Even natural disasters have the power to generate this type of coordinated response, as evidenced by the Japanese tsunami. Many traders have been very unsuccessful trading these currencies during the volatile 6 AM to 2 PM time period. Test your skills, knowledge and abilities risk free with easyMarkets demo account. The best times to trade these instruments coincide with key economic releases at 1: DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Although brokers offer dozens of related crosses, most clients focus their attention on the six most popular pairs: As one major forex market closes, another one opens.
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Have you ever worked in a financial services firm or in a role that is relevant to trading in OTC leveraged financial instruments? Which financial instruments are usually characterized by the use of leverage? The next day the price of gold increased. The chart shows the profitability of traders with open positions broken down by hour of day across the five most popular currency pairs.
Those profitability statistics can certainly vary on a day-to-day basis, but the patterns are impressively stable over the course of the year. You can see that periods of strong trader performance line up with low-volatility trading hours.
Traders tend to see the best results during the Asian trading session, and the chart below shows that the Euro tends to move far less through this period. To see why volatility lines up so well with performance, we need to look at real trader behavior. If a currency has fallen and is trading at or near significant support levels, the range trader will often buy. If the same currency then trades higher and near important resistance, that same trader sells.
This can work if price is not breaking major price levels and continues trading within relatively narrow ranges. Of course that same trader would do quite poorly if price broke significantly above resistance or below support. How do we avoid the worst market conditions for this particular style of trading? The results are not good. When the period RSI crosses above 30, buy. When RSI crosses below 70, sell. Yet once we factor in the time of day, things become interesting.
This next chart shows the exact same strategy over the exact same time window, but the system does not open any trades during the most volatile time of day, 6 AM to 2 PM Eastern Time 11 AM to 7 PM London time. The difference is dramatic. Only allow the strategy to open trades after By sticking to range trading only during the hours of 2pm to 6am, the typical trader would have hypothetically been far more successful over the past 10 years than the trader who ignored the time of day.
Of course, not all currencies act the same.
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Also take notice that in between each forex trading session, there is a period of time where two sessions are open at the same time. During the summer, from AM ET, for example, the Tokyo session and London session overlap, and during both summer and winter from AM PM ET, the London session and the New York session . The Forex Market Hours Converter assumes local "wall clock" trading hours of AM - PM in each Forex market. Holidays not included. Not . The best time to trade on the forex (Foreign Exchange) is when the market has the most activity or volatility. When more traders are active, the trading spreads, or the difference between the bid price and the asking price, tend to narrow.