Forex: Best Times To Trade Currencies

April 27, 2006

By: alexeow

Admin of: Dream Team Money Forum

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Forex is a 24 hour market and there will be good setups for profitable trades in the Asian ,European and US sessions.It pays to look at historical price data on forex charts to see what time of the day you could be watching the market and what time you could be doing something else.The aim is to trade when the average trading range is worthwhile and stay out of the market when price is in a narrow sideways range.

EUR/USD

During the Asian session, the Euro trades 15% of all volume but it can still have a good move.It trades 39% of all forex volume during the European session.

GBP/USD

The pound trades lightly before and during the Asian session but has good moves.The market can be quiet in the middle of the Asian session.In the European session ,GBP/USD accounts for approximately 23% of all forex trading volume.

USD/JPY

During the Asian session,USD/JPY accounts for approximately 78% of all forex volume.This drops to about 17% during the European session but price can be on the move all day.

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The Asian session opens at 0.00 GMT or 7 PM EST and closes at 9.00GMT or 4 AM EST.

The European session is the largest market and opens at 7.00GMT or 2AM EST and closes at 17.00 GMT or noon EST.

The US session opens at 13.00 GMT or 8 AM EST and closes at 22.00GMT or 5 PM EST. The best trades occur in the first 3 hours.

nice post for newbies to undestand the forex market.

this is my view not through anything other than my 4th yr in forex.

the best time to trade forex for a newbie is during the european session.

avoid trading the news.it can be very rewarding but you will not be the first person to have your account wiped out in 5 minutes.I have seen and been in moves that go up 100 pips then go down 100 pips then 100 pips up again.No technical indicator can save you from this.

trading is a long term proposition not a hyip.other than floor traders i know of very few traders who make a living from this who would risk their mortgages to trade the news.there is nothing wrong to wait for 20-30 minutes after the news to know where the market is heading

let me stay in topic.

the european market is the best for a newbie.the jpy and it’s crosses are good during the asian session but so is the japanese central bank.very active here.

now a trick for newbies and experts alike.

after a big move in the majors on one day,if you have to trade the next day,it won’t hurt you to look at the crosses.the gbpjpy,gbpchf ,eurcad,usdcad, can have bigger moves than the majors especially when the majors are in range or choppy.

i make a minimum of 200 pips a week with this and at times i finish my trading in 2 days.

and yes the trend is your friend.since the first week of november the market has been ranging and soon it will brake those ranges and that is when trend traders make their money and lots of it by adding on positions held for days and weeks.

another thing ,trading is all about your mind and you can do it.takes time and patience but you’ll get there.

i went 2 yrs making profits and loses before i realised that.lets shorten your learning curve .its more fun than all the hyips and yes anyone can do it.

next don’t get a demo account.open a 50$ account with marketivia or oanda and trade using 10 units if you have to until you understand the meaning of losing money.

may your trades be filled.

Posted in Forex