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The Nigerian Internet Estate – The Myths, Facts and the Reality I (online FOREX Trading)

As a follow up to my previous posts on this blog, I’ll continue to assert the fact that Nigeria is a force to be reckoned with as regards every known endeavor on the face of this planet called Earth, and the internet is no exception, it is left for the rest of the world most especially the United States to fathom this cold hard fact out. Well I would have titled this piece ‘the online conspiracies of the west against Nigeria’ well that would sound cynic and inane. It will look as we are beggars at the rich man’s table waiting for crumbs that falls off his table; when we are kings in the making. However, it has become imperative that we will take on destiny instead of waiting lazily for it to come beckoning at us. But do you know one thing my friend? Your destiny cannot come to you except you shrug off the ashes of defeat, rise to your feet, and then take what rightly belongs to you. Sorry if I have digressed from the main topic of the day, well I was trying to crave your indulgence as is always the case with me. Like I said earlier on, Nigeria remains the biggest internet estate and can compete favorably with India on the third world country category and in the real sense can give the west a run for their money; and as a member of cyber world is not immune to the fistful of online fallacies that pervades the internet daily. But I’ll only deal with this ill wind the as it concerns we Nigerian.

One thing that has remained obvious to we Nigerians especially those who wants to make a decent living doing decent business online is that we are greatly disadvantaged because of some pre-conceived notion of the developed economies against Africa and Nigeria in particular, but I wont dwell much on the bad side as an optimist but will deal on the possible and well established side as a realist. What do I mean by this? The internet has become a real estate and as such many people world wide are reaping the benefits of this innovation and smiling to the bank every other day, so my main concern is to get you acquainted with the common myth that pervades the internet daily and the obvious.

Recently, online FOREX TRADING has become a niche that every person with little or no experience on money matters wants to get involved in within a short period of time (most attend one to two days seminar) and want to start reaping from it, stop! I’ll love to ask, why is it that we still have few people that are rich from trading FOREX with all the hype associated with it? Well have you stooped to think this over? But my friend like I titled this article I’ll love to list the myths, facts and the reality of online FOREX trading. Personally I don’t trade FOREX but I know of an array of people who do; and from the fillers I get daily, it is not as rosy as it sounds. You loose money and you gain money, however the tendency of losing far out weighs that of gaining if you don’t know the fundamentals of the trade. Knowing the fundamentals is not some thing you gain the knowledge in 1, 2, 3 or even 7 days as those who advertise it in dailies will tell you. What the organizers of various FOREX seminars are after is to gain back what they have loosed trading through levying outrageous seminar fees on the participants. At the seminar they don’t take the time to explain the technical and fundamentals of the market, terms like pips, bull traps, Fibonacci analysis etc are not well explained: leaving the participant more confused than ever. But like I said earlier on, trading with no fore knowledge of the aforementioned points makes trading an experience not worth the venture.

Still on online FOREX trading, it will be unfair if I don’t mention the benefits of this online money making venture even if I’m not trading this very lucrative market (yet). Basically FOREX trading exceeds about 1.3 trillion dollars daily, so it will be mediocre of a person to jump into a market as large as this with no formal knowledge of the happenings. However ,it becomes expedient of the person to get fully into the know of this liquid market before getting his hands burnt in the process of wanting to make 100 pips a day as most of the self acclaimed FOREX experts promise you when you trade on their systems. Like I always do when posting any article, I try to make detailed research (even if I know little or not) before coming to press, and when I do it is in the form of a personal experience. While this FOREX rave reached fever pitch, every person wanted to tap into this market to reap bountifully; I decided to make my own in road. Daily, I hit every search engine on the net for a detailed report, I subscribed to every ezine, news letter, and every available publication that deals with the subject. From my findings I observed that the requirements of this market is quite tasking, however if all these requirements are met, the market is worth the venture, what are the requirements I’m talking of: they include a laptop computer connected to the internet; as you need this to enhance the mobility of the market, a domiciliary account, and a form of identity which could come in form of an international passport or national identity card and a plat form to trade on.

