Olymp Trade Nigeria offers so many tradable assets including currency pairs, crypto, indices, stocks, commodities, ETFs, and metals.
While crypto, indices, stocks, commodities, ETFs, and metals can be traded at any time, it is not so for currency pairs.
Currency pairs are traded in shifts of what we call Forex sessions.
There are four major Forex sessions during which specific currency pairs tied to the economies of the related countries are traded.
Currency pairs related to a specific Forex session are most volatile when such sessions are open and least volatile when such sessions close.
Most Forex traders including the major market movers actually trade currencies related to the open Forex sessions.
This helps in driving liquidity and volatility in the markets of such currency pairs, creating the most profitable setups for traders. Across the board.
Are you an Olymp Trade Nigerian trader who prefers trading when volatility is high?
Then use this information to trade currency pairs related to the open Forex sessions at the moment.
Ideally, high volatility presents the best trading opportunities for maximum profitability.
If you however prefer to trade with low volatility, go for currency pairs whose sessions are almost closing.
Here’s a summary of everything we have said so far.
- Timing is of remarkable essence.
- Knowing what to trade at a given time is of paramount significance.
Four Major Forex Sessions and when to trade in Nigeria.
Now that you know that there are actually four major Forex sessions, which are they; when are they open, and when is the best time to trade in Nigeria? Let us find out:
- Sydney Forex Session – Open (22:00 to 07:00 Nigerian Time). Closed (07:00 to 22:00 Nigerian Time).
- Tokyo Forex Session – Open (00:00 to 09:00 Nigerian Time). Closed (09:00 to 00:00 Nigerian Time).
- London Forex Session – Open (08:00 to 17:00 Nigerian Time). Closed (17:00 to 08:00 Nigerian Time).
- New York Forex Session – Open (13:00 to 22:00 Nigerian Time). Closed (22:00 to 13:00 Nigerian Time).
We now know when the major Forex sessions are open and when they are closed in Nigerian Time. What remains now is to know what to trade when each session is open and when each is closed.
We shall divide the trading time into three major groups namely:
- Morning to Noon.
- Afternoon to Early Evening.
- Late Evening to Early Morning.
We shall then handle them in relation to open sessions and closed ones and what to trade in each scenario.
Here we go:
Morning to Noon (06:00 to 13:00 Nigerian Time).
- One hour before the close of the Sydney Forex session.
- Three hours to the close of the Tokyo Forex session.
- Two hours to the open of the London Forex session. It will run for 5 hours of this period.
It means that the New York Forex session will remain closed throughout this period and open at the end of the period.
Remember the London Forex Session will outlast this period because it closes at 17:00 NGT, and will overlap with the New York Forex Session which will last long into the night.
Based on the Forex Sessions which will be open during this period, high volatility Forex Traders can trade:
On the contrary, based on the Forex session which will be closed during this period, low volatility Forex Traders can trade:
Afternoon to Early Evening (13:00 to 20:00 Nigerian Time).
Want to know what this period represents?
- Four hours to the close of the London Forex Session.
- The start of the New York Forex Session. It will run for 7 hours of this period.
This period actually represents the mighty overlap between the London and the New York Forex Sessions.
This overlap is known for its very high volatility driven by liquidity injected by the big fish in Forex trading because it is when they trade.
It is also the period with the highest number of currency pairs for high volatility traders to trade and make a kill.
High volatility Forex traders have the highest number of currency pairs to trade here:
Also Read – 11 Best Currency Pairs to Trade in Olymp Trade.
Low volatility Forex traders can trade the following currency pairs:
Late Evening to Early Morning (20:00 to 06:00 Nigerian Time).
This period has the following significance:-
- Two hours to the close of the New York Forex Session.
- Two hours to the open of Sydney Forex Session. It will run for 8 hours of this period.
- Four hours to the Open of Tokyo Forex Session. It will run for 6 hours of this period.
The major open sessions here will be Sydney and Tokyo, as it is evident.
High volatility Forex traders can trade the following currency pairs:
Low volatility Forex traders, on the other hand, will have the highest number of currency pairs to trade:
Wrapping up on the Best Time to Trade Olymp Trade in Nigeria.
The three major sessions we have handled actually represent the whole Nigerian clock.
Meaning, both high volatility, and low volatility Olymp Trade Nigerian Traders have the opportunity to trade round the clock if they heed to this guide.
Now, back to the question of the best time to Trade Olymp Trade in Nigeria.
What you realize is that whether you trade in the morning, noon, early evening, late evening, or late into the night, you can always profit.
That is provided you know what to trade and what not to trade depending on the open or closed Forex sessions and the kind of trader you are.
Do you want to gain maximum profits from the highest variety of currency pairs of during the maximum volatility of the day?
Trade during the London – New York Forex sessions overlap – Afternoon to Early Evening (13:00 to 20:00 Nigerian Time).
If high volatility is not your thing though, then check out the low volatility currency pairs to trade during any given moment as discussed above.