Hello everyone! I am as newb as they come, but I have just finished studying the babypips school of forex. I just got Oanda and MB Trading and will be looking at charts and slowly starting to trade with demo points.
My question is regarding forex trading hours. I thought that forex traded 23 hours a day, every single day? I guess I was wrong… I only see prices on charts from Friday’s United States market close. Is there any way to trade over the weekend, though?
Thanks a bunch.
FX is open 24/7, but most of the brokers, institutions and banks stop to trade at around NY close friday and start trading at Sydney open on Monday.
with Oanda you can place an order over the weekend, just do not expect a lot of movement.
Marketers make exaggerated claims in every business and probably more so in Forex. I have heard claims like 6 days a week / 24 hours / day. The actual hours for most retail brokers are 5 days a week 24 hours / day. It appears as though there is a sixth day depending on where you are living. For instance in the Eastern TZ of North America, trading starts at 5PM on Sunday and closes at 5PM on Friday. That is still 5 times 24 hours, not 6 days times 24 hours. The real truth is that out of the 24 hours, there are only about 50% of the time that is worth trading because the market isn’t very active at other times.
Sorry, but you just can’t.
You can keep an order over the weekend, but you can’t place it. Right? :5:
Yes, absolutely!
Ok, thank you everyone! I am a little bummed out about the weekend not being tradeable, but maybe my newb eyes are just too hungry :P. I’ll be continuing my forex studies in any case!