Unlocking Profit Potential: Discover the Best Time To Trade Forex In Nigeria—The foreign exchange market is open 24 hours a day, every day of the year. Therefore, you need a strategy that positions you to take advantage of favourable market conditions and maximise your forex trading profits.
One of the most crucial aspects of becoming a successful forex trader is learning how the forex market operates and when the best times to trade are.
Understanding Forex market trading hours
Except for the weekend, the foreign exchange market is open around the clock. Due to the fact that the currency market is constantly open somewhere in the world, it is possible to make lucrative trades at any time of day, five days a week.
For example, the Nigerian foreign exchange market begins trading at 11:00 PM on Sunday night and ends at 10:00 PM on Friday night.
The foreign exchange market is constantly moving, but you need to know that it is divided into three primary trading sessions. More traders are putting buy and sell orders in the foreign exchange market when any of the three major markets (Tokyo, London, and New York) are open for business. The increased transparency of price changes opens up more lucrative possibilities.
Here are their opening and closing times in Nigerian time:
- Asian session (major market is in Tokyo): 12:00 am to 09:00 am
- European session (major market is in London): 08:00 am to 05:00 pm
- North American session (major market is in New York): 02:00 pm to 11:00 pm
The best time to trade Forex in Nigeria
Since it’s not practical to constantly check the forex market for opportunities, traders must choose when it’s best to enter and quit a deal. Knowing the best time to trade forex in Nigeria is something that will benefit from some independent research and analysis.
You’ll see that the big marketplaces coincide intermittently during the day. When this occurs, there are more people trading and more money changing hands, both of which increase the likelihood of making a profit.
The opening and closing times of the Tokyo and London markets overlap by an hour (that is, from 8:00 am to 9:00 am Nigerian time). In addition, the London and New York stock markets overlap by three full hours.
The fact that London and New York are home to the world’s two largest FX exchanges just adds to the thrill. A substantial chunk of the daily volume of forex trading takes place during the three hours when the London and New York markets overlap (02:00 pm to 05:00 pm Nigerian time).
Because of the significant potential for gain, it is an excellent moment to engage in foreign exchange trading in Nigeria, particularly when dealing with currency pairs that incorporate the euro, the pound, and the dollar. In addition, Commercial Banks Have Been Told To Trade Forex Freely In Nigeria.
Find out what time the market you want to trade in actually opens and closes relative to your local time if you’re having trouble determining the best time to trade forex in Nigeria.
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