Welcome friends. My name is Nyala and I am from Addis Ababa, Ethiopia. Many of you may be very unfamiliar with my country or know it for some negative news coverage as we are bordered by countries which have fought plenty of wars in recent memory. Ethiopia is the second most populous nation on the African continent as well as the largest landlocked country on our planet. So allow me to be an ambassador for the great opportunists Ethiopia has to offer and shine a much more positive light on everyday life right here in my city. Addis Ababa is a rather safe city with no major violent crimes. I live in the subcity of Kirkos which is located in the city center of Addis Ababa and one of 10 subcities which forms our nation’s capital.

The economy here is diverse and the biggest part of it is commerce and trade, which is what I studied at the Addis Ababa University and how I came across forex trading. I was introduced to the topic by a visiting professor from Cambridge who was a part-time forex traders and offered free seminars on weekends. My friends and I attended as we have always been curious about ways to diversify income generation in our country. With over 100 million inhabitants there is plenty of business potential, but a lot of people either stick to what’s familiar or dismiss anything which involves investment. I am glad that I took the time to attend the seminar as it opened a pathway to my current business.

There are different ways to earn money from the forex market. One can become an active trader, learn how to trade successfully and create your own strategy. This may be the most difficult approach, but also the most rewarding one. Following trading signals of others, free or for a fee is another active approach. Passive trading, through the use of EA’s is another option and so is investing through PAMM accounts. Finally, one can also choose to become an affiliate of a great forex broker such as PaxForex and earn money from forex without having to trade. I prefer a combination as a diversified approach is the best one.

I realized rather soon that there is great potential for forex trading in my country. I also realized that I needed partnerships in order to get any business related to this off the ground. The great thing about the seminars were that it already brought like-minded people together and my friends and I discussed how to proceed. The five of us reached out to our professor and shared a rough business plan with him. He too realized the great potential and we struck a deal with him, the first one of our forex business. He made and investment of $25,000 into our venture and in return we opened our account as an affiliate under him.

This was a win-win-win situation for all of us. Our professor received affiliate commissions from our PAMM account, which initially held $20,000 of his own money. We were granted a great start-up capital and access to a fantastic forex broker in PaxForex. Besides the capital, we also received guidance from our first investor who educated us on the importance of diversification. As we were new to trading, he insisted on us using an EA which he helped develop. This ensured that we would generate consistent profits for our forex business, affiliate commissions for our investor and the safety net of a strategy he helped develop.

Since he trusted the EA, this was a deal for him to earn extra money from his own trading approach while we were able to operate under a safe umbrella. The returns of the EA helped us attract new clients over time as the results were stable and attractive. A lot of PAMM managers may be focused on bigger deposits from traders as they want to increase their own revenues. Our prime goal and motivation was to help other Ethiopians improve their life style through a second income stream. We therefore worked with all types of deposits, but also stressed the amount of money one should expect.

I have found that false profit claims are one of the biggest problems in forex trading. From our experience, once you show investors what you can do with their small deposit, they will come back on their own and invest more. This is a rather natural process as it requires time to build trust and you have to start somewhere. My friends and I will celebrate the 14th year of our business venture and are currently planning to expand into Kenya and Djibouti by opening offices there. It has been a challenging period as we worked hard to grow our business.

None of our success would have been possible without the initial trust and investment from our professor, who remains a 20% owner of our forex business, and the assistance of PaxForex who has been with us from the start. We are now in the process of developing our own trading EA which will complement the one we are already using. Our forex revenue stream is a three-way income highway as we earn money from affiliate sub-commissions, trading revenues from our EA as well as PAMM account management fees. One of the most important lessons I can share from our journey is that the right connections really do matter. You can make the first key connection on your road to profits from the forex market right now by opening your own PaxForex trading account which put you on the right track.