You should make yourself more familiar with forex trading hours. Taking advantage of the best forex trading hours is crucial so you can effectively position yourself in the market.
Trading in forex can be tough and demanding in terms of placing your values at the most opportune time. You need to conveniently and effectively scan the best times when you can make the most out of your forex trading game. Thus, you should make yourself more familiar with forex trading hours. Take note that this business is an international endeavor, which means the people you deal with are not limited to those who belong to the same country as you do.
Taking advantage of the best forex trading hours is crucial so you can effectively position yourself in the market. There are different time zone tips to consider when trading in forex such as:
1. EST – This pertains to Eastern Standard Time which is the time zone used for the United States and Canada. You should know that the US dollar is one of the most major currencies being used in forex and thus it is important that you observe the 24-hour trading period based from the EST. Usually, the trading starts by 5pm EST on Sunday until 4PM Friday.
2. Beginning and End Countries – Forex trading usually kicks off from New Zealand and then Australia follows shortly after. Then the Middle East will open up next until Europe eventually does. The Americans are usually the last ones to open their trade.
3. Bulk of Trading – It is also important to know where most forex trading comes so you can plot your forex trading hours more conveniently. The US and the United Kingdom gets around 50% or more of the total forex market share. However, those specific areas considered to be the major markets in the forex industry are New York, London, and Tokyo.
4. Bulk of Trading Time – Aside from identifying the key places to trade, it is also important to take note of the crucial periods when most buyers and sellers are up online. In New York, most of the trading between various buyers and sellers happen in the morning which is also the same thing with most European countries.
5. Be prepared for overlaps – As you begin to trade in the international forex market, you will notice that forex trading hours may overlap. Soon as a specific country opens, others may close and then before you knew it your trades might have been closed. Be prepared to face the fact that the business hours are erratic and at times may overlap.
6. Prepare a forex chart – To help you plot out your business much more efficiently and conveniently for you, it would be best to prepare a forex chart where crucial time zones are indicated specifically. This will help you keep up with the fast-paced environment that the forex business is.
Tapping into the international scene can be nerve wracking at first. If you want, you can also get the help of a forex broker to help you scan the market more conveniently. This way you will be able to learn about international standards and tricks at your own pace.
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