Can someone explain this to me? Just read an article where people say try and stay away from after hours trading. I thought the forex was 24h from sunday to friday.
- #3
- Nov 22, 2006 10:50am Nov 22, 2006 10:50am
- Joined Sep 2004 | Status: Trader | 1,464 Posts
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The articles i've read that mention this had "Asian" in the same context and also the weekend behind the scene trading that is available to the big boys. So you might think of NY 5pm as the "Close" of the "day" and then London open as the begin of a new day. There will be activity during the off hours, though the more consistent activity will be London Open through NY Close. There are also those that specificaly target London Session only. Two of my professional trading friends only look for breakout trades from 7:30am to 10:30am Eastern on Tue/Wed/Thur on their 5m to 15min charts... but then they can afford it due to their million dollar accounts! I mean, just how much money does a guy and his wife need anyway!! hehe.
: ) Thom
- #13
- Edited 6:12pm Nov 24, 2006 6:01pm | Edited 6:12pm
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
Trading is old. It's even Older than me.
One of the Highest Volume Commodities ever traded is Soybeans or Corn. Gold would be too, obviously but let's just look at Beans.
Soybeans Trade on the CBOT which keeps Regular North American Market Hours.
Does this mean if I live in Asia, I have to be awake during "Regular North American Market Hours to Trade Beans?" No, Not at all we don't want just your Volume, We want your Money. So, You guys trade during your regular business day {N.A. Night} and when we Open our Market, we will start our trading from where you left off. We understand that this may incurr a "GAP" in North American Prices and we will explain this to our uneducated North American Clients that the GAP was due to "After Hours" Trading.
NOT ALWAYS A BAD THING!
I had {still do actually, I just checked} my "After Hours Trading Desk" Phone Number in my wallet and could place a phone call at ANY time "After Hours to place an Exit/Entry into the Country that was Active no matter where in the world it was.
Take Bigger Profit or Cut my Losses. Either way, I knew that I was In/Out After Hours and that there would be a Gap in Tommorow's Chart.
In Fact, there is an entire Trading Strategy {not an EA or TS} built around Trading said "Gaps"
Lots and Lots to learn other than just Lotsizes
.
One of the Highest Volume Commodities ever traded is Soybeans or Corn. Gold would be too, obviously but let's just look at Beans.
Soybeans Trade on the CBOT which keeps Regular North American Market Hours.
Does this mean if I live in Asia, I have to be awake during "Regular North American Market Hours to Trade Beans?" No, Not at all we don't want just your Volume, We want your Money. So, You guys trade during your regular business day {N.A. Night} and when we Open our Market, we will start our trading from where you left off. We understand that this may incurr a "GAP" in North American Prices and we will explain this to our uneducated North American Clients that the GAP was due to "After Hours" Trading.
NOT ALWAYS A BAD THING!
I had {still do actually, I just checked} my "After Hours Trading Desk" Phone Number in my wallet and could place a phone call at ANY time "After Hours to place an Exit/Entry into the Country that was Active no matter where in the world it was.
Take Bigger Profit or Cut my Losses. Either way, I knew that I was In/Out After Hours and that there would be a Gap in Tommorow's Chart.
In Fact, there is an entire Trading Strategy {not an EA or TS} built around Trading said "Gaps"
Lots and Lots to learn other than just Lotsizes
.
- #15
- Nov 26, 2006 5:35pm Nov 26, 2006 5:35pm
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
- #17
- Nov 29, 2006 5:43pm Nov 29, 2006 5:43pm
- Joined Jan 2006 | Status: Monarch o' the Glen | 5,561 Posts
hey bemac, why specifically 1hr after NA open? I have heard people say that they dont trade until after 1hr after a market opens but never knew why.
The first hour {Barring Fundamental influence} is generally a Sparring Match of Left Jabs & Two Fisted Blocks. Usually sometime close to the first 60 minutes of Trading, a weakness is detected and the occasional Haymaker will be landed and the fight is on. BUT, Your descision to put your money on the leader in round two must have some confirmation analysis to it.
Did the haymaker drive the price Down to 1.2815, Or Up to 1.2785? Anything within 15 pips of a Handle {1.2800, 1.2700, 1.2600...} will alert the Big Option Traders and they will Either {usually} Defend or join the Attack.
AND a lot more besides. These minor battles are usually settled in the first hour but, of course, not always.
Usually I don't say Usually but that's my Waiver of the Month.
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