Can You Genuinely Trade FX 24/7?
Forex trading begins in Australia on Monday morning through Friday afternoon in the US West Coast. Somewhere around the world at all hours of the day or night, you transact foreign exchange.
It does terminate on weekends so it’s not a proper 24/7 market. It’s more like 24/5.
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If you seek to know the accurate times that the markets open and close, you have to take time zones into consideration. By using UTC, it becomes a simplified method.
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This is Universal Coordinated Time, previously referred as Greenwich Mean Time. It is the actual winter time at zero longitude on the globe and that being Greenwich, London.
So, the usual FX market hours are 22.00 Sunday UTC to 22.00 Friday UTC. This accords to10pm winter time in the UK.
Seeing 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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The hours of the different primary national markets are as aforementioned:
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
Instead we can connote that in EST (Eastern US time):
Sydney: 5 pm until 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
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. Just after a primary market opens, the prices can be very volatile and fluctuating.
Many traders will remain out of the FX market for up to an hour four times a day when the financial markets are getting started in these major cities.
In theory then, trading can be accomplished from Sunday night until Friday night, 24 hours daily. It even becomes imaginable physically owing to trading software that utilize robots.
Regardless of this, accomplished traders will decide to select optimal times and not persist on originating transactions in the forex market during the whole time that it is in operation.
Disclaimer: Currency investing is not risk free, may end up in considerable losses, and is not suited for every person.
Posted by admin on January 27th, 2011 :: Filed under Uncategorized