The forex trading market remains open 24 hours every single trading day. Unfortunately, you and I are human and can’t keep wide awake for the whole of the 24 hours. As such, it is important to get a trading schedule. This raises the question, what is the best forex trading time in Kenya?
Here’s the answer, traders in Kenya probably have the most convenient trading hours of all. If you’re not trading the London session which opens at 11:00 am Local time, you’ll probably be trading between 4 PM and 8:00 PM when the London session and the New York Sessions overlap.
Unless you are a night owl who prefers to trade in the thick of night, the above two will be the best times to trade forex in Kenya.
Understanding the forex trade clock will go a long way in making you a successful forex trader. There are times when the market is super liquid and other times when the market is moving super slow.
So, what is the best forex trading time in Kenya?
1. The London – New York Overlap Window
The best forex trading time in Kenya is between 1600 and 2000 hours (4:00 PM and 8:00 PM local time). At 1600 hours, the London and New York trade sessions start to overlap. The overlap continues up until 2000 hours. The market is most liquid at this time. As a result, most brokers have the lowest spreads at this time.
HotForex Has the Lowest Spreads
After reviewing more than 17 reputable forex brokers, we found HotForex to have the lowest spreads between 4:00 and 8:00 P.M.
Apart from the obvious overlap of the two most active sessions, I also (personally) believe that this is the best time for most forex traders in Kenya to get some action going. The session is right at the end of the day, time for most of us to come home from other daytime hustles, grab a quick shower, and settle down to analyze the charts.
By the time the overlap is fading at 8 PM local time, we also fold our trading for the day and get ready to take a most needed shuteye.
Mostly, any market trends that were established during the European session tend to continue during this overlap window. It is therefore important to study what has been happening in the market during the last few hours before you dive in.
2. The London Trading Session
About 30% of all forex trade transactions happen during the London session. Major currencies see moves of 80+ pips during this session.
And Depending on the time of year, the London forex trading session starts at 10:00 or 11:00 AM Kenya local time.
If you’re a full time forex trader, the London session, which also happens to be one of the most liquid sessions, offers you ample time to trade. The session remains open until 7/8 PM. This is more than enough time for a full time forex trader to open and close positions without keeping some ungodly hours.
Best Time to Trade EUR/USD in Kenya
The Eur/Usd is the most traded currency in the world. It is one of the most liquid currency pairs to trade, and therefore attracts some of the lowest spreads across all forex brokers.
But what is the best time to trade eur/usd in Kenya?
The best time to trade eur/usd in Kenya is between 4:00 P.M and 8:00 P.M (local time). This 4 hour window is when the London and New York forex trading sessions overlap. There is a lot of trading activity at this time. Spreads are at their best and the market is volatility is at an all time high.
While it might feel productive to sit down on your computer for 12 hours trying to catch trading opportunities, trading the EUR/USD for just these few hours might prove to be the most profitable.
Best Days of the Week to Trade
Apart from knowing the best time to trade forex, knowing the best days to trade will also have a significant impact on how successful you become. Most action in the market happens in the middle of the week (Tuesday, Wednesday, and Thursday).
Conclusively, knowing the best days and time to trade forex in Kenya will help you manage your schedule effectively. While the forex market is open 24 hours every trading day, it doesn’t mean that you have to trade all hours. If you plan on becoming a successful forex trader in Kenya, you’ll need to have a trading plan.