Simple Newbie Questions

[mob008]

Hi Fellas,

I'm looking to get started in Forex so I've downloaded EFX got the demo account and now I'm looking at what is best to practice on... only problem I'm (an aussie) living in the UK and after I get home from the coalface it's around 9pm (GMT) and EFX is suggestion that Sessions are closed, is there anywhere I can find out the session times and whats the best pair to trade at that time?

Cheers,
Mob.

 

[tayser]

Re: Simple Newby Questions

Australian open: 11pm GMT - US Closes at 10pm GMT (between this gap, only NZ & West Coast of the US is trading)
Asia open: Midnight GMT
Continental Europe open: 7am GMT
London open: 8am GMT
US open: 1pm GMT

opens and closes are 8am and 5pm in each respective timezone.

best time for you to trade is invariably going to be early morning for the Euro opens.

 

[mob008]

Re: Simple Newby Questions

Thanks Tayser, what pair would you recommend for someone like me USDEUR?

To give you a little more context I'd be looking at the scalping route

 

[tayser]

Re: Simple Newby Questions

European opens can be anything really:

Yen crosses - big moves (excluding USD/JPY)
USD crosses - small moves, but tight spreads.

EUR/USD, USD/CHF, GBP/USD
EUR/JPY, GBP/JPY, AUD/JPY, CHF/JPY

EUR/USD is good to begin with then look at EUR/JPY after a couple of weeks, but don't try and look at too many pairs at once, just stick with one for a few months.

 

[CFD]

Re: Simple Newby Questions

~~
opens and closes are 8am and 5pm in each respective timezone.

Hi tayser, would like to clarify this as info seems hard to find.

From what I can gather Tokyo opens at 9.00am there time, and London because of the daylight savings opens an hour earlier when converted into our time!

Mob have a play around with this
http://fxtrade.oanda.com/resources/fxmarkethours/

 

[tayser]

it's wrong. Who do you know in Australia who goes to work at 7am? lol.

They've just merged the 'Sydney' session into the session which begins in NZ two hours ahead of us. Tokyo might be the only odd one out - they're only an hour behind us, with Hong Kong and Singapore another hour behind Japan. Regardless, the best 'Sydney/Asian' session times are 8am - 11am AEST.

4pm AEST = 8am CET
5pm AEST = 8am GMT
10pm AEST = 8am EST

If you use Firefox, install FoxClocks

from the bottom of my browser:

 

[mob008]

Thanks Tayser/CFD

I've been reading the forums for the last month or so and only have one more question (for now) that being Tayser have you started live trading yet? by the way all your posts have been very informative, great to see good people in a forum like this.