Is Forex Trading a 24/7 Task?
The currency market convenes from Monday morning in Tokyo, Japan to Friday afternoon in New York. Somewhere around the earth at all hours of the day or night, you transact currency.
Yet it is not a 24/7 market for it does close during weekends. 24/5 would be more accurate.
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So should you want to keep acquainted about the genuine opening and closing times of the forex market, make use of time zones. It is very clear when represented in UTC.
This is Universal Coordinated Time, erewhile called as Greenwich Mean Time. This is the standard (winter) time in Greenwich, London which is the locus of zero longitude on the sphere of earth.
Therefore the standard foreign exchange market working hours would be commencing from Sunday 22:00 UTC to Friday 22:00 UTC. In UK wintertime it is 10 pm.
Following that New York time is 5 hours behind UK time, the forex market globally would open and close at Sunday 5 pm and Friday 5 pm in New York, 2 pm at the west coast of the US, 11 pm at Germany and lastly 8 am Monday and 8 am Saturday in Australia, Sydney to be exact.
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In brief, the major national forex markets have the the below mentioned hours:
London: 8 am to 5 pm UTC Sydney: 10 pm to 7 am UTC Tokyo: 12 midnight to 9 am UTC New York: 1 pm to 10 pm UTC
Alternatively we can depict that in EST (Eastern US time):
Sydney: 5 pm to 2 am EST Tokyo: 7 pm to 4 am EST London: 3 am to 12 noon EST New York: 8 am to 5 pm EST
From this it can be seen that the markets are certainly open 24 hours globally.
However, this does not compulsorily mean that trading will be good at all of these occasions. Just after an important market opens, the prices can be very volatile and fluctuating.
This is why accomplished traders will discontinue their trading for a period of as much as an hour 4 times a day when the major places commence their market day.
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So on paper you will be able to trade 24 hours a day from Sunday night to Friday night. Automated software in the cast of a forex robot can even make this physically achievable.
Nonetheless, a smart trader will choose his times and will not be active during all of the forex market hours.
Notice: FX investing can be dangerous, can end up in considerable losses, and is not suitable for everyone.
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