million real trades conducted by a major FX broker, and we found that trader profits and losses could vary significantly by time of day. That data showed that most traders are what are called Range Traders, and their successes and failures very much depend on market conditions. In fact, this trading style means that many of them have trouble being successful in forex because they are trading during the wrong time of day.
Most forex traders are more successful during the late US, Asian or early European trading sessions essentially 2 PM to 6 AM Eastern Time (New York), which is 7 PM to 11 AM UK time