Trading Currency 24/7 – Is This Really Possible?
Beginning from Monday morning in Australia to Friday afternoon in NY, the forex market is in business. Someone around the globe is busy in forex trading at any given point.
This would in actuality be appropriate in weekdays only as the market remains closed on weekends. 24/5 would be more accurate.
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You will need to understand time zones though in order to determine exactly when the global markets will open and close. By using UTC, it becomes a simplified task.
This is Universal Coordinated Time, erstwhile referred as Greenwich Mean Time. This is the standard (winter) time in Greenwich, London which is the locus of zero longitude on the planet.
So, the typical foreign exchange market hours are 22.00 Sunday UTC to 22.00 Friday UTC. This is 10 pm in the United Kingdom in winter time.
Since UK is ahead of New York by 5 hours, the forex market all over will open and adjourn 5 pm Sunday / Friday in NY, 2 pm West Coast, 8 am Monday/Saturday Australia and 11 pm, in Germany.
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The hours of the different important national markets are as below:
Sydney: 10 pm to 7 am UTC Tokyo: 12 midnight to 9 am UTC London: 8 am to 5 pm UTC New York: 1 pm to 10 pm UTC
On the other hand, in Eastern US time or EST:
Sydney: 5 pm through 2 am EST Tokyo: 7 pm through 4 am EST London: 3 am until 12 noon EST New York: 8 am through 5 pm EST
You can behold that these correlate to 24 hour cover.
It doesn’t suggest that it is advantageous to trade at any time. Just after a primary market opens, the prices can be very volatile and variable.
Many traders will remain out of the foreign exchange market for up to an hour four times a day when the financial markets are getting started in these major cities.
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In theory then, trading can be executed from Sunday night through Friday night, 24 hours daily. Automated software in the shape of a forex robot can even make this physically attainable.
But the prudent trader opts for optimal times and is thus not trading during the consolidated operating hours of the foreign exchange market.
Notice: Currency investing can be dangerous, may end up in material losses, and is not suited for everybody.
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