Free Trading School · Level 2: How Prices Move
Market hours and trading sessions
Stock exchanges have fixed hours. The New York Stock Exchange and Nasdaq, as well as the Toronto Stock Exchange, trade from 9:30 to 16:00 Eastern time, Monday to Friday, with some pre-market and after-hours trading at lower volume.
Forex never sleeps during the week. It opens on Sunday afternoon Eastern time when banks in Sydney start the day, and the activity passes to Tokyo, then London, then New York before closing on Friday afternoon.
Approximate forex sessions in Eastern time. The London and New York overlap is usually the most active period.
| Session | Approx. Eastern time | Character |
|---|---|---|
| Sydney | 17:00 to 02:00 | Quiet; AUD and NZD move most |
| Tokyo | 19:00 to 04:00 | JPY pairs active; often range-bound |
| London | 03:00 to 12:00 | Highest volume; trends often start here |
| New York | 08:00 to 17:00 | US data releases; strong moves in the overlap |
Trade when your market is active. Most strategies work best when volume is high and spreads are tight.
Quick answers
Stock exchanges have fixed hours. The New York Stock Exchange and Nasdaq, as well as the Toronto Stock Exchange, trade from 9:30 to 16:00 Eastern time, Monday to Friday, with some pre-market and after-hours trading at lower volume.
Trade when your market is active. Most strategies work best when volume is high and spreads are tight.
The London and New York overlap. When London and New York are both open, volume and volatility peak.
Next lesson: How currency pairs work