If you keep seeing the best time to trade forex in Nigeria as only forex market time zones and overlapping time zone; you will be missing the bigger picture which is the forex market structure.
The best time to trade forex based on your region is beyond forex market hours or overlapping time zones.
Think of it, if the best time to trade forex was only time zones overlapping then why do many traders keep losing money?
There is nothing wrong with forex time zones as there are many market orders in those overlapping zone however when you understand the psychology of the forex market then you will know how to maximize your trades in those forex overlapping zones.
Stay with me as I give you not only the best time to trade forex based on your region but as the best way to trade the forex market.
Table of Contents
WHAT TIME DOES THE FOREX MARKET CLOSE ON FRIDAY IN NIGERIA?
In Nigeria, the forex market opens by 11 pm on a Sunday and closes by 10 pm on Friday.
BEST TIME TO TRADE FOREX IN NIGERIA
The best time to trade forex in Nigeria is about a break in market structure than of time zone.
I am going to show you images of the best time market structure that was broken for a trade irrespective of the time zones overlapping.
GPBUSD
The above image shows a break in market structure (bearish symmetrical triangle) in an overlapping forex session (London and New York) with the blue circle showing a confluence breakout of the horizontal and vertical line and a retest before sell.
USDCAD
USDCAD break in market structure, retest and a buy, the break out happened during a London session then went back for a retest on the third day on the London session again before going long.
EURJPY
This is another break in market structure on a London session zone.
BEST CURRENCY PAIRS TO TRADE AT NIGHT IN NIGERIA
The best currency pair to trade at night in Nigeria will be based on the trading session and your kind of trading strategy. (Candlestick pattern or chart pattern) that being said, let us look at the currency pairs that trade at night in Nigeria.
In Nigeria Night trading will be from 8 PM to 11:55 PM.
The last three hours of the New York session fall at Night and the first two hours of the Sydney session fall at night too. So the best currency pair to trade at night be
- AUDUSD
- USDJPY
- NZDUSD
- AUDJPY
- AUDNZD
RELATED: BEST PAIRS TO TRADE DURING TOKYO SESSION
RELATED: CURRENCY PAIRS THAT MOVE TOGETHER
BEST TIME TO TRADE GBPUSD IN NIGERIA
It is true that the London trading session opens at 8: am Nigerian time; however, this doesn’t mean that the best time to trade GBPUSD in Nigeria is 8 am. If so why do traders still lose money trading GBP pairs in the London session?
There are certain principles that govern the forex market such as market structure so before you depend all your trading strategy on a market session, first, identify the dominant trend and the market structure, your understanding of the forex market structure will guide you in making better decisions on the best time to trade GPBUSD.
That being said irrespective of the market session when the market structure meets your trading conditions (technical analysis) you are good to go.
RELATED: HOW MUCH CAN I MAKE TRADING FOREX?
RELATED: BEST TIME TO TRADE NZDUSD
LONDON SESSION FOREX TIME IN NIGERIA
Forex time differs based on your location. Below is a clear Image of the London session forex time in Nigeria and other sessions as well.
NEW YORK SESSION IN NIGERIA TIME
The New York session in Nigeria starts at 2 pm and ends at 11 pm. Above you will find a clear image of all trading sessions in Nigerian Time.
FOREX MARKET HOURS IN MY LOCAL TIMEZONE
Forex market hours differs based on your location, this is why forex traders use different forex tools to give a precise forex market hour. This free Forex tool will adjust to suit your time zone. The tool can be found at forexmarkethours.
FOREX TRADING SESSIONS IN SOUTH AFRICA TIME
The forex market session is unique to every region. The best way to determine your trading session based on your region is to free forex tools and websites that show the forex trading sessions based on your trading region or location.
Below are a few I recommend;
The forex market hours, here you can download the forex market Monitor on your desktop to help with the trading session based on your region.
While the market24hclock shows a detailed clock of the forex market and their time zones.
CAN I TRADE FOREX AT NIGHT?
The forex market is a 24 hour market except for weekends so yes you can trade forex at night.
IS FOREX TRADING ILLEGAL IN NIGERIA?
Trading Forex in Nigeria isn’t illegal. The forex market is a global market and it’s traded by every country in the world including Nigeria.
WHAT TIME DOES THE FOREX MARKET OPEN IN NIGERIA?
The forex market opens at 11: PM on Sunday and closes at 10: PM on Friday.
WHAT ARE THE BEST HOURS TO TRADE FOREX?
Trading the forex market is beyond the best hours; it is about understanding the forex market structure and using it to your advantage.
WHICH BANK IS BEST FOR FOREX TRADING IN NIGERIA?
Any commercial bank can work in forex trading provided they allow international funding and payment.
IS FOREX TRADING PROFITABLE IN NIGERIA?
Forex trading is profitable when you have become skillful at it. You can also try the forex alternative (synthetic trading).
HOW MUCH DO FOREX TRADERS MAKE A DAY IN NIGERIA?
This is based on the trading capital and experience, a forex trader in Nigeria can make as much as $5 to $100. Remember this is relative.
WHAT IS THE BEST TIME OF DAY TO TRADE IN NIGERIA?
The best time of day to trade in Nigeria is when your trading conditions are met in relation to the market structure.
When there is volatility like the opening of London and New York session and Overlap of trading sessions particularly London and New York session.