Nigeria’s Top Traders: HabbyFX, Benson, Adegbeye Strategies

Nigeria has emerged as one of Africa’s most dynamic Forex trading hubs, with a new generation of traders rising to global recognition. From Lagos to Abuja, young financial minds are using digital platforms to master technical analysis, grow wealth, and teach others.

In this article, we spotlight three of Nigeria’s top Forex traders — Damilarre Ogundare (HabbyFX), Jeffrey Benson, and Ejimi Adegbeye. These individuals have not only made impressive profits but also created educational programs, published trading insights, and inspired thousands. You’ll discover their strategies, psychological principles, risk management rules, and key lessons from their journey. Whether you’re a beginner or an experienced trader, their stories offer practical insights into what it takes to succeed in the Nigerian and global markets.

Damilarre Ogundare

Damilarre Ogundare, known by the pseudonym HabbyFX, is one of Nigeria’s most successful and youngest Forex traders. Born on March 18, 2001, he achieved remarkable success by the age of 18, earning his first million in naira. According to Buzz Nigeria and Best Online Forex Broker, his net worth is estimated at $5 million.

Damilarre began his Forex career in 2017 and by 2018, he had founded the Habby Forex Academy, where he teaches trading through online courses. Beyond trading, HabbyFX serves as a Youth Ambassador for the Economic Community of West African States (ECOWAS) and has collaborated with platforms like Infinox and ICM.

He is also an author, having written the book “Shedding Light on the Economic Challenges of Nigerian Youth,” and is the owner of the company Consumer Trader.

Key Trading Strategies of Damilarre Ogundare

1. Price Action Analysis

Uses a clean chart (no indicators), focusing on support/resistance levels.
Trades based on candlestick patterns (e.g., engulfing, doji, hammer).
Looks for false breakouts (fakeouts) to enter trades.

2. Volume Analysis (Volume Profile & Order Flow)

Identifies key levels with high trading volume.
Uses footprint charts and volume delta to gauge market sentiment.

3. Liquidity Scalping

Captures short-term movements around key liquidity zones.
Executes quick entries/exits with strict risk management.

4. Trend Following

Enters trades in the direction of the trend, using pullbacks to add positions.
Uses moving averages (e.g., EMA 20/50) to confirm trend direction.

5. Counter-Trend Trading (Reversals)

Looks for overbought/oversold conditions (RSI, Stochastic).
Trades from strong reversal levels where price is likely to turn.

3 Trading Lessons from Damilarre Ogundare (Key Principles of Successful Trading)

1. Money Management (Risk Management)

One of the most critical aspects of successful trading is risk control. Like many professional traders, Damilarre likely emphasizes:

Risking only a small percentage of your capital per trade (1-2%).
Always using stop-loss orders to limit losses.
Avoiding martingale strategies (never doubling down after losses).

2. Trading Psychology

Emotions are a trader’s biggest enemy. Key lessons include:

Stick to your system—don’t let greed or fear dictate your trades.
Accept losses as part of the game—no strategy wins 100% of the time.
Never try to “revenge trade” after a losing streak.

3. Technical & Fundamental Analysis

A balanced approach to market analysis:

Chart analysis: Candlestick patterns, support/resistance levels.
Indicators: Moving averages (EMA, SMA), RSI, MACD.
Fundamental factors: Economic news, central bank policies, and market sentiment.

Jeffrey Benson

According to data from Traders Union and Leadership News, Jeffrey Benson, a Forex trader, has a net worth of $1.5 million. Born in 1997 in Edo State (Nigeria), he turned 27 years old in 2024. Benson graduated from Delta State University, where he earned a Bachelor’s degree in Law.

His Forex career began in 2017, right after completing his studies. Today, Jeffrey is the founder and CEO of Firepips Company Limited—a firm that trains beginner traders. In addition, he actively shares his knowledge through social media, including YouTube and Instagram.

Key Elements of Jeffrey Benson’s Trading Strategy

1. “Trend is Your Friend”

Benson focuses on trend trading, using:

Moving Averages (MA) – e.g., 20-period and 50-period to determine direction.
Support and Resistance Levels – entering trades on pullbacks or breakouts.
Elliott Waves – to understand market structure.

2. Filtering False Signals

ADX (Average Directional Index) – identifies trend strength (ADX > 25 = strong trend).
Trading Volume – confirms momentum.
Candlestick Patterns (e.g., pin bars, engulfing) for entry points.

