Best Times to Trade

EUR/USD

During the Tokyo session, the Euro only trades 15% of all volume so it is best to start watching the Euro late in the Tokyo session. It trades 39% of all Forex volume during the London session. It can also be traded during the New York session.

GBP/USD

The pound trades extremely lightly during the Tokyo session. Start watching it near the end of the Tokyo session as it can start moving then. In the London session, GBP/USD accounts for approximately 23% of all Forex trading volume. The pound can be traded in the New York session also.

USD/JPY

During the Tokyo session, USD/JPY accounts for approximately 78% of all Forex volume. This drops to about 17% during the London session. There are occasional days when these 3 pairs make significant price moves outside the sessions which normally have the most trading volume.
News Releases / Economic Data Releases
23:50 GMT Japan Fundamentals
07:45 GMT Euro Fundamentals
13:30 GMT USA Economic Figures

During Summer Time these news release times are 1 hour earlier.

I think this concerns only the day traders, news traders, scalpers and other short term traders! To be realistic, there is no such thing as best time to trade. I would check out London/New York session with my broker FreshForex. The megarebate of $15 per losing trade and $7.5 per winning traded calculated for standard trading lot ensures that I get paid extra for every trade of mine! So, this is very good for those who trade often.