Can Forex Trading be profitable?
Yes, Forex trading is profitable. (If you know what you are doing)
If you look at Forex trading statistically, it is not so profitable for an average trader without any experience or support from a professional broker. With the emergence of AI-powered trading software technologies, the 90% fail rates have been reduced for nonprofessional traders.
Here is why trading forex is profitable:
- No commissions. No exchange, clearing, government, or brokerage fees. You only compensate your retail broker through the "bid/ask spread ".
- Transaction cost is low. The retail trade cost usually is less than 0.1% under standard market conditions.
- The market is open 24 hours Monday through Friday. In forex, you don't wait for the bell to ring before starting your trade. You can jump in at any time of the day you prefer.
- You have leverage. In forex, you can use a small deposit to control a more significant overall contract value. This helps you keep your risks low and profit margin high.
- Entry barriers are low. Anyone with a minimum trading fund can instantly become a trader. It doesn't cost a lot to get into forex trading if you create an account with a reputable trader like cityfxbroker.com.