Beginner’s Guide to Online Forex Trading – Chapter 3: Currencies and the Market Opening Hours

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Updated: Mar 5, 2019, 13:14 GMT+00:00

This is chapter number 3 out of 17. Read the rest: Read The Complete Beginner’s Guide to Online Forex Trading – Chapter 1: What is Forex? Read Beginner’s

Beginner’s Guide to Online Forex Trading – Chapter 3: Currencies and the Market Opening Hours

This is chapter number 3 out of 17. Read the rest:

Read The Complete Beginner’s Guide to Online Forex Trading – Chapter 1: What is Forex?
Read Beginner’s Guide to Online Forex Trading – Chapter 2: What is done in a Foreign Exchange market?

The foreign exchange market is open 24 hours a day and hence allows the traders to involve in Forex trading at their chosen hours. You can choose to trade at any time of the day, you might even prefer to get involved in the trading at early hours like many professional traders. However, it is good to know and understand that trading in the early hours does not always guarantee a profit. Given below are the time zones of some major Forex markets:

Stock Exchange	New York	GMT
Tokyo Open	7:00 pm	0:00
Tokyo Close	4:00 pm	9:00
London Open	3:00 pm	8:00
London Close	12:00 pm	17:00
New York Open	8:00 am	13:00
New York Close	5:00 pm	22:00

The Forex market over the Counter

The Forex OTC market is undoubtedly the most astounding financial market in the world. In fact, it is the largest in terms of popularity and includes traders from almost all corners of the world. One reason for the growing popularity of the OTC market could be that this market allows the traders to pick and decide on the fellow traders, i.e., in terms of rates, trading conditions and the standing of the individual or organization involved in the trading.

The US Dollar enjoys the maximum popularity in terms of trading, and contributes to 86% of the entire trade. Euro enjoys the second place by contributing to 37% of the transaction, and Yen forms 16% of the trade and ranks third in the list of popular currencies.

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