interesting...100k is peanuts for playing with fire, you need at least 400k. You also don't need to visit your broker, email followed by a phone call is sufficient. Lastly, most people on wazua praise the stocks they have already bought and call the ones they don't have in their portfolio junks. The advice on this forum especially on stocks is 99.99999% biased

Jaguar ,agreed 100k may be insufficient but this figure was just an example.
The aim of going to the broker would be to creat a rapport with the broker to ensure the order goes fast and have a first hand information on the price change ,supply and demand on the screen.I'm talking of a person who would wish to become a fulltime speculator(no other job).As he sits at the brokers office he does some internet reasearch /browsing on informative sites like wazua et al.to get the market trend to make an informed decision.Can this work?

@VVS one can work on the Prompt board ,

And then this will be a daily activity hence T+1 will have minimal effect.

The aim will be to cover transaction costs and make some profit.

400k? I'd say you need at least 5M to make a living from it. You'd still need to speculate plus do short-term and longterm too. Remember this little piece of advice 'if it was that easy we would all be doing it' you need a lot of experience even experienced investment companies with full time actuaries and trained investors get it wrong. So don't go in expecting it to be a walk in the park.

@newfarer,

From the way you have asked the question,dont try it.There is a way you have to be wired to make it.

Plus there is no way you can make it trading daily unless you are an insider.
Just buy and hold and enjoy good night sleep.

@Winston: Chq clearance can be 1-4 days... then buy shares then t+5 before you can sell...

@young - Can I trade stocks in Nigeria online i.e. without e-mailing the broker?

Can I open an account, deposit Naira... and then trade completely online? Similar to the USA or UK?

@Mzee VVS

Please be aware there is NO broker in Nigeria that has a suitable platform to trade online without interaction with the broker by phone or email.

In the whole of Africa, pure online real time facility exists only in South Africa just like what exists in US, UK and Asia.


Be aware the problem is not with the broker per se, but investors having access to the trading engine via the respective brokers platform. The infrastructure and wherewithal are not just there.
CMA etc has a big role to play.

The online stock broker I use in south Africa market just for your info is PSG www.psgonline.co.za

when we have reliable internet fast brokers n day trading, that is when i will speculate.

Mzee Haiyaa,

Since you joined stockskenya in 2007 you should by now know that I am an apostle of investing off shores, that is why I am on this forum. . I live and work in Nigeria

The procedure to invest online for non resident foreigners in any advanced market is always very informative if you go through their respective websites.
For PSG south Africa you can find it in their main web page under FAQ. Just to help you check the link

https://www.psg-online.c...ReadContent.aspx?id=110

Yes day trading is possible in south african market but I do not participate. I only only speculate on gold stocks (average trade 3 to 4 times a year) and this is mostly driven by gold price in the world spot market. So my idea of speculation is like well researched 3 times trade in a year and my aerage swing is 15%.

In general be aware of the following info about my overseas brokers :-

(A) African Markets where I invest long term :-

Nigeria :- www.afrinvestwa.com
Ghana := www.databankgroup.com
Kenya :- www.fib.co.ke
Botswana:- www.stockbrokers-botswana.com

In View :- Uganda market thru Crane Stockbrokers
(Do not quite remember the website now)

(B) SOUTH AFRICA & ADVANCED MARKET WHERE I SPECULATE (AVERAGE 3 or 4 BUY / SALE) PER YEAR)

USA:- www.tdameritrade.com
Hong Kong/China:- www.kgieworld.com
Singapore:- www.dbsvickers.com
Thailand:= www.kgieworld.co.th
Australia :-www.commsec.com.au
Sout Africa :- www.psgonline.co.za


Be aware to fund your account or receive proceeds from investment you need to have opened a convertible currency denominated account (USD, Sterling Euro) in your country and at your request your broker will send you the wiring (fund transfer) instructions to fund your account.
To receive funds you will get this info from your local bank to receive proceeds.

@ newfarer

Your strategy is similar to @stocksmaster. Basically instead of making it a daily activity you may consider restricting the number of trades in a year to say 4 - 6. Remember the commissions of about 2% on each trade. So if you are to sell and then buy again your broker will get 4% on the trade. Of course this means you must make more than that to end up in the positive.