Beginning from Monday morning in Australia to Friday afternoon in NY, the forex market is abuzz. Somewhere around the world at all hours of the day or night, you transact currency.
Nevertheless it is not a 24/7 market since it does close during weekends. So perhaps the apt term would be 24/5 instead of 24/7.
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You will need to understand time zones though in order to surmise exactly when the global markets will open and close. By using UTC, it becomes an undemanding task.
Greenwich or GMT is the one-time sobriquet of UTC or Universal Coordinated Time. It’s in actuality the standard time in London, Greenwich to be correct which also happens to be explicitly zero longitude on the globe.
So, the usual foreign exchange market hours are 22.00 Sunday UTC to 22.00 Friday UTC. This corresponds to10pm winter time in the UK.
New York is 5 hours behind the UK so the worldwide currency market convenes and closes at 5 pm Sunday/Friday in New York, 2 pm on the US west coast, 11 pm in Germany, 8 am Monday/Saturday in Sydney.
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The hours of the different primary national markets are as below:
Sydney: 10 pm to 7 am UTC Tokyo: 12 midnight to 9 am UTC London: 8 am to 5 pm UTC New York: 1 pm to 10 pm UTC
On the other hand, in Eastern US time or EST:
Sydney: 5 pm until 2 am EST Tokyo: 7 pm till 4 am EST London: 3 am till 12 noon EST New York: 8 am until 5 pm EST
From the given facts it can be seen that the markets are in a way open 24 hours globally.
24 hour market trade does not designate that all 24 hours are suited for good trading. Just after an important market opens, the prices can be very volatile and changeable.
Many traders will remain out of the foreign exchange market for up to an hour four times a day when the financial markets are getting started in these major cities.
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So on paper you will be able to trade 24 hours a day from Sunday night to Friday night. Automated software in the cast of a forex robot can even make this physically attainable.
But the prudent trader trades during optimal times and is thus not trading during the consolidated operating hours of the foreign exchange market.
Note: Forex investing is speculative, may end up in substantial losses, and is not suitable for everyone.