What is NOT considered an implicit cost of trading?

When evaluating costs associated with trading, implicit costs are those that do not involve a direct monetary payment but still affect the overall transaction's profitability. Implicit costs often include factors related to the trading process that might not be immediately apparent.

Exchange fees, as noted in the context of the question, are explicit costs because they represent tangible fees charged by the exchange for executing a trade. This is a straightforward expense that traders directly pay when they engage in trading activities, and therefore, it does not fall under the category of implicit costs.

In contrast, missed trade opportunity costs represent potential profits foregone from not executing a trade at an opportune moment. Market impact refers to the effect a trader's actions can have on the market price of a security due to their buying or selling activities. Delay costs arise when timing issues in executing trades lead to unfavorable price changes. All of these are examples of implicit costs since they reflect the potential losses or changes in value that do not involve direct monetary payments but can significantly affect the trader's financial outcomes.