How Nigeria’s eNaira Works

October 27, 2021

As Crypto-currencies are widely being used in Nigeria, Nigeria was ranked as the third largest user of virtual currencies in the world after the United States and Russia in year 2020. Recently, the Nigerian President Muhammadu Buhari officially launched Nigeria’s new digital version of its currency this October, making Nigeria the first country in Africa and one of the first in the world to have introduced a digital currency for her citizens.

With this launch, Nigerians can now send, receive and spend eNaira from their eNaira wallet without charges.

Here’s how it works:

Download eNaira Speed Wallet from your Google Play Store or Apple App Store.
Select your bank from the list of banks provided.
Input your details as follows: First Name, Last Name, Date of Birth, State of Origin, and Email. The details must be the same you used during BVN enrolment.
Fund your eNaira Speed Wallet through your banks’ mobile app and start receiving, sending, and managing your digital currency.

Top 10 Rules For Successful Trading

Buzwallet Team

October 26, 2021

Each of the rules below is important, but when they work together the effects are strong. Keeping them in mind can greatly increase your odds of succeeding in the markets.

Rule 1: Always Use a Trading Plan

A trading plan is a written set of rules that specifies a trader’s entry, exit, and money management criteria for every purchase. Test a trading idea before risking real money. Known as backtesting, this practice allows you to apply your trading idea using historical data and determine if it is viable. Once a plan has been developed and backtesting shows good results, the plan can be used in real trading.

Rule 2: Treat Trading Like a Business

To be successful, you must approach trading as a full- or part-time business, not as a hobby or a job. If it’s approached as a hobby, there is no real commitment to learning. If it’s a job, it can be frustrating because there is no regular paycheck.

Rule 3: Use Technology to Your Advantage

Trading is a competitive business. It’s safe to assume that the person sitting on the other side of a trade is taking full advantage of all of the available technology. Using technology to your advantage, and keeping current with new products, can be fun and rewarding in trading.

Rule 4: Protect Your Trading Capital

Saving enough money to fund a trading account takes a great deal of time and effort. It can be even more difficult if you have to do it twice. It is important to note that protecting your trading capital is not synonymous with never experiencing a losing trade. All traders have losing trades. Protecting capital entails not taking unnecessary risks and doing everything you can to preserve your trading business.

Rule 5: Become a Student of the Markets

Think of it as continuing education. Traders need to remain focused on learning more each day. It is important to remember that understanding the markets, and all of their intricacies, is an ongoing, lifelong process. World politics, news events, economic trends—even the weather—all have an impact on the markets. The market environment is dynamic. The more traders understand the past and current markets, the better prepared they are to face the future.

Rule 6: Risk Only What You Can Afford to Lose

Before you start using real cash, make sure that all of the money in that trading account is truly expendable. If it’s not, the trader should keep saving until it is.

Rule 7: Develop a Methodology Based on Facts

Taking the time to develop a sound trading methodology is worth the effort. It may be tempting to believe in the “so easy it’s like printing money” trading scams that are prevalent on the internet. But facts, not emotions or hope, should be the inspiration behind developing a trading plan.

Rule 8: Always Use a Stop Loss

A stop loss is a predetermined amount of risk that a trader is willing to accept with each trade. The stop loss can be a dollar amount or percentage, but either way, it limits the trader’s exposure during a trade. Using a stop loss can take some of the stress out of trading since we know that we will only lose X amount on any given trade.

Rule 9: Know When to Stop Trading

There are two reasons to stop trading: an ineffective trading plan, and an ineffective trader. An ineffective trading plan shows much greater losses than were anticipated in historical testing. An unsuccessful trading plan is a problem that needs to be solved. It is not necessarily the end of the trading business.

An ineffective trader is one who makes a trading plan but is unable to follow it. External stress, poor habits, and lack of physical activity can all contribute to this problem. A trader who is not in peak condition for trading should consider taking a break.

Rule 10: Keep Trading in Perspective

Stay focused on the big picture when trading. A losing trade should not surprise us; It’s a part of trading. A winning trade is just one step along the path to a profitable business. It is the cumulative profits that make a difference. Once a trader accepts wins and losses as part of the business, emotions will have less of an effect on trading performance. And finally, Setting realistic goals is an essential part of keeping trading in perspective.

Source: Investopedia

5 Important Disciplines of Successful Trading

Buzwallet Team

October 22, 2021

Successful trading is partially about managing yourself properly and ensuring that you constantly keep your emotions in check when trading. Discipline is a key trait every trader needs. Looking at what discipline means, discipline is a bridge between your goals and your achievements. It simply means to train yourself to follow rules or a certain code of behavior so you can experience the result of success. In order to break the barrier to become successful at trading, there are certain disciplines you ought to develop as a trader.

With these disciplines and traits, you will be able to achieve your short-term and long-term trading objectives.

Be Patient: trading sometimes require a lot of waiting. As a trader, you need to develop the patience to know the ideal entry and exit points, based on your strategies and when the time demands it, you must learn to act swiftly.
Be Consistent: consistency helps you build confidence and control. Trade with discipline and stick to a working methodology.
Adaptability: a successful trader must be able to look at the price action of each day and determine the best way to implement or not. You should be flexible enough to determine when there is volatility, less volatility, a stronger (or weaker) trend in the market.
Become Independent: Independence isn’t taking on the world alone. Get help whenever you need it. Develop the discipline of using helpful information or data that others offer, analyze it for yourself, master it and strategically deploy when necessary on your own. That way, you won’t need to always rely others. Don’t over analyze, don’t procrastinate, don’t hesitate and if the market isn’t going anywhere in a given time frame, it’s time to exit.
Never panic in unfavorable market situations, learn from your mistakes and master the art of converting every opportunity in your favor. “He who becomes the master in “When to Exit”, can surely become a successful trader”.

