Time based trades

by Sham
(SA)

Hi

I just have 2 questions that has been confusing me. Any help will be highly appreciated.
If for instance, I am looking to enter a trade at a specfic time e.g 10am US and my brokers server is set to GMT+1, does this affect anything at all. Can i just wait for 10am US or does the server make a difference?
Second question is about daily candles, from what Ive picked up on this site it seems that the common open.close for a daily candle is 00:00 GMT. so again, how does my brokers server affect this? Will this mean my open/close prices will be incorrect? how can i get teh correct values?

Thanks for your time!


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Time based trades

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Jan 10, 2012
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starstarstarstarstar 		Very good question
by: Luke from Forex Trading Rookie

That is a very good question and I'm sure a lot of traders have this problem. When you're dealing with time-based trades, it doesn't really matter what your broker is if you're supposed to take a trade at 10:00 AM eastern time. You just take the trade at the appropriate time because the market is reacting in a certain way at that time, regardless of which broker you have.

As for the second question, when looking at the daily candle, it sounds like it will end and begin at +1 GMT. You can always email your broker support and just ask what time the daily candle ends or begins and they'll be happy to clarify if you're not sure. You can also open a chart on your platform and change the time frame to daily to see what time the candle is closing/opening. Thanks for dropping by and feel free to come back with any questions.

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