One day I saw an advert on a daily on a FOREX seminar that’ll last for about two days, and within these two days you will be taught all the basics required to start making between 30 to 40 pips daily (note: a pip is worth about 10 dollars). I did not attend the seminar as the seminar fee was too much, not that I can’t afford it but because the money was too much for a seminar that will last a couple of days. So I took the address of the FOREX firm and decided to pay them a visit and perhaps make more inquiries. On getting there I met a lady who looked more like a cleaner than a FOREX expert, as I was expecting to see a person who looked like those who work in wall street or if I want to sound modest like some one who works for one of the banks, then how can such a person teach me the basics of the trade for me to start making 50 pips every day!. I thought may be if she really is an expert as she claims, I figure she should be making good money as a FOREX expert and at least look good for her troubles. Is not like I’m saying that there aren’t people here in Nigeria who are doing good trading FOREX, but what I’m saying is that they are very few, this is the fact and the sooner it downs on you the better. I don’t want to sound cynical but in this business is very good for you to be very truthful to your audience, telling them the reality of every situation, instead of leading them falsely by reporting fallacies and stuff.

On the contrary, FOREX trading is a niche and can not be ignored as it has enriched many Nigerians (the few who know the rudiments of the business) as I know of a guy who takes home close to 30 to 40 pips any time he trades, do you know his secret? He sells when others are buying, and sells when others are buying. He knows where to make his stop loss and quit when it really mattered, he understands the basic trends mostly the fundamental, since with it you have a clue as to how the currencies are performing in the market relative to how the various big economies are faring. One other fact in relation to a myth pervading the scenario is that FOREX is not a vocation as the ‘experts’ will tell you. It is not some thing you do on a part time basis; rather I will say it is more of a career, since most traders do it full time. Why this is so is that you can dwell on a chart a whole day waiting for a favorable signal to begin trading, while you are in your office waiting for the required signal, your boss will be telling the secretary to prepare your sack letter and pay-off. But if you learn the ropes you work smart as a FOREX trader, knowing the best times to trade; then you can jolly well make it a vocation, rather than a career as earlier speculated. The secret is that most FOREX traders don’t trade every day. This is another fact, you only trade when there are auspicious signs. Another secret is contentment (avoid being unnecessarily greedy), when you make a good move that gives you 20 to 30 pips, is usually advisable to quit at that juncture even if you see another favorable trend. Usually such trends end with you losing the money you already made. So be careful, as it could be very enticing as well as deceitful

The fact about this market is that you make money if you avoid bull traps and interpret the market trends both fundamental and technical, looking at the charts, knowing when to buy and when to sell, knowing the best currency pair (e.g. euro/dollar), knowing when to enter and when to quit and Fibonacci analysis. If you get your self acquainted with all these, then your venture into this market will be worth the while, on the contrary the myth is that you don’t, make 30-40 pips daily by just taking part in a 2 day seminar or workshop as most will call it, most self acclaimed experts introduce you to robots that trade on your behalf, well the truth about robots is that they only function according to how they are programmed. Most robots are programmed using technical analysis, but this market is very volatile and economic trends in most leading economies especially the US can affect the market negatively or positively, for example the recent recession so experienced in the US resulted into a weak dollar and like a virus it spread to other economy especially the Euro zone and Japan: so if your robot was programmed following the reverse you can figure out what happens. The reality here is that you can only make it in FOREX when you master the ropes of the market as it has been noted that about 90 percent of those who go into FOREX exit after a short period of venturing. The fact then is that FOREX trading can be lucrative as well unprofitable. Which ever side of the divide you belong the choice is yours. But I assure you that you can make a difference if you believe in your self, since many plat forms reject registration from Nigeria (another western conspiracy), for example FXSOL no longer accepts registration from Nigeria. So it is left to you to decide how to take this market by storm as I promise to give frequent updates as regards my online experiences since I’ve decided to join the trend of Nigerians making dollars form FOREX trading.

Feel free to post your comments and views on this topic, you can also get a free FOREX manual by one of the world’s best FOREX experts, contact me by email if you are in need of this manual, it is free of charge and will come as an email attachment sent free of charge to your box. You can also get e-books on how to build your internet empire for a token fee, more so many freebies are also included like the e-book ‘as a man thinketh’ by James Allen and another free e-book by Wallace D Wattles titled ‘the science of getting rich’. Just contact me via email for these rich books that will enrich your online money making experience.

