That makes sense, what I don’t quite understand is why would they wanna do that to their residents, Is there even one good reason for it, or just plain arbitrary power trip.[/QUOTE]
It’s actually a larger issue of [I]currency control[/I]. All countries do this in one form or another to protect their interests. Just like you have a military to protect against physical borders, each country also has to protect their money. The problem with money is that it is interchangeable, especially at the cash level. But at the same time you have to do business with people outside your own borders, so it is inevitable that money must flow overseas anyway. Most of the wealth that developed countries have is [I]notional [/I]or [I]stated[/I], and they have to keep tabs on how much of the cash in circulating in their borders vs outside their borders. Japan started to do the same thing as they saw [the potential for] their residence to have large funds traded overseas, which can compete directly with their own economy. European guarantor for WebMoney also made some changes to limit the WME (EUR purses). Anti-money laundering is a common spook term for currency control in the majority of instances.
As a side issue, this is why bitcoin and other cryptocurrencies are so game-changing. Because it allows any [I][B]individuals[/B][/I] to [U]store[/U] and [U]move stored[/U] value quickly across distance (and countries/territories); and places the responsibility on the individuals that use it to self-police the system to maintain its integrity (e.g. hosting /monitoring the blockchain or ledger of transactions). The traditional banking system was always controlled by a few elite that did the fiscal/monetary policy on how the money would be used and then power trickled down from there. The trust rest with those elite few.
What you call money, and more specifically ‘your money’ is not really yours. The most recent example of this is the Greece debt crisis where the banks limited ATM withdrawals to 60 EUR/day and imposed other currency restrictions. The Greek residents found this out very quickly as did Cypriot, Argentinian, etc. not long ago. But that is an entirely different conversation that is beyond the scope of this thread. Not trying to piss anyone off here, but this was worth mentioning so people can understand why such AML controls are initiated in the first place.
Tallinex is actually [U]3[/U] hours off in chart time. It is really disappointing to me that they are not on the same page as many other brokers in regards to the start time of the Daily candle. Most professional traders specifically choose a broker that has 5 pm EST as the start time of the Daily candle. For that reason I am considering closing my account with Tallinex and switching to FX-Choice. FX-Choice uses the proper start time for the Daily candle (5pm EST).
To Paul, the Tallinex representative: can you please recommend to the owners of Tallinex to switch to a Daily candle using the 5 pm EST start time? After all, it is what most professional traders use. Also, can you explain the rationale to us here in this thread as to why Tallinex has chosen to start their Daily candle 3 hrs later? I am really confounded about why Tallinex starts its Daily candle late.
if you look at FXDD, Pepperstone or TRaders Way, they are set to the proper time. Their time is when the market opens. Baffles me as to why a broker would expend the energy to set up a brokerage and miss the MOST important issue regarding charts. ie when does the day begin as per professional traders. After reading this thread, I was really looking forward to using Tallinex. Not now.
In fact, “professional traders” will trade effectively regardless of the time zone of their broker’s servers. Some of the biggest fund mangers in the world trade with brokers who use UCT/GMT+0 or even CET-based server time zones… Dukascopy, for example, use UCT/GMT+0 and, until fairly recently, you couldn’t even open an account there with less than $50,000!
You left out the part where Tallinex charges a $36.00 monthly fee if you are a small trader and just want to buy and hold for a few months. I am not a day trader. So, that doesn’t work for me. I enjoyed reading your very knowledgeable thread.
Sorry, Rodney - I think you’ve kinda lost the plot! We do not charge a $36 monthly fee so you can “buy and hold”… we charge a $36 fee if you have one of our VPSs and fail to generate sufficient volume for us to cover the cost of that VPS for that specific month. That aside, if all you want to do is “buy and hold”, why do you even have a VPS?
You’re right in one respect - it is what it is… and everyone’s entitled to an opinion. There’s a large contingent who believe New York time is the be-all and end-all, and an equally large contingent who don’t see what the fuss is all about.
If you have strategies and/or were taught to base your trading on NY and five 24-hr daily candles, then having a 2-hr Sunday candle and a 22-hr Friday candle is going to drive you nuts. However, the fact remains that brokers in different time zones will generally configure servers to suit their home market.
Tallinex began in Estonia, so UCT/GMT+0 seemed like a good choice. Other UK/EU brokers use a selection of time zones from UCT/GMT+0 to GMT to CET to CET+1, 2, 3, etc. Some will even offer NY, though FXDD isn’t one of them - despite its ultra-strong historical US ties, the market just opened and their server is showing 00:00 rather than 17:00!
That doesn’t answer my question… if all you want to do is buy and hold, why do you need a VPS? - you’re surely trading manually in that case, so a VPS is entirely pointless.
market opened 90 minutes ago. That’s when the day must begin. Nothing to do w NY whatsoever. Every pair has a dealer. Dealer bases his pattern on this time. It is what it is.
