Good Morning,
The term for Forex trading or FX is a common word in the financial markets. Not many people are even aware that the foreign exchange market is one of the most largest financial markets in the world. The Forex market is estimated to be approx. $5.3 trillion dollars a day. Today in our blog we are going to discuss how you can take advantage of this massive market and make a secondary income or even become a professional trader today. Also, don’t forget if you would like to take a free beginners trading course just fill out the free consultation form at the top and we could get you started today!
WHAT DOES 24-HOUR FOREX TRADING LOOK LIKE?
The forex market is 24-hour market 5 days a week as it is closed over the weekend. The market specifically opens at 10 pm GMT on Sunday and closes on Friday at 10 pm GMT. This means you can trade forex at any time of the day within that week and make a profit from doing so.
What type of traders takes part in a 24-hour market?
Large corporations need to exchange money 24 hours a day, central banks also rely on the forex market to operate as it’s their main form of business. We firstly have the Asian markets open in Australia and rest of Asia, then Europe with the London session then finally North American markets.
As soon one market closes, another one opens. This enables the market to run 24 hours a day, this allows banks and businesses all over the world to exchange currencies in large quantities at any time. Also, every day we have economic news occurring which provides volatility at all times of the day, this is why it is the most popular market to trade.
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How to Trade Using the Features of Forex
Forex allows traders to make larger profits than other markets relatively because it is a highly leveraged market. This means you don’t need huge investments amounts as you would in stocks, for example, you can put a little in and trade large amounts.
The huge benefit to forex is the accessibility of the market from any time zone in the world and being able to access the market to take trades.
Can you really trade for 24 hours a day?
The answer to this question is No, no traders in reality trade for this period of time. With anything we do, we need our focus to be 100% to make good decisions. Always learn how to trade correctly first before going into the market. Most of the day, the market is quite timid, and this time period is overnight for us here in the UK.
Once the London sessions open, the main volatility starts, and this enables us to make day trading strategies to profit throughout the day. It’s always good to trade for certain time periods then take a break and recuperate.
Trading on National Holidays
Even when certain countries have national holidays, the market does not close as transactions still need to be made as the amount of liquidity is so high in the market. The only holiday which is seen as a global holiday is Christmas, even though in most parts of Asia it is not celebrated. The biggest financial countries generally celebrate the tradition, this means forex liquidity is very low and would advise there’s no need to trade at that time.
What time should you look to trade Forex?
The answer to this question isn’t easy as there are many variables, but this is a process where you need to learn how to trade the market the right way. Once you have understood how to trade, you will practise trading at certain times and practising on a demo account.
Try to trade when there is higher liquidity which is generally between the London session and the New York session.
Conclusion
To conclude this article, forex can be traded at any times of the day depending on your lifestyle. You can make anything work for you and that’s the advantage to this market. We would recommend learning the right way first, we can help here with Platinum Trading Academy if you wish.
Once you have a routine, practise on a demo account and hone your skills. If you follow a good routine and read our other articles you will be a profitable trader.
GENERATE A SECONDARY INCOME IN LESS THAN 30 MINS A DAY!
Hopefully, you have enjoyed today’s article. Thanks for reading!
Have a fantastic day!
Nisha Patel
Live from the Platinum Trading Floor.