B1K3R

So I was reading an article and it said that a typical trading day starts with New Zealand, before moving across to Australia, Japan and Asia, Europe and North America.

The UK and the US markets account for around half of the total world market, therefore the times at which both are open are particularly busy. The following are the overlapping timings.

- New York Market trade times: 1pm - 9pm GMT
- London Market trade times: 7am - 5pm GMT
- Great Britain Market trade times: 8am - 4pm GMT
- Tokyo Market trade times: 8pm - 4am GMT
- Australia Market trade times: 12am - 8am GMT

There are two times when two of the major markets overlap during trading hours,

- between 7am and 9am GMT for Asian/European markets and
- between 1pm to 5pm GMT for European/U.S. markets.

The market is open 24 hours a day but this doesn't mean that it is always active.

So, does anyone of you know if these overlapping times, in general gives a higher probability of getting a better rate? I'm just wondering here if there is in fact a good time of the day where its best to transfer currency.

Cheers
B!K3R

cranston

The time of day you ask for a quote will make no difference to the rate you get.

fish.01

I don't know the best time, just that my broker said he would transfer it at the best time of day.

Seneca21

Unless you really know what you're doing, Forex trading is a truly great way to get ****ed fast. Better off in commodities as they are easier to study IMO.

fish.01

He is probably just trying to work out the best time to transfer their money to Australia rather than trading?

Seneca21

OK didn't realise. Doh, etc.

fish.01

B1K3R is very thorough so it just appears like he wants to become a full on trader

B1K3R

Oh sorry guys, guess I wasn't clear enough Yes, Fish.01 is right, I was talking about find the best time of the day to transfer money to and from OZ since I'll be doing that on regular basis.

Hehehe, that's true Fish.01, guess I'm exaggerating a bit now with the move to OZ

I stayed monitoring the rates today, and found out that in fact the best rates were in the overlapping windows of trading. I'll do some more analysis tomorrow.

In reality its no big deal for small amounts of money, but if you transfer loads, then it makes a difference.

On $2000 AUD, the difference from morning to evening was something like £20-30GBP. If one does this on a weekly basis, then I guess it makes a bit of a difference.....and that's using foreign exchange companies, cause if through a bank transfer, then the difference is bigger. Obviously I need to do more observations to confirm this...



Cheers
B!K3R

Seneca21

I know a few of those guys. Some are doing better than others.

koalakim

Don't know if this helps but when I was studying the pound to A$ it appeared that quite often it would peak at around 3-4am Aussie time (whilst on daylight saving) and then fall back by the time the Aussie markets opened.

The last time we did a big transfer we put a (can't remember the name for it!) figure in so when it hit that overnight the deal was done.

Anyone who does currency trading needs to seek help.....it was driving me nuts following the pound for a few weeks.

Centurion

I long ago nearly lost my mind to such madness and now indulge my speculation using limit orders.

freebo

Out of interest which company do you use?

Seneca21

Limits orders - this brings back memories. Stops, shorting. Packed all that in a long time ago.

renth

I'd never use a stop limit though - too risky