DailyForex.com Blog

The foreign exchange market is a 24 hour market, 5.5 days per week.  That is a whole lot of hours and days that you can be trading.  When I first started trading, I wanted to trade all the time.  I traded the New York session, took a nap, then got up and traded the Tokyo session.  Then I would nap some more and then wake up for the London session.  That lasted about one month, before I burnt out!!  I decided to become an expert in the EURUSD currency pair and also start watching the GBPUSD pair.  After trading all three sessions I noticed that for my style of trading, I preferred and profited more from the London session.  So I only trade that session, and now have plenty of time to sleep and have a normal life when I am not trading.  Deciding when to trade is just as important as deciding which currency pair and what broker to use.  For example,  4 am eastern time, when London Stock Exchange opens, is usually a great time to be watching the currency markets for possible direction change.  This is when many European traders are entering the market for the day so you will often see large movements and potentially see direction for the day.  Likewise, when London Exchange is closing you can often see a final move for the day, and then the currency markets slow down.  Check out www.babypips.com for more info about world markets and find your best time to trade.

This entry was posted on Wednesday, October 10th, 2007 at 11:50 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.