As tempting as it is to say that the best days to trade Forex are the ones that end in ‘Y’ that really isn’t entirely true. Plus, it isn’t entirely false, either. Confused yet? Because Forex markets are open 24/7, you have a whole calendar of opportunity but not all that much in the ways of possibly profitability.
Let’s face it, there are some markets that have sessions very, very late at night for those who live in North America. While you could set your alarm clock to wake you up in the middle of the night, chances are that the market activity you will discover will be…well, in a word…dull. But don’t let that disappoint you because as a new trader you really do need to understand the ins and outs and that includes all the different market sessions.
So, What Time Is It Again?
We are going to cut to the chase here. If you were to focus on one or two markets for the majority of your trading activity, which would you choose? That answer should give you a bit of a handle on what kind of trader you are going to be. If you used logic and said London-New York Sessions, you would be talking about the busiest sessions of any 24-hour clock. But that still doesn’t narrow it down to the best days to trade.
The Days Of The Week
Let’s look at the average work week. You start your week on Monday. It’s not the most fun day of the week as you have to get back in the routine following the weekend. By Tuesday you’re a bit more into the groove and on Wednesday everything is chugging away quite nicely as you are now halfway through your typical work week. Thursday is about as much fun and Friday just happens to be the day you just really haven’t got all your focus anymore because you are thinking about the weekend. Saturday and Sunday are days off and you are doing anything but thinking about work on either of them.
But What About Forex Days Of The Week?
Well, you may spot an interesting pattern here. Sundays are pretty much a waste as participation is down because the smart traders are off fishing, camping or doing whatever they do to enjoy the rest of their weekend. Fridays are pretty much written off because as the New York session comes to a close, most market activity tends to dry up as well with everyone cutting out early to get a jump on their weekend plans. Holidays are about as exciting as Sundays.
Who would ever consider trading on a holiday? If you do, give your head a shake. It’s a holiday! So that pretty much leaves us with the middle of the week. Choose anytime between Tuesday and Thursday and you may find a golden opportunity exists. Again, this is not written in stone, but patterns do exist and with Forex trading patterns they are pretty much what sets the wheels in motion or puts on the brakes.