Forex or Foreign exchange market is currently the largest financial market of the world where any vigilant person can earn huge profits. Although forex is so vulnerable that it can turn profits into losses in no time, still currency exchange continues 24 hours (excluding weekends). It enables international traders to run their business smoothly without considering the disparity of currencies between various regions of the world. Because of the volume of currency exchange, which amounts to trillions of dollars per day, forex can bring fortune to money traders around the world.
The fluctuation in the exchange rates of currency can jeopardize the earning opportunity of a trader easily. One must realize that forex trading is more of an art than merely sheer luck. Familiarize yourself with the tactics of this risky game and understand the underlying rules that can lead to huge revenues. An important factor that can contribute heavily to your profits is the right time to sell or purchase currency in forex.
Because of the difference of time zone between various regions of the world, the trading activity doesn’t stay at its peak 24 hours. There is an optimal time at which maximum number of buyers and sellers gather around for foreign exchange. You must be aware of the importance of these ‘peak hours’ during which the trade volume booms, making forex the most liquid market of the world.
The exchange rate of currencies is not fixed, as in banks and other financial institutions. Currencies are exchanged at a floating exchange rate and trade is done in pairs like dollar/Euro, Euro/pound. One has to be very cautious because of the uncertainty regarding the rates of various currencies as current affairs and rumors can greatly affect the value of a currency.
According to the Eastern Standard Time, Forex starts working at 5pm on Sunday till 4pm. Almost 85% of all traders deal in important currencies. Trading cycle starts from New Zealand and expands to Australia and Asia. Middle East then joins the foreign exchange market followed by Europe. America takes part in trading in the end. Developed countries that have strong economies, play vital role in international forex with important currency exchange centers at New York, Tokyo and London.
All proficient traders of currency know that there’s a specific time in forex when all markets of world take part in the activity. When Europe and America are stimulated during the functional hours of Asia, trading volume reaches billions of dollars. Because of a great numbers of buyers and sellers of currency are available during these hours, capital becomes highly liquid and exchange rates are determined.
You must have a chart describing the working hours of forex in various countries. In Australia, currency exchange starts at 7pm, according to Eastern Standard Time and continues till 3 am. At 3 am Forex at Great Britain opens to business and closes at 11 am. Functional hours of London forex are from 2am till 12 noon. New York timings are 8am to 4pm EST. As for Tokyo, currency is bought and sold during 8pm to 4 am. All these timings are listed according to Eastern Standard Time. If you draw a diagram you’ll realize that during 2am and 4am Open markets of Asia and Europe work simultaneously.
Similarly during 8am to 12pm EST, American and European currency exchange businesses coincide. Keeping in view these peak work hours, you can be sure to reach maximum number of traders around the globe and so the chances of earning high profits increase manifold.
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