Forex trading sessions operate on different sessions around the world. The trading sessions allow Forex to function as a 24-hour market. Most new traders think of Forex as the cryptocurrency trading market. However, the truth is that Forex is more identical to the stock market. It has similar trading hours to stock exchange markets. The fascinating thing about Forex trading is how it integrates all those trading sessions and brings the traders from everywhere to a single platform.
This article will enlighten our readers about Trading sessions in South Africa.
Trading sessions in South Africa-How many trading sessions are there?
South African traders can enter all the Forex trading sessions that the international Forex market offers. There are currently four sessions simultaneously operating in Forex world.
- North American trading session
- European trading session
- Asian trading session
- Australian trading session
Tall sessions are open for Forex trading to all traders. The sessions individually, however, work based on the local timings for that region.
Let’s see the trading sessions in South Africa in a little more detail.
North American trading session
Talking about trading sessions in South Africa, the most important session is the NA session. The North American session opens at 8 am, according to the local time. The NA session is famous for the fluctuating USD rates. This session offers high liquidity in forex rates with tighter spreads. Most traders who want to trade the G10 currencies use this session. The USD is a very strong base currency for South African traders as well.
The North American trading session is open from 2 pm to 10 pm. The after-work hours suit students and young adults.
North American trading session is the second most active trading session all over the world. 1 out of 5 Forex trades happens in the NA session. Hence, 17% of Forex traders are taking place in the New York open.
European trading session
The European session is the most widely used Forex Session. The European session hosts 2 out of 5 trades in the Forex market. Hence, a total of 43% of trades are done in European trading sessions. The European trading session consists of the world’s strongest economies. Additionally, the timing is ideal for trading because the New York session has gone halfway. The USD has stabilized, and the Forex market is favorable to trade in on European base currencies.
The timings for South African traders are from 9 am to 6 pm. Most brokers in South Africa work in European trading sessions because of the favorable office hours.
Asian trading session
Asian trading session is extremely busy in Hong Kong and Singapore. The two countries alone make for more than 10% of the Asian trading session. The Yen is the most important currency in the Asian session.
The session opens from 1 am to 10 am throughout the year for South African traders. These late hours are favorable for people who specifically want to trade in Yen. Thus, night owls are at an advantage in this session.
There are four trading sessions in South Africa for Forex traders. North American and European sessions are more commonly used because of their liquidity rates and currency rates.