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Forex Markets

Forex markets are huge and the daily trading volume exceeds $4 trillion US Dollars and its literally a market which trades 24 hours a day and follows the sun around the World – As the New York market shuts, the markets of the Est open up and as they close, trading opens in the world's biggest currency market London.

Below are the trading hours of the major Forex trading cities

Market Hours

New York opens:  8:00 am to 5:00 pm EST (EDT)

Tokyo opens: 7:00 pm to 4:00 am EST (EDT)

Sydney opens: 5:00 pm to 2:00 am EST (EDT)

London opens: 3:00 am to 12:00 noon EST (EDT)

Currency Trading Pairs

The Forex markets allow traders to trade currencies through the US Dollar and traders also have the ability to trade cross rates between numerous currencies. In terms of the most popular currency pairs to trade the EUR/USD and JPY/USD account for 20% of all trading volume.

The foreign exchange market as volumes rise is also becoming more global by nature with cross-border transactions accounting for around 68% of trading activity, while localized transactions account for around 32%. 

The Forex markets are the biggest investment market in the world and volumes in FX trading dwarf those of share trading and the Forex markets, literally make the global economy function.

Today the Forex market is open to anyone to trade and seek profits by way of speculation. The retail Forex industry has grown dramatically as trading minimums have fallen and internet trading platforms allow anyone to trade, if they have an internet connection and a few hundred dollars.

Best Currencies to Trade

Is there really a best currency to trade?

The answer is no – all currencies offer good trading opportunities at various times but the advantage of the majors is liquidity and low pip spreads and these should be looked at by all traders. While many traders like to just stick to the majors, we find that some of the major crosses offer great trading opportunities, with less speculative interest than the majors. This means, they can have smoother and longer trends and this is ideal for anyone who is trend following. Our view is by all means trade the majors but keep your eye on the crosses too.

Best Time to Trade Forex

What is the best time to trade Forex?

There is a lot of debate on the best time to trade Forex but my own view is there are 3 time periods, you should consider and there these:

London Open

1 Hour after the S & P opens in the USA

Close of Business US Time

These times work well and if I was to choose one time to trade it would be the US close.

In the days before the retail Forex market, speculators traded IMM Futures and most of the serious traders considered the close very important and in my view this time is still great today to trade if you are long term trend following.

Whichever times you choose to trade just be consistent, make sure its a heavy volume period and don't tick watch. Look at markets just 2 or 3 times a day and this will stop you seeing random volatility which can distract you and cause you to act on impulse.

Forex Markets are a Serious Business Opportunity

The Forex market is the world's biggest business and to make money from it you need to treat it as a serious business and don't just think you can trade news stories, what a broker tells you or use one of the numerous sure fire trading systems sold online which offer huge gains with no work.

In global Forex trading, only the educated and disciplined trader thrives and makes money and this can be seen in the statistics which shows that overall, 95% of all currency speculators lose money. If you want to win you need acquire knowledge and skills. The good news is anyone can learn to trade even though the vest majority of FX traders lose money.

The reason why this is - currency is simple and anyone can learn to execute Forex trading signals which can make money with a simple Forex trading system but this by itself is not enough to win. If you want to win you need to be a disciplined trader because, if you can't execute your trading system with discipline you don't have a system.

Trading with discipline involves making the right mindset choice. If you want to win all the time or be clever, your going to lose. If you accept, you have to take losses and keep them small and you have the courage and confidence, to hold onto big trends for big profits, you can make great profits.

Forex markets will reward the serious trader who will make an effort to get the right education and adopt the right mindset. So, if you have the motivation to learn and a desire to succeed, you are all set to enjoy long term Forex trading success.