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Lesson 7: Best Times To Trade Forex Market
Remember, timing can make a huge difference in your trading success.
The 24-Hour Forex Market
Forex trading happens around the clock, but not all hours are equally lucrative. The market operates from Sunday evening to Friday afternoon (USA time), encompassing various international sessions. Knowing when to trade can significantly increase your chances of success.
Key Trading Sessions
The Asian Session:
Begins with Sydney, then Tokyo.
Lower volatility compared to other sessions.
Although it's a bit quieter, some opportunities pop up, especially if you're dealing with Asian currencies.
The Main Trading Session (European and American Session):
An overlap of European and American markets, including London and New York.
High market activity and liquidity, offering the best opportunities for trade. This is where the action heats up! The overlap between these two giants creates high liquidity and potential for movement.
Key Trading Times Best Times: 3:00-5:00 ET (8:00 to 10:00 GMT) and 8:00-10:00 ET (13:00 to 17:00 GMT). Why These Times? The first slot catches the London session fully, the second one benefits from the New York-London overlap.
Your Time Zone Matters
To align with the main session, adjust for your local time. For instance, if you're in the Central Time Zone (USA), the New York stock market opens at 8:30 am, making 4:30 am to 9:30 am your prime trading window. Similarly, adjust for other time zones. Like in Eastern Time (USA) the NYSE's 9:30 AM opening translates to a 5:30 AM to 10:30 AM window for you.
Globally: Adjust these times based on when the NYSE opens in your timezone.
The Best Time for Trade Entries
In the main trading session, roughly 80 to 90% of the market activity occurs, offering sustainable trade entries. A sustainable entry is typically a movement of 75 to 100 pips or more, allowing for better risk management and profit-taking strategies.
Trading Currencies in the Main Session
During the main session, all major currencies like USD, EUR, GBP, and others see significant movement. Tools like the Forex Heatmap® can help in identifying strong movements in real-time.
The London Session
The GBP, for instance, can show significant movement during the London session. Movements here, especially new ones or post-news drivers, can signal great entry points. London's session is known for its liquidity and breakout opportunities.
The Asian Session
New traders, listen up! The Asian session is usually quieter and might not be the best playground for you. Sustainable trades here are less frequent, but keep an eye out for significant AUD, NZD, or JPY news. After gaining experience, you might find some hidden gems in this session.
What Currencies to Trade and When?
Home Market Open: Trade AUD/USD when Australia is active, USD/JPY or EUR/JPY during Tokyo hours, and EUR/USD around the New York opening.
London Session: Big moves often happen here, with UK and European news stirring the pot.
New York Session: Watch for trends set in London to continue or reverse.
USD/CAD: Best traded when New York (and Toronto) are open.
Pro Tips
Fed Announcements: These usually happen at 14:00 ET on meeting days. Keep an ear to the ground for market chatter.
ECB Announcements: Typically at 7:45 ET (12:45 GMT) for policy decisions and 8:30 ET (14:30 CET) for press conferences.
Japanese News: Pay attention to news from Tokyo around lunchtime and the end of their day.
Visualizing Trading Sessions
Below is a helpful diagram of major trading sessions.
The schedule helps you visually match your local time with the active Forex market hours.
Check for daylight savings adjustments – they can shift trading hours.
Additional Tips:
Always be aware of time zone differences, especially when dealing with news release timings.
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