FOREX: When To Trade Forex
Forex market is open 24 hours a day, 5 days a week, but its is not active all this time! in forex trading, profit is being made when the market is active and traders are bidding on the prices. Therefore, it is crucial to know the most productive hours of the day and of the week for forex trading!
There are three (3) major sessions of the forex market: London, US, and Tokyo session. The busiest times are when the session overlap as traders can purchase currencies from different continents.
The forex market of London is usually the most active as it involves many countries of the European Union. The US market comes next, so the time when London session intersects with the US session usually provides the biggest returns.
expert traders consider that 10AM (EST) is the best time as this is the period when London market is preparing to close the trades and traders are getting ready to move to the US market. This creates big swings in the currency prices, thus, opening great opportunities for profit.
BEST TIME OF THE WEEK
according to researchers the biggest movements in the four major currency pairs (EUR/USD, GBP/USD, USD/JPY, USD/CHF) are observed on Tuesdays and Wednesdays. Fridays are busy as well, but only until 12:00 AM. During the second half of Friday the movements can be very unpredictable because major financial institutions and hedge funds are closing their positions for the weekend for security reasons.
WHEN NOT TO TRADE FOREX
Experience traders avoid trading on Friday afternnon and weekends, on closing session, on bank holidays, on Christmas, during prime time TV events, when major economic reports and news are released, and when they are angry
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