I love trading and have great fun doing so after work as extra money. During that same time, the Bank of Japan sat on its hands and left interest rates at zero. Why do I want to improve your trading?
An overview of Forex trading will teach you:
It is also when the most traders will be buying and selling currencies, so this is often the most active and volatile period for trading forex.
If you are looking to trade particular currencies, such as the Japanese yen or Singapore dollar, the best time to trade forex may be over night. The forex market is open 24 hours so you can trade through the night, which may be best when trading Japanese, Chinese, Australian and other currencies which could be most active at those times due to time differences.
This can suit certain traders, if you are freelance, work during the days or nights or it is a full-time profession. These additional forex trading hours also provide many more possibilities to profit and take advantage of any price fluctuations that you would otherwise miss.
Generally, the best time to trade forex is when the most markets overlap and the currency pairs you are trading are heavily tied to both. There are a few further important forex market hours to be aware of. Like everyone, the markets do have a rest, with annual and national holidays seeing certain ones close for set periods, when no trading activity will take place. It is useful to study and take note of key events listed in an economic calendar as well, such as national budget statement announcements, political elections, changes in interest rates and more.
There are many more specific announcements, predicted and unpredictable releases of financial results which also affect currency value.
Who should trade Forex? What tools do you need to trade Forex? Getting do you get started with trading Forex? Here are three of the main reasons our clients enjoy Forex trading: Forex is low cost When you trade Forex, instead of paying a commission like you would with shares, you pay a very small mark-up to the price called the Spread.
Typically, the spread is only a fraction of a cent for each dollar you trade. Forex allows you to start small When you begin Forex trading you can start at a very small size.
Forex trading is particularly popular for the following: New traders getting started in the markets Day traders placing several trades a day Swing traders holding trades for a few days Carry traders holding positions for weeks or months Full time workers trading in the evening Part-time workers looking for ways to supplement their income Traders who like the convenience of mobile trading.
As an introduction, a new trader could consider starting with the following basics: An online Forex trading platform with charting options, such as MT4 A demo account that lets you practice trading with virtual money, at no risk Tutorials like How to use your platform Some basic Forex education As you advance your trading, the following tools may be of use: Looking for a simple plan to get started trading with little fuss? Follow these simple steps: Get your practice account Watch the instruction videos for the practice account Go through a free Forex course Place 10 trades in your practice account with a 50 pip-stop loss and a pip profit target If you have any questions about Forex trading, feel free to speak to our client support team.