When you think about it, timing is crucial for almost everything in life. Trading on Forex is not an exception. Think about it and travel back in time to the day you made your first trade.
Both way, you learned that preparation and research is the key. The most successful Forex traders know when to trade Forex and make a profit out of it. You must be thinking to yourself that it is strange to pick certain days to trade since Forex is known as a largest marketplace around, and it is open for business twenty-four hours a day. Of course, nobody is forcing you to trade on certain days only, but you need to know that the market is constantly moving, and in order not to lose your investment quickly, you have to be clever and figure out the best days to trade currencies.
The majority of experienced Forex traders usually recommend that you should aim to trade in the middle of the week. That would be on Tuesdays, Wednesdays, and Thursdays. Those are the busiest days and there are more opportunities for a profit due to volatility of the market during those times. First of all, it is bad for your health since you need to sleep and rest in order to be more alert and focused.
Secondly, even though the market is shifting and changing and presenting you the chances for profit, it is not going to occur for the entire day. You are probably already aware of the major trading centers and the fact that they are scattered around in different time zones.
Surely, it is up to you to decide when to trade Forex, but the general assumption and advice by the experienced Forex traders is to aim for trading when two sessions are overlapping. You have to know the exact timing when that happens in the time zone you live in and try to trade right then. It is not as complicated as it sounds — you simply have to organize yourself and your available trading time properly. Make a separate trading calendar and mark the top days to trade Forex alongside the time schedule and the sessions you plan on trading in for that day.
It is hard to pinpoint a single day when the market presents the most opportunities for Forex traders. As I have mentioned before, the best days of the week to trade Forex are Tuesday, Wednesday, and Thursday. They are the most eventful days when it comes to the volume of the market and the pip ranges. Following the current events in the media is also very helpful and sometimes crucial for the overall success.
The major news can create the movement on the market even on the days which are not usually regarded as the best days to trade Forex.
Any sort of turmoil in the world of economy, or in global and political world can make the market shift and give you the more possibilities for the eventual profit. Clearly, there are some days which should be avoided when it comes to trading on Forex. They are slow, uneventful, and unlikely to bring you any sort of profit. If you put on your thinking cap, you will instantly know which the worst days to trade Forex are.
Be mindful of these days and approach them carefully:. To summarize, using your logic and creating a solid trading strategy which includes the proper times for trading is crucial if you want to make a profit. Trading on Forex market can be complicated and you need to do your research. It is hard to choose only one day which can be regarded as the best day to trade Forex, but having the knowledge on how the market works can put you in advantage. It is safe to say that trading during the middle of the week is the safest way to go.
The majority of opportunities for profit are created during those days and clever traders know how to use them. Being aware of the days when the market is slowing down is important as well.
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