Hi! I am currently trying to learn and understand about how to invest in Forex, and have signed up for a Demo account on one of the Forex Brokers (ig.com) in Singapore. I have the below questions, can those with experience please answer? - Seedly
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Anonymous

Asked on 15 Apr 2020

Hi! I am currently trying to learn and understand about how to invest in Forex, and have signed up for a Demo account on one of the Forex Brokers (ig.com) in Singapore. I have the below questions, can those with experience please answer?

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?

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Summer
Summer
Level 5. Genius
Answered 2w ago

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 :)

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šŸ‘ 0

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

2 comments

šŸ‘ 0
Kai Kiat
Kai Kiat

17 Apr 2020

This is so helpful šŸ‘ Thank You!
Maisur Zack
Maisur Zack

17 Apr 2020

Babypips is the place to start.
Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered on 17 Apr 2020
  1. you will incur the spreads. A kind of commission built into the buy sell price.

  2. you need to know how to trade

  3. forex trading can start with $100

  4. learn technical analysis first

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šŸ‘ 0