Trading Opportunities over the Weekends
Trading during the weekends, for most, may seem to be an alien concept. The high leverage, as well as the freedom of trading from anywhere, has attracted a lot of retail trading. However, different markets operate differently with various open market hours.
The forex market trade 24-hours a day but doesn’t trade during the weekends. But, why would you trade on the weekend or can even trading at the weekend be beneficial?
Now, weekends may be closed for some markets, but there are a handful of opportunities to take advantage during the weekend. If you ever asked yourself what you should be doing the weekends, then this’s the article you’ve been looking for.
First, Why do Forex Trading Close Over the Weekend?
Forex markets close during the weekends as institutional forex traders, as well as large banks, operate during the week taking time off during weekends. However, that doesn’t mean you should take a weekend off too.
In fact, weekends present the best opportunities for learning, reflecting, and planning for the week ahead. Typically, weekends help any serious traders to analyze markets with peace.
The first step in forex trading is to understand the significant trading sessions that are available as each of them starting from the US, Asian, and UK markets have various characteristics; hence you have to ensure that they’re in line with your trading strategy.
Weekend Trading Opportunities
Now that weekends are no longer days off the market, what are the opportunities that as a trader you can take advantage?
- Forex Trading Education
You need not waste time during the weekends outside of trading, thinking that the forex market is closed after all. Instead, use that period to boost your trading skills by exploring a plethora of free online education content.
There are a lot of content materials for free that will increase your understanding of forex trading. For instance, some of the free educational materials include:
- In-depth forex education articles
- Beginner and advanced trading guides
- Expert insights on Traits of Successful traders
- Live trading webinars
- Lying Down the Strategy for the Weekend Ahead
Successful trading requires evaluation of the past trades and then planning for the next without repeating mistakes that cost your previous trades. There’s no time for assessments during weekdays, and that’s where you need the weekends.
It’s during the weekend that you need to update the trading journal and the account for the trading activities of the past week. Besides, you can review, modify, and edit your trading plan according to the recent observations. If you don’t have a trading plan, then perhaps the weekend is the perfect moment to build one.
Moreover, you can use the weekend to focus more on the approach for the coming week with expected economic releases.
- Maximize Your Trading Platform
Choosing the best trading platform is one of the ways of making profits from the forex markets. But how well do you understand your platform? Weekends can help learn all the INS as well as outs of your platform and know how it can help with your trading.
Some platforms will allow you to analyze various strategies through back-testing; therefore, you’ll better understand the policy better before applying it the live conditions.
A strategy may have performed in the past in some manner, but it doesn’t mean that in the future, the same approach will achieve the same again. Therefore, by back-testing, one can observe the variability of the actual vs. the expected results of that strategy.
The Bottom Line
During the weekends, the prices are not moving, and that means you can manage your emotions and back-test. Weekends are for reviewing the trade history, making motes about the bad and the good, and learning at least a new concept to get ready for the trading week ahead.