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Trading News Why UK Forex traders have the advantage
Trading News Why UK Forex traders have the advantage
Why UK Forex traders have the advantage |
| Written by Trader Hideout Editor | |||
| Thursday, 11 December 2008 12:12 | |||
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Anybody from anywhere in the world can open a trading account and start forex trading, however, how true is it that UK forex traders have an advantage over everybody else worldwide? According to some experts, the opening hours of the London session are the most profitable part of the trading day for those trading in a major currency pair such as GBP/USD and EUR/USD. Some say that the morning session in the UK usually shows a strong trend in one direction on the major currencies so it is easier to make money from these trends. It is because this session is so convenient for UK fx traders when compare to those in another time zone that they say the UK forex traders have it easier. The other reason is that UK traders can use spread betting as an alternative option to a forex broker. Although it is more or less the same, forex trading gains through spread betting are currently free of tax so even if it’s their full time job they do not have to pay a penny in tax to the tax man. It might be only two advantages, but in many eyes, the UK forex trader does have the advantage over those in other countries.
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