When is the best time to trade Forex in Kenya?
Is this the exact question that you just asked google before you landed on this article?
If yes, then chances are I know you. Remember, real recognizes real. Else, how do I know that: –
- You’re currently spending most or all your time looking at the trading charts and wondering, “Oh.. Sh**t will it win.” Then just when you are about to take your profits a spike cuts you a PIP low. Then another goes. And another. And you never recover?
- You’re currently second guessing your stop loss. Sometimes exiting the market so early. Then later regretting when the market takes off without you.
- Your trading system is inconvenient – based on your time zone and when different trading sessions open, you are sometimes forced to wake up on the wee hours of the night to trade. The unfortunate part, the market doesn’t give a f**k when you wake to trade. And it sometimes does not even reward you for waking up early to trade.
That said, you want to find a trading system that’s both convenient, profitable and fun. Hence the question again, when is the best time to trade Forex?
Forex trading sessions.
While trading sessions are designed to overlap and allow traders to participate in the market 24 hours a day, 5 days a week; it is not every time that you take a possession in Forex that you will make profits.
In essence, this is because there are times when the market is volatile and there are times when it is not.
When the market is volatile, it moves a lot – up and down – with PIP movements averaging 130 in a few hours. It is easy to make money at those times. Except when the market is muted.
For extreme volatility, trade on these trading sessions: -.
- Tokyo session.
- London session.
- New York session .
However, there is a forth session that you should also look forward to as it also comes with more currencies to make money from. The Sydney trading session.
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Forex Trading Sessions EST, GMT, EAT Nairobi and BST (GMT +1).
Local Time EST GMT EAT Nairobi BST (GMT+1) Sydney Open – 7:00 AM
Sydney Close – 4:00 PM
Tokyo Open – 9:00 AM
Tokyo Close – 6:00 PM
London Open – 8:00 AM
London Close – 4:00 PM
New York Open – 8:00 AM
New York Close – 5:00 PM
Going by the fact that volatility on major assets is only so high at the open of business, it makes sense to trade highly within the first hour of each trading session.
However, you will also notice that due to time zone difference, it is sometimes inconveniencing to trade in some sessions in some countries.
The east African region is a bit too convenient though; with only the Tokyo session opening at 3:00 AM and the rest of the sessions spread conveniently within the day, you can take advantage of volatility in all sessions and still make money.
Simply put, the best time to trade Forex in Kenya is:
- 11:00 PM in the Sydney session (everyday Monday – Friday).
- 3:00 AM in the Tokyo session everyday Monday – Friday).
- 11:00 AM in the London session everyday Monday – Friday).
- 4:00 pm in the New York session everyday Monday – Friday).
Use the time conversion tool at the bottom of this page to get the best time to trade in your country .
And it is OK not to wake up early for the Tokyo session – if you can’t. Y’all can still trade within the day and make profits.
If anything, the only thing you’ll miss is not getting into the market with the best prices.
Best Currencies to Trade in Each Forex Trading Session.
Trading Session Pair Average PIP Movement TOKYO EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD, USD/CAD, USD/CHF, EUR/JPY, GBP/JPY, AUD/JPY, EUR/GBP, EUR/CHF 23 - 72 LONDON EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD, USD/CAD, USD/CHF, EUR/JPY, GBP/JPY, AUD/JPY, EUR/GBP and EUR/CHF 1 - 102 NEW YORK EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD, USD/CAD, USD/CHF, EUR/JPY, GBP/JPY, AUD/JPY, EUR/GBP, EUR/CHF 34 - 71
Ideally, the London session provides more chances to make more money as it has more PIP movements.
Again, when is the best time to trade Forex?
You have all the answers here.
The only other question that you should now ask yourself is if trading in a particular session is convenient for you and how worthwhile it is.