Joshua Chimaobi Obi

Christian, Graphic designer, forex trader and speaker.

[Uncommon Kvng⚡️ @uncommonkvng]

I took my time to listen to the EFCC Space hosted via their official X page on the topic:

“Is Forex Trading Illegal?”

The answer was stated categorically and, in my opinion, is important information for the public, especially for those who constantly assume that Forex trading is a scam or illegal.

According to the response given during the Space:

Forex trading is legal when you’re using your own personal funds to trade forex online through an international or local broker. You do not need a special regulatory licence simply to trade your own account.

However…

Once you start managing other people’s money, accepting investments from the public, or trading on behalf of investors, that becomes a completely different ball game.

In such cases, you may be required to register and obtain the appropriate licence from the relevant regulatory authorities, such as the Securities and Exchange Commission (SEC Nigeria) or Central Bank of Nigeria (CBN), depending on the nature of the activity.

Trading or managing other people’s funds without the required license can constitute an illegal act.

So understand the difference:

Trading your own money ≠ Managing other people’s money.

The Space also clarified that the EFCC is not the regulatory body for the Forex trading industry. Its role is primarily that of a law enforcement agency, including investigating and prosecuting financial crimes within its mandate.

Another important point raised:

Misleading the public by displaying trading profits or results that were not actually generated through real-time trading can also constitute an illegal act, particularly where such representations are used to deceive people.

This is important information that every trader, mentor, broker, fund manager and aspiring trader should understand.

Know the law. Know the difference. Trade responsibly.

Repost this so others can know. ⚡️

[Joshua Chimaobi Obi @Protechmaker]

@waymac_x Fastest Runner on Earth

[Joshua Chimaobi Obi @Protechmaker]

@MartinChineche2 Okay bro

[Joshua Chimaobi Obi @Protechmaker]

@deartrader__ Laptop, as long as it is smart and fast

[Joshua Chimaobi Obi @Protechmaker]

@ibrxhim404 If I buy, e go sell,
If I sell, e go buy😀😀

[Joshua Chimaobi Obi @Protechmaker]

@waymac_x Invest in humans

[Joshua Chimaobi Obi @Protechmaker]

@PreachTruth97 Gold is becoming extremely volatile now

[Focus Infos @FocusInfos1]

$SKR IS LIVE! 📱🪂

Up to $4,000/wallet in random drops. Don't fade the Solana Mobile snapshot.

CLAIM NOW 👇 https://t.co/RQzX0TRiAv

[Joshua Chimaobi Obi @Protechmaker]

@HEIS_THEBLACK1_ I have this 4 hours video course that I use to test them, most never watch it

[Joshua Chimaobi Obi @Protechmaker]

@Emily_2347 @numineverse If I'm going to get paid to play games, I'd like to get in board

[Joshua Chimaobi Obi @Protechmaker]

@MaryEva958997 @toni__iyke Don't fund all your trading capital in the trading account, leave part in your wallet.

Only fund the days risk in your trading account and once you've lost, wait till the next day before funding again.

[Joshua Chimaobi Obi @Protechmaker]

@pharoahstan @thatsdax Like how na, which kind comment be this?

Humanity comes before anything else, tribalism won't take us anywhere.

[Joshua Chimaobi Obi @Protechmaker]

@CarlEsome @uncommonkvng I open my fxbook and added my trading account to it.

It's just like logging into your trading account on myfxbook but you'll use investors password instead

[Julius Elum @JuliusElum]

You can become rich in your 20s & 30s

100% possible & easy.

Being rich in your 50s, 60s & 70s is useless.

You want to make it in your 20s & 30s and enjoy life⬇️

Take care of your parents, super cars, pretty ladies, sponsoring the gospel of Jesus Christ, luxury houses, watches, travels and exclusive networks, you must play by the book the rich plays by.

This is 21st century, everything you were taught 10-20 years ago about how to make money is 100% out-of-date.

Here is the blueprint to wealth I go around teaching young people:

(1) THE HUSTLER: Get knowledge and be skilled at something— offer the skill to a good paying client in exchange for a great flexible pay, if you're so good, you can hit $10k pay in less than a year. Sell the knowledge as digital products to at least 1000 persons at N10,000 naira each, you would make 10 million naira. $10k and 10 million naira is a good start up funds.

(2) THE TRADER: Learn trading (Crypto, Forex & Web3)— this is a money delegation skill and market that helps you multiply the money you made selling your knowledge or skills. If you put in the work here and do the daily sleepless nights, you could get yourself running the money to at least 50-100 million naira or $50k-$100k in 6 months to 3 years. The more good you are, aggressive and exposure you have the more easygoing you multiply the money. I beg you, this is not the time to rush and build or buy a house, keep renting. Not even the time to rush and buy GLE or a luxury car, if you must buy a car, get a car of 7-15 million naira. The next thing is to multiple the money more through investment.

(3) THE INVESTOR: Start diversification— the delegation continues through investment in the stock market. Here you invest part of the 100 million or $100k into the stock market. I would recommend 20% of the $100k or 100 million. Allow it to start multiplying the invested capital.

(4) THE DEVELOPER: The next level of diversification is to invest in real estate— at this stage, you invest in lands and Airbnb. Focus on buying two kinds of lands; Firstly, land at a middle class developed area that goes between 3-10 million naira per/plot that you can flip in months or at most in 2 years time for at least 100% of the amount you bought it. It's called flipping in real estate. Secondly, focus on buying cheap lands in a fast developing city that's probably 20-1 hour drive from the city Central that goes between 50k-1 million per/plot that you can resell in bulk after 1-10 years. Be sure you're strategic when buying so you don't go buy bush that in 50 years time, the price is still what you bought it if not less. Then go for Airbnb, either build, rent and furnish or partner with a developer to get into the Airbnb. It's highly profitable and money recouping is easier than going to build house to rent to tenants; the most stupid thing I see young people do even in this exposed world we live in as if they're still living in the 90s. I do share the opinion that every young person should be a real estate developer. Clearly, investing in real estate here is not you going to build a house in the village so you show your people that you have made money nor submitting to your parents pressure of old school mindset that building or buying a house is a way to keep your money or grow it. Hell no.

(5) THE VENTURE CAPITALIST: start investing in conventional businesses and tech startups. Here you allow others make money for you through partnerships. Identify thriving businesses (startups, struggling, scaling or a business that wants a buy out). Start a new one with someone who is experienced in the business, partner with an existing one by providing funding to scale or buy a part of the business. Focus on investing in these business that brings either daily, weekly or monthly income.

If you play by this blueprint, you will be wealthy.

You can't see this blueprint anywhere. It's in one of the book I'm writing 'Why you're poor" will be released soon!

[Joshua Chimaobi Obi @Protechmaker]

@mamuncoder You dey do juju?

[Julius Elum @JuliusElum]

GM CT🔥💰

An opportunity to make $2-$20 daily by showing up on X

Yes, it's possible, X nerds now have ways to make back their Time spent on X

All you need is just to leverage the time spent on X

Here is how- thread 🧵

Don't read yet, retweet & like, then go ahead.

[Joshua Chimaobi Obi @Protechmaker]

Myfxbook records