The Best Time to Trade Forex in Nigeria

Forex trading is becoming one of the most common low-cost investment options in Nigeria. Forex traders are taking advantage of the huge Forex market to make huge profits. However, Forex trading is one of the most risky businesses.

To minimize risks and maximize profits, Forex traders should choose the best time to trade Forex in Nigeria. Usually, the best time to make good profits in Forex trading is when the market is busy. At such times, the movements are high, and pips are large.

The Forex trading market is usually busy during midweek, so that is the best time to trade Forex in Nigeria. That does not mean that you cannot make good money trading Forex on Fridays and Mondays. Notwithstanding, price movements in these two days are usually low.

The market trends on Mondays are usually a continuation of Friday trends as people wait to see what will happen in the market. Actions by the huge market movers, the likes of JP Morgan and Barclays Bank, often start the moves.

As we head to midweek on Tuesday, the markets start to move. Those currency prices that are starting new trends will begin their reversal. While those that are maintaining their trends will move further in their current directions.

Towards Friday, many people are eyeing weekend parties and family reunions. At this time, people are closing trades as they take a break over the weekend, regaining their energy for the coming week.

So, Tuesday and Wednesdays are usually the days when huge profits are made in Forex trading.

That said, what is the best time of the day to trade Forex in Nigeria?

Normally, the best time of day to trade forex is when the U.S., Asian, and European sessions are opened.

Learn More about Trading Sessions.

Usually, the U.S. session (New York) opens at around 2:00 P.M. Nigerian Time while the European London session usually opens at around 8:00 A.M. Nigerian Time.

Here is a summary of Forex trading sessions in Nigeria:

Asian Session             12:00 AM to 09:00 AM

London Session         08:00 AM to 05:00 PM

New York Session     02:00 PM to 11:00 PM

In this regard, the best time to trade forex in Nigeria is between 8:00 and 5:00 P.M. when the London and New York sessions are open. Nigerians are actually lucky because the major trading sessions occur during the day. However, the best, best, trading time is between 3-5 pm when the European and U.S. sessions coincide.

Best Time to Trade forex in Nigeria

The most price actions often occur when the London and New York trading sessions coincide, usually between 3:00 and 5:00 P.M. when both sessions are still active. At this time, the U.S. is trading in the morning hours while London is trading in the Afternoon.

During the London and New York trading sessions, the liquidity is usually high for major currency pairs such as GBP/USD and EUR/USD.

However, some currency pairs such as JPY are better traded during the Asian open session, which usually occurs late at night in Nigeria.

In summary, the best time to trade Forex in Nigeria is during the day between 8:00 A.M. and 9:00 P.M. local time on Tuesdays and Wednesdays.

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