Before drawing any conclusions, you must first take into account the type of seller you are. Depending on whether you trade forex in Nigeria during the day or at night, your session can be different.
One who trades forex on an intraday basis is referred to as a day seller. The goal is to turn a tiny profit in a single day. By alternating between holdings and frequently focusing on short-term variations, the day seller achieves this. A dealer who prefers to trade at night in order to benefit from the time gaps between other FX sessions is referred to as a night seller.
There are some facts you should be aware of Forex Trading Sessions in Nigeria. First off, experts suggest that sellers think about placing transactions between 2:30 pm and 10:15 am. This is because between 10:00 and 10:15 am, the morning volatility frequently begins to taper off.
Trading in Nigeria
You might profit from these many dealing sessions to increase your wealth in Nigeria. There are three main dealing sessions on the international currency marketplace. If you are a seller in Nigeria, you might need to change your schedule so that you can benefit fully from these sessions.
The optimal dealing times for forex sellers in Nigeria should be determined after learning about the actual time zone in Nigeria and the time difference with the main dealing sessions. The answer to this question is based on a number of different variables, including your dealing partners, the time of day you trade, and the type of time seller you are.
Every dealer wants to maximize their returns on investment, and if you are in Nigeria, these time zones will help you do just that.
This is a common query on various dealing sites for professionals. For Nigerian forex sellers who employ intraday dealing techniques. It is typically advised that you think about dealing between 10:15 am and 2:30 pm. The period was chosen since morning volatility frequently tends to decline between 10:00 and 10:15. Volatility is the measurement of the degree to which marketplace prices change over time, given a particular currency value. This may be used by newcomers to describe the upswings and downswings in the currency marketplace.
Knowing when to cease dealing is crucial while dealing forex in Nigeria. In effect, when sellers place stop-loss orders, they are limiting the amount of losses they may sustain over the course of a specific dealing session. Your pause point should be 1.145 if you decide to trade in EUR/USD pairs at an order ratio of 1.1500. In marketplaces that are unstable, you might need to use this strategy. The forex marketplace occasionally experiences abrupt price changes. Reading through such trends is crucial.