Forex by day of the week.
When working on the currency exchange, you should know not only how to trade, but also when, because trading
differs significantly depending on the day of the week when it is carried out.
An incorrectly chosen time to enter the market can result in a lost deposit, and even a stop loss will not help prevent troubles.
Forex by day of the week allows you to make the right decision regarding the duration of the transaction and its other parameters, and so when you should trade and when it is better to refrain from opening new positions.
Saturday and Sunday are days off for Forex, but this time can be devoted to studying theory or analyzing historical data.
Monday is one of the most difficult days for trading, especially its first part; the market opening on Monday sometimes sets the main direction of the trend for the whole week.
As a rule, the day begins with the formation of a gap (price gap), which causes a lot of trouble for those players who left transactions for the weekend.
In the first half of the day, the trend behaves quite unstable, so most players begin their work no earlier than 12:00.
It is from this time that the number of transactions begins to increase and trade volumes begin to grow accordingly. It is on Monday that forecasts for the week are published and a calendar of Forex events .
Tuesday and Wednesday are quite similar days, the best time for trading, since the main trends can already be determined, and the fluctuation in the volume of transactions is no longer so great.
Trading takes place in a normal mode, sharp fluctuations in the exchange rate are caused only by important events in the field of finance and economics.
Thursday – the number of transactions gradually begins to decrease, some traders close positions that they have held for several days.
The trend intensifies in the evening, which may cause a trend reversal. Friday is characterized by its lack of predictability, since it is on this day that the trading week closes.
A change in trend direction is also possible. It is recommended to close all existing transactions two hours before the close of the last Forex session .
Otherwise, you may find on Monday morning that your deposit has been completely drained, and even with a negative balance. Remember that stop loss only works after a gap. On Friday you can make good money at the end of the working day on short-term transactions; it is at this moment that the trend can be quite predictable.
Whatever day of the week you choose, remember that, according to statistics, traders whose transactions last from 15 minutes to an hour earn the most.