What are the best days of the week to trade Forex?
Is it all 5 days, Monday to Friday? If you are a day trader, this information can be really helpful.
Well, I used to think that way in the beginning.
It wasn’t until after some time that I began to see some patterns emerge in my trading results that I sort of figured it out myself that some days of the week are better to trade than others.
Wan’t to find out what these days are? Keep reading…
Forex Is A 24 Hour Market, You Can Trade 5 Days A Week, 24 Hours A Day And Make Money ( Yeah Right!)
Yes, that’s a fact, Forex operates 24 hours 5 days a week. But really, you really do not need to trade for 24 hours a day to make decent money in Forex.
Sometimes all it take is just 5 minutes a day with a set-and-forget trading system and you’ll still make money.
On the same token, you really don’t need to trade 5 days a week to make money in Forex trading.
If you’ve traded long enough (and I’m sure with your ups and downs and busting how many Forex trading accounts already) you definitely will have a general understanding of how the forex markets moves in the different days of the week.
I like to think I’m right here in this article but hey!
This is just my opinion from my experience and I’d like to share with you and see if you can learn from it or if you also have witnessed similar things in your forex trading life, maybe you’ll post a comment after reading this article to confirm what I’m writing here.
What IS The Best Day To Trade Forex?
- Forex market still “sleepy” or just waking up from the weekend.
- Price movement tends to be slow.
- many traders are just sitting on the sidelines, undecided, trying to make some sense of the market direction first, maybe reading fundamental news and trying to figure out where the market is going to be headed next and the result is a very slow market on Mondays
- no really a good day to trade forex.
- Forex market starts to move a lot better than what you would have seen on Monday.
- This happens because traders have formed their opinions and are starting to take positions in the market.
- This also happens to be a good day to start trading
- you tend to see the same kind of market movement see on Tuesday and bigger price moves on the charts as a result.
- Forex market really starts to pick up
- This is the second best trading day of the week.
- I tend to call Thursdays the climax day for forex trading.
- Most of my huge forex profits have been made on Thursdays.
- The thing is, if you get the direction right on Thursday, the forex market just tends to reward you hugely . Even if you realize you are wrong and just quickly cut your losses and reverse your trade, you will still make money.
- the forex market tends to trend and move really well on Thursdays.
- Thursday is the best day of the week to trade forex.
- I’ve lost a lot of money trading forex on Fridays and these are the two main reasons: (1) I though the market was going to behave like it did on Thursday and I tend to be a bit aggressive and mind you, that was before I knew all these about the behavior of each of the trading days of the week (2) My stop losses get hit like crazy!
- No wonder some traders call Friday as the “stop loss hunting day!”
- Friday is the worst day to trade forex and the reason being that many traders who have taken positions and during the week and now closing their positions for the weekend and these causes prices to fluctuate back and forth knocking out your stop loss.
- What I’ve also observed is that there’s only a very little window of trading on Friday (often around 2-3 hours in UK trading session where the forex markets can make a nice trendy move in the 5, 15, 30 and 1 hour timeframe) and that’s it. After that the markets tends to get very sloppy and the trading volume also decrease significantly. So if you find yourself unknowingly trading during this time, good luck!
So here is it again…
Best 3 days to trade forex: Tuesday, Wednesday and Thursday.
Worse Days to Trade Forex: Mondays and Fridays
Remember, this is my based on my experience, I can be wrong.
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