Choosing the Best Days to Trade
The Foreign Exchange is open 24 hours a day, 7 days a week. However, just because Forex is open and available 24/7 doesn’t mean that it’s a good idea to trade at all hours of the day or night. So how do you choose the best days to trade Forex? Read on to find out.
When it comes to the Foreign Exchange market the first thing to take into consideration is that not a lot goes on during the weekend. The Forex market in most countries is closed on Saturdays and Sundays and therefore, it is a good idea to step away. Take the weekend off and stick to trading during the weekdays.
However, you still won’t want to trade on every day of the workweek. For instance, on Mondays it is advisable not to trade. The reason for this is that on Mondays the market is just waking up from the weekend and you’ll need to give it a little time in order to determine what the trends for the week will be. Use Mondays to research and build your strategy for the week and then begin your trading on Tuesdays, Wednesdays and Thursdays. On Fridays there are a huge volume of closing trades, so it’s best to close your positions on Thursday to avoid the rush and the fluctuations due to these Friday closings.
Choosing the right days to trade can greatly improve your Forex trading experience and success.