10 Key Steps to Turn Your Mobile App Idea Into Reality

Many people and companies are coming up with new mobile app ideas to make it big in their field. They either want to reach a new audience or better serve their existing customers.However, people are relatively unaware of the steps or process needed to turn a mobile app idea into reality. Due to lack of ability and information among startups and established companies, most of them don’t know how to go about shaping the app idea.

I have helped several companies build their mobile app. Here are the 10 key steps I have followed in my 6 years of experience. I believe that my list can help anyone from any industry get their mobile app idea turned into reality.

Step 1: Write down your feature list

Conceptualize your idea begins by taking some notes. Before doing anything, you should write whatever comes to your mind. Writing down the feature list on a piece of paper helps you focus on your idea and expand on it. I recommend writing your idea several times and in many ways. This list also will be helpful when you are discussing with your co-founders, designers, investors or developers; they all are going to ask for it. Note that you should have them sign an NDA before you share your feature list. Your feature list should be clean and easy to understand. Also make sure it has popular and unique features, which will play the major role in success of your product.

Step 2: Do the market research

After writing your strong list of features, you want to do market research to find the competition, trends and market needs. Make sure there are no similar apps in the market. If there are, find out their reviews, ratings, feedback, and what is missing in them. Add features in your app that would make it unique and more attractive to the audience. After doing market research, you should update your feature list.

Step 3: Identify the users/audience

It is very important to find who would use your app and who the audience would be for your product. Your users are from a particular industry, gender, region, age group, existing customers, income group, specific profession, or any other group. Once you identify some demographics about the audience, you can find out what people from these demographics prefer or like. Knowing your audience helps you re-engineer your app and the features in it to cater to them. Your whole project moves around user engagement. You can also conduct focus group studies to find out what your audience may like or dislike. Your audience will decide your product’s success, and this insight from focus study can go a long way in defining product success.

Step 4: Identify the monetization strategy

Making money is the biggest reward and energizes for your idea. You can make money from your app idea in several ways: subscription fee, in-app buy, in-app ads, user data, sponsorship. You want to know which one works for your app, audience and market. Launching a paid app does not work these days, but you can make the app free with in-app purchase option for more functions. In-app ads are also losing their shine these days due to user experience. Having user data is becoming a big monetization technique, as you can use it to make indirect money. You can find sponsorship for the app; this works for an app with a social mission. It is important for you to select 1 or 2 techniques that would give you good return on investment.

Step 5: Create a rough sketch/wire frame

You may not have done it before, or may not know how to do it. However, the rough sketch or wire frame helps you define the concept and refine the requirements of your product. You can draw a rough sketch using paper and pencil, while a wire frame can be created using online tools. When you start doing the sketch/wire frame, you will be able to polish your app idea and features list further. Also, this helps you decide the proper navigation of the application. You don’t need technical skills for this step, but you need to have a common-sense understanding of how navigation works. Your wire frames, along with your feature list, will create very good specifications for you to build the mobile app.

Step 6: Approach local mobile app developers and get estimates

Once you have your first version of the feature list and wire frame, you want to start identifying vendors who can build your mobile app in a high-quality, cost-effective way. You should search for local vendors and some global vendors and reach out to them. Once you shortlist 5 to 6 good vendors, have them sign the NDA and send them the project details. A good vendor should check your details and ask you lots of questions. You should make sure to answer them in detail so that your idea is fully communicated. A good vendor should also be able to give you some suggestions to improve your idea. You should get proposals from multiple vendors, with time and cost for development, and compare them. You should check the vendors on past performance, process, price, time, testimonial and their eagerness to work for you. Finally, you should be able to select one vendor and start working with them.

Step 7: Complete the UI/UX

Once you have selected the company, you should work with them to create the UI/UX of the app. You should have them first create the detailed wire frame of the application so that you can visualize each screen, function and flow of the application. After review, you can decide to add or remove features. Once the wire frame is complete, you want them to create the visual design of the application. It should give the color, theme, fonts and visual appeal for your idea. This step will give you a near-final picture of what your mobile app would look like and how it would flow. After completing it, have your vendor reevaluate the development plan, time and cost. If the first estimate of time/cost has increased, get more funding or cut some of the features. You want to pay the right value to your mobile app developer.

