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NOTE: All times in the Economic Calendar are GMT not BST.
(BST is +1 Hr in summer time)
 

 
 

Trading times: Note that EST and GMT will vary by 1 hour due to the 'Daylight Saving Time' difference.

The Forex Daily closing and opening price: The CLOSE is derived from prices prevailing at 21:15 GMT which, by convention, marks the end of the Forex day. The following trading day's OPEN price is determined by the first trade that occurs after 21:15 GMT.

Asian Session (Tokyo): 7 p.m.–4 a.m. EST
High Volatile Pairs: USD/JPY, GBP/CHF, and GBP/JPY - average daily 90 pips. Ideal for short term traders.
Moderate Volatile Pairs: AUD/JPY, GBP/USD, and USD/CHF - Ideal for medium to longer term traders.

European Session (London): 2 a.m.–12 p.m. EST
High Volatile Pairs: GBP/JPY and GBP/CHF - average daily range is 140 pips. Ideal for short term high risk traders.
Moderate Volatile Pairs:  EUR/USD, USD/CAD, GBP/USD, and USD/CHF - average daily range is 100 pips.
Low Volatile Pairs: NZD/USD, AUD/USD, EUR/CHF, and AUD/JPY - average daily range is 50 pips


U.S. Session (New York): 8 a.m.–5 p.m. EST
High Volatile Pairs: GBP/USD, USD/CHF, GBP/JPY, and GBP/CHF - average daily range is 120 pips.
Moderate Volatile Pairs: USD/JPY, EUR/USD, and USD/CAD. Ideal for medium to longer term traders.

U.S.–European Overlap: 8am–12 noon EST
The FX markets tend to be most active when the hours of the world’s two largest trading centers overlap. The range of trading between 8 a.m. and noon EST averages some 70 percent of the total average range of trading for all the currency pairs during the European trading hours and 80 percent of the total average range of trading for all of the currency pairs during U.S. trading hours. So if you're really looking for volatile price action and wide ranges and don't want to sit at the screen all day, the time to trade is the U.S. and European overlap.

Average Trading Ranges for the
four majors in pips
 

EST EURUSD GBPUSD USDJPY USDCHF
12am-1am 10 14 11 15
1am-2am 13 15 15 20
2am-3am 21 20 25 30
3am-4am 23 21 29 34
4am-5am 20 20 27 29
5am-6am 17 18 25 26
6am-7am 17 18 24 26
7am-8am 18 19 24 27
8am-9am 26 25 31 39
9am-10am 24 23 29 36
10am-11am 30 26 34 45
11am-12pm 24 22 29 36

 

EST EURUSD GBPUSD USDJPY USDCHF
12pm-1pm 20 19 25 31
1pm-2pm 16 15 19 25
2pm-3pm 16 15 18 24
3pm-4pm 12 12 15 19
4pm-5pm 9 10 11 14
5pm-6pm 9 9 9 12
6pm-7pm 8 11 9 12
7pm-8pm 10 15 11 15
8pm-9pm 11 17 11 16
9pm-10pm 10 15 10 14
10pm-11pm 10 13 12 16
11pm-12pm 8 11 9 11

  Futures Intraday Prices - http://quotes.ino.com:80/exchanges/futboard/ 
 
  FOMC -
http://www.federalreserve.gov/monetarypolicy/fomc.htm#calendars
  

  Mini Forex Account: Trade for as little as $1. Good for practicing LiteForex.org

   End of Day Data: 1) www.eoddata.com 2) www.realtimedata.com

Trading Robots: They don't work! The trick for the vendor is that they 'may' work for the short period after your purchase. Robots are in the market permanently, thus there can be HUGE swings in the wrong direction, meaning you need a mega amount of capital to withstand those swings. This is why some of them can state that there have been no losses! Draw downs can be as high as 700 pips to gain a miniscule 6 or 7 pips. If there was such a person who has a so called "100% effective Forex Robots", would he not be the richest man on earth by now? Expert Advisor Forex Robots programmers earn a lot of cash every time a person subscribes to download their services or are hired to invent yet another trading robot. Don't fall for it!

What you must realize is that the Forex market is filled with internet marketers who want you to buy their latest fancy trading system. They claim you will earn $500,000 a year when you purchase their $97 super Forex trading robot. The cold hard truth is none of them ever traded Forex before. Do you really believe that you can sit at home in your pajamas or go on holiday and have money flowing into your bank account, while trading Forex on auto pilot?

