Why not trade on fridays? | Forex Factory

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Why not trade on fridays?

  • #1
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  • First Post: Aug 5, 2006 10:07pm Aug 5, 2006 10:07pm
Hello...

How come that I have read in many places, that fridays is not a good day to place trades??
  • #2
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  • Aug 5, 2006 10:44pm Aug 5, 2006 10:44pm
Most traders take profit on Friday. If you use HTF you can trade on Friday.

parttime
  • #3
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  • Aug 5, 2006 10:48pm Aug 5, 2006 10:48pm
There are several important things about Fridays:

* The market closes at 4:00 pm NYT until Sunday afternoon 5:00 pm NYT
* You generally don't want to carry open positions into the weekend (unless you are prepared for the possible action - good or bad) coming into the new week. Most people don't have that "crystal ball"
* You will have "carry cost" or "interest" possible
* Friday afternoon's are "chop and slop" because most trader's are thinking about other things

There are more, but I hope you get the idea... If you want to trade the London and Morning NY session going into Friday, FINE, but you should try to be out by 11:00 am NYT.

Hope this helps
  • #4
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  • Aug 5, 2006 10:55pm Aug 5, 2006 10:55pm
How about not trade mondays! For me monday is the worst if I look back...
-soso
  • #5
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  • Edited Aug 6, 2006 2:42pm Aug 5, 2006 11:08pm | Edited Aug 6, 2006 2:42pm
How about not trading at all? Decent breakeven, and you are in the top 5 percent of traders (supposing we give credit to the urban legend that says 95 percent of traders lose their money trading forex).
Once I read a story about a poet who hasn't written any poems yet, because he believed all that poetry can tell us had already been told by Apollinaire.
  • #6
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  • Aug 5, 2006 11:10pm Aug 5, 2006 11:10pm
Most traders take profit on Friday. If you use HTF you can trade on Friday.

parttime
wats HTF?
  • #7
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  • Aug 5, 2006 11:12pm Aug 5, 2006 11:12pm
wats HTF?
From the context I guess (s)he meant high(er) time frame.
  • #8
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  • Aug 5, 2006 11:28pm Aug 5, 2006 11:28pm
oh thanks
  • #9
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  • Aug 5, 2006 11:36pm Aug 5, 2006 11:36pm
How about not trading at all? Decent breakeven, and you are in the top 5 percent of traders
LOL!! That is great!
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #10
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  • Aug 6, 2006 12:17am Aug 6, 2006 12:17am
Firstly; hurvinek : LOL

And now onto my thoughts...
How about not trade mondays! For me monday is the worst if I look back...
Hi SB, i know a whole group of traders first hand via a trader-training-course i took that regularly trade only Tu/Wed/Thur. Part of their motto is "Don't let your greed exceed your need". And before thinking they are just getting buy in life, last "Wednesday" trade for one of the chaps was over $14K that day's trade...but he's been at this since 1999 so he has quite the account(s). He takes a four day weekend nearly every week to be with the wife. . .and he is really only trading primarily from 7am Eastern, to 11am Eastern those three days off 10 minute charts. His system is a simple breakout after engulfing candle setup. No indicators other than candles. But i digress.

Anyway, I do chart studies on Mon and Fri, and if there are setups per my current rules, i will cautiously enter the trade on Monday, but rarely on Friday. Although I am now 7 for 7 positive NFP Fridays taking some pips out of the market thanks mostly to simply having BloombergTV going on my laptop next to my trade station and taking things as they are announced in real time.

Cheers,
Thom
  • #11
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  • Aug 6, 2006 9:21am Aug 6, 2006 9:21am
Trade everyday... some are slower than others and as holidays. One cannot predict which days are good to trade ... until the end of the day.

Figures state that Fridays and Sundays are slow... but I have seen days when Fridays and Sundays were the best days to trade for that week.
  • #12
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  • Feb 14, 2015 5:31pm Feb 14, 2015 5:31pm
Quoting fxtraderguru
There are several important things about Fridays: * The market closes at 4:00 pm NYT until Sunday afternoon 5:00 pm NYT * You generally don't want to carry open positions into the weekend (unless you are prepared for the possible action - good or bad) coming into the new week. Most people don't have that "crystal ball" * You will have "carry cost" or "interest" possible * Friday afternoon's are "chop and slop" because most trader's are thinking about other things There are more, but I hope you get the idea... If you want to trade the London and...

I agree with you totally. People who are never happy unless they are trading everyday lose money due to over-trading. People who want to make money wait for a trending market and people who want to lose money will trade contra trend and consolidating markets, a recipe for disaster. Why would anyone trade on a Friday or Monday when the big players are mostly out of the market. There is not much price action even in a trending market on these days.
  • #13
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  • Feb 17, 2015 7:22pm Feb 17, 2015 7:22pm
Yes, like mentioned already, the PA will be choppy, many will be busy taking profits and most traders generally wouldn't want to carry open positions over the weekend.

On a serious note! Because- "Keep calm and thank god it's Friday "

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  • #14
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  • Mar 7, 2015 11:26am Mar 7, 2015 11:26am
Trading on Fridays provides an opportunity for high reward but that also comes with a high risk. There are some reasons why you shouldn't trade on Friday: 1) Large gaps when the market opens 2) Higher spreads 3) Bad market conditions.
  • #15
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  • Jul 14, 2015 11:40am Jul 14, 2015 11:40am
Quoting grillbritt
Hello... How come that I have read in many places, that fridays is not a good day to place trades??
i think every day gives oportunities, i do trade on fridays and its the same for me, but yea market closes before... careful with leaving your orders opened
Perfecting your entry will increase your profits
  • #16
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  • Jul 15, 2015 6:49pm Jul 15, 2015 6:49pm
Quoting Deliciouspip
{quote} i think every day gives oportunities, i do trade on fridays and its the same for me, but yea market closes before... careful with leaving your orders opened

I agree that every day gives opportunities including Friday. But the open orders have to be conservative as the weekend spreads can be horrible sometimes. Attached is the spreads on 5 July 2015 weekend from my broker. Some pairs are having 100-200 pipsHow're other brokers doing for weekend spreads?

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  • #17
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  • Jul 15, 2015 7:39pm Jul 15, 2015 7:39pm
Friday is sex time! No trades for me.
Learn to like losses
  • #18
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  • Jul 15, 2015 10:27pm Jul 15, 2015 10:27pm
as a rule volatility is low on Fridays

+

if it's the first Friday of a month, there are payrolls, then there would be rough jumps and high volatility on the contrary. Of course, if you are a news trader then it's great.

+

If you've got open trades on Friday, then on Monday there will be a gap, if on weekend price plays against you
  • #19
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  • Jul 16, 2015 12:46am Jul 16, 2015 12:46am
Low volume, short trading hours and many times high volatility ==> Losses that are difficult to recover
Make your losses in demo. Earn your profits live.
  • #20
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  • Jul 17, 2015 12:12am Jul 17, 2015 12:12am
Hence, I'm thinking if I hedge ALL Positions before end of the week, would it be more beneficial than closing it? I can lock my positions and unlock it on Monday when the spreads are more stable.

How are other brokers doing on weekends?
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