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When is the best time to trade? Forex trading is an activity that can be tailored to each individual. If your partner prefers to stay up late while trading, you don’t have to force yourself to follow his bedtime, for more information best time to trade forex in nigeria. The most important thing is how to get a profit and avoid loss. Easy to say, but hard to put into practice. Especially if you are easily tempted to peek at the trading platform constantly.
The solution is the best time to trade forex in nigeria you can choose the best time to trade by answering the questions below:
- What Pairs Are You Trading?
best time to trade forex in nigeria. When opening a position, adjust your trading time to the forex market opening hours of the country whose currency will be traded. For example, if you are trading on the EUR/USD pair, then you should start entering the market when the United States and Europe are open. Price movements that occur when the market in that country is open tend to be faster than at other hours. If you are looking for a pair whose market opening hours are in the morning until late afternoon, then a pair that uses JPY (Asian Session) or AUD (Sydney Session) is the answer. However, the selection of this pair must also be based on various considerations.
- What’s Your Trading Style Like?
After determining what pairs to trade, the next method is to identify your trading style. Are you very focused on the charts and don’t care about the hustle and bustle of the news, or do you prefer to follow the news and use several indicators as trend confirmation? Some traders follow news developments and are FOMO (Fear Of Missing Out) aka don’t want to be left behind. Well, this is the source of confusion that often arises. Since you live in Nigeria, News Releases often occur at unfavorable times. When you want to sleep well, working hours in Europe and the United States are busy. In addition, there is often a misconception that News trading means having to react when the news has just been released. Even though trading strategies can be arranged since the news has not been released. best time to trade forex in nigeria Some technical friends will avoid the market when the news is rushing. So, you don’t have to stay up late waiting for the News Release.
- How much free time do you have?
In addition to paying attention to the pairs and strategies used, one more thing to consider in choosing the best time to trade is: How much free time do you prepare to observe and analyze the market? This needs to be taken into consideration, especially for traders who still have other jobs outside of trading activities. Do not let forex trading activities interfere with other more important activities, such as working time (especially for novice traders or making trading as additional income), worship, or Quality Time with family. Forex trading requires commitment and a stable psychological state, don’t force yourself to stay awake all night if it triggers stress and interferes with health for more review. If you have the intention of becoming a Full-Time Trader, make changes gradually.