6th Anniversary Edition 8th August 2008

This is the official newsletter of
Online Forex Traders Association of Nigeria (OFTAN)
It is also circulated free of charge to all who are interested in forex trading.

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~~~~~~~~~~~~~~~~~~ FOREX FACTS ~~~~~~~~~~~~~~~~~~

World FOREX Trade exceeds $2.5 Trillion daily! It is the largest market
in the world - more than all other markets combined. With proper training,
anyone can now trade on the Forex Market, from anywhere in the World.
All you need is access to a PC + Internet and a low start-up capital.
For further details please visit:
Or send an email to prof@forexprof.com for a free report.

http://www.fleetforex.com - Fleetforex enhances forex traders' winning potentials. MetaTrader software, great resources, no dealer desk, absolute integrity!

Dear OFTANians,

It is incredible that six years have passed already since Online Forex Tradng courses commenced in Nigeria. Hundreds of Nigerians have been privileged to discover this hidden wealth and many are doing very well.

How about you? Have you been trained? Are you demo trading? Have you traded live? Did you make it? Whatever your current positon, I bring you very glad tidings of an even brighter and more successful future in Online Forex Trading.

Welcome to this 6th Anniversary special edition of OFTAN NEWS.

The edition is loaded with very juicy stuff that will enrich your trading experience - incredible offers, great tips, new opportunities, etc.

Happy reading!

In this edition:




OFTAN WEBSITE - Coming Soon!





Since August 2002, the FOREX PROFESSOR has trained hundreds of Nigerians on how to trade the major currencies of the world via the Internet.  Many are making such huge profits daily that a Forex Trading frenzy has now gripped Nigerians!.

In Celebration of 6 very successful years of Online Forex Trading Courses in Nigeria, we are offering 35% discount on all our courses!  This is to offer Nigerians an opportunity to get impeccable professional forex training at affordable fees and save them from hordes of charlatans now parading themselves as forex trainers. They bait unsuspecting folks with low fees, but end up given them virtually nothing in return.  Many of the people we now train have attending 2 or 3 of such courses before coming to us.  They left fully satisfied and many are doing very well.

We have also partnered with FLEETFOREX.COM to provide all our trainees (past and present) with free 20% discount on money they invest in real trading. Thus if you invest $1000, you get $200 extra FREE, whilst $5000 investment gets you $1,000 extra FREE, etc. The minimum to open real trading account is $200 and this fetches you a bonus of $40.  This offer is from August to October 2008 only, so hurry to get some free trading money.

Click for more details

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I am very pleased to announce that FOREXPROF.COM - Nigeria's pioneer forex trader/trainer, has been appointed African Regional Representative of FLEETFOREX.COM.

The FLEETFOREX is an online forex trading platform, packaged by a global consortium of experienced traders, trainers and forex dealers to provide traders with a level playing field and enhance their ability     to maximize their trading potentials.

FLEETFOREX ensures that your trading experience is richly fulfilling:

That's Why Professional Traders Prefer FLEETFOREX!

This is good news for Nigerians who have been getting a raw deal from most trading platforms around. Now there is a Nigerian-friendly and reputable trading platform for them to trade on.

The Forex Professor is also there to protect their interests and help them trade successfully!

There are even lots of free forex trading e-books for you to download on the website. You can use these absolutely free e-books to enhance your online forex trading experience.

Finally, FleetForex also has an International Partnership Program that can help Nigerian websites to generate lots of money. Anyone who has a busy website that attracts lots of traffic, can create passive income by simply placing a banner link on the website to FleetForex.

We invite you to visit the website
http://www.fleetforex.com - SEEING IS BELIEVING!

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I am pleased to further announce that FLEETFOREX.COM has been chosen as the new official trading platform of OFTAN. This was as a result of a serious and diligent search for the most suitable platform for Nigerian online forex traders.

I visited Fleet Financial Services Ltd. (owners FLEETFOREX.COM) in Cyprus in March 2008, met their principal officers and concluded very favourable working agreement with them to ensure that your interests are adequately protected. They are ready to assist Nigerian forex traders and have promised to be very reponsive to our peculiar needs.

For more details, visit their website: http://www.fleetforex.com or send an e-mail to trade@fleetforex.com
You can download many free forex trading e-books at the site, get FREE $50,000 practice money and 20% bonus when you open real trading account with them.

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Do You Have The Discipline To Trade In The Forex Market?

~ 10 Common Errors Traders Make

~ The skills needed


We all need to develop and strengthen our greatest asset - OUR MIND.

