Is Forex trading expensive?….
Expensive in what terms? There aren’t many direct costs to Forex, unlike buying a car or something…
From the point resources, all you would need a computer and an internet connection (which you probably have, already).
Training and learning which can range from free (of the internet) to expensive seminars and workshops.
Start up capital – that depends on you broker. Some require a minimum of 1000 USD to open an account, some you can trade with 1 USD.
Spread – This is probably the only real cost you that can be associated directly with Forex Trading. There are a lot of brokers and trading desks out there, some have really big spreads. Again it depends on the broker and the currency pairs. If you are a long term trader, it wouldnt matter much. But for a day trader, it would be a very important cost.
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No matter what you are led to believe, Forex Trading is inherently risky. If you want to put a price on the risk, it is very expensive. You could potentially lose everything. But otherwise, you could start trading right now with as little as 10-25 USD. Its another matter if you can turn a profit from that!
Honestly speaking Forex trading is the cheapest for of trading you can undertake. Stocks cost quite a bit to trade in fees. Futures are not as expensive but not for beginners.
Forex is very easy to trade but I however recommend you get some descent education before trading. The average cost of FX trading is relatively small but can be expensive if you are losing a lot of money or with a broker that has heavy charges.
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Forex trading is not expensive at all. The biggest mistake that most new traders make is they start trading live with a big deposit something like $1K to $5K.
Why they do it? Brokers pester them with emails offering 100% bonus on a big deposit. So they take the bait and deposit their hard earned money. Soon they lose almost all that money.
If you a new trader, you should start with only a deposit of $200.
First build the skill of forex trading and learn how to win the trades. Make a trading plan and try to double this $200 into $400. Once you have achieved that double this $400 into $800 and then double $800 into $1600.
This is how you should trade.
Do not make the mistake of starting with a deposit of $1K or $5K when you are new and don’t have the skills to survive the market.