The best time to trade Forex in Kenya is between 11:00 am and 6:00 pm East Africa Time. During this period, the market is very liquid, and a lot of economic news is read, which means you can take advantage of volatility upon the news release.
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Types of Forex Trading Sessions in Kenya
There are three most important forex trading sessions in Kenya:
Asian or Tokyo Session
The Asian or Tokyo session is the third busiest market session after the New York Session. It begins from 2:00 am to 11:00 am East Africa Time.
Price Movement is observed in the Asian currency pairs such as AUDUSD, USDJPY, NZDUSD, etc. This is because a lot of transactions are taking place in the Asian economies at this time.
Use this period to analyze the chart, not to place trades because forex brokers tend to widen spreads during the session.
London or European Session
European Session is the busiest forex market session. It opens from 10:00 am to 7:00 pm East Africa Time. Most big trends start at the beginning of this session and continue until the time New York or American Session begins.
The currency pairs that exhibit the heaviest movement during the session are EURUSD, GBPUSD, and USDCHF. You can generate a lot of profits during this market session because spreads are extremely low.
New York or American Session
New York Session starts from 3:00 pm East Africa Time to 11:00 pm East Africa Time. It is the second busiest market session after the London session. About 85% of news released during this period is related to USD. So, it would be best if you concentrate on USD-related currency pairs.
FAQs on the Best Time to Trade Forex in Kenya
When Does the Forex Market Open in Kenya?
The Forex Market Opens on Mondays at 00:00 hours East Africa Time and closes on Fridays at 23:59 hours East Africa Time. The market is closed on Saturdays and Sundays.
When Does Volatility Occur Mostly in the Forex Market?
Volatility occurs mostly when two trading sessions overlap, and when there is a significant economic news release.
When is Most Economic News Released?
Most economic news is released during London Session.
Can I Trade Forex at Night?
Yes, you can trade Forex at night from Monday to Friday. But be aware that brokers widen spreads at night.
What Is the Best Forex Trading Session to Open Trades in Kenya?
The best forex trading sessions to open trades in Kenya are the London session and the New York session.
Which Days of the Week Can I Make the Most Profits?
There is no particular day a trader can make guaranteed maximum profits. But it is advisable to avoid trading on Mondays and Fridays if you are a scalper or a day trader. That is because the market tends to exhibit slow price movement on Mondays and Fridays.
Now that you know the best time to trade forex in Kenya, It would be helpful if you get to the forex charts as early as 8:00 am to prepare well for the day.
Did you know that even banks and large companies trade the forex market? We will talk about forex market players in the next article so you may understand how serious forex trading is.
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