Forex Trading During Aussie Hours

[Hassa]

Hi Guys,
This my first post. Hope you can help me
I've been trading forex for about 3 months. Demo Account for the first 2, now I've gone live, and am managing to tread water ( opened my account with $ 500 and still have $ 430 ). What are the best currency pairs to trade during
east coast Australian hours. i can trade between 7am until about 9pm. Should i stick with Aussie/ Asia pairs for the best volatility or can i trade Euro and US Dollars. would appreciate any input from anyone who has time.
Regards Hassa

 

[Valued]

I am not sure what time zone you're in, but I live in Qld. The morning is the worst possible time to trade because the New York session has closed and the Tokyo session hasn't started yet. 9pm would be too early for the US open. You can trade the overlap between the Tokyo session and the London session though. This would be the last hour of the Asian markets and the first hour of the European open. After that, you would be trading the European session until 9pm.

In Qld London opens at 5pm, Tokyo closes at 6pm. New York opens at 10pm. The best time to trade is the overlap between the New York and London sessions which is 10pm to 3am in Qld. The second best is that hour between 5pm and 6pm. You can trade just the London session as well.

7am - 10am is terrible. Don't do it. 10am to 5pm is mostly about the Yen. I suggest you don't trade the yuan (the Chinese currency).

Maybe consider buying The Little Book of Currency Trading: How to Make Big Profits in the World of Forex by Kathy Lien, it's a nice little starter book in terms of session times, volume for each currency pair per session, and a general introduction to Forex trading. I think I probably disagree with some of the contents of the book, but generally it's solid and probably one of the better starter books around for just telling you the basics, like the session times I outlined above, which pairs are volatile (and therefore not good for beginners), and which pairs trade the highest volume and in which time of the day.

 

[Hassa]

Thank you very much.
Have gotten more good information from yourself than i have from my broker
regards Hassa