- Make the Most of the Weekend to Improve Your Trading
- What is weekend trading?
- Can I Leave Orders Open over Weekends? | Action Forex
- Trading hours
They are the last checks you make before you make a decision on holding a trade over the weekend. Ask yourself:. The first question is crucial to your success with holding trades.
Have you ever held a trade over the weekend and if you have, what do your previous results say? If you have never held a trade over a weekend, try it out on a demo account. Collecting data in your journal will give you peace of mind and confidence when trying to decide on holding a trade. You can still use your live account if you wish — just be certain to log the data so that you can check out your results when you come up against the same dilemma! If you are stressed by holding trades then you should practice first on a demo account. Your trading psychology is something you need to dedicate time to improving.
Make the Most of the Weekend to Improve Your Trading
Just try a few holds on a demo account first if need be! I have spent a lot of my time teaching the importance of not letting greed dictate your trading. More often than not, it will cause you to lose trades and this is no exception. If you are currently at a 3 RR and want to get to 4 RR, take a moment to ask yourself whether you are being greedy. The weekend movement can completely wipe out profits. If you let your greed control your weekend trades you are playing a dangerous game.
But if you can truthfully say that you are not holding a trade for greedy reasons, you are in a great position! So, that sums up the questions I ask when I look to hold trades over the weekend. Flexibility and judgement are going to play a big part in your decision making with this. Each trade is going to be different, as well as the external influences such as news or speeches. I definitely encourage you all to try holding some trades over the weekend.
What is weekend trading?
Practice really does help with this area of trading. The earlier you start, the easier and more profitable you will make it for yourself in the long run! Your email address will not be published. I shorted it 0. Do you think it is only a temporary rise? Thanks in advance! This should have hit your stop loss by now.
GBP is risky to trade at the moment with Brexit causing chaos. I like how you put everything together my Question is what time frame is good for right entry point?
This really depends on the trade, your analysis, recent highs and lows. If gives you the full context of the pair and can help you decide which time frame to look for an entry on. One other consideration I have is whether it is a buy or sell. Probably not as important on longer timeframes but more so on short. Obviously, to close a sell trade we use a buy transaction. Theoretically, a high net worth individual with a big trading account can negotiate with a Forex broker to place trades on weekends.
However, considering the liquidity and spread aspects, it is hardly a prudent way to trade. Weekend closure also allows Forex brokers to conduct weekend maintenance of the systems e. Professional traders, who can gauge the trend of a currency pair with reasonable accuracy, will not have any need to place an order during the weekend. They would rather do it on Monday GMT when the next session opens.
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In case of beginners, it would be better to have a rest, assess performance, fine tune the strategy and come back fresh when the market opens on Monday. Even though the normal currency market is closed on weekends, you can still trade cryptocurrencies on Saturday and Sunday via brokers that offer such a service.
Can I Leave Orders Open over Weekends? | Action Forex
If you want to get news of the most recent updates to our guides or anything else related to Forex trading, you can subscribe to our monthly newsletter. What Is Forex? Up to USD. Please disable AdBlock or whitelist EarnForex. The possibility of a weekend price gap filling quickly is stronger when the predicted fill is in the direction of the long-term trend. If traders entered a trade as soon as the new week opens with the formation of a gap, they could exploit the chances of weekend price gaps to fill in forex. Traders need to set the take profit for the previous week's range, while the stop loss must never be larger compared to the amount of pips aimed by the take profit level.
Another method to use within a forex gap trading strategy is to observe the price action on shorter time frames. Subscription Confirmed!
Trading hours
Thank you for subscribing. Coming Up! Title text for next article. Join our Telegram group. Forex Live Premium. Webinar Calendar. Compare FX Brokers. What are gaps in the forex market and how to trade them A 'gap' in the market happens when the opening price is higher than the last session's high price, known as gapping up, or lower than the last session's low price, called gapping down.