The FX market also known as the foreign exchange market, Forex market or currency market is the market where the World currencies are traded. The FX market is the largest market place in the world. The daily turnover is around $ 3.98 trillion.
According to the 2010 Triennial Survey is the most heavily traded bilateral currency pairs EURUSD, USDJPY and GBPUSD.
The objective of this article is to write about when the chances to gain a profit during the trading day is big. The objective of this article is also to write about when the trends in the market are most reliable. The last objective of this article is to write about the OpenBook trading platform.
The FX market. The FX market consists of the market in New York, London, Tokyo and Sydney. The foreign exchange market is open 24 hours a day 5 day a week. The markets are open at various times throughout the day which means when the London market close then the New York market will be open etc.
If you are a trader who live in London and are in the London time zone the market will be open in London from 8 in the morning and close at 5 in the afternoon. New York opens at 1 in the afternoon and close at 10 in the evening. Sydney opens at 10 in the evening and close at 7 in the morning. Tokyo opens at 12 at night and close at 9 in the morning.
The opening times and closing times display the markets during the day are open at the same times. London and New York from 1 in the afternoon to 5 in the afternoon. London and Tokyo from 8 in the morning to 9 in the morning. Tokyo and Sydney are open from 12 at night to 7 in the morning.
When the markets are open at the same time there is more volume in the market which means that the traders are trading the currency pairs more and more often. The market isn't affected by small changes which makes the trends in the market more reliable.