After blowing many accounts and rested for about a year before I decided to try my luck in forex again.
What I like about trading in forex is that it is a 24 hours trading market for 5 days whereby the stock market is available for trading during certain hours each day.
Comparing to the stock market, you will need a certain amount of funds before you can have significant earnings or to make the commission worth the trade.
Typically, the commission in the stock market will be minimum $10 unless you have certain banking statuses like DBS Treasure or SCB Priority Banking then there won’t be any minimum charges.
Forex offers you cheap leverage compare to a margin account or CFD. Leveraging in forex is a double-edged sword. Your profit and loss can be enlarged by the same magnitude. You can read more about leverage here.
I created an account with Pepperstone in Aug 2019. The account was funded with USD so I do not get scam by DCC which is charged by the bank shall I decided to use an SGD account. As I’m a miles person, I am glad that my top-up is eligible for miles for topping up of the account.
I started my account with USD 800 and for September, I managed to gain a profit of USD 642 a gain of 80%. Maybe lady luck is on my side. The main gains come from the shorting of gold.
For October, I will write another post on it.