The Best Time to trade forex in Uganda is the afternoon and evening hours between Tuesday and Thursday when there is high liquidity in the forex market.
Timing is extremely essential for successful forex trading. A good trader waits for the right time and signal to open a trading position. Basically, the best time to trade forex in Uganda is the time when the forex market is busy. There are certain times when the price movements are rapid, and times when the market does not seem to be moving at all.
In this article, we will explain the concept of forex trading sessions in Uganda, the best time to do forex in Uganda, and the importance and setbacks of liquidity in forex trading. Here we go!
Forex Trading Sessions in Uganda
The forex market is always said to be open for 24 hours. In reality, there is no single financial center that is open day and night. Forex traders are able to trade forex for 24 hours during weekdays because various trading sessions are opened during different times of the day. For instance, when the New York session is opened, the Tokyo session is closed, and business continues.
The available forex trading sessions are: London, Tokyo, New York, and Sydney sessions. The table below shows the trading session in Uganda, which is obtained by converting the various sessions into East African time.
Trading Session Local Time Uganda Time
Sydney Session 7:00 AM – 4:00 PM 11:00 PM – 8:00 AM
Tokyo Session 9:00 AM – 6:00 PM 3:00 AM – 12:00 PM
London Session 8:00 AM – 4:00 PM 11:00 AM – 7:00 PM
New York Session 8:00 AM – 5:00 PM 3:00 PM – 12:00 PM
The Best Time to Trade Forex in Uganda
Based on the trading sessions in Uganda as shown above, it is clear that Ugandan forex traders can see significant movements in the market during the afternoon. Let me explain.
The major financial centers are usually New York and London. When the London session opens, it is 11:00 AM in Uganda. Forex prices move quite fast at this time because there is a lot of business done in London.
When the New York session opens at 3:00 PM Ugandan time, American Wall Street traders come into the fray. At the same time, Londoners are just coming back for the afternoon business. By 4:00 PM East African time, the London and New York sessions are active.
Thus, there is high liquidity when the London and New York trading sessions coincide. Liquidity occurs when there is high price movements due to increased trade volumes. If you do a trade at this time, your positions will move very quickly. You can either make huge profits or huge losses in a few minutes.
There is even greater action during the mid-week because most investors are at work during that time. On Monday, people are coming back to work after a weekend of fun and rest. Investors are just monitoring how the market responds from the news of the weekend.
On Fridays, especially in the evening, there is little action because people are rushing to catch up with their relatives and friends for the weekend. You cannot make much profits at that time.
Conclusion
Indeed, the best time to trade Forex in Uganda is the afternoon and evening hours when price action and liquidity is high. Forex traders in Uganda can earn even more profits during the midweek when business is at its peak. However, high liquidity can cause as much losses. You should know how to manage your risks effectively to make huge profits through forex trading in Uganda.
Nice article, thanks