The main ingredients for profitability:

    1. Learn self-discipline

    2. Develop emotional control

    3. Develop the ability to change your mind to flow with the markets

All of these three ingredients are psychological issues that really have nothing to do with any kind of system or methodology, new service, advisory service or fundamental strategy.

Traders, successful or unsuccessful, all share common experiences. Anyone who trades will, at some point, feel frustration, confusion, stress, and great pain. To pass through these real feelings — which really means confronting the feelings and working through them — will be passing through to the other side of success and the ability to earn large profits.

Is this an easy process? No!  If it were, everyone could do it with no training whatsoever.  It takes work. Is it worth it? We certainly feel it is. However, each trader must make that personal decision for himself.

The characteristics we need in order to succeed as traders are not inborn. They must be developed or acquired by learning certain mental skills.  This learning process often requires pain and suffering from both a financial and an emotional standpoint.

Traders who fail and quit do so because the financial or emotional pain becomes too great to continue. Successful traders can often tell you much about the market and its behavior, but many find it difficult to even describe the mental and emotional behavioral skills they possess.

The truth is that it is easy to develop the above three main ingredients, but how?

First, let’s look at what our modern day culture has taught us that is really to our trading detriment. Trading requires split second decisions, which doesn’t generally give us time to reflect on past trading experiences.

We must react immediately based upon trained behavior. The problem is, what our life has taught us will generally make us react in a way that will create trading errors. What we need to be able to do is recognize them and then stop repeating them as we trade.


Here Are 10 Common Errors Traders Make, But Ones Which Can Consciously Be Changed

  1. Not defining a loss

  2. Not liquidating a trade that has gone against us, although knowing the market is headed in the opposite direction.

  3. Stubbornly picking a market direction and refusing to change our point of view. (i.e., trying to control the market)

  4. Focusing on the amount of money a trade is making or losing instead of the potential of the trade itself.

  5. Revenge trading, which is the attitude of trying to get back at the market to recoup what has been lost.

  6. Not reversing a position when all indicators are telling us it is happening.

  7. Not following the methods of the trading system.

  8. Freezing when a signal has been generated and not taking an obvious trade.

  9. Not acting on instincts.

  10. Having success in trading over a period of time only to give it all back in just a couple of trades.

In order to change these common tendencies, we need to develop skills or patterns of thinking that are different than what life has taught us, or that go against our own ingrained personality traits.

This is not a trading methodology, it is a mental methodology.


Next we will describe the skills needed.

To achieve at high levels in any activity, whether it be trading, golf or basketball, we need to learn specific skills. Each activity requires us to act or behave in a manner that is different from how we may normally act.

Most people can achieve mastering the mechanics yet what makes some excel far beyond the majority is not the physical aspect, but rather the mental aspect. Their mental methodology, or how they think, is what makes them achieve at a higher level.

Can this be learned? Yes, but it requires that we think a certain way with regard to our goals and problems. We need to develop certain techniques of thought application.

Here are 10 we may start with:

  1. Master getting to a state of objectivity and staying there.
  2. Master your goal achievement, concentrating on what you want rather than the fear of
    not achieving.
  3. Master quick adaptation to market changes.
  4. Master a control of the trading methodology.
  5. Master assessing a trade potential by what the market is doing, not a personal value system.
  6. Master immediate trade execution when a valid signal is generated.
  7. Master your risk comfort level; look at trade potential while maintaining an objective.
  8. Master the skills of a trader and develop them; do not focus on the monetary increase of
    your account. This will become a reality if the skills are developed.
  9. Master identifying the conditions in which you often make trading errors.
  10. Master the ability to distinguish between true and false intuitive information and act
    only on the true.

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Yes! OFTAN website - www.oftan.org will go fully functional very soon.  Look out for great trading resources, free downloads, trading tips, signals, discussion forum and lots more!

Although the website will be open to the general public, only registered members will have access to the most useful resources on the site.   Basic registration is currently free of charge and open to all those who interested or involved in online forex trading in one way or another - novices, students, traders, trainers, investors, etc.  Even the curious and un-initiated are welcome, as there will be many self-development resources.

Register on line today!

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Let me have your comments on this edition. I would love to include members' comments and their online trading experiences in the next edition.


Olubunmi Ajala
Forex Professor/OFTAN Founder

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http://www.fleetforex.com - Fleetforex enhances forex traders' winning potentials. MetaTrader software, great resources, no dealer desk, absolute integrity!