Unlike other trading markets, the foreign currency trades market or the FOREX market is open 24 hours a day, 5 days a week. This is one of the reasons why FOREX trading is so popular today. This is besides the fact that FOREX can also be accessed through the internet. Both time flexibility and accessibility contribute to its popularity even with ordinary citizens. Anyone can open an account and engage in currency trading. Rates are lower and guides are sitting around in nook and corners of cyberspace. Like any curious and enterprising civilian, you can also get into FOREX trading wherever you are. Because it is open for 24 hours, you would not be afraid of not making it to the deadline. But what should you know about FOREX schedules? Is there a good time for trading? Are there any schedule advises?
You should know that while the foreign currency exchange market is open 24 hours, it does not mean that most people are awake at all times. It is open for 24 hours to give way to traders all over the world. Of course, different countries can be found in different time zones so there are times when only traders in a specific area are active. For example, while US is asleep, Asia is awake and trading away. However, this does not mean that you cannot trade if you are not in Asia. You can still trade, it is just that more Asians are trading at that time so it is possible that more Asian currency than European is in circulation. This would be a problem if you prefer other currencies but would be of help if you would want to trade currencies like the Japanese Yen.
As a guide, you should remember the following: The Asian session is a slow moving one. The US session starts at around 1300 GMT and is the most active, especially when it comes to trading US dollars (USD) and Euros (EUR). However, you should also remember that there is a recession in the US. At the same time, the London session starts at 0800 GMT and ends at 1600 GMT. Mostly, their currency movements are the same as the US dollar. For foreign currency exchange trading, it would b advisable to trade between 1300 GMT and 1600 GMT. It is during these times that a lot of transactions are being made and a lot of currencies are available.