Does anyone trade from Australia the closing of the US market? Do pairs move enough for you?
Trying to find my timeframe that works with my lifestyle. I work during the day and have kids to look after when I get home. So swing trading is my best bet I guess.
So Asia market overlap is 11am to 1pm. That’s out because of work. Europe market overlap is 6pm to 10pm, that’s pretty much out with getting the kids fed and to bed. The US market overlap is 12am to 4am. That’s really out because it’s so late. And the US market closing is 6am to 8am. This time frame I might be able to do with everyone still sleeping. These times are from https://market24hclock.com/
As you hinted to yourself focus on medium-term trades where you basically don’t care about execution as Profit target is considerably higher than transaction cost (execution, spreads, etc.). You have to also take into account swaps, but there is freedom of choice - pick the broker that offers the lowest swaps and gained some trust in this field.
Beware of daylight savings times. I am in Sydney and the US market opens at 1.30am. The Frankfurt opens at 6.00pm and London opens at 7.00pm.
In winter the US opens at 11.30pm as we don’t have daylight savings in winter but the US does have daylight savings hence the disparage in the openning times.
Personally I have never traded the US close because most of the volume is in the first 4 hours of trading. Give it a go. Nothing ventured nothing gained.
From my understanding the EU session and the NY session are the best to trade. But after a friend went to hear a talk from a guy trying to sell them something, he said that his students could use his signals and trade the early morning - 6am to 8am. He didn’t say it was the end of the NY session. Sounds like unreliable information to me.
In my trading journey where progress is hard to define, I will take my awarness of being scammed, progress.
Mmmmm I’d be curious to know what company or broker that guy was representing. If you can read price action it doesn’t matter what time of the day you trade. For me the only problem I have with certain times of the day is the lack of volatility and therefore commitment by traders to move the market sufficently to reach my profit targets. That is why I like the EU and the US sessions. They provide that volatility and liquidity to achieve profitable trades.
At the start of the day when the market first opens you sometimes find the market movers deliberately moving price in one direction only to trap weak traders into bad positions before moving price back in the opposite direction to stop them out.
Trading the back end of the market or the last 2 to 3 hours of the market you sometimes don’t have enough time for your trades to work out before again the big players start closing out positions.
There is a period of time in the Aussie afternoon I call the Freddy Fakeout period. This is a period of about 2 hours when the Asian market closes and the EU market is about to open. You have asian traders trying to take profits and close their positions as well as EU traders trying to get in to the market prior to the EU open. This can cause a lot of fakeouts or whipsaw where price moves quickly in one direction before snaping back in the other direction. It’s a very hard time of the day to trade and I stay right out of it.
Keep practicing and you will find your comfort zone and if you find you can consistantly make money in the last few hours of the US market then go for it.
After all making money is the name of the game and who cares when you do it.
I hear some people’s path to trading took them through programs like this and it worked for them. Hard to say if it works for everyone. Personally, I’m not in a postion to pay someone money to learn from just now. I’d rather learn my way.
There is a handy website that will help you check the legitimacy of a trading website. It’s called Forex Peace Army and they check and give reviews on Forex Trading sites.
At present they give this guy a one star. So he doesn’t rate well.
Haha, well it’s been a while since I’ve heard this con artists name. I especially havent heard the words ‘so do you want to be a forex trader…’ a few years ago he was on every youtube video i watched. He has loads of very bad reviews of how he teaches unsuccessful strategies and never refunds money. Upsells on every course. Used to teach a strategy at the london open, has far as I read on reviews: it never worked.
I’d recommend not to sign up to him. Save your money.
Was surprised this morning when a Greg Secker video clip was popped up on my Youtube page. Years since I’ve seen this guy.
Interesting thing was the clip was posted 04/02 and showed how he set up a buy order on EUR/USD the previous day, 03/02. Simple TA technique, nothing radical but nothing silly either.
The interesting thing is that as far as I can see, his buy order would never have been triggered, as price moved downwards. He would have known this the next day and he had set the order to expire at the end of the day, the 3rd. I think most trainers would have selected a trade set-up which led to a win, or in which at least their entry order was triggered. In this case, there was no trade.
So he gets a mark from me for going right ahead and posting the clip anyway - whatever happens, follow your rules: and its just as important to have a strategy that does not get you into losing trades.