Is it necessary to choose the right day to trade?

Although I know that the Forex market is open 24 hours a day, 7 days a week, and also understand that choosing the time to trade can make a difference between successful and hopeless trading, I am wondering if it is true that every Monday is not a good day to trade because the market recently awakens and is making first probation steps to form a new or confirm a current trend, and on Fridays afternoon, during the huge volume of closing trades.

As per another statement, the best days to trade are Tuesdays to Thursdays.

If you pass more and more time with the market, you can possibly build up a strong and positive mindset.

Depends on many factors. The day makes less difference to me than whether my rules for a trade are triggered or not. If that happens on a Monday then I take a trade, if not, I don't. Keep it simple.

Akasuki posted:
If you pass more and more time with the market, you can possibly build up a strong and positive mindset.

Awesome post! Thank you for reminding us about the mindset towards trading.

I have personally found that my results are better from the back end of the week, Thurs and Fri. But I only found that out through reviewing past trades. I think each person / strategy will perform better at different times, just need to work out what works for you

Depending upon the strategy and the trend you want to take benefit of Mondays can be good or bad! You need to choose how you want to make it work for you. Every day is unique in the market. With experience you will be able to get an understanding what is working in your interests as per your strategies and decisions. All the best!

davesper posted:
To be honest, I don't think this is the right approach. I'm more of a supporter of the idea that if a trader has enough experience, you can start any day.

I agree. A trader should know how to find an opportunity and make it potable, no matter where the market stands.

davesper posted:
To be honest, I don't think this is the right approach. I'm more of a supporter of the idea that if a trader has enough experience, you can start any day.

I agree. A trader should know how to find an opportunity and make it potable, no matter where the market stands.

Personally, I feel Tuesdays to Thursdays are the best days to trade. Trading is not possible on weekends because of low liquidity.

Depends on how you trade but I think the markets generally form recognisable patterns over the course of a day and also over the week, month, quarter and year.