3. Risk Management

Risk per trade: No more than 1-2% of capital.
Risk/Reward Ratio: Minimum 1:2, preferably 1:3.
Partial Take-Profit – scaling out of positions.

4. Psychology & Discipline

Trading only by plan – no impulsive decisions.
Strict Stop-Loss – to limit losses.
Error analysis & Trading Journal – tracking mistakes.

Example of Benson’s Trend-Based Strategy

Identify the trend (using 50 MA + ADX > 25).
Wait for a pullback to support (in an uptrend).
Enter on confirmation (e.g., bullish engulfing + rising volume).
Stop-loss below the recent low, take-profit at 2-3x the risk.

Three Key Trading Lessons from Jeffrey Benson’s Experience

1. Discipline Outweighs Strategy

Benson emphasizes that even the best trading strategy won’t be profitable without strict discipline.

Stick to the plan – never deviate from rules due to emotions.
Risk management – never risk more than your account allows.
Emotional control – fear and greed destroy traders.

2. Analyze, But Don’t Overcomplicate

Many traders overload themselves with too many indicators or strategies, leading to “analysis paralysis.”

Simplicity works best – a few reliable tools are enough.
Focus on Price Action – price movement often matters more than complex indicators.
Filter information – not all news or forecasts are worth considering.

3. Trading Is a Long-Term Game

“Get rich quick” in trading is a myth. Success comes to those who work systematically.

Gradual capital growth – steady small profits beat risky gambles.
Learn from mistakes – every loss should be a lesson.
Continuous learning – markets evolve, and traders must adapt.

Ejimi Olufukeji Adegbeye

Ejimi Olufukeji Adegbeye is a Forex trader and coach, a former bank trader, a certified asset management specialist, and a pastor. According to Buzz Nigeria and Best Online Forex Broker, the estimated net worth of this Forex coach is $5 million. He graduated from Ahmadu Bello University in 2008 with a Bachelor’s degree in Industrial Design. He also acquired trading skills by attending several training programs, including the American Academy of Financial Management, Beta Financial Learning & Development Ltd (UK), Order Flow Trading Academy (USA), and IOTAF: Institute of Trading and Finance.

Key Trading Strategies by Ejimi Adegbeye

1. Capital Management (Risk Management)

The 1% Rule: Never risk more than 1% of capital on a single trade.
Risk/Reward Ratio (R:R): Minimum 1:2 (for every $1 risked, aim for $2 in potential profit).
Diversification: Allocate capital across different assets and strategies.

2. Technical Analysis

Trend Strategies:
- Trade with the trend using Moving Averages (MA), MACD, and ADX.
- “The trend is your friend” — avoid counter-trend trades.
Support & Resistance Levels:
- Trade bounces or breakouts at key levels.
- Use Volume Profile and Fibonacci retracements to identify high-probability zones.

3. Fundamental Analysis (for Swing Traders)

Monitor macroeconomic data (NFP, CPI, Fed/ECB decisions).
Analyze company reports (EPS, revenue) when trading stocks.

4. Algorithmic & Systematic Trading

Backtest strategies for historical validation.
Automate trading based on strict rules (eliminate emotions).

5. Trading Psychology

Discipline: Stick to the trading plan without deviations.
Trade Journal: Track mistakes and successful patterns.
Emotional Control: Practice meditation, take breaks after losing trades.

Example of Adegbeye’s Swing Trading Strategy

Asset: High-liquidity stocks/futures (e.g., S&P 500).
Entry:
- Price bounces from support with volume confirmation.
- RSI above 30 (uptrend confirmation).
Stop-Loss: Below the recent low (1-2% risk).
Take-Profit: Secure profit at 2:1 R:R or use a trailing stop.

Three Key Trading Lessons from Damilare Ogundare’s Experience

1. Discipline and Psychology Trump Strategy

Success in trading depends not just on a good system, but on emotional control.

Greed, fear, and impulsive decisions are a trader’s worst enemies.
Stick to your plan—take profits and cut losses without hesitation.

2. Risk Management is the Foundation of Long-Term Profit

Never risk too much on a single trade (1-2% per trade is ideal).
Always use stop-losses to limit losses.
Diversify your portfolio—avoid overconcentration in one asset.

3. Continuous Learning & Market Adaptation

Markets evolve, so lifelong learning is essential.
Review your trades and keep a trading journal.
Combine technical and fundamental analysis for better decision-making.