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Common tips on how to select Forex trading time in Nigeria
The Best Time to Trade Forex in Nigeria
Many brokers wonder what period it is better to trade in Nigeria to get profit and regularly increase the deposit. The world of finance is ready to open its doors for everyone, but there are still a lot of things to consider.
A leading global broker, Alpari, is expanding its geographic presence in the international arena. The office of an official partner of Alpari has opened in Nigeria in 2009. The main motive for opening an office here was the active economic development of the republic. Today, Nigeria is a promising region: a leading oil producer and a country with an active economic potential.
How to Select the Best Trading Time in Nigeria?
There are 3 periods during the day that are considered favorable for Nigerian stocks: they all depend on the opening of 3 global sessions. Thus, the best hours for Nigeria may be selected accordingly:
- Asian session starts at midnight and lasts till 9 a. m. according to Nigerian time.
- London opens at 8 o'clock in the morning and closes at 5 p. m.
- NY trading starts at lunchtime (2 p. m.) and finishes at 11 p.m.
To use this time effectively, you should clearly understand these basic rules concerning the best hours within the day:
- 9:30 - 9:50 a.m. - this is the first 20 minutes after the opening of the session. They give the largest volume, they are the most dangerous and profitable at the same time.
- 9:50 - 10:10 a.m. – the trading volume is quite high but not the same as in the first 20 minutes. The volatility of transactions is still high, but stability is returning.
- 10:10 - 10:25 a.m. - you can trade with a little risk. This is a favorite time for many traders when they set the tone in the market and move it in a favorable direction.
- 14:15 - 15:00 p.m. - at this time interval, most trends have already been established.
- 15:30 -16:00 p.m. - this is the last period of the afternoon session and it is better not to trade. Although the volatility in short-term transactions can be quite favorable
What Does it Mean for the Nigerian Market?
If you prefer the Asian session, then you can both take the gap 2 a. m. – 4 a. m. or start at 8 o'clock in the morning. Note, that the Asian market closes at 10 a.m. Nigerian time. The high volume currency pairs are AUD/USD, USD/JPY, so follow the favorable exchange rate.
The European session is the largest one and the most profitable. Nigerian brokers start trading at 8 a. m. till 5 p. m. The profitable currency pairs are EUR/USD and GBP/USD.
NY starts for Nigerians at 2 p. m. contributing to those traders who got used to the competition with Canadians and Americans. The highest volatility gives any pair with USD and other solid currencies.
Consider these factors to competently organize your working hours, since you cannot be in the market 24 hours a day. Be present in the market when it coincides with the best dynamics - it will help to better track any movement on it. This will be your time for Forex trading.
Share with us in the comments below what time is most convenient for you and how quickly you calculated it.
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