Can You Seriously Trade Currency 24/7?
The currency market begins from Monday morning in Mumbai, India to Friday afternoon in New York. All day and night everywhere on the globe, forex is traded.
It does wind up on weekends so it’s not a valid 24/7 market. 24/5 would be more accurate.
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If you seek to know the accurate times that the markets open and close, you have to take time zones into consideration. It is very clear when represented in UTC.
This is Universal Coordinated Time, previously referred as Greenwich Mean Time. It’s in fact the standard time in London, Greenwich to be precise which also happens to be explicitly zero longitude on the globe.
Hence the standard foreign exchange market operating hours would be commencing from Sunday 22:00 UTC to Friday 22:00 UTC. This is 10 pm in England in winter time.
Seeing that New York time is 5 hours behind UK time, the forex market globally would open and close at Sunday 5 pm and Friday 5 pm in New York, 2 pm at the west coast of the US, 11 pm at Germany and then 8 am Monday and 8 am Saturday in Australia, Sydney to be exact.
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In detail, here are the hours of consequential global markets:
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
Contrarily, in Eastern US time or EST:
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
It’s visible here that markets do function 24 hours a day in a global sense.
24 hour market trade does not portend that all 24 hours are appropriate for good trading. Early minutes of post opening trading in serious markets are usually delineated by extremely unstable price movements.
Many traders will be 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 executed from Sunday night until Friday night, 24 hours daily. In reality, this is made practicable foreign exchange software bots.
In spite of this, knowledgeable traders will assent to select optimal times and not persist on effecting transactions in the forex market during the whole time that it is working.
Disclaimer: Forex investing is speculative, may end up in considerable losses, and is not appropriate for everybody.
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