustle. Obviously because it takes a lot of commitment, learning and importantly the volatility and uncertainties in the Crypto and Forex trading.
From his tweet, one would perceive the strategy and real motive behind the tweet of Dr Joe Abah. It was a concept used to inspire people to share business ideas on social media and by this helping Young Nigerians see means to a living in the country with a minimum capital of one million as he stated.
Moreover, he was exempting crypto and forex because of the high risk associated with this type of adventure.
Cryptocurrency Trading simply involves exchanging (buying and selling) one cryptocurrency to another cryptocurrency or exchanging crypto to local money also known as Fiat. On the other hand, Forex trading also known as foreign exchange or FX trading, is the conversion of one currency into another. It is one of the most actively traded markets in the world, with an average daily trading volume of $5 trillion.
To trade crypto assets, the first thing you need to do is to ensure you have a wallet where you can keep any cryptocurrency you will purchase. You can buy from these top exchanges with Naira; Bundle, Roqqu, BuyCoins Africa, Bitsika, KubitX etc. The first stage of trading cryptocurrency is creating an account. The essence of creating an account is to show interest and also give you the platform to get your cryptocurrency wallet ready for use.
Cryptocurrency trading is very similar to forex, allowing traders to purchase cryptocurrency with U.S. dollars. As with forex, cryptocurrency traders can trade with a buy-and-hold strategy or trade the daily or weekly up-and-down volatility. There are even several strategies available by which you can potentially profit from a cryptocurrency going down in value, by buying to hold for a long time.