Finally, be positive in life as you trade, build your self confidence and always try to learn from every situation.

Adopting Trading as a Means of Extra Income

Buzwallet Team

October 20, 2021

Today, there are several sources for one to generate additional income from. With the cost of living shooting up the roof, a lot of people are in search of an extra source of income in order to live well and attain financial freedom. Amongst several opportunities to earn extra out there, trading has become increasingly popular in recent times. Modern technology today even enables trader to spend less time in the market and makes it easy for traders to make trading a side gig.

When it comes to trading, knowing how much risk you can undertake and controlling your greed are the basic principles. Online trading requires continuous learning, financial analytics experience and applied knowledge. There are many trading platforms where people can earn on the gains or falls in currency exchange rates, crypto-currencies, stock prices, indices, commodities, and other assets.

Here’s what you need to bear in mind, don’t jeopardize your primary job in order to generate an extra income. Rather, you should try to strike a balance between you job and other means of earning extra money for better results. Financial literacy will help you to understand and effectively deploy good financial skills to properly manage your personal finance, budgeting, and investing.

Now, If you are beginning to consider making some money off trading, then you should consider having a diversified and balanced portfolio spread over all asset classes so that you can spread your risk. There are several renowned and reputable trading platforms, most popular online trading includes crypto-currencies, forex, stocks and so on. Practically, anyone can learn the principles of crypto trading, Forex, Stocks and make an entry in the market. More learning leads to more earning. As a trader or investor, you have to understand the concept and working pattern of the market to avoid losses.

Finally, as you decide to venture into trading as a means of making an extra income, learn to trade with an edge and master the psychology of market and money management, hence you’ll be on your way to becoming a successful trader.

Cheers!

5 Frugal Tips To Help You Stick To Your Holiday Budget

Buzwallet Team

October 15, 2021

Holiday should be relaxing and if you worked hard to save for your vacation, there is no reason to go over your budget when you get there. The key to enjoying an affordable holiday season without regret is by creating a budget that will allow you to make the most of the money you have available and prevent you from overspending.

Here are 5 frugal tips to help you stick to your holiday budget this year;

Create a List of Your Holiday Expenses: Take the time to really sort out the expenses you expect to make this holiday season. Doing this will give you a basic idea of things that you will need to pay for. This list of your holiday expenses may include traveling expenses, gifts, cards, gift exchanges at work, charitable donations, etc.
Make a Budget and Take Every Expense into Account: After taking time to really sort out your holiday expenses, the next important thing is to budget accordingly. When you skip making a budget, you are most likely to find yourself spending more than you planned. Budgeting and saving may be hard, but with the right mindset and tools, you can achieve it.
Set Priorities: Go through your list and number the items based on how important they are to you. Assign the number “1” to your top priority, number “2” to the next-highest priority, and so on. Then reorganize your list to put the highest-priority items at the top.
Track Your Expenses: As you begin to purchase gifts and spend money, be sure to keep track on the things you spend your money on. Make use of tools to help you keep track of your spending within specific budget categories. By keeping track, you’ll be able to better visualize your budget and make any necessary adjustments when needed.
Find Frugal Ways to Reduce Cost: for instance, when you’re holiday shopping, shopping online can save you lots of money. Keep your eyes on black Fridays and scout for deals online and in-stores. These sales can save you lots of money. Reviewing your list of expenses and the sales ahead of time can as well help you maximize your savings.

On a final note, find other ways to earn extra money to cover your holiday expenses and put aside money each month to cover your holiday or Christmas expenses. Sticking to a budget will make sure you have a great time during your vacation and after you get back.

3 Things You Should Know About Creating Multiple Streams of Income

Buzwallet Team

October 11, 2021

We live in a competitive and rapid-transforming world. Building wealth through multiple passive income has become necessary for everyone in order to attain financial freedom. Holding on to one stream of income no longer cut it. The biggest insurance against seemingly constant change and transformation in today’s society is having multiple streams of incomes. Even beyond making more money, there are other several reasons to consider building more than one source of income.

However, know these 3 Things on your way to creating multiple streams of income:

Find out the right and wrong ways to create multiple streams of income. If attaining financial freedom is one of your key goals, then it becomes imperative for you to know the right and wrong ways to do it. Do what you enjoy, and blend your revenue-generating activities into a broader, integrated plan. Choose and set up one income stream at a time. Avoid the temptation of going into several ideas at a time, as putting your focus into many areas at once may dilute your efforts and eventually slow you down.
Go for more knowledge and develop the right habits that will help you successfully create multiple streams of income. A wise man once said “To earn more, you simply have to know more”. Building a multiple streams of revenue sure requires building the right habits that follow. So be wise and get to know what you need to know, what you need to sell and how you need to sell. Learn what it takes to successful in monetizing the knowledge gained by developing the right habits that will help you build the multi-streams you desire.
Finally, you will want to be sure that putting in energy into a new passive income stream isn’t causing you to lose focus on your other streams you already have. You must be able to balance your efforts and make sure you’re choosing and making most of the best opportunities for your time. Financial success results from focused attention directed to a specific outcome.

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