Step 8: Get the app developed and tested

Have your app developer start building the app for you. They should be able to send you the app (in progress) every week and you should be able to test and give them feedback. It is very essential for you to QA the app as they develop it, as this helps you control the quality, cost and timeline, and learn whether the mobile app needs some tweaks. You can involve your friends in the testing as well. If you come up with new sets of features during the development, discuss those with your app developer and get the time and cost estimate. If it fits your budget, get it done right away. If not, wait for the next phase.

Step 9: Launch the app and market it

Once you are satisfied with the app, launch it in the iTunes App Store and Google Play Store. You should also start marketing the app. Get some consulting from experts on app marketing. You can also do self-marketing. Start on Facebook, Twitter and Instagram, as this is an easy way to spread the word about the app. You should also reach out to reporters and bloggers who may be interested in your app and write about it. A press release on free sites or a paid site can be very handy. If you have more in your budget, you can hire a PR or app marketing company.

Step 10: Gather market response and prepare for the next phase

After the first launch and marketing, you can collect user data, market response and demand. If you receive a good response, you can plan the next phase for the app. Repeat Step 1 through 9 for the next phase. This time, you should be able do them a lot faster and more efficiently. If the app is not received well in the market, find out what is hampering growth and have a plan of action.

Working From Home – The Online Business Reality

According to a recent Harris poll, 72% of American households are thinking about starting a home based business. This is quite frankly a staggering statistic. Almost three quarters of Americans are unsatisfied with their current employment situation for one reason or another. Many of these unsatisfied workers are turning to the Internet to fuel their work from home dream jobs.

Quitting the never ending rat race is a personal decision that many work from home entrepreneurs face. Their reasons for wanting to work from home vary. Some people find that they simply have no other choice but to work out of their home office. Perhaps they have to take care of their elderly parents or their children, or they themselves are house-bound. Some people are retired and find that finally having an opportunity to spend time in their own home is a huge comfort and joy. Even college kids, stay at home spouses, and those recently downsized are finding that the Internet is simply the best option for starting and running a profitable home based business.

Working from home is a serious commitment that all entrepreneurs should consider. However, they must be aware of the negatives and risks of the Internet. The Internet is fraught with get rich quick schemes. It is also overflowing with misleading business building hype and flat out work from home lies. Any program or opportunity that promises big bucks with little work is a fraud. Proper research and common sense should eliminate many frauds and scams. Developing a solid Internet business requires partnerships with strong and professional companies.

Building a real business, no matter what kind of business, requires hard work. That’s the bad news. The good news is there has never been a better time to start a business from home because the Internet makes it a low-cost and low-risk venture. Building an online business or work from home business does not require massive amounts of start up capital. With that said, it is possible to over spend on your business simply by neglecting the research.

Learning about web hosting companies and traffic building strategies in the beginning of your work from home business plan is a tremendous positive step. There are many web hosting companies that offer cheap domains and seemingly endless features. The problem many web entrepreneurs face is they invest in the wrong web hosting company at the start up phase of their business. They soon discover that they have not built an online business. They have simply built an online brochure that sits unvisited by the millions of web surfers. Now they must invest more and more money into building a bigger and better site, or paying a firm to optimize their web pages, or paying a search engine to display their ads.

A web business that sits unvisited is not a business at all. Online entrepreneurs know they need an income to be successful. They also realize that building an online business is a series of steps. They must rank well in the search engines by providing excellent content filled web pages. In return for ranking so well, the search engines send droves of targeted customers to the online business. Now that the online business has customers, it can begin to develop a relationship with them. It warms the customer by creating a welcoming and personal feel. All of the great information and the atmosphere of the website will build a trust between the business and its customer. It is this relationship of that leads to profitability.

Forget the long string of classic work at home dead-end jobs like envelope-stuffing and telemarketing. Use the Web to build something terrific that excites you, a business to be proud of, that you own, and that earns you substantial income. Working from home rewards entrepreneurs in so many ways. If you are interested in an online business or a work at home business, you must be smart enough to do the research. You may receive a free step-by-step guide to building your online and work at home business by visiting the author’s website.