Mark Angel's $3.7m Loss: Man Mentions Who May Have Advised Comedian to Invest Dollars in Forex

• A man said Mark Angel's loss of $3.7 million (N5.7 billion) in forex trading was due to a lack of proper guidance from professionals
• O.O. Nwoye said Mark Angel was probably convinced to invest by someone who learned trading on YouTube
• Nwoye said Nigerian banks are partly to blame for the loss, noting that forex trading may not have been the best way to invest such an amount

Mark Angle's loss of $3.7 million in forex trading has continued to generate many reactions from Nigerians.

The latest reaction is from O.O. Nwoye, who said Mark Angel may have been ill-advised before making the investment.

Nwoye lamented that the person who must have advised Mark to invest $3.7 million in forex may be an unprofessional who learned trading on YouTube.

He wrote on X:

"Proof number 6552 on how Nigeria doesn't have bankers. Just bank workers. A man with $3M liquidity and insane cash flow taught the best way to multiply his wealth was to do FOREX. Probably was convinced by someone who had a $2500 networth and one weekend of FOREX trading, augmented with watching 5 hours of YouTube and membership of 15 telegram channels."

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See the post below:

Reactions as Mark Angel loses money in forex trading

@EmekaOkoye said:

"Well said. Unfortunately, we are driven by money, riches, instant gratification and whatever tangibles they can get us to "glamorize" us (in the eyes of poorer people) in Nigeria. Wealth from delayed gratification and excellence isn't a common habit here. I just love the Swiss."

@iamkelvintiller said:

"JP Morgan and Goldman Sacks are 60yrs+, how old is Nigeria."

@Calistaohama said:

"When we create contents about financial freedom and education people will not understand, a lot of persons are not financially aware."

@chukschinedu said:

"Assuming the money he claimed he lost is true that’s on him. Whatever happened to weighing your risk(s)? There are so many investments he can do in NGN & USD. There’s the stanbic dollar mutual funds & With as little as $5,000 you can invest."

Risks associated with forex trading

Financial experts agree that forex trading is a risky adventure that may not be for the faint-hearted.

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According to Investopedia, the risks associated with forex trading can be far-reaching.

It says:

"With a long list of risks, losses associated with foreign exchange trading may be greater than initially expected. Due to the nature of leveraged trades, a small initial fee can result in substantial losses and illiquid assets. Furthermore, time differences and political issues can have far-reaching ramifications on financial markets and countries’ currencies. While forex assets have the highest trading volume, the risks are apparent and can lead to severe losses."

Denison Igwe reacts to Mark's reported loss

Nigerian content creator Denilson Igwe has reacted to his former partner Mark Angel’s recent claim on social media.

Shortly after Mark Angel opened up about losing $3.7 million (N5.7 billion) to forex, Denilson Igwe shared his thoughts on the matter.

Denilson’s reaction went viral on social media, and it triggered a series of reactions from Nigerians.

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Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng