xe exchange
Time to do Currency Trading
Can you tell me the most effective time to do currency trading? Here is an excellent article about Best Time to Trade Forex. Different from share market, the Fx trading market is open 24 hours a day during the 5 days in a week. However this doesn’t imply that the currency trading market is getting the same number of business or price variations during all these days. There is a lot more business on the foreign exchange markets at specific times of a day and generally speaking, the best times to trade are when the markets are most active.
The two leading trading floors for currency trading are UK and the New York markets. Although the UK does not use the euro, the majority of countries in EU are within one hour time difference from the England, as is the Swiss market. United States time zones also include Canada. So the London session and the US session between them cover most of the major currencies that are exchanged.
The London forex session starts at 8.00 UTC and finishes at 16.00 UTC. The currencies that are mainly active during this currency exchange session are the euro (EUR), British pound (GBP) and US dollar (USD) which is involved in the majority of foreign exchanges.
The USA foreign exchange center starts at 13.00 UTC (8.00 EST) and finishes at 22.00 UTC (17.00 EST). The most traded currencies during this currency exchange session are USD, EUR, GBP, AUD (Australian dollar), JPY (Japanese yen) and CAD (Canadian dollar).
The busiest trading hours, as you might expect, is during the 3 hours when these 2 foreign exchange centers overlap and the trades are open in both London and US. This period runs from 13.00 to 16.00 UTC (8.00 to 11.00 EST).
If you like to let the orders run over a number of days or would like to use a software like Forex Derivative it might not create so much difference to know the peak times on the forex markets. But if you are active in day forex trading where you might open and close a trade within a short period of time, you will notice majority of the opportunities coming up during the busiest times. And many a times doing the trade by yourself during this time period can beat the Autopilot Forex which is the best currency trading program.
If you are involved in a cross rate, i.e. a forex pairs that do not consist the USD, you will have another trading time when the forex centers in the two countries are live for business.
For instance if you are currency exchange in AUD/JPY you may see that trading was good during what is called the Asian session. The Aussie and Japan trading hours are pretty close and on a day when trading was anticipated you might find some profitable trades during the overlap. But, usually this is a slow moving currency exchange session for just about all currencies.
So the best session for most Fx traders is during that three hour window in the early hours in the United States and the afternoon in London and Europe, when the foreign exchange markets are open on both sides of the Atlantic. Business can be crazy during those hours, there is maximum liquidity and the currencies move far and fast. A number of important financial news is released during this period too, particularly toward the starting. So these hours are the best Fx trading times if you want to grab quick cash.
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