Asked on 15 Apr 2020
1) What are some costs that I will incur? I am still quite lost with the costs for the broker.
2) What should I take note of when in the Forex market?
3) How much capital do I need to start?
4) any tips for trying?
Personally, I use OANDA and I think the interface is relatively easier to use and the fees are also rather transparent on the website!
You should think about what kind of trading do you want to do. What is the time frame you are looking at? Are you doing day trading or do you intend to hold it for a couple of months? If you intend to hold, then take note there will be financial fees for holding your position every day and it may eat into your profits.
You may start trading with any amounts of money because leverage will allow you to enter in bigger positions that your principal and basically, gain more with less! However, it is important to not enter trades that is beyond your capacity to pay.
You may start with demo accounts and paper trading to try out different strategies first :)
Lim Chun Long Jimmy, Co-founder at PolicyWoke (We trade insurance policies)
Answered on 17 Apr 2020
Hi, it seems that you're new to Forex trading. Forex trading should be treated as a form of trading and not investing. To answer all your question, you may try this free online course for beginners by Babypips: https://www.babypips.com/learn/forex
Show More Products