Review on the Forex Market Business Hours
One thing is for you to understand the fact that the operation of the Forex market is that it can be done at any time that you wish to do so.
The locations depend on the actual place that you are all around the globe. What they make use of is the Greenwich median time, GMT is the abbreviated form of this.
What most of the website do is to clarify the business and describe the hours for opening and closing of the trading session. The examples include,
- In Sydney, the Forex opens at 10 pm GMT, and it closes at 8 hours which can be said to be 6 am GMT
- In London, the Forex opens at 8 am GMT and closes at 5 pm GMT
- In Tokyo, the market opens at 12.00 GMT and closes around 9 am GMT
- New York, the Forex opens around 1 pm GMT and closes after 8 hours around 10 pm GMT
The aspect where things get complicated
The very reason why people get confused is how some of the websites present the closing and opening time of the data. So that you will be able to make a meaningful description worldwide, it will be advisable if you can present a standard time. Looking at the article, the referencing of the data is done to GMT. Looking at some article are related to the United States, the base reference that is commonly used can be said to the Eastern time. This cannot be said to be wrong actually, but then it doesn’t seem very clear to the readers that cannot differentiate between the GMT and FST. This is precisely the thing that the Forex trader and personnel on an airline that you will need to do regularly.
One other possible source that makes things confusing is the fall, winter, and summer. The Eastern time comes in two ways, and the first one is the Eastern Daylight Time and the Eastern Standard Time. GMT is the global one that was given serious approval, and provision is not made for Greenwich Mean Daylight Savings Time, this is an indication that some traders in New York still choose to reference the Eastern Time other than the GMT. It is important to note that the trading hour in New York shifts with just an hour gong by the reference time.
24 or 8 hours a day
Look at the part of this article each of the locations is opened for the article around 8 hours daily. This is true, but there is some website that claims the fact that the market is always opened for 24 hours daily.
The explanation that can be given on this is quite straightforward, but then it may be quite strange using the explanation that is of two-part. The first part is the fact that you have to understand that the market will be closed when it is midnight in New York. Even with this situation, it is afternoon in some other place, and the trade is still on-going.
For this reason, if you have them thinking that the trading hour is 8 hours, understand that some centres are still open all; around the world. Just ensure you trade anytime you want so far the trading session is still opened.
Five or Seven Days
This can be said to be another source that can lead to confusion, and traders are not very sure about the days that things get opened. Declarations have been made by some website that the forex market opens 24/7, and since then they haven’t made any further clarification. One thing that people note is that it works for five days.
Both statements are through, but where the contradiction comes is that some traders open for 8 hours, and some open up to like 24 hours.
To wrap things up, you must understand that you can trade anytime you want, and is only when the volume is peaking that you can get the best trading spreads.