This article will discuss the best days of the week for trading Forex, as well as, the best trade times during the week, why market volatility is important, the best months to trade Forex, a section concerning why the summertime is a slump period for trading, how trading differs in other parts of the year, and much more!To get more news about wikifx app, you can visit wikifx.com official website.

Let's go over the whole trading week in depth. First of all, there is a slow development of activity from late Sunday to Monday. Then the uptrend picks up its pace and peaks on Tuesday. A minor decrease of trading volatility occurs on Wednesday, right before another increase the next day. The weekday that scores highest in terms of volatility is Thursday, closely followed by Friday. At around 17:00 GMT on Friday, all activity ends and the market goes dormant for the weekend.
Still wondering what are the best days to trade Forex? The answer is simple - it's midweek. Take a look at the table below to see the daily pip range for major currency pairs:
If you've got some trading experience under your belt, you may have already noticed that market volatility is not consistent. It doesn't just vary on an hourly basis, but also every week, or even month.

It is important to be aware of the level of volatility and how to use volatility protection settings. Knowing the optimal levels can make the difference between major profit and major losses. In the table above, the 'Sunday' column indicates low pip range, and the columns for 'Tuesday', Wednesday', and 'Friday' indicate high range.

Why choose the pip range as a volatility indicator? While pip range doesn't exactly measure volatility, it's an intuitive way to get a big picture of the market. Pip range shows how far markets can move, on average, on a particular day. What it doesn't show, is all the swings within that pip range.

This is just something you have to keep in mind, if you want to know the best days for Forex trading. When you're using trading software, you can easily track volatility. All of the data is available to you and you don't have to search for it - especially if you're using a powerful trading platform like MetaTrader 5.
Sunday to Monday
The way time zones work also plays a role in daily volatility. When it's Monday morning in Australia, it's still Sunday night in Europe. European and U.S. sessions are not open during this time. The markets are already active, but volatility is relatively low. Since there isn't much economic activity on weekends, it's also unlikely that the market will adjust to new conditions. Sunday night is the only time of the trading week, when gaps occur regularly for currency pairs.

Therefore, Sunday is not the best day to trade the Forex market. This is why it's not recommended to start your trading week on Sunday. Judging by the lack of activity on the market, most traders follow this advice. Monday isn't the best day of the week to trade currency either. The first half of Monday is sluggish.

European traders wait for economic news and macro data: before they decide to open new orders. As the week begins, traders try to get a feel of future trends and adjust to them. This is why Monday is the least volatile weekday.

Midweek
On Tuesday, trading quickens and the market experiences the first spike in activity. Market volatility on Tuesday is approximately 120-130% of what it is on Monday. This is why Tuesday is one of the best days to trade Forex. On Wednesday, there is a slight dip in volatility. Trading activity decreases to somewhere in between what it is on Monday and Tuesday. This happens because of a phenomenon known as swaps.

To put it simply, a swap is overnight interest paid by traders who hold their position between daily sessions. For instance, holding a position at the end of Wednesday's session means a triple swap has occurred. However, this is true only in the case that the position was open over the previous weekend. When trading small volumes, swaps don't seem like much of a burden.

Many intraday traders never even bother with swaps, because they never trade overnight. For traders who operate with big volume and long-term trades, a positive triple swap can generate profit. That's why Wednesday is generally a bit lower in volatility compared with Tuesday and Thursday. Due to its high volatility, Thursday is another excellent day to trade the Forex market.