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Are you a forex trader and don’t know which time you should trade in forex in South Africa? If yes, then read this comprehensive article thoroughly to get a complete answer to your question.
Forex trading is open 24 hours a day in South Africa. Still, forex trading is a vast trading market of different assets. Due to the presence of different assets in forex trading, there is no exact time to trade in forex in any country like South Africa, where FX trading is at its peak.
But still, there are some studies on this topic. So, let’s see what time does the forex market open in South Africa:
Forex Trading at Night: Should you Go for Night Trading?
One of the most frequently asked questions that new FX traders ask experts is, “Can I trade in forex at night.” Well, FX trading is always open 24/5, with two holidays on weekends. Moreover, FX trading is a type of trading that is spread worldwide. But still, many experts suggest newbies stay away from night trading.
Many different factors affect your income at night. Still, one of the most common ones is that even if forex trading is open late at night, other markets are off at night. So, if you were thinking of trading at night, then you should leave this idea.
Best Time for Day Trading in South Africa
Now, let’s assume night trading is not available for you, so you have only one option left: day trading. But a day is not a thing that can be considered as a single time or time frame. So, what time is the best for you to trade in FX in South Africa?
According to experienced FX traders, investors and brokers, you should trade in FX between 10:00 and 17:00 SAST (South Africa Standard Time). But why?
If you analyze this time slot closely, you will understand the importance of this time slot in South Africa for FX traders. In reality, 10:00 SAST is the time when the London session of global forex trading opens. And 17:00 SAST is the time when the US session of global forex trading is on its way (two hours after its start).
Suppose you are pretty much familiar with global FX trading. In that case, you must know that this time slot is the main window when financial and economic news is released. This time slot offers deep liquidity that allows optimal trading conditions. In short, this time slot is the best for intraday or day traders.
You will understand the importance of this time slot by the fact that 43 percent of transactions in foreign exchange are made in the European session. That is why you should start your day trading at the beginning of the London session.
The Bottom Line
South Africa is one of the best places where you can start FX trading. So, if you think that the time slot from 10:00 and 17:00 SAST is a small-time interval, then you can increase it and take it to 19:00 SAST if you are going to start your new journey as an FX trader in South Africa; best of luck.