So, I am in USA with an AAAFx demo, and I am watching the market move on a Sunday afternoon, but when I try to trade, metatrader says, “Market Closed”.
What the heck? I thought the market doesn’t open until 7:00pm New York Time?
My Oanda Demo trading started at 1:00pm New York time, and I was able to trade right away.
My AAAFx Demo didn’t start moving until 4:30pm New York time, but wouldn’t let me trade…I don’t know when it will start letting me close the (stupid) open positions I carried over the weekend. Can anyone explain it?
To put it simply it’s just too risky to trade at all until the Australian session, and practically until the Japan session, bear this in mind at the end of the week, it’s generally considered a bad idea to have open trades over the weekend unless you are quite long term.
The OTC Forex market is 24/7 with a drastic decline in volume Saturday and Sunday.
Your broker is not open 24/7(Oanda is) the spreads will be very high during low volume times.
In the end, my read was right, and I made out fine, but I had to endure a nailbighting drawdown!
But I don’t understand your 24/7 answer. The charting shows no time elapsing between the close on Friday and the Start on Sunday. So low volume doesn’t explain it. And once AAAfx was charting prices, they still weren’t taking orders.
The Oanda charting makes sense with your answer. But comparing the AAAfx carting, there is some missing data from AAAfx. I guess that would be data they don’t bother to show because they don’t allow you to trade it?
Still slightly confused. But I did learn my lesson. Don’t trade near close and open around the weekend.
