In forex,we are constantly transacting currencies depending on the availability of situation and policies regulating it.
As we go on with the training,I'll teach you how to trade on them,so just follow the Lectures closely and attentively.
Let's proceed to the next topic
WHO IS A FOREX BROKER
A Forex broker is simply a market provider. It facilitates trading between buyers and sellers and get its from spread.
A broker is the market maker which helps retail traders to engage with the market and decide on the market cycle.
For instance, without having a cable (dstv,Gotv etc)either a physical cable or the downloaded apps on your phone,you can't access those channels.
Same applies to forex,without forex brokers you can't access the FOREX MARKET.
Now you understand.
Examples of forex brokers
OctaFX
TICKMILL
EXNESS
IC MARKET
CMC MARKET and so on
We are still going to take time to talk about Brokers in details
But market facilitation is the main function of the brokers and what they offer the traders is the facility that allows trading the market.
Let's Move on
TRADING TIMES AND TRADING SESSIONS
There are several trading Times and Sessions in Forex market which indicate the extent of liquidity within the market and price action momentum
They include
1- SYDNEY SESSION
2- TOKYO SESSION
3- FRANKFURT SESSION
4- LONDON SESSION
5- NEW YORK SESSION
The Sessions names are derived from the major cities in which most of the Transactions are done
For example
SYDNEY Session represents Australia and other countries around that Time zone
TOKYO session, sometimes called ASIAN Session represents Japan and some of the Asian countries.
FRANKFURT session which is in Germany represents Europe
LONDON Session represents The United Kingdom and the countries within it.
While
NEW YORK Session represents The Americas
Let's now get to their Trading Times....
Trading Session and Times
1- Sydney Session
It opens by 9 Pm GMT
2- Tokyo Session
It opens by 11 Pm GMT
3- London Session
It opens by 7 Am GMT
4- Frankfurt Session
It opens by 8 Am GMT
5- New York Session
It opens by 1 Pm GMT
These Times could be noted and put in an Exercise book as you all will be needing them for your Trading.
Also Note that these Times are listed in GMT
Greenwich Meridian Time
The Sessions names are derived from the major cities in which most of the Transactions are done
We are entering into an important part of this Forex Training... If you were distracted before, let's focus because your proper understanding of the Forex market would be determined if you actually know the Forex cycle.
The first market to open is Sydney session, followed shortly after by tokyo, which opens at 11pm GMT.
Both the Sydney and tokyo markets then trade together until 7am GMT when the European forex market opens, with Frankfurt following an hour later, and consequent deep liquidity as a result.
Each Session lasts for 9 hours.
So having known their Opening Times, To get their appropriate Closing Times.
To get the closure time of the market for a particular session just add 9 hours to the Opening Time
Forex is a 24 hours market.
It is most times regarded as the Market that never Sleeps because it's open for 24 hours of the day except on Weekends
So no matter where you are around the World, no matter your Time zone.... You can actually Trade this Large, Highly Liquid market
Now there is an important thing to Note here...
This is what many Forex Traders don't actually understand because nobody taught them.
It is always good to Trade the Market when 2 Markets are open at the same time.
I.e When 2 of the sessions are open
Please Take note of this Important point
This is Because, Volatility is always more when 2 or more Sessions are Open .
And in Forex Market, More Volatility means More money.
As a Forex Trader, U wouldn't want to trade a Quiet market, because there won't be much Fluctuations and it's those movements that make money for us.
You will come to understand these soon and know what I mean
For Example, by
12 AM GMT
Sydney Session and Tokyo Session would be open together and it would have more Volatility than someone that is Trading at 9PM GMT because the market would be Quiet.
Another Example is by 8AM GMT
London Session and Frankfurt Session would be open, infact even Tokyo would be with them briefly, so you would notice that Volatility would increase during such times.
That's all as regards Forex trading session and brokers facility and happy blogging and social interactions
Happy Blogging and Reading 💥💥💥💥
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