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Breaking Financial Fetters

To break financial fetters that hold you down, you must have guts, resilience, initiative, and tenacity. You must have G.R.I.T. That is the core of breaking financial fetters that hold you down.

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Hardship and challenging times can be difficult for anyone. You do not wish it upon anyone. It can drive people to either the deep ends of despondency, or it can push you into the narrow ways of becoming your best self ever. It can cause a sincere, determined, and hardworking individual to acquire new skills. It could lead such a fellow towards discovering inborn talents and harnessing the same with the ultimate goal of gaining self-sufficiency and financial independence. 

“Hardship and challenging times can be difficult for anyone. You do not wish it upon anyone. It can drive people to either the deep ends of despondency, or it can push you into the narrow ways of becoming your best self ever.” — Chukwuemeka Nkemakolam.

Growing up in an underdeveloped country like Nigeria was a mixed blessing of societal challenges and opportunities. Surviving in Nigeria is akin to going through the eyes of a needle—it can prove not easy from many angles, ceteris paribus. However, having a modicum of self-belief and a positive mindset became my go-to place to draw from the wells of motivation and a point of difference toward self-transformation. These are the requisite characteristics that allowed me to overcome poverty in my early days in Nigeria. A positive mindset launched me to my freedom.

A positive mindset launched me to my freedom.

Nigeria, the most prominent black nation globally, had begun experiencing a decline in her economic fortunes, remarkably since 2015. On March 31, 2015, former President Goodluck Jonathan conceded in the national elections, as Gen. Buhari became the President of Nigeria once more. Among many challenges that Nigeria faces (e.g., security issues to the North, development challenges, unethical leadership, etc.), its currency has been gradually depreciating and inflation rising. 

“I promised the country free and fair elections. I have kept my word.” — President Goodluck Jonathan, Former President of Nigeria.

After this transition of power, there was no clear indication that the new Government had any realistic blueprint for boosting the economy. The new administration struggles to create opportunities that encourage entrepreneurship among young people, just like the previous Government under President Goodluck Jonathan had done. In the ambiance, where reasoning with uncertainty became the norm for Nigeria’s body politic, exploring legitimate ways of earning foreign exchange in a country whose currency was fast losing value became a hobby.

The Devaluation of the Naira is real and alarming.

The fascination with social media, especially Instagram, exposed me to the trend among young people in developed countries such as the United States and some European countries. It was interesting to see many of them displaying pictures and short videos of currency trading from their smartphones and supposed cash profits made from trading from their phones. This possibility got me excited, and my quest for quick and smart profits got me trading Binary Options for the first time in 2016.

Being an impatient person by nature, Binary Options Trading seemed like a dream come true for me. However, months down the line, I recognized that it is tough to predict the appreciation or depreciation of one currency over another, especially in a short time frame of just fifteen minutes. Hence, I came to the personal conclusion that Binary Options Trading is simply a form of gambling. Who wants to gamble with limited (minimal and scarce) financial resources, especially when there is a family to feed and provide for? Definitely not a wise man.

Concluding, with losses exceeding gains, Binary Options Trading isn’t the vehicle to financial independence for me. So then, what’s the Option (no pun intended)? Thanks to the motivation from Instagram accounts like @astroforex and @cryptonary, I developed a passion for Forex Trading and Cryptocurrency. Re-educating myself from the motivations coming from these Instagram accounts became my motivation for Forex Trading and Cryptocurrencies. Metatrader 4 is my current choice of platform for trading.

Looking back at the trading forex experience from 2016 to 2019, I can describe it as a whole new re-education process. You can compare Forex Trading to gaining an undergraduate degree in the fundamentals of currencies and technical analysis of chart patterns and candlesticks’ interpretation. When you want something, you must put in the effort to learn and re-learn processes that will take you from your status quo to where you want to be.

To break financial fetters that hold you down, you must have guts, resilience, initiative, and tenacity. You must have G.R.I.T.

Good things don’t come easy—even charting the upward course of financial independence requires true grit and determination to succeed. You must be passionate to learn and re-educate your mind if the need arises. To break financial fetters that hold you down, you must have guts, resilience, initiative, and tenacity. You must have G.R.I.T. That is the core of breaking financial fetters that hold you down.

“You must have G.R.I.T. That is the core of breaking financial fetters that hold you down.” — Chukwuemeka Nkemakolam.

Hence, between Binary Options Trading and Forex Trading, I can say that I have found my Forex Trading growth niche as a path forward towards financial independence. In my opinion, it is a more realistic avenue to earning an alternative income. However, a successful Forex trader needs to be meticulous to analyze charts of more extended time frames and patient enough wait for price action and chart patterns to reward their diligence.

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Chukwuemeka M. Nkemakolam is a guest contributor of Oaekpost, LLC, a U.S.-based online media company. As an accomplished business manager, he is also a self-taught stock trader. His area of specialty on Oaekpost is the category, Business. You can reach him at cmic.nkemakolam.gc@oaekpost.com.

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