The fact that the foreign exchange market is open 24 hours a day is one of its distinguishing aspects. This is made possible by the fact that major sessions' trading hours coincide. When one of the big markets closes, another one opens. There are four primary trading sessions in Forex:
For consistency, all times are provided in Eastern Standard Time (EST), which is the same as New York time. Traders should be aware that the United States, the United Kingdom, and Australia all use daylight saving time. Take notice of how this will affect the local time in your appropriate time zone.
The biggest and most popular trading platform, MetaTrader 5, is the best platform for day traders. The table below shows the WavFX trading hours for MetaTrader 5. The preceding points should be noted by forex traders:
This minor delay, as well as small intervals throughout the day, have been designed to aid prevent spreads from expanding when liquidity providers go offline. The liquidity of specific currency pairs varies according to the time of day. This is attributable to the fact that trade volume has a significant impact on currency market liquidity.
For example, during the convergence of the London and New York sessions, when the two sessions coincide, the EUR/USD pair will see a lot of trading volume and liquidity. This is the time of year when most merchants in the United States and Europe go online.
Consequently, when Tokyo and Sydney sessions are both open, it is the best time to trade the Australian dollar versus the Hong Kong dollar or the Singapore dollar. Not only will traders in Australia and Asia be even more active around this time, but it will also be when crucial economic data for these regions is released. As a result, it is the perfect moment to undertake fundamental analysis and technical research in order to avoid high-risk trading circumstances and find trading opportunities.
When trading the US dollar, the optimum time is during the North American session, when trading the Australian currency is during the Sydney session, and so on. WavFX is a forex broker that accepts traders of all levels of experience.
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Incorporate : The Registrar of Companies for England and Wales, hereby certifies that WAVFX TRADING INDEX LIMITED is this day incorporated under the Companies Act 2006 as a private company, that the company is limited by shares, and the situation of its registered office is in England and Wales. Given at Companies House, Cardiff, on 25th September 2005. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendment and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines, 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well as to provide brokerage, training and managed account services in currencies, commodities, indexes, CFDs and leveraged financial instruments.
Risk Warning : Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.