Consider where you live first, or where you'll be doing most of the auto forex trading trading from. This alone is the biggest factor affecting how this 24 our market is looked at . For example, let's say that you live in California which is on Pacific Standard Time and on the United States West Coast which happens to be three hours behind the time on the East Coast .
Now that we've determined that we are going to do our trading from California , and we know it's three hours behind East Coast time, we can start planning our auto forex trading trading day.
In this market that goes 24 hours and never sleeps (but gets very quiet on weekends and major international holidays such as New Years ) when the New York financial centers close the trading day stops and resets at about 5pm Eastern Standard Time and then banking centers like Hong Kong etc in the Far East open and start a new day at roughly the same time. Keeping this in mind it is the best idea to have trading charts set in a way that the daily candle or bar you use will close every day at about 5pm Eastern Standard Time.Now that we have figured out we're trading from the United States West Coast which happens to be three hours behind EST in New York and we also know when this 24 hour market stops and resets for the next day . Next we have to decide when to prepare and plan for the next day . If you're living in California , as in our example here , and you like staying up late then perhaps you'd like to get ready to trade the London session from about 1am PST (4am EST) to 4am PST (7am EST) . Or, maybe you enjoy your sleep and want to doze through the London session but getting up early is no problem , at about 4am Pacific Time so you can see what the end of the London session looks like and get prepared for the session in New York which gets going about 5:30am Pacific Standard Time, or 8:30am Eastern Time . Perhaps getting up early isn't your thing and the middle of the day is when you prefer to trade; this is not a problem. Just wait for 2pm PST or 5pm EST when the day begins in Tokyo and this session is when you can do your trading.
Now you've got a clear handle on what the major forex trading time zones are all about and you can accordingly plan your days . And remember , planning and being prepared are the most important factors, yet often overlooked of success in all businesses, including this one. This is the best way to organize your auto forex trading day.
Author: Andy Owings - Author of the Drummond Geometry Daily Forecast for Forex Trading & Futures Trading. Andy makes specific trade recommendations every day for 8 popular forex and futures symbols. A auto forex trading symbol is available on the website.
Auto Forex Trading Time Zones - What Are They?