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What is the best time to trade Forex for a rookie?

  • #1
  • First Post: May 6, 2008 2:46pm May 6, 2008 2:46pm
1. London open
2. US open
3. Asian open

Please provide an explanation for your answer? Thanks.
  • #2
  • May 6, 2008 3:34pm May 6, 2008 3:34pm
It depends on your style and how you trade. For me,first 2 hours of each session (especially london and NY) and last hour of each session. Simply because these hours offer the most volatility and liquidity.

Edit: Also 10:00-11:00 EST
  • #3
  • May 6, 2008 3:58pm May 6, 2008 3:58pm
Lets make an EA
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  • #4
  • May 7, 2008 12:32am May 7, 2008 12:32am
I think it has more to do with convience versus strategy. It's not realistic for most people to wake up in the middle of the night to trade. For me I am a longer term trader and I like to place trades usually before the open and after the close of NY market.

Again this really has to do more with convience than anything else.

Good luck,
Jackie
  • #5
  • May 7, 2008 1:39am May 7, 2008 1:39am
the best time imo is after asian close all the way to euro close. Coz by e time asia closes, you should already have a hint of the trend.
  • #6
  • May 7, 2008 1:56am May 7, 2008 1:56am
Usually some nice moves at the London open, I imagine that the US open is the same but I'm in bed by that point.
The breaking of a wave cannot explain the whole sea.
  • #7
  • May 7, 2008 10:10am May 7, 2008 10:10am
How about starting out by trading daily charts only. I know it sounds crazy, but work your way down.....it's what I did, and thank God I did.
  • #8
  • May 7, 2008 10:47am May 7, 2008 10:47am
Quoting clockwork71
How about starting out by trading daily charts only. I know it sounds crazy, but work your way down.....it's what I did, and thank God I did.
Great advice.

If you feel like you MUST be in front of your computer trading, I like the asian session. I have caught many slow steady trends trading asia. Last night, for example, NZDUSD,AUDUSD, and EURUSD all started nice long trends right around asia open. In fact I am still in all of those trades from last night.
  • #9
  • May 9, 2008 4:56pm May 9, 2008 4:56pm
Quoting magnumfreak
Great advice.

If you feel like you MUST be in front of your computer trading, I like the asian session. I have caught many slow steady trends trading asia. Last night, for example, NZDUSD,AUDUSD, and EURUSD all started nice long trends right around asia open. In fact I am still in all of those trades from last night.

Really the only difference is the speed in which price moves. Asian moves can be a total of 20 pips on some nights. However, this is pretty much unheard of in Europe.

Also, the currency pair will determine if Asians are trading it. If you ever want to be bored out of your mind, try watching USD/CAD during Tokyo.....it's a nightmare. It hardly moves.

Yen crosses are your best best typically. (Unless something major happens.)

But I still stand by my original statement. Daily candles first.

Clockwork
  • #10
  • May 9, 2008 11:10pm May 9, 2008 11:10pm
Quoting jaywysper
1. London open
2. US open
3. Asian open

Please provide an explanation for your answer? Thanks.
hmm you missed one of them

now my fav is mid London and Australia hours

when I started this I love the volatility of London-US hours

but during this global economic fear like today it is wise to avoid US trading hours

so answer is really depends on the situation
  • #11
  • Last Post: May 10, 2008 7:59am May 10, 2008 7:59am
Realistically no one can answer this question for you based on the information we have. The day/time to trade really depends on your trading style. You need to watch the market, look at it's history and determine when it moves best for your trading style.
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