By far the best time to trade the currency market is when it is the most active and therefore has the biggest volume of trades. A fast currency market means more opportunity for price moves either up or down. A slow market generally means you are wasting your time turn off your computer and go fishing!
The greatest volume of currency transactions go through during London time, followed by New York and then Tokyo hours. London time therefore is the centre of the currency trading universe.
What does this mean to us the average forex trader and is there a best time to trade our chosen currency pair?
Yes! First of all we must look at overlapping trading times.
The forex market starts with Japanese traders between 8:00 pm to 4:00 am EST. At 3:00 am EST London traders start their day and finish at 11:00 am EST. New York traders open at 8:00 am and finish at 4:00 pm EST.
If we are trading EUR/USD, USD/GPB currency pairs we must look at when the trading time for these pairs overlaps. Therefore, the best time to trade the currency pair: EUR/USD and USD/GPB is between 7:00 am and 11:00 am EST when the two markets for these currencies are most active....
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