NIGERIA'S PRIME TIME FOR FOREX TRADING

Seven days a week, twenty-four hours a day, the currency market is open, customers can transfer money by logging in to their preferred trading websites. Yet with this, it is not advisable to handle without a clear strategy in mind.

Timing is key when working with foreign exchange. There are advantageous and disadvantageous times to trade. Let's look at when it's better to trade currencies and when it's best to avoid the market.

THE MOST CRUCIAL FACTOR IN DETERMINING WHEN TO TRADE FOREIGN EXCHANGE.

Volume of transactions: When there is a currency transaction, the prices are closer to their true worth and the bargains are more-fair.

Trading strategy of the trader: If your trading plan is medium- or long-term, it is preferable to trade with real prices when the volume of transactions on the currency market is high.

Your desired forex trading approach: You should be aware of the time that the market for those currency pairings is expected to open.

MONITORING THE NEWS

If you want to be successful in the forex market, checking the news almost every time must be your hobby. What time of the day can you trade foreign currencies？

MORNING OF MONDAY

It's not the best idea to trade Fx on Monday mornings. On Monday afternoons, however, things are very different, the market warms up after the morning hours, trade volume increases. Yet, it's still worthwhile to check the market on Monday afternoon even though you can't anticipate a surge in forex market liquidity during this time.

WHEN TRADING SESSIONS INTERSECT

London experiences the busiest trade times, with New York not far behind. As a result, you may expect the session overlap to be lively and full of trading opportunities.

Many professional traders (or at least those who trade full-time) believe that 14:00 GMT, when London is about to close and expecting the transfer to New York, is the greatest moment to enter the market.

There are more opportunities for profit due of the significant swings in price, even though they can be choppy and unexpected at this time.

Between 12:00 and 7:00 GMT, there is crossover between Sydney and Tokyo. Despite the fact that it is not as obvious as in London or New York, it is still a good time to trade.

At times of high liquidity (i.e., Tuesday through Thursday), trading activity on Monday evenings increases, but the forex market doesn't reach its peak liquidity until at least Tuesday. The middle of Tuesday morning through Thursday, is when the forex market is clearly busiest. Limit your trade to the middle of the week if you're seeking for liquidity.

TRADING SESSION IN LONDON

Despite every trading session or window has the potential to become highly busy, only one of the trading sessions consistently experiences traffic that is higher than normal. Around 30% of all transactions take place during the London sessions, also known as the European sessions, which are thought to be the busiest times for trading.

WHEN SHOULD ONE STEER CLEAR OF FOREX TRADING？

late on Sunday or early on Monday

From late Sunday to early Monday is the worst time to trade currency. In many respects, this week is a time for introspection, and instead of actively trading during the crossing, many people use it to set preparations for the upcoming week. It makes sense to avoid transactions as the new week gets underway because more investors tend to do so.