How Forex Trading work in Singapore?
Singapore has predominantly been a strong economy driven by oil and petroleum exports. However, the economy had understood the need for diversification due to the entry of new competitors. Forex trading in Singapore has been an investment for a small proportion of investors. Considering the computer literacy and awareness only a few investors are aware of this new investment product earlier. Overall the nation has slow progress to explore global investment products.
Forex market hours
- London forex market session -It is the first session of a trading session which is referred to as the European session. It begins at 10 AM Riyadh time ends at 6 PM Riyadh time. It is the most active trading session with great liquidity leverage, which means a huge volume of trading is done in this session. This session also overlaps with the other two sessions.
- New York forex market session -It is referred to as the US trading session. It begins at 3 PM Riyadh time and closes by 8 PM or 11 PM Riyadh time. This session has the highest liquidity around 3 PM Riyadh time to 6 PM Riyadh time.
- Tokyo forex market session -Being referred to as the Asian trading session, it begins at 11 PM GMT and ends at 8 AM GMT.
Market hours for trading in forex in Singapore provide the traders with flexible trading hours. However, it is advisable to trade during the most liquid hours to make successful trades. Also, some of the most rewarding market times happen when two or more markets are open at the same time. One can concentrate on these aspects while making a trade to ensure profitable trade.
Due to the growth of forex trading in Singapore, the number of forex brokers has increased in Singapore. Not all these brokers are registered. It is imperative that while choosing a broker one should check whether he is registered with the agencies authorized to carry in forex trade. One needs to also keep abreast of how the broker charges them. Some of them recover separate commission or some charge a mark upon the spread.
Also one should trade with a broker who provides good customer service. Proper technical analysis should be provided by the brokers to their customers. Also when the trade volumes are high there is more leverage and thus there are possibilities of making huge profits too.