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Library
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
|