When is the Forex Market "closed"?

R

Remiraz

Please don't blame me for being a dumb newbie. :p

But when is the Forex markets consider "closed" ?

I have downloaded demo versions of both ONANDA and REFCO.
However, every time I try execute a trade it says "market closed".

I understand that the market is closed on Sundays?
What is the exact time frame where no trading happens?
 
It opens 5pm New York Time on Sunday and closes 5 pm on Friday but if you open an account with Oanda you are able to place Trades 24 hours a day 7 days a week but during the weekends the Spreads will be wider.If you want to know info on the FX market phone Oanda up or use FXCM Online chat facility,good sources of info for a someone wanting to start trading currencies
 
I briefly tried the RefcoFX demo but it closed down at 4pm New York time on Friday. I asked their sale rep (John Davis) why this was and he tried to convince me that the interbank closed at 4pm. Needless to say that this was the last time I ever considered using Refco for forex.
 
Quote from StockOperator:

It opens 5pm New York Time on Sunday and closes 5 pm on Friday but if you open an account with Oanda you are able to place Trades 24 hours a day 7 days a week but during the weekends the Spreads will be wider.If you want to know info on the FX market phone Oanda up or use FXCM Online chat facility,good sources of info for a someone wanting to start trading currencies
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Has anyone of you tried to trade when the market is closed?
 
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