Free Forex Training

What Are The Free Forex Training Time Zones All About Anyway

The forex trading time zones can be both difficult and intimidating to the average trader . Like many others , when I started in this global, cash, 24 hour market, the issue of time zones didn’t make much sense . However, that changed over time and within the article I’ll let you in on a few basic insights on how I handle this market and when you prepare for your next trading day, it will help you out .

The first thing you need to consider is where you live , or where you’ll be doing most of the free forex training trading from. This is the most important factor that affects how you look at this 24 hour market . For example, let’s say that California is where you life on the West Coast of the United States in the Pacific Standard Time (PST) zone which is three hours behind East Coast time in New York.

Now that we know the trading will be done in California, which is three hours behind the East Coast , we can start planning our free forex training trading day. In this market that goes 24 hours and never sleeps (but gets very quiet on weekends and major international holidays such as New Years ) the trading day stops and resets with the New York financial centers closing at or around 5pm EST and then banking centers like Hong Kong etc in the Far East open and start a new day at roughly the same time. Keeping this in mind it is best to set your trading charts up so that the daily bar or candle use use closes each day at 5pm EST .

So now we’ve determined that we are trading from the West Coast in the US which is three hours behond New York’s EST and we also know when this 24 hour market stops and resets for the next day . Next we have to decide when to prepare and plan for the next day . If you happen to be in California , like our example, and you happen to be a night owl then the London session is what you may want to prepare to trade from about 1am Pacific Standard Time to 4am Pacific Standard Time . Perhaps you like sleeping and you want to sleep through the session in London but have no problem getting up early , at about 4am Pacific Time so you’re able to see the London session end and prepare for the start of the New York session which gets a good start at 8:30am EST or 5:30am PST. Maybe you don’t like to get up early and so you’d prefer to be a middle of the day trader ; not a problem . Just wait until around 2pm PST (5pm EST) when the day begins in Tokyo and this session is when you can do your trading.

Now you have a good look at the forex trading time zones and what they’re about and you can accordingly plan your days . Keep in mind , preparation and planning are the most important yet overlooked factors of success in this business and any other business .  So this is how you plan out your free forex training day.

This entry was posted on Thursday, July 8th, 2010 at 2:37 pm and is filed under Free Forex Training. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.