With the variety of markets all around the world it may be hard to pick out a specific one to trade with as the whole lifestyle is to revolve around a specific timetable right after the market is picked. With different time zone and operation hours it is difficult to pick a time to trade. So, what is the best time to trade Forex?
Those who are just getting into trading may think that it is unimportant what time of day one gets into the trade and the main point for success is picking the right trading assets. But that is not the whole truth. Various studies were conducted by broker services and it turns out that some periods in the day are marked by significant losses and some by big wins for the traders. In fact the study revealed that some of the traders very not very successful with the trading just because they entered their daily sessions in the wrong time of day.
The highest profitability was displayed by the traders who entered the trades in the period os time between 7 PM and 11 AM GMT time. The data were pulled together from observation thousands of traders. This is the best time to trade one of the most popular currency pair EUR/USD at least with the best time being between 2 PM and 6 AM GMT. The same can be said about USD/CHF and GBP/USD.
Although there is currently no study that could set the exact time frames for trading Asian currency couples as most of the studies are focusing European and American time frames and Asian markets do not fit into the frames set for most of the traders.
Experts also suggest to enter the traders in the off-hours with range trading strategy.
The article should not be considered an actual advice for trading hours. Every trade is individual.
- by Anna K.
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Choosing a good broker is of the keys to a successful trading and good win percentage. That being said with the number of brokers on the market today it is fairly easy to lose oneself in the options. The process of choosing a good broker can be just as hard as choosing trading assets, so it is important, especially for those only getting into trading, to know the qualities of a good broker.
1) Communication skills. The key to feeling comfortable with the trader of choice begins with that first communication while verifying recently opened account. Broker’s readiness to help trader cope with the first difficulties and professionalism of the support team are the indicators of a good broker.
2) Minimum deposit. Although there are brokers who set their enrolling minimum too high, typically the number lies in between $500-1000.
3) See-through business conduction. It is very important that every aspect of the broker’s activity is understood by the traders who use their services. After all, broker deal with someone else’s money and it is of paramount importance that traders can actually see every transaction.
4) Clear fees. Every broker has different fees for trades execution but, in any case all of the fees should be out there for the trader to know them before he ever signs up for their services. Plus, there is a question of affordability of the fees, as not all of the traders come into the business with a lot of starting capital. So, the fees should be known and affordable with the good broker.
5) Experience. Of course, in the age of crypto trading it is impossible for every single trader to be in the market for tens of years. But as the practice confirms, it is usually better when the brokers understand the market from traders’ point of view and have vast trading experience.
The basic rules for spotting a good broker are pretty see-through and obvious but it is still difficult to find a broker who will be reliable from all points. So the search and decision must be tough-through and well formed.
- by Anna K.