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The foreign exchange market, sometimes known as forex, is an over-the-counter market for trading currencies from around the world. The foreign exchange rate for every currency, from the Philippine peso to the Guatemalan quetzal, is determined by Forex. The foreign exchange market is a marketplace where investors can simultaneously purchase, sell, and exchange currencies in the hopes of seeing one currency strengthen versus another.

One of the first things you should do when starting to trade forex is to choose the correct broker for you, just as you would when buying and trading equities. A brokerage firm will assist you in executing successful transactions so that you may begin making money. Take a look at some of the forex brokers we recommend.

The Four Major Markets

London, New York, Sydney, and Tokyo are the four largest forex exchanges, all of which are located in different time zones. Because trades are made over a network of computers rather than one physical +exchange at a specific time, having these international time zones allows the forex market to remain open for 24 hours. Even if a currency closes at a specific rate, that rate represents the rate at the time the market closed. Even after a particular exchange’s closing hours, the currency can be exchanged all over the world.

  • New York hours: 8 a.m. to 5 p.m. EST
  • Tokyo hours: 7 p.m. to 4 a.m. EST
  • Sydney hours: 5 p.m. to 2 a.m. EST
  • London hours: 3 a.m. to noon EST

The Most Crucial Forex Market Times

One thing to note about the four market hours listed above is that they overlap at times. The most essential time to make a move is during the overlapping times, when two markets are open at the same time. Because trading volume rises, volatility — the extent and rate at which share or currency prices vary — rises as well. When it comes to the forex market, the high-risk atmosphere creates more potential for profit once you get the hang of it.

It could be risky unless you’ve mastered it. According to a Citibank survey from 2014, 30% of retail forex traders break even or make a profit during these high-volume periods. 70 percent of traders and investors are losing money as a result of this. Before leaping into the wild money exchange, it’s a good idea to practice with simulated forex trades to discover how it works.

Once you’ve decided you’re ready, keep the following forex market times in mind:

New York and London exchanges open 8 a.m. to noon EST
Tokyo and Sydney exchanges open 7 p.m. to 2 a.m. EST
Tokyo and London exchanges open 3 a.m. to 4 a.m. EST

When is the Best Time to Trade Foreign Exchange?

When the New York and London markets are both open and active, 8 a.m. to noon EST is the optimum period to trade the FX market. Surprisingly, these two trading locations account for more than half of all currency transactions. This makes the overlapping 4 hours a bit of a shambles, but if you succeed, it means higher profits.

While it’s critical to keep these overlapping times in mind when trading currency, there are a few other factors to keep in mind to ensure you’re making the best decisions possible. Even if you can trade U.S. currency while New York is closed, you’ll obtain the best liquidity during open market hours for this currency. If you’re looking to trade a specific currency, you should do so while the local exchange is open, to prevent unforeseeable market circumstances that could negatively effect valuations you’re ignorant of.

Another aspect that influences investors’ perceptions of a currency’s long-term prospects is news releases. To effectively plan for various outcomes, you’ll want to keep track of retail sales data, unemployment rates, gross domestic product, and a variety of other elements. Keep in mind that even if you’re sleeping or at work, unexpected news might have a big impact on the FX market.

Maintain a consistent schedule for your trades, according to our guidelines. Find out what works best for you and set aside some time for it. This might happen when two marketplaces overlap or when important announcements are made.

The Never-Sleeping Market

If you want to make money by trading currencies, forex is the market for you. Forex is open 24 hours a day, 7 days a week, in four separate time zones. While this may seem daunting at first, it will assist you in developing a trading schedule that not only fits into your work and home life, but also targets some important times in the forex market when larger payouts are possible.

To avoid unpleasant shocks, keep track of when the local market for your selected currency is open. Also, take advantage of the four hours when the markets in New York and London are in sync. Consider that the most profitable moments to trade forex are also the most volatile.

For information and investing tools that can help you make the most of the currency market, go to WWW.BEO FOREX.COM

AboutSamuel Joseph
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