As one major Forex market closes, another opens. According to GMT, for instance, Forex trading hours move around the globe at various times. It becomes available in New York between 01:00 PM – 10:00 PM GMT; Sydney comes online at 10:00 PM GMT; Tokyo opens at 00:00 and closes at 9:00 AM GMT; and to complete the loop, London opens at 8:00 AM and closes at 05:00 PM GMT. This enables traders and brokers worldwide, with the participation of central banks to trade online 24 hours a day
The Forex market is open 24 hours a day and it is important to know which the most active trading period is.
For instance, if a less active period between 5 pm – 7 pm EST is taken, after New York closes and before Tokyo opens, Sydney will open for trading but with more modest activity than the three major sessions (London, US, Tokyo). Consequently, less activity means less financial opportunity. If you want to trade currency pairs like EUR/USD, GBP/USD or USD/CHF you will find more activity between 8 am – 12 am when both Europe and the United States are active..
Other Forex trading hours to watch out for are the release times of government reports and official economic news. Governments issue timetables for when news releases take place, but they do not coordinate releases between different countries.
It is thus worth finding out about economic indicators published in major countries, as these coincide with the most active moments of Forex trading. Such increased activity means bigger opportunities in currency prices, and sometimes orders are executed at prices that differ from those you expected.
A trader has two options: either include the news periods in Forex trading hours, or decide to deliberately suspend trading during these periods. Whichever alternative is chosen, one should take a pro-active approach when prices suddenly change during a news release.
For day traders, the most productive hours are between the opening of London markets at 08:00 GMT and the closing of US markets at 22:00 GMT. The peak time for trading is when the US and London markets overlap between 1 pm GMT – 4 pm GMT. The main sessions of the day are London, US and Asian markets.
LONDON SESSION – opens between 8 am GMT – 5 pm GMT; EUR, GBP, USD are the most active currencies;
US SESSION – opens between 1 pm GMT – 10 pm GMT; USD, EUR, GBP, AUD, JPY are the most active currencies
ASIAN SESSION – opens at 10 pm GMT on Sunday afternoon, goes into the European trading session at about 9 am GMT; not suitable for day trading
Wealthway trading hours are between Sunday 22:05 GMT and Friday 21:50 GMT. When the dealing desk is closed, the trading platform does not execute trades and its features are only available for viewing
For any enquiries, technical difficulties, or urgent support, feel free to contact our 24-hour customer support by email or live chat any time. In case you don’t have your PC at hand, please make sure to have your account login details with you so that our support team can help you with your orders.
For closing positions, setting a ‘take profit’ or ‘stop loss’ order on an existing position, you will also need to provide us with your ticket number. After that, all you will need to do is request for a two-way quote on a particular currency pair and specify the transaction size (e.g. “I’d like a Dollar Japanese Yen quote for 10 lots.”). Please remember if password authorization fails, or you do not wish to undergo this process, we will not be able to carry out your instructions.