How To Set A Forex Trading Schedule – Part 1
Here are some practical Forex trading schedule tips so you don’t need to live like a vampire without sleep. The thrill of the market and the chance for making remarkable profits makes many new forex traders dive right into forex. Immersed in and obsessed by various economic calendars they trade voraciously on the release of every piece of data; the 24/7, five day week availability of foreign exchange market trading makes it convenient to trade throughout the whole day. This strategy will ultimately drain a trader’s reserves and quickly burn out a persistent trader. Whereas Wall Street runs on usual business hours with set times, forex runs on a variety of usual business hours too – for different time zones across four different areas of the globe, meaning that trading lasts all through the day and all through the night…everywhere.
How can you avoid staying up the whole night if you don’t want to miss an opportunity? By gaining a deeper understanding of market hours and setting appropriate goals, a trader will have a stronger chance to realize profits on a more workable schedule.
Get To Know The Forex Trading Markets
The hours of operation in Forex currency trading are unique. The trading week commences on Sunday at 6pm EST running through continuously until Friday 4pm EST.
Not all the hours of the trading day turn out equally good for activity. When it’s at its most active is the best time for trading currency. A greater fluctuation between currency pairs will occur when more than a single market is open at the same time generating the heightened trading atmosphere that most often sees a greater pip spread. When there is only one market open, currency pairs can tend to lock, in a tight, close pip spread of maybe 30 pips movement. When two markets are simultaneously open it is not unusual to see movement going north 70 pips, especially when big news has been released.
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