Forex, the world’s biggest trading market, operates 24/5 with people from all over the globe participating. It opens at 22:00 GMT on Sundays and closes at 22:00 GMT on Fridays. For those in Turkey, it’s crucial to know the most profitable trading times, Turkey’s Forex market hours, and the opening times in Turkey when beginning Forex trading. Experienced analysts from TU have provided all this information to assist users in choosing the optimal trading time.
The Best Time For Forex Trading
So, what is the best time to trade Forex in Turkey? The most favorable times for Forex trading, as highlighted by Traders Union analysts, are when trading sessions overlap, typically providing higher liquidity. The best overlap happens between the U.S. and London markets from 8:00 to 11:00 a.m. EST, equivalent to 3:00 to 6:00 p.m. in Istanbul. For those aiming to maximize profits in Turkey, trading during this time from Wednesday to Friday is ideal.
The Turkish Forex market operates from 9:00 a.m. to 5:00 p.m. local time on weekdays. Expert traders in Turkey suggest that the 9:30 to 10:30 a.m. ET period is often excellent for day trading. However, the 8:00 a.m. to noon EST overlap between the U.S. and London markets provides the best trading opportunities.
During sessions like Sydney/Tokyo, Tokyo/London, and London/New York overlaps, traders can focus on currency pairs involving the U.S. dollar, including EUR/USD, USD/JPY, GBP/USD, AUD/USD, USD/CHF, and USD/CAD, when trading in Turkey.
Trading during times of low liquidity, as advised by TU analysts, is something to be cautious about. While experienced traders can still manage these periods successfully, it may not be the best choice for beginners. Here are some examples of when low liquidity is a concern:
- At the beginning of the week (Monday) or towards the end of the weekend (Sunday).
- During public holidays, major news events, or when prices exhibit unexpected volatility.
- During the Asian trading sessions, which are known for their limited trading activity.
- Additionally, it’s wise for traders to avoid making trades if they cannot actively monitor their positions, or if they are dealing with health problems, traveling, or participating in conferences.
This helps prevent unnecessary risks and ensures they are in a position to react effectively to market changes.
Turkish Time Zones
Traders Union experts explain that Turkey operates on UTC+03:00, 3 hours ahead of Coordinated Universal Time (UTC). It’s commonly known as TRT or “Turkey Time.” Turkey used to be 2 hours behind Eastern European time under the GMT/UTC system, but this changed after September 2016.
Now, Turkey doesn’t observe Daylight Saving Time and stays on Turkey Time all year. This time zone is aligned with Moscow Time and Arabian Standard Time.
In terms of Forex trading, Turkey’s time zone (UTC+3) can affect when traders should engage in the market. For example, the Sydney/Tokyo session in Turkey runs from 2:00 AM to 11:00 AM local time, while the New York Session starts at 4:00 PM and ends at 1:00 AM. Traders should consider these overlaps for higher liquidity and lower spreads, taking Turkey’s local time into account. For instance, the London and New York overlap occurs between 16:00 and 20:00 in Turkish time (EEST).
According to experts at TU, Forex is a massive global market that operates nearly around the clock, with participants from all corners of the world. If you’re trading Forex in Turkey, understanding the best times to trade is essential. It’s crucial to avoid low liquidity times. Be mindful of the overlaps between Turkish time and major trading sessions for better liquidity and lower spreads. This understanding can help you make more informed decisions when trading Forex in Turkey, maximizing your chances for success.