How To Source For FREE or Cheap Finance For Forex Trading

Forex trading is an investment that requires a great deal of finance to invest and enable good returns for the investor. Fortunately retail Forex gives the opportunity for low income investors to participate in Forex.

However the actual cost of trading Forex does not lie only in the funds for trading, but funds for other necessities like Forex Systems, Subscriptions, Hardware facilities, e.t.c, and this is why Forex comes expensive but very lucrative.

       2. Challenges of trading Forex in Nigeria Part 1 & Part 2


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It is important to note that every component of Forex is vital to your success. Therefore concentrating funds only on one or some parts of the components of Forex would definitely hit back at your performance in the medium or long term. 

Now the challenge here is that these components are not so cheap but are necessary. 

This article presents tips on how to source for FREE or Cheap Finances that would help you get the necessary funds you need to invest and succeed in Forex.


1. Contests 
Forex broker contests is one of the best way of getting a funded live account, cash awards, expert advisors, and other benefits that can be redeemable in cash. Brokers top the list of trade contest campaigns, and they award ideal prizes, which you could use to finance your Forex investment. Some trade contest are restricted to only live account while others are organized for demo accounts. A demo account is preferable, and accessible for all traders. One good thing about it is that real money is not required to compete.

HotForex organizes monthly demo contests with cash prizes for Three (3) runners up at the end of each month. The winners get a live funded account, which can be withdrawn (see more details - HotForex Demo to Real Contest). 

See our Forex Resources Page for Broker Listings, and find links of Forex website directory that organizes trade contests. I prefer searching for such brokers with 100ForexBrokers cyber search engine (you can get the link from our broker listings on our Forex Resources Page).


MQL also conducts Expert Advisor contests which is sponsored by top Forex firms. Being one of the top winners is an avenue to source for finances for your Forex investment.


CON
  1. Contest can be very tough as you would be competing with more experienced participants.
  2. The duration of the contest is often short, which might not work well for long term strategies.
  3. Certain prize conditions might not favour you. E.g. cash prize might not be withdrawable, certain amount of volumes or lots must be traded before you can withdraw the cash prize, and certain prizes cannot be monetized such as vacations, and trips to resort. 

2. Free Signal Services Subscription & Forex Systems
There are lots of Free Signal Services out there you could use to improve your profits in Forex. If you are a low income investor in Forex you could use this means to shore up your account, and take some of the profits to purchase vital Forex Resources that would further improve your success in Forex. 


You can check out ForexTSD's endless list of FREE EAs in our Forex Resources Page (look out for ForexTSD on our list of Expert Advisor & Indicators)

Also look out for FREE but reliable Forex systems (EAs, Indicators, Strategies, e.t.c.) that can boost the profits in your account.

CON

  1. You might not get adequate support and updates with free products.
  2. Certain free subscriptions and Forex systems comes with limitations. 

3. Convert Your Strategy Into Forex Signal Services
Converting your trading strategy into Forex Signal Services
Convert Your Trading Idea Into A Forex Robot
is a good way of monetizing your skills, and making extra income, which you can use to Finance your Forex Investment. The number of clients that would subscribe to your signal service depends on the profitability of your strategy. 


MQL is one of the best places to monetize your trading strategies as signal services. It is affordable and has the widest reach to traders.

See our article on How to Convert Your Trading Strategy To Signal Services.

CON

  1. You need to be extra patient to win traders confidence.
  2. Very competitive, hence your strategy has to be very good.

4. Loan Facility - WebMoney, Co-operative Societies, e.t.c.
I strongly recommend extreme caution with loan facilities. It is very risky to invest in Forex with borrowed funds. I have had my fingers burnt from this before, and i got hurt really bad. However we cannot dispel this avenue as a source of financing your Forex investment. If you have to use this means then use legal entities like Co-operative societies where you can secure loans with comfortable payment duration and terms. 


WebMoney an online financial payment provider also offer loans for their members with bearable interest rate. See: WebMoney Loan Facility. I have never used this facility so i cannot tell much about it. But if you have any experience with them, we'll be glad you leave a comment. 

Don't bother seeking for loans to trade the Forex from the banks because they tag such investments as high risks. However you might get a bank grant when you apply as an institution or you have credible assets, and collateral to back up your request.

CON

  1. Loan facility can be very risky due to the risky and volatile nature of Forex.
  2. WebMoney requires a formal passport, and automatic scoring for members requesting loans. Your membership period and region might be used as a criteria for loan acceptance. 

5. Take Advantage of Seasonal Offers and Discounts:
Watch out for seasonal times like Christmas, Halloween,

Black Friday, e.t.c. when most Forex firms, and brokers usually offer discounts for their products. With a little budget you could still afford some of these offers. The idea here is to make good use of the product to generate more funds for other resources.

CON
Seasonal timing might be a problem if you have not planned for it.

6. Convert Assets Into Funds
Please exercise caution with this tip. Forex ought not to be invested with proceeds from mortgaged properties or assets you're not willing to lose. You have to be very sure of the product you want to purchase, the broker you wish to open an account with, or the subscription you intend to follow before selling off any asset to finance it. 


I would not advise this option for beginners. However it's still a means of sourcing for funds to finance your Forex investment.

 



 7. Attend Webinars & Seminars that advertises and launches new productsThis is a choice option for Forex service producers, brokers, and others to advertise their products, and at the same time present lectures. Often times new products are launched through this forum. Although rarely do you find zero prices on products in seminars but you could be lucky to get some FREE, and at great discount too.

CON

  1. Issues of unfavourable hidden conditions are sometimes tied to FREE or discounted products.

8. Bonus Offers & Low Minimum Account Opening
Some brokers allow very low minimum account opening for as low as $100. Although i would not recommend this for any serious Forex trader. Some also offer bonus deposits into your account during promotions. 


This is a way of sourcing for funds for your Forex investments.

CON

  1. Very low minimum account opening is very risky. It is synonymous with gambling.
  2. Some broker require large amount to be deposited before you get the bonus.
  3. There has been lots of bonus withdrawal issues between clients, and certain brokers.

Forex Trading does not come easy as many traders think. The level of success you'll attain in Forex greatly depends on the level of finances, and resources you put into it.

We hope we have been able to show you some ways to secure FREE and cheap funds to finance your Forex Investment.


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