Best Australian Forex Broker - The Best Time to Trade Forex
Best Australian Forex Broker
Selecting the correct day and time to trade can play a major role in your forex success. Although forex market seems to be available 24/6, not all the days of the week will bring profits. A trader not only has to choose the right day to trade, but also know the best hours. When not to trade? What is the absolute best time for forex? When can you get most earnings? Best Australian Forex Broker
Let's go over the basics - 3 major forex trading sessions:
1. New York market opens from 7:00 AM to 4 PM
2. Japan/Australia market opens from 7:00 PM to 3 AM
3. London market opens from 3:00 AM to 11:00 AM
Seems like forex market never sleeps, however the trading volume and price movements are not the same during all the mentioned sessions. There are times when you should jump in and there are times when it is better to keep out.
The main idea is to get involved when the forex markets are the busiest. Each currency reacts differently during each session. For example:
During London market - Euro, US dollar, British Pound and Swiss Franc are most active currencies involved.
During New Year market - Us dollar, Euro, British Pound, Australian dollar, Japanese Yen, Canadian dollar and New Zealand dollar are the most active currencies.
A great time to trade is the first 3-5 hours of each opening session mentioned above, especially when your fundamental analysis points on new economic releases. However, the best time to trade is between 3 AM and 11 AM. Best Australian Forex Broker
The overlap between New York and London markets (3 AM - 11 AM) creates an intense trading momentum full of trading opportunities enhanced with frequent price movements, and therefore is the best time to make money. With the right trading plan, money management and system, you can make thousands of dollars within minutes.
The currency pairs that are most active during the overlap are:
1. USD/ CHF
2. GBP/USD
3. EUR/USD
4. USD/JPY
Many economic releases are made around 8:00 AM, therefore the 3 hours between 8 AM and 11 AM are extremely profitable for very quick and significant profits.
Keep in mind that volatility is very fast and if you aren't careful, instead of making money, you can lose most of it! Therefore, the use of stop/loss and the discipline are crucial for you success. Also, don't cry over the spilled milk - if you missed a trend, get over it. There will be more opportunities, trust me!
Now, when is the best day to trade? Which days should be avoided? Although the market is available 5 days a week, there are certain days which are better avoided:
1. Fridays should be AVOIDED, since the end of the week is extremely unpredictable.
2. Sundays should be AVOIDED, since there is almost no action in currency rates.
3. Holidays should be AVOIDED, since the market is in most cases motionless.
The BEST days to trade are Tuesday and Wednesday, since the peak of trades happen during this time of the week. Best Australian Forex Broker
Best Australian Forex Broker - The Best Time to Trade Forex
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