Foreign exchange trading, or Forex for short, is a decentralized global market for trading currencies. The ability to trade at any time of day or night is a significant perk of the online Forex market. This is because there is no set ‘closing hour’ in the foreign exchange market.
The Forex market is available at all times of the day, every day of the week. The Nigerian foreign exchange market is open from Sunday midnight to Friday night ten o’clock. There is always at least one functioning currency market in the globe, no matter what day of the week it is.
Every forex trader eventually learns that certain times and days of the week provide greater trading possibilities and more profits. For this reason, being aware of favourable forex trading hours in Nigeria is crucial.
How global sessions overlap
When multiple markets across the world are open at once, that’s when you want to make your move. This is because substantial amounts of currency will change hands.
If you want to succeed in the foreign exchange market, you should start by signing up with the best Forex brokers in Nigeria, and then go one to learn about the different trading sessions and which currencies are better to trade with during each session, relative to Nigeria time.
Since the foreign exchange market is run by a global network of computers, different countries observe different trading hours. Not all foreign exchange markets are closed after a single country’s trading session ends.
For instance, even if the Asian market is closed, the Japanese yen can still be traded on other exchanges throughout the world. This trading potential can be further boosted when trading with a Forex no deposit bonus.
A snapshot of trading sessions
There are three distinct times during which currency is traded around the world. These are the three most important financial markets in the world: the Asian Session, the European Session, and the American Session. There are start and end times for each of these sessions.
When these three sessions are active, the foreign exchange markets are open for business. Indeed, it is during these three hours that financial organizations like banks and corporations perform their most important transactions.
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What time should you trade in Nigeria?
Trading foreign exchange in Nigeria is most profitable between the hours of 2:00 pm and 6:00 pm. Market opportunities abound as the London and New York trading hours begin to overlap.
Trading sessions in London and New York are the two largest in the world, so when they coincide, liquidity is at its highest. For another four hours, from 2 to 6 pm, both markets will be open simultaneously.
There will be no better moment than those four hours of the day to make a quick profits, since the markup between the selling and cost price will be at its lowest point of the day.
During this time, many tradable patterns emerge as well. Day traders can enter the market now in order to maximize their profits before the market closes at 5 or 6 a.m. in Nigeria.
As such, trading during these periods will provide traders in Nigeria with the best opportunities to benefit from global market activity.
