Best time to trade forex in South Africa
Do you want to know the best time of forex trade, so you get the maximum benefits out of it? If yes, then you have landed at the right place. We truly understand that it is really challenging for the newbies to learn the complications of forex trading. So, we have described all the details in layman’s terms so you can conveniently understand them. Let’s delve straight into the article to discover more.
If we talk about worldwide forex trading, then it is pertinent to mention here that there are four main forex trading hubs named Tokyo, Sydney, New York and London. Now, most people must be wondering what can be the best time to trade during the day if one wants to trade mainly in South Africa. Bear in mind that you can trade at any time, 24/5. An extensive range of banks, market makers and banks are offering forex trading services around South Africa.
Furthermore, knowing the best time for trading can assist you in formulating your strategies accordingly.
What is the opening time for forex trading in South Africa?
We can define forex trading hours as the time when we can exchange the currencies and place the open and close positions. In addition, the trading times are when the investors, banks and companies are open for trading, and particularly in the case of South Africa, this time lies between 9:00 AM to 5:00 PM. If we mainly discuss the Johannesburg Stock Exchange JSE, it commonly opens at 9:AM and closes at 5:00 PM from Monday to Friday. Furthermore, it is notable here that the JSE does not provide any pre-market and after-hours trading. During any of the main trading Forex Sessions, the traders belonging from South Africa can trade the various currency pairs. Trading usually starts from New Zealand and closes in South Africa. Read more about margin in forex
Best Times to Trade Forex
Most of the new traders must be confused about how they can evaluate the best time to trade forex when market timing is different in almost every country. If you want to know, then have a look at the following three markets because usually, the best time of marketing is evaluated by these markets. So, let’s take a start.
The Asian Market
This market is relatively quiet because it has less liquidity.
The European Market
We can undoubtedly say that it is the market with the highest trading volume, and the most active currencies in this market are USD, GBP and EUR, and it is mostly dependent on London.
The United States Market
The United States market has the second-highest volume and its major hub in New York. Furthermore, it also includes several other states of America and the currencies in which they deal with EUR, AUD, GBP, and USD.
To conclude the discussion, I would like to say that before choosing any market besides finding out its best time, it is highly crucial to research the volatility and liquidity of the market. If you have any queries, you may ask in the comments section.