best time to trade forex in nigeria

Also, the markets can be affected by the arrival of late news from the. Heres a breakdown of the major trading sessions their trading hours for Nigerians (Lagos Time Trading Session, nigerian Time (GMT 1 asian Session 12:00 AM to 09:00. While some people may trade it successfully and profitably, some other people may never be able to make any headway in Forex trading. Such a trainer is just a liar. The four hours when the two-session overlap, big and fast moves are visible as the liquidity in the markets is high. Trading on Fridays is not really a good idea as the market trend might have been exhausted, hence pull backs or retracement is highly probable of happening. In addition, you need to ensure you dont trade on Sundays, as nothing significant really happens in currency rates. London Session 08:00 AM to 05:00 PM, new York Session 02:00 PM to 11:00 PM, in many cases there is overlapping of 2 Trading sessions generally during the closing of one session the opening of the other. Mistake binary option robot list is part of learning, never be afraid to make mistakes or make wrong moves when placing trades.

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There are times during the day when the currency prices are trending but there are quiet hours as well. The Forex trading hours are different, for instance, the London market opens from 3:00 AM to 11 AM, the New York marketplace is open between 7:00 AM to 4 PM, and the Japan/Australia market is open from 7:00 PM to a few. You cant make money if there is no price movement visible. Price action in forex depends on the volume and volatility in the market. The forex market in Tokyo session opens at 01:00 AM and closes at 10:00 AM Nigerian Time (GMT 1). It is not just enough to choose a place to learn about Forex; you need to choose a very good place and link up with a very reliable tutor. Forex trading does not have a particular trading time, the Forex market can be accessed 24 hours a day, 5 days a week. Furthermore, never trust in any trainer that claims he/she has strategies that will never lead to any loss. This means, as a trader you should monitor your trades during this time. Japanese Yen (JPY) the Australian Dollar (AUD). European Session (London Session) Globally, European session is the largest financial session in the world.

Finally, YOU must never trade forex with money YOU cannot affrod TO lose! Never be in a rush and you will achieve your desired aim. The overlap between the London and New York session is the most liquid period of the Day. Only after you have found a working strategy, you should then trade live in those hours. You must keep on learning and learning and learning. Visit their brick and mortal offices and also their website. Additionally, the trainer must be making consistent profit in the Forex market. . Therefore, its recommended for you to trade-in between 3 AM and. Forex Trading time has been divided into different sessions, and not every time is the best to open or close your trades. You need to be ready to start to give it time. So it is perfect time for day trading. You may want to ask the trainer to show you evidence of trading. For day traders this presents with so many opportunities to place trades or make profits during any time of the day.

New York is the 2nd largest financial center in the world. The London market opens at 8:00 AM and closes at 05:00 PM (Nigerian Time). There is an overlap occurs in the last hour of the Tokyo session and the first hour of the London session. The three hours in between 8 AM and 11 AM are particularly profitable as many economic releases are produced together, which can help you in making substantial profits. Some of the things you need to consider when choosing Forex training outlet will be discussed below. The best time is always to trade in the first 3 to 5 hours of all the mentioned sessions, particularly if your fundamental analysis points on the new economic calendar are released. Also read: N5 million.S. An example is the flash crash which occurred in the market from the announcement of bad reports from Apple company in January 3, 2019. Before you ever pitch your tent with any Forex training outlet, take some time to find out how successful such a trainer is in the Forex market. How long in the business, before you choose any particular outlet to get Forex education, you need to first consider how long such an outlet had been in the business. You can then check if the trainer has been making consistent profit or losses in Forex trading.

