What Is The Best Time Of Day To Have Your Forex Robot Trading?
That simply isn’t the case and a lot of traders learn this lesson the hard way. This is also a valuable lesson for users of forex robots. Allow us to show you why.
Obviously, one of the reasons you may have purchased a forex robot is because you can’t be at a computer to trade during parts of the trading day. Perhaps you don’t want to come from work and try to trade the Tokyo/Sydney session. There’s nothing wrong with that and this is where having a forex robot can help you out. As long as your computer is on, your forex robot can be trading for you. Even if your computer is turned off and you’ve purchased the necessary add-on products, your forex robot can be trading for you, but is this a good thing?
Don’t Let Your Forex Robot Trade All Day
As we mentioned above, there are preferable times of day to trade forex and there are other times when you should just sit on the sidelines. For traders in the US and Europe, it’s not a bad idea to sit out during the Tokyo/Sydney session and if you’re using a forex robot, simply shut it off during this time or alter its settings so that doesn’t trade during this session. Of the three forex session, Tokyo/Sydney is the least volatile and the least amount of money changes hands during this session.
That’s not to say there aren’t good opportunities during this session, there are. So if you insist on using your forex robots during the Tokyo/Sydney session, just make sure it’s not over trading because there isn’t a lot of volatility during this session and the trends aren’t as strong. Forex robots rely on strong trends to deliver winning trades
The Preferred Times To Trade
If you live in Europe or have the ability to trade the London session, good for you because this the most active of the three forex sessions. More money is transacted during the London than during the New York or Tokyo sessions. And this means that your forex robot should be working during the London session.
The London session is extremely volatile at the open and it’s not a bad thing if you choose to set your forex robot to kick in after the first hour of the London session. Actually, London and New York have four hours of overlap when New York is opening and London is heading toward its close and if you choose just one of time of day to have your forex robot trade for you, this should be it. Remember that the New York session starts at 08:00 AM Eastern Standard Time.
The bottom line is you don’t need your forex robots to be trading all the time, you just need your forex robot to be trading at the right times.
Retired Canadian Economist. My main activity since Winter 2006 is trading Forex. I’ve been trading currencies online with the help of EA’s (BTW, the best source for EAs is www.forex-robots.com ) and I currently manage trading accounts at two Forex brokers in the US and in UK respectively Article Source:http://www.articlesbase.com/personal-finance-articles/what-is-the-best-time-of-day-to-have-your-forex-robot-trading-1650082.html
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