Hi, I am just starting out & was going to concentrate on one pair. Being Australian I thought I would paper trade AUDUSD pair & was wondering where I could find out opening times + best time to trade eg early, middle or late in session.
Thank you.
Anne-Maree
Welcome to FPA , For MT4 Right click AUDUSD chart and in the pop up box click on properties then in the properties pop up box click on common then tick the show period separators, this will give you your brokers opening and closing time for the day,week,month and year depending on the timeframe you have up on the chart
You can also get custom period separators for the different sessions( just google it and I'm sure you will find what you are looking for)
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https://www.forexpeacearmy.com/fore...y-school-complete-forex-education-pro-banker/
I think you have the right idea trading one pair and starting on the D1 chart, I couldn't give you any better advise than that,You will be way out in front if you stick to this
If you use a D1 chart there is no best time to trade, price could be at your entry any time of the day or night so it's best to use limit orders or at the open of the new D1 candle manually. News will have far less impact on your trades as well as there is far less noise than say trading on a H1 timeframe, trading D1 timeframe takes much more patience with bigger SL but much bigger profits as well
One bit of advice trading AUDUSD on a D1 timeframe is the negative swap rate if you take a short trade, trading D1 can take weeks or even months to hit your TP and if you are short the negative swap can eat into your profits unless you are just planing to scalp a daily candle or something