The forex market trades around the clock from Sunday evening to Friday evening (GMT), because trading moves between financial centres as the day progresses. But "open 24 hours" does not mean every hour is equally good to trade. Volume, spreads and volatility change sharply between sessions.
The four main sessions
Approximate times in GMT/UTC during the northern-hemisphere winter. When daylight saving time applies in Europe and the US, London and New York open and close one hour earlier in GMT terms; Sydney shifts the other way during its own summer.
| Session | Opens (GMT) | Closes (GMT) | Most active pairs |
|---|---|---|---|
| Sydney | 22:00 | 07:00 | AUD/USD, NZD/USD |
| Tokyo | 00:00 | 09:00 | USD/JPY, AUD/JPY, EUR/JPY |
| London | 08:00 | 17:00 | EUR/USD, GBP/USD, EUR/GBP |
| New York | 13:00 | 22:00 | EUR/USD, USD/CAD, USD/JPY |
The weekly open is Sunday around 22:00 GMT (21:00 in summer) and the close is Friday around 22:00 GMT (21:00 in summer). Your broker's server time may differ from GMT, so check the platform's market watch.
The overlaps: where most volume happens
- London–New York (about 13:00–17:00 GMT) – the busiest window of the day. Tightest spreads on majors and the largest moves, especially around US data releases at 13:30 GMT.
- Tokyo–London (about 08:00–09:00 GMT) – shorter and quieter, but often sets the direction for the European morning.
- Sydney–Tokyo (about 00:00–07:00 GMT) – active for AUD, NZD and JPY pairs.
Best times to trade, by style
Day traders and scalpers
Trade the London session and the London–New York overlap. Spreads are lowest and price moves enough to reach targets. Avoid the minutes around major news unless that is your strategy.
Swing traders
Session timing matters less, but entering during active hours gives better fills. Be aware that holding positions over the weekend exposes you to price gaps at the Sunday open.
Bonus account traders
With a small no deposit balance, wide spreads hurt the most. Trading only during the main sessions keeps costs per trade down while you work through the volume requirement.
When to avoid trading
- The daily rollover (around 22:00 GMT): spreads often widen sharply for a few minutes as liquidity providers reset. Stop losses can be hit by the spread alone.
- Bank holidays in the UK, US or Japan: thin volume and erratic moves.
- Friday afternoon New York: liquidity fades into the weekend close.
- Major data releases (central bank decisions, US non-farm payrolls): slippage and spread spikes are common.
Turning session knowledge into a plan
- Pick two or three pairs that are active in the hours you are free.
- Note the high-impact news times for those currencies each week.
- Size each trade with the position size calculator before entering.
- Review your results by session after a month — many traders find one window clearly works better for them.
New to trading? Start with our forex for beginners guide and trading strategies overview.