The four Forex sessions are the most advantageous periods to trade forex in Nigeria. But it all depends on the type of trader you are.
West African nation of Nigeria observes African Standard Time. Nigeria’s standard time is GMT + 1, which is six hours earlier than the New York time zone. The Nigerian time zone also differs from Sydney’s time zone by 10 hours and from Tokyo’s time zone by 8 hours. Last but not least, there is a 1-hour difference between the time zones between Nigeria and London according to Traders Union.
The Tokyo session, the Sydney session, and the London session are the four forex trading sessions in Nigeria. The times of the Forex sessions vary since Nigeria’s standard time differs from the times in the cities where the sessions are held.
One of the four forex sessions, which are held in New York, Sydney, Tokyo, and London, is the ideal time to trade currencies in Nigeria.
The most popular trading pairs
The ideal Forex trading pairs in Nigeria must be known if you want to trade there. The EUR/USD and USD/JPY forex pairs are the most traded among Nigerian forex dealers, according to Traders Union research.
These two Forex pairs are the top ones in Nigeria, according to data, which reveals that 80% of traders there choose them. There are additional Forex pairings available in Nigeria, though. The ideal pairs for traders searching for less volatile pairs are GBP/USD and AUD/USD.
How to choose a trading app?
Your desired broker must be responsive due to the volatility of the currency market. This is due to the possibility that if a trader has placed a transaction and a high volatility event causes a gap, the trade may execute at a poorer value and cause the trader to incur losses. You also need to remember what are the four Forex sessions in Nigeria?
Reliability is a key feature to think about when picking a broker, depending on the platform you want, whether the desktop or mobile application. Your transactions and productivity as a trader will be impacted if your broker’s app freezes or crashes, especially during times of significant global economic events.
A user-friendly broker will make sure you rapidly place or close a trade because in trading, the difference between a profit and a loss can occasionally be measured in seconds. Also, it is required for the platform’s general navigation; the app should be simple to use even with extra charts and capabilities.
Professional traders can vary in their aptitude for post-trade analysis from this Traders Union article. This is how you can develop your ability and possibly learn from earlier exchanges, and some tools can help make it simpler. Make sure your desired broker’s analytical tools comply with industry standards before selecting a broker.