At the weekend when I tried to practice with my demo a/c, I couldn’t do this because the market was closed.
Presumably the market is closed and you are then unable to place a trade 24/7?
In those circumstances however, what is it then that moves the market outside of normal trading hours?
So for example, over the weekend (when you can’t place trades) but come Monday morning the market may have moved against you (if you have an open position) - where does ‘this’ movement come from - barring some unforeseen catastrophe?
And I’m assuming we get overnight movement during the week also but haven’t yet figured out why?
Thank you! And apologies is this is too simplistic a question - I did try and google this but all I can find is the different trading session info…
Overnight to you will be morning time at the other side of the world. With all the different time-zones, that’s why it’s constantly moving.
As for over the w/end, that’s a good question that I’ve never thought of before & I’m afraid I’m unable to answer it. I’ll be keeping an eye on this thread to see the actual answer though.
FX is a decentralized market therefore in theory it never closes… but in practice after NY close on friday all big players stop trading… and a market needs a buyers and sellers to be a market… then the FX market is close. The gaps you see with your retailer account is the previous trading done by banks before the actual opening established by your broker…
Baz, yes - that’s what I thought - that the other trading sessions around the globe are what’s constantly affecting price movement.
And yes Yunny - I ‘thought’ that forex was a 24/7 operation - not having any base to speak of.
But if forex is a 24/7 operation, why then can’t you access your account to place a trade at any given time - since somewhere in the world must be open, no? I’m just trying to get my head around when/why the market is closed (over here in the US) but we still get movement? Sorry, I’m still a tad perplexed but I do ‘get’ what you’re saying Baz - cheers!
24 / 7 - OANDA is the only Internet-based platform currently accepting trades over the weekend.
Hi Banker, just copied this bit above from Oanda’s website. And as you say, the spreads look horrible so that makes no sense to do it. And perhaps being a retail trader, that is why I wasn’t able to gain access (to set up my demo a/c properly) over the weekend. So I’m think I’m good with this one now, thanks everyone
Oanda actually discontinued weekend trading a little while back. Surprised it took them this long, actually. There is effectively zero trading done over the weekend.
