Trading Currency 24/7 – Is This Actually Possible?
The currency market begins from Monday morning in Mumbai, India to Friday afternoon in New York. Someone around the globe is busy in forex trading at any given point.
Nevertheless it is not a 24/7 market since it does close during weekends. It’s in a way 24/5.
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So should you want to keep acquainted about the appropriate opening and closing times of the forex market, make use of time zones. A great technique to do this would be to use UTC units.
Greenwich or GMT is the bygone title of UTC or Universal Coordinated Time. It’s in reality the standard time in London, Greenwich to be correct which also happens to be categorically zero longitude on the globe.
Therefore the standard foreign exchange market operating hours would be starting from Sunday 22:00 UTC to Friday 22:00 UTC. This is 10 pm in the United Kingdom in winter time.
New York is 5 hours behind the UK so the worldwide foreign exchange market begins and closes at 5 pm Sunday/Friday in New York, 2 pm on the US west coast, 11 pm in Germany, 8 am Monday/Saturday in Sydney.
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In brief, the major national forex markets have the these hours:
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
Instead 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 the analysis it can be seen that the markets are in fact open 24 hours globally.
24 hour market trade does not portend that all 24 hours are commodious for good trading. Early minutes of post opening trading in crucial markets are usually delineated by extremely unstable price movements.
This is why veteran 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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In theory then, trading can be consummated from Sunday night through Friday night, 24 hours daily. In reality, this is made within reach foreign exchange software bots.
In spite of this, veteran traders will choose to select optimal times and not insist on effecting transactions in the forex market during the whole time that it is working.
Note: Foreign Exchange investing is speculative, may end up in significant losses, and is not right for everybody.
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