How successful is the trader? The liquidity is highest during the opening of the London session, so the spreads are the lowest. They would have learnt best time to trade forex in nigeria about various tricks involved in Forex trading and you can benefit a great deal from such experience. Since the closing hours of Asian session overlaps with the London session opening, Asian traders occasionally witness breakouts at the end of the day due to instant liquidity. Major participants are traders from America and Canada. There are times when trading sessions between Tokyo, London and New York overlap, and volume spikes are visible during these times since traders from both the time zones are active during those hours. Go only for those of them that had been around for a very long time. Major financial hubs in the world represent these 3 Trading sessions. A global forex market can be split up into three sessions. Stay glued only to those that are actually trading and have evidence to prove their success.

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Sometimes, its a good idea for traders to leap into the market and at times, its best to just keep away from. There is an overlapping of 3 hours with the New York session. Trading in this session contributes to around 37 of the total daily forex traded turnover. No reliance on signal providers, when seeking for how to get better in Forex trading, it is not in your best interest to rely on Forex signal providers. Instead, go only for those who will train you on how to generate the signals by yourself. Conduct their major transactions during their time zones. This price action may happen during the New York lunch hour. But you should understand that the fact that the price movements and trading volume arent uniform throughout all these sessions.

Traders can trade between hours of overlapping of the London and New York sessions to benefit from high liquidity price movements. In the forex market, volume refers to the number of lots being brought or sold in a particular currency. A lot of retail traders lost heavily this particular day because they failed to understand the best time to trade the Forex market! You should know how the market is affected by keeping up to date with the currency news and happenings in foreign countries. When two sessions are simultaneously open overlap, there are even higher volumes generated. Who to patronize, never pitch your tent with a Forex trainer, who claims you can make million dollars overnight. You must be ready to take things a step at a time. Hence the changes in price are visible in the market during sessions with high trading volumes. The pairs of currencies, which can essentially be the most active during the overlap, are GBP/USD, USD/CHF, USD/JPY and EUR/USD. The first thing you need to know is the trading sessions, different countries and currencies have different trading sessions. Price movements are mainly affected by news from UK European Union (EU) Countries including Germany, France Switzerland. You should never associate with such service providers.

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It is better to scan the markets during the Asian session and plan your trades for the overlap between the London and New York sessions. Also read: History of Nigeria before Independence ( ). Leave your comment below. So practice first on demo account to figure which hours of the day best suit your trading strategy. The thing about the trading sessions is that trading in the first 3 hours is ideal, at that time, the market just opened and will be very busy with traders. Only a trader can actually teach you and help you to be successful in Forex trading.

Best time to trade forex in nigeria - Blogs - Thinkorswim Back Testing

As hinted earlier, the trainer must be trading Forex. It takes time to become an expert in Forex trading. The best time to trade Forex in Nigeria is around the hours stated earlier on Tuesdays and Wednesdays as the peak trades occur between these two days. The Forex market is highly dynamic and a strategy that works today may not work tomorrow. You must understand never to trade Forex with money you cannot afford to lose. . Volatility is high during the opening hours of the London session and starts to decrease around Lunch time. When you have an effective trading plan set up with a money management system, it is not difficult best time to trade forex in nigeria to make millions of Naira and maybe thousands of dollars in a foreign currency in just a few minutes. And volatility refers to the speed at which price moves. A long standing Forex training outlet would have gone through the thinks and thins and would have developed the required expertise that can benefit you a great deal and make your dreams of making it big in the Forex market a reality. You may not like to believe this, but there is no strategy in Forex trading that does not have loses. In addition there are specific months in the year that has proven not to be good months for trading.

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Forex riches do not come overnight; rather, it comes overtime. The open time and close time range. It then again picks up during the opening of the New York session. The main characteristics of the New York Session are: Pairs that include the USD are highly volatile during the New York session. Be that as it may, look around for a trainer offering his/her services at highly affordable rate. In Forex trading, you start dying the day you stop learning. Japan (3rd largest forex trading centre in the world by volume Australia, Hong Kong Singapore. Since the Forex market is available all day, it is good to be knowledgeable about these trading sessions so you know what to expect when you trade. In a way, you could say that it is a market that never sleeps.