Forex trading is seeing a significant traction in Africa, and Nigeria is home to the biggest Forex markets in the continent.
With an annual gross domestic product of $432 billion, the country’s economy is conducive for a thriving Forex ecosystem.
In fact, the activity is legal in the country and is overseen by the Central Bank of Nigeria to ensure utmost compliance and reliability.
Despite the availability of regulations and increased interest, knowing the best time to trade currencies is a secret to more profitable trading.
Traders Union has published the best trading sessions in Nigeria time for Forex to serve as a guide for traders interested in optimizing their investment activities.
According to the trusted financial portal, tracking the time when major markets are open, namely Tokyo, New York, Sydney, and London, will do wonders for one’s Forex portfolio. Although the market is technically open for 24 hours a day and 7 days a week, trading activity is highest when these major bourses are operating.
As published on the TU website, one of the best trading sessions in Nigeria is between 16:00 pm to 23:00 pm, equivalent to New York’s 7:00 am to 16:00 pm time slot. Experts recommend EUR/USD, USD/JPY/, and GBP/USD as the best trading pairs to buy and sell during the North American session.
Another important market to track is Tokyo, which records an active trading volume between 01:00 am to 10:00 am, equivalent to 12:00 pm to 9:00 pm in Lagos time. Trading yen-denominated pairs are highly recommended for the session, particularly USD/JPY, GBP/JPY, and EUR/JPY.
Next on the line is Sydney, where the Forex market is highly stimulated between 22:00 pm to 7:00 am Lagos time. Currency pairs to track in the Pacific session are the AUD/USD pair and the NZD/USD pair.
Meanwhile, in London, the market is most active at 7:00 am to 16:00 pm or 8:00 am to 5:00 pm in local Nigerian time. The best currency pairs for the European session are EUR/USD, GBP/USD, and EUR/GBP, while USD/JPY is also popular among traders.
Between 2:00 pm and 6:00 pm local time, time zones of London and New York overlap. Experts recommend setting an alert during the period as historical data shows greater chance for activity and rate fluctuations.
Aside from considering time zones, it is also important to consider the kind of trader one is before following recommendations religiously. Traders Union analysts note determining levels of comfort in day trading and night trading among Nigerian Forex investors will help devising the right strategies.
Additionally, knowing the best currency pairs to trade in every session, and familiarity with technicalities such as pip Forex, is crucial to success.
These factors, alongside using only the best and regulated Forex brokers in the country, will make a seamless trading experience. Traders Union’s top recommendations for Forex brokers operating in the Nigerian market are Pocket Option, Tickmill, and XM Broker.
Disclaimer: The content of this partner post is provided by Traders Union. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.