Best time to trade Forex in Nigeria
The best times to trade Forex in Nigeria are during the four Forex sessions. However, it depends on what kind of a trader you are. This article will discuss Forex sessions in Nigeria, the best time to trade Forex, and the best Forex pairs. This article will be useful for you if you are a citizen or resident of Nigeria and want to trade Forex.
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Do Islamic traders have options for Forex in Nigeria?
Yes, many brokers offer swap-free or commission-only Islamic accounts suitable for Sharia-compliant Forex trading.
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What trading hours work best with my full-time job?
Consider trading the London session opening (8am-12pm Nigeria time) or New York session closing (4-5pm) for shorter commitments that don't interfere significantly with work.
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Should I use a VPS for Forex trading from Nigeria?
A VPS is not crucial but can offer benefits like constant connectivity, faster order execution and avoiding disruptions from local internet/power outages.
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Which mobile trading platforms are best for on-the-go Forex?
Top rated options include MetaTrader 4 & 5, cTrader, TradingView and brokerage proprietary apps that offer excellent charts, order entry and notifications when you're mobile.
What are the 4 Forex sessions in Nigeria?
Nigeria is a West African country where African Standard Time is used. The standard time in Nigeria is GMT + 1, which is 6 hours ahead of New York time zone. Additionally, the Nigerian time zone is 10 hours behind Sydney time zone and has an 8-hour difference from Tokyo time zone. Lastly, the Nigerian and London time zones have a 1-hour difference between them.
The four Forex sessions in Nigeria are the, the Tokyo session, the Sydney session, and the London session. Since the standard time in Nigeria is different from the time in the session cities, the Forex session times are also different. The table below shows the timings of the.
| Session | Time | Nigerian Time |
|---|---|---|
New York |
7:00 AM –16:00 |
4:00–23:00 |
Tokyo |
01:00–10:00 AM |
12:00–9:00 PM |
Sydney |
8AM–17:00 |
10PM–7:00 AM |
London |
7:00 AM–16:00 PM |
8:00 AM–5:00 PM |
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What is the best time to trade Forex in Nigeria?
The best time for Forex trading in Nigeria is during one of the four Forex sessions, which are in New York, Sydney, Tokyo, and London.
The best time to trade is from 7 a.m. to 4 p.m. in New York (4 p.m. to 11 p.m. local time). The best time to trade Forex in the Tokyo session is from 1 a.m. to 10 a.m. (12 p.m. to 9 p.m. local time). The best time for the Sydney session is from 8 a.m. to 5 p.m. ( 10 p.m. to 7 am local). Lastly, the best time to trade Forex in London starts from 7 a.m. and ends at 4 p.m. (8 a.m. to 5 p.m. local).
There is an available intraday time that is best for trading Forex in Nigeria: 10:15 a.m. to 2:30 p.m. This time is generally considered the best because the morning volatility tends to subside from 10:00 a.m. to 10:15 a.m. The research by the Traders Union shows that 52% of traders believe that the intraday approach is the best strategy for the best results, whereas 48% believe long-term plans are the best solution.
Best Forex pairs to trade in Nigeria
If you desire to trade Forex in Nigeria, you must be aware of the best Forex pairs to trade there. According to Traders Union research, the most popular Forex pairs among Nigerian Forex traders are EUR/USD and USD/JPY.
The research shows that 80% of Nigerian traders prefer these two Forex pairs, making them the best Forex pairs in Nigeria. However, there are other Forex pairs in Nigeria you can choose from. If you are a trader looking for less volatile pairs, GBP/USD and AUD/USD are best for you.
Trading Strategies Based on Sessions
As a Nigerian trader, it's important to consider strategies that work best with the different global Forex sessions throughout the day:
London Session
This busy session offers opportunities for short-term day trading and scalping strategies. Traders can look to enter and exit positions within 1-4 hours, taking advantage of volatility during this window.
New York Session
While also suitable for day trading, this session works well for swing trades held over 1-3 days. Trading the daily London/New York overlap from 8am-5pm also allows incorporating both sessions.
Tokyo Session
Given its evening hours in Nigeria, this session is better suited to position trading strategies held for 3-5 days. Trades can be initiated before price closes for the day in Tokyo.
Sydney Session
Due to its night/early morning Nigerian hours, it's difficult to actively trade this session. However, it provides opportunities to hold positions opened in prior sessions over the Asian trading day.
By focusing strategies around different sessions based on their local meeting times, traders can structure their day and trading plan around the global Forex market's daily cycles.
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Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.