Is Forex Trading a 24/7 Operation?
Beginning from Monday morning in Australia to Friday afternoon in NY, the forex market is active. All day and night everywhere on the globe, forex is traded.
Nevertheless it is not a 24/7 market for it does ceases to trade during weekends. It’s more appropriately 24/5.
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You will need to understand time zones though in order to surmise exactly when the global markets will open and close. By using UTC, it becomes a simplified method.
This is Universal Coordinated Time, erstwhile identified as Greenwich Mean Time. It’s in reality the standard time in London, Greenwich to be correct which also happens to be accurately zero longitude on the globe.
So, the usual currency market hours are 22.00 Sunday UTC to 22.00 Friday UTC. This corresponds to10pm winter time in the UK.
Since UK is ahead of New York by 5 hours, the forex market universally will open and wind up 5 pm Sunday / Friday in NY, 2 pm West Coast, 8 am Monday/Saturday Australia and 11 pm, in Germany.
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In short, 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
Portrayed in EST (Eastern US time):
Sydney: 5 pm through 2 am EST Tokyo: 7 pm through 4 am EST London: 3 am till 12 noon EST New York: 8 am till 5 pm EST
You can recognize that these accord to 24 hour cover.
24 hour market trade does not portend that all 24 hours are suited for good trading. Just after an important market opens, the prices can be very volatile and changeable.
This is why accomplished traders will delay their trading for a period of as much as an hour 4 times a day when the major destinations commence their market day.
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So in a sense you may trade 24 hours a day from Sunday night to Friday night. It even becomes justifiable physically owing to trading software that utilize robots.
At any rate, a smart trader will choose his times and will not be active during all of the forex market hours.
Disclaimer: FX trading is not risk free, may end up in significant losses, and is not appropriate for everybody.