But if you really want to give it a try, there is only one we know of which will show you live results, (updated every 15 minutes). At least you can see if it's something you want to get involved in....Click here for web site.

Forex Brokers - * Click Here First *
Most dealing desk brokers don’t look too kindly upon scalping because if they allowed it (in and out of a trade in seconds) they would go out of business. The reason for this is because they need time to use a dealing desk. So if you're scalping (less than a minute) they don't have the time to deal your money. Basically you are just taking their money.

How Do Brokers Differentiate Scalping From Short Term Trading?

It's a very thin line between scalping and short term trading. Generally if you hold trades for a minute or less, you may have problems with brokers. However, if you trade in minutes or more, most likely you will not have problems with dealing desk brokers. Non dealing desk (ECN) brokers allow scalping where you can hold a position for seconds, however the minimum to open an account is higher. ($2,000 and above).

*The NFA has closed down a lot of forex dealers who are undercapitalized (at present they must have 5 million in capital). The following firms have been shut down as a result: One World Capital, Open E Cry LLC, Velocity4X, Direct Forex LLC, Easy Forex US Ltd, 3D Forx LLC, E FX Options LLC, FiniFX, Forex Club,
Forex International Investments Inc, Forward Forex, FXCM LLC,
GFS Futures & Forex, Nations Investments, Royal Forex Trading, SNC Investments, Tradition Securities, I Trade FX, Money Garden Corp.
To get on the NFA info list go to:
www.nfa.futures.org/news/subscribe.asp

Quick Broker Check: What's the broker's policy on Interest Rates for carry over trades?  Are they displayed on their platform? Are the negative and positive rates comparable, or are the negative rates consistently twice as much (or more) as the positive rates? If so, then that particular broker has an unethical business model. Which means that they're more likely to misbehave in other parts of their business. But if everything else is okay it may not be an issue with you, if you don't hold trades overnight. The bottom line is that ALL brokers have one problem or another, so it depends on which one suits your style of trading and what you can live with. After all, the broker is your business partner, whether you like it or not. But, to be on the safe side, always trade with more than one broker.

Recommended Brokers
Dukascopy:  www.dukascopy.com | GoForex: www.goforex.com |
FXCM: www.fxcm.co.uk - www.fxcm.com (FXCM have acquired ODL Securities)

Okay Brokers
PFG: www.pfgforex.com | GFT: www.gftforex.com | www.varengoldbankfx.com |

Okay, But Do Have Some Issues
IFX Markets| MIG | MB Trading | Currenex | MG Forex | Hot Spot | Spencer FX |
FX Solutions | FXDD | SaxoBank | InterbankFX | GCI Financial | Pip Forex |
ACM Markets |Oanda |

Not Recommended Brokers
Coes FX | Gain Capital | Forex-Swiss |  TradeCo | CMS | Nations Investments | Concord Forex Group (CFG) |

Offshore Brokers
www.moneyforex.com | www.northfinance.com | www.westcapfx.com |
www.internaxx.lu | www.avafx.com |

Gold Currency Forex Brokers
If you wish to trade the markets using gold currency such as Liberty Reserve, then these are the two companies we recommend:
Marketiva.com | FXOpen.com |

Broker Links
 

Spread Betting Companies - If you're making trades (in and out the market in a few seconds) that a spread betting company cannot successfully hedge in the market, and you're hammering them consistently, then the company may start to:  a) change the quoted prices to stop you, b) delay your orders,  c) place your orders on manual execution [through a dealer], or d) close your account. It's a known fact that CMC do not like scalpers or very short term traders. So use your head and 'spread' your trades around different companies.

Recommended Spread Companies - Worldspreads.com | ProSpreads.com |
Igindex.com | FXCM: www.fxcm.co.uk | SmartLiveMarkets (MetaTrader Platform)

Forex Futures Brokers

US Forex 'Futures' Broker: FX Futures.com

Useful Tools

Trading Calculator - Traders-Calculator.COM

Arbitrage Software - 100%Winners.com

Self Improvement Programming
- TransparentCorp.com | TradingMind

Charting Software - FXTrek Intellicharts |Updata