#579: What Every Trader Needs to Know About Broker Time Settings

What Every Trader Needs to Know About Broker Time Settings  Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Watch Prop Firm Masterclass #579: What Every Trader Needs to Know About Broker Time Settings In this video: 00:28 – What time do your charts start the new trading day? 01:56 – 5:00 P.M. EST New York time is when the charts open for the new day. 02:50 – Does your broker have a “Sunday candle”?   03:58 – Have a look at the brokers that I use – see here https://theforextradingcoach.com/forex_trading_resources/ 04:32 - 17 minutes Masterclass and Book a Call. 05:03 – Comments, Like & Subscribe. Is your Forex Broker’s Trading Platform set to the right time zone? If it's not, it could be causing you many unnecessary losses. Let's find out about that and more right now. Hey there, Traders! It's Andrew Mitchem here, the owner of The Forex Trading Coach with video and podcast number 579. What time do your charts start the new trading day? You can ask the question about forex brokers and the time that their platform start the trading day and the trading week. It's really important that you get this right, because maybe there's a lot of people out there that just don't understand it and don't understand understand the importance of getting it correct. So it doesn't matter where you live in the world, the correct start time of the new week and each day of the trading week is always at 5:00 P.M. New York time. That's Eastern Standard Time. So again, it doesn't matter where you live. Doesn't matter where I live. All you need to do is convert your local time into that 5:00 P.M. Eastern Standard Time, new York time start of day. And obviously with most people around the world, they will have daylight saving. When you change from, you know, into summer, into winter, etc. and that's the same also in New York. But 5:00 P.M. New York time is always 5:00 P.M. New York time. So the only thing that's going to change is what that converts to in your local time zone. So really important that you understand that. And there could be differences like for me right now in, March, we are in summer time in the southern hemisphere. But of course, in the northern hemisphere where New York is, it's still like wintertime, winter in the spring. And, you know, vice versa. When they go to summer, we go to winter. 5:00 P.M. EST New York time is when the charts open for the new day. But you have to understand that 5:00 PM New York time is always 5:00 P.M. New York time. So get that bit right and you'll be fine. So how do you check that on your forex brokers trading platform? Well, the easy way to do that is to see when the new week starts. So when the charts open for the first time in the week, that should be Sunday 5:00 P.M. New York time, and each subsequent day will be 5:00 P.M. New York time. And if you're seeing that on your charts, generally if you go down to like a one hour chart, it will start at 00:00 Timestamp and you will see that on your charts and you'll know in your local time zone what time that is. You'll know that's the start of the day. You'll also figure out that that converts to 5:00 PM New York time. Perfect. You're good to go. Does your broker have a “Sunday candle”?   The issue that we find not as much today is it used to happen, but some brokers used to have what we call a Sunday candle, and that would have been a candle that lasts 2 or 3 hours, at the beginning of the week before their first full day starts. Now, when you think about the problems that causes is the charts. So if you're using light indicators or support and resistance levels whenever you're using, it assumes that one bar is equal. So it assumes that in the correct chart you should have five days on the daily charts. Each of them having exactly 24 hours. And if you do, fantastic.