If I trade G/J market, is there times it is absolutely closed and can’t trade? Besides the weekend? I know you 24hrs a day on demo, but I’m not sure if with a broker there is a stop time of like 4PMest or something?
Thank you.
The weekend is the only time it is closed.
Thanks. I wasn’t sure because I remember reading about not o hold on to trades overnight, but I guess that was the weekend.
Yeah not holding onto trades overnight is just said because you can’t monitor your trades as closely. Holding onto weekends is not recommended because you never know what will happen over the few days the market is actually closed and whether it will gap up or down when it opens again.
As “mastergunner” (wouldnt want to meet him in the jungles of somewhere) states, the weekend is the only time the market is closed. I even know the reason, but have totally forgotten it at this point, but there was a reason.
BUT now to attend to the miscellaneous falderal thats being published here about holding or not holding over the weekend.
and it all comes down to your broker ---- some brokers open exactly when the market opens on sunday (here in usa) and close at 5pm on fridays (EST) ----- IF they do that, then holding over the weekend is fine and dandy.
BUT many brokers delay their opening to the retail client by a sizeable amount (My overseas broker delays the sunday open by one and one half hours !)
WHY do they do this ? Because traders will leave open trades that may well be correct trades, BUT BECAUSE THE BROKERS SERVERS ARE NOT CONNECTED TO THE RETAIL CLIENT, YOUR TRADE IS NEVER CLOSED, even if your tp point is reached and passed, and when you finally get on air your trade is PASSED and gone without having been executed, and usually at this point, it has REVERSED ---- THIS is one of the ways the broker wins against you, btw — they just gobble up your trade, forcing you to bail by the time you get back online.
Of course, if youre trading with the predominent trend, then the price WILL come back to your tp point and usually exceed it, BUT you will have to suffer drawdowns of anywhere from a day to a week or two before that happens ----- I have a large account and can absorb (dont WANT to, but can hold it) the drawdowns that ensue, so I have two choices. Either I will simply hold the trade and hedge it the other direction to maintain my margin, or I will cut the loss and place a STOP order at the point I got out, which mimics the trade I had originally — that way, when the price comes back, I’m automatically back in the game from where I was and riding the trade to my original (or higher now) take profit point !
now, if your broker DOESNT do that (open late) then its fine to keep your original position overnite, because even if there is news, THE BANKS WILL TAKE WHAT WAS THE EXISTING TRADE ON FRIDAY to its present support or resistance area (which should be your tp point !) before they DROP the price because of the bad news.
this is done so the price is brought as high as possible before they short the currency, so if you had a long side trade, you would be fine ! (AS LONG AS YOUR BROKER OPENS THE CONNECTION BETWEEN THEIR SERVER AND YOUR COMPUTER !!!)
generally speaking, if your broker opens when the market opens on sunday, you can keep weekend trades because the server will be connected to your trading platform and you will exit at your tp point !
If ya dont believe, just take a look on sunday as they run the price to support (or resistance) and then reverse the direction, making them bux and bux !
enjoy and trade well
mp
The forex markets are 24hrs/day 5 days/week.
But the best time to trade currencies is in the most volatile
times, which are at & beyond the European open & New york
open.
As a newbie it is advisable to close all trades before NY close
on Friday, until you understand the various issues concerning
brokers, world news, etc.