One of the most interesting things about the Forex market is that it is open from 5pm EST on Sunday through to Friday at 4PM EST.
So this obviously lets people trade 24/6. Which is great cause you can trade at 1AM if you want to and work around your work or other commitments while starting a career in the Forex market.
However, as I have come to realize and have heard from some Forex Mentors... the best time to trade on the market can be when the markets open in each part of the world. I have come to think of this as being at at 8AM on Tuesday morning the large currency traders are starting their trading session and likely looking to buy and sell the currencies they need for things like factories that are selling products worldwide in US $ and then having to pay labour and other services locally.
I imagine they have certain amounts of money to exchange on a daily basis and they are looking to get their orders completed as soon as possible to get their job done for the day.
In the case of New York exchange, the busiest times seem to be from 8AM to 12 noon where some people say the traders than start their lunch.
Another interesting time on the clock is 3 AM when the London, Great Britain market opens. Even though trading is happening 24 hours during the week, the big players typically trading during their day in their time zone. This creates an interesting dynamic in the market, whereas if the demand for USD is huge in Great Britain for the day, then it will likely be driving up the price of USD starting at 3AM and likely going for about 4 hours, then they are likely done with the biggest of the orders to process.
So for anyone looking to increase their capital in the markets, the openning hours of the markets around the world likely set the trend for the next 4 hours in various currencies.
Forex Market Hours EST
Frankfurt Germany: Open - 2 AM EST Close - 10 AM EST
London, Great Britain: Open - 3 AM EST Close - 11 AM EST
New York, USA: Open - 8 AM EST Close - 4 PM EST
Toronto, Canada: Open - 8 AM EST Close - 4 PM EST
New Zealand: Open - 2 PM EST Close - 10 PM EST
Australia: Open - 4 PM EST Close - 12 AM EST
Tokyo, Japan: Open - 6 PM EST C lose - 2 AM EST
If you live in a different time zone, use this handy converter to list of the times for you here.