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Best Days To Trade Forex
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Best Time To Trade Forex In South Africa
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When Is The Best Time To Invest In Forex?
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One of the benefits of the Forex market is that it is open almost 24/7. This means that you will be able to trade Forex and generate a return on your money at any time of the day.
However, there are times when it is better to trade Forex or, in other words, there are times when you can make more profit. Therefore, it is important to know when these times are so that you can increase your chances of success.
Best Days Of The Week To Trade Forex
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Before looking at when is the best time to trade Forex in South Africa, it is important to first understand when the global Forex session is around the world. There are generally four major trading sessions across the world, representing over 65% of the global Forex market volume and most of the total liquidity.
During these four sessions, there was also a lot of overlap during which volume and liquidity increased and therefore affected trading. The first is between 11pm GMT (6pm EST) and 7am GMT (1am EST), when there is an overlap between Sydney and Tokyo. During this overlap, the maximum volume is traded with the currency pairs of these regions.
Between 8 am GMT (3 am EST) and 9 am GMT (4 am EST) there is another overlap when the sessions in Tokyo and London overlap. During this overlap, the most traded pairs were Europe and Japan.
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Finally, there is an overlap between the sessions in London and New York between 1pm GMT (8am EST) and 5pm GMT (12pm EST), during which the most active trading pairs are EUR/USD and GBP. / USD.
The first step in determining the best time to trade Forex in South Africa is to determine the relevant time zone in the region. The entire country is in the same time zone with 7 hours before Eastern Standard Time and 2 hours before Greenwich Mean Time (GMT).
Here it is also important to note that South Africa does not use daylight saving time. This means that during the South African summer, your time is 6 hours before EST and 1 hour before GMT.
Now that we have analyzed the major global Forex sessions around the world and the relevant time zones in South Africa, it is time to consider when is the best time to trade Forex in South Africa.
When Is It Better To Trade Forex?
The first step in determining the best time to trade Forex in South Africa is to determine when is the best time to trade together. Traders always believe that the time with the most liquidity and volatility in the market is the best time to trade Forex. These times usually fall on Thursdays and Fridays and as a result, many traders believe that these days are the best days to trade Forex.
However, at Traders Union, our experts have done research and can now disprove this falsehood. During this study, our experts interviewed 2,080 traders, 81% male and 19% female.
In this group, 4% of traders traded Forex for more than 10 years, 28% traded more than 5 years, 38% traded between 3 and 5 years, 21% traded between 1 and 3 years. And 9% traded in less than a year.
In terms of returns, 3% of teams have an average monthly return of up to 15%, 17% have a monthly return of up to 10%, 29% have a permanent monthly return. Up to 5%, 32% indicates an increase in monthly income. Up to 3% and 19% have monthly returns of up to 1%. To achieve these returns, 44% of traders use day strategies, while 44% use long-term strategies.
What Is The Best Timeframe To Trade Forex?
Now, based on the survey above and feedback from traders, when is the best time to trade Forex? Interestingly, the vast majority of traders say that the most profitable day of the week to trade Forex is Wednesday.
Regarding the best time to trade Forex, the majority (38%) of traders say the best time to trade is between 6am GMT (1am EST) and 12pm GMT (7am EST). ). In turn, 31% of traders said the best time to trade was between 18:00 GMT (12:00 EST) and 12:00 GST (19:00 EST).
Now, if we combine the above results, it shows that Wednesday is the best day to trade between 6am GMT (1am EST) and 12pm GMT (7am EST). It also shows that Thursday is the second best day to trade at the same time mentioned.
Furthermore, other research results show that for long-term strategies, Wednesday and Monday are the most successful days for trading. Also, for short-term strategies, Wednesdays and Thursdays are best.
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Now, based on the results of our research, we can establish the best time to trade Forex in South Africa. Here, the best time to trade Forex is on Wednesdays and Thursdays. When it comes to a specific time it’s better
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