Can You Seriously Trade Foreign Exchange 24/7?
The foreign exchange market convenes from Monday morning in Mumbai, India to Friday afternoon in New York. Someone around the globe is busy in forex trading at any given hour.
It does terminate on weekends so it’s not a valid 24/7 market. So perhaps the apt term would be 24/5 instead of 24/7.
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So should you want to keep acquainted about the appropriate opening and closing times of the forex market, consider time zones. It is very easy when represented in UTC.
Greenwich or GMT is the past sobriquet of UTC or Universal Coordinated Time. It is the actual winter time at zero longitude on the globe and that being Greenwich, London.
In these terms, the regular operating schedule of the forex market would be from Sunday 22:00 UTC to Friday, 22:00 UTC. In UK wintertime it is 10 pm.
New York is 5 hours behind the UK so the international foreign exchange market begins and closes at 5 pm Sunday/Friday in New York, 2 pm on the US west coast, 11 pm in Germany, 8 am Monday/Saturday in Sydney.
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In a nutshell, the major national forex markets have the these hours:
London: 8 am to 5 pm UTC Sydney: 10 pm to 7 am UTC Tokyo: 12 midnight to 9 am UTC New York: 1 pm to 10 pm UTC
Alternately we can assert that in EST (Eastern US time):
Sydney: 5 pm to 2 am EST Tokyo: 7 pm to 4 am EST London: 3 am to 12 noon EST New York: 8 am to 5 pm EST
You can recognize that these accord to 24 hour cover.
However, this does not consequently mean that trading will be good at all of these occasions. Early minutes of post opening trading in weighty markets are usually distinguished by extremely unstable price movements.
Many traders will remain out of the currency market for up to an hour four times a day when the financial markets are getting up in these major cities.
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In theory then, trading can be accomplished from Sunday night through Friday night, 24 hours daily. Automated software in the style of a forex robot can even make this physically achievable.
But the prudent trader opts for optimal times and is accordingly not trading during the consolidated operating hours of the foreign exchange market.
Disclaimer: Foreign Exchange investing is risky, can end up in substantial losses, and is not suited for everyone.