- 1). Locate a brokerage company that has access to the Nigerian market through online trading facilities. E*Trade has advertised this facility, and there are other U.S. brokers offering global trading in Nigeria stocks. Choosing one with offices near you and in Nigeria can prove to be big advantages.
- 2). Research Nigeria, its economy, its stock market and the industries and stocks of companies you may want to trade in. Give special attention to historical movements of market indexes and to prices of individual stocks, as well as to financial data of these companies. The Nigerian Stock Exchange and the companies themselves should be able to provide these data.
- 3). Apply for your online account with the brokerage company of your choice. A minimal deposit and documents for identification are normally required, together with an initial deposit, which can be effected through any of the payment options provided by the broker.
- 4). If you are new at Internet trading, practice by using the demo trading facilities provided when you apply. A small mistake in actual trading, such as entering the wrong price or the wrong number of shares, can cost you a lot of money.
- 5). After the brokerage house advises you that you may commence trading, do so using the manual of instructions provided, starting with minimum amounts and progressing to your desired bigger amounts as you go along. Make sure each trade is confirmed in the manner specified in the manual.
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