The Forex market is open 24 hours a day and five days a week. You could say that the market never sleeps.
The best time for a Forex business in Nigeria
Is that too much for the store? the possibility of trading or profit at any time. But that doesn’t mean you have to change.
Currency trading time is divided into different sessions, and so far is not the best place to open or closed trade. The currency price rises during this period, but the silence in hours. Do you have to appreciate moves and trends? a chance to make a profit.
The price of the shares depends on the market volume and volatility. Currency stock market means that specific currency imports or the product is sold in quantities. Instability is the speed with which prices evolve. We can’t earn it, if you don’t get the prize. The goal is to select the most suitable trading strategy for you and most of the memories on the basis.
The world of the foreign exchange market can be divided into three session. The world’s three main sessions: “forex”, “asian”, “European session” and “american session”. The World Economic Centre is the centre of three sessions.
The market operates for three sessions in companies, financial institutions, banks, companies, etc. it’s society really important to their time zone shops. Opening hours of the foreign market, the change corresponds to the local time of the opening, respectively, closing and closing.
In many cases, it is not in the context of two trading sessions, usually in the closing session and opening another.
Currency Trading Sessions
For example: the London session is open from 9.00 am to 5.00 pm (Nigeria time) and the New York session begins at 2.00 pm . When the New York session open, the London session was therefore a running (but almost over). In this example, London and New York sessions overlap for three hours.
When two sessions are open at the same time & coincidence, is born in even larger quantities. This is due to the fact that so much time warning the participants to do or buy/sell orders. Therefore, the price changes appear on the market, while the volume of sales are important. Tokyo, London and New York, among sometimes overlap, and the volume spikes appear at these times because the two trading time zones operate during these hours. Forex-period of trading it is essential to understand the characteristics of each trading event. So, let’s see more.
The Session In Asia
The accounts of the Asian market trade forex daily volume is about 20%. The main participants are traders from Japan (the third largest forex trading center in the world), Australia, Hong kong and Singapore. It is open to 1: 00 in the morning at 10: 00.
The main features of the Asia Meeting are:
The main currency pair, which has a high volume of the Asia session, are: AUD/USD, USD/JPY and NZD/USD. In the Asian market, the most traded currencies are the Japanese Yen (JPY) and Australian Dollar (AUD).
The volatility and liquidity of the major currencies like EURO / USD, GBP / USD are the lowest daily activities, so that you should not exchange these currencies during this session, because the chance of making profits is slim.
The Forex market of the Tokyo session opens at 01: 00 and ends? at 10: 00 Nigerian time (GMT +1). There will be overlap in the last hour of the Tokyo meeting and in the first hour of the London meeting. Due to the closing hours of the Asian session as the London session the opening of Asia traders watch sometimes rashes at the end of the day, due to the liquidity immediate.
News of Japan and Australia will influence the price developments during this session.
It is better to check the market during the Asian session and a plan for the exchange of the overlap of London and New York session.
The Session Of The European Parliament, London (Part-Session)))))
The european session is the largest financial session in the world. This session of the trade share is about 37% of the forex trade daily World turnover. The main participants are the London (whose share of world trade is around 31%) and Germany. Is the London stock exchange Open? 8: 00 a. m. and closing at 5: 00 (time of nigeria).
The main features of the London meeting are as follows:::
The largest currency pair in the London session is EUR / USD, GBP / USD, EUR / GBP, USD / CHF. The best selling currencies in this session are the Euro (EUR), Pound Sterling (GBP).
The highest level of liquidity at the opening of the London meeting. and is the lowest. Breakouts and trends of the majors is the most common session, so that this is the most profitable day trading ideal time.
Price changes affect mainly news from the UK and the European union (EU) countries, such as Germany, France and Switzerland.
The volatility is high in the London session during business hours and is starting to decline? in the afternoon. Will be resumed at the opening of the session in New York.
Three hours of overlap, with the New York session. Traders can trade the London and New York sessions overlap between classes in order to benefit from the liquidity and price changes.
At the end of the session, in London, many European traders agree on their positions, which can provoke an unexpected price movement. The price could go down during the break for lunch in New York. This means that as a trader, you have to control the operations during this period.
The New York Session
After London, New York will be the second largest meeting in the world. In the New York meeting, the share is around 17-18% of daily forex-trading total net sales. Important participants are the traders of America and Canada. The Forex market will open at 2: 00 pm in New York city (Nigeria time).
The main features of the New York meeting are:::
The U.S. Dollar contained in the pairs are very volatile New York session. The most traded currencies are USD/CAD, EUR/USD, GBP/USD, EUR/JPY and GBP/JPY.
The overlap of London and New York sessions is the most liquid time of the day. A four-hour period, when these two sessions overlap, large and fast movements are displayed liquidity of the market at large. Price developments in the New York session or London and Asia sessions, trends to follow, or they can reverse the current trend.
Liquidity may decrease in the New York session, to the end, so there is no need for trade at this time.
New York is the second largest financial center. The publication of the American and Canadian news shows a great progress. The market may also be affected by the late arrival of the news of the UK.
What is the best time for the trading of currency in Nigeria?
Nigerian traders are expected to trade the London session during business hours-8: 00 PM-New York city first at 5: 00 pm Nigerian time.
This is the time when liquidity is the highest of the major currency pairs such as the EUR / USD, GBP / USD, etc. These time trends are, in general, and in a short space of time is also a lot of intensive work opportunities to produce. Now is the perfect time to visit the day of the trade.
Forex market hours in Nigeria
In general, the forex Trading time also depends on the trade of your strategy and the currency pair you want to trade.
For example: if you want to exchange JPY, then you may want to trade during the Asian session, to pick up the movements.
Practice first in the demo account, and that day the business strategy most suitable for your. Only when you have found a working strategy, you need to change at this time.