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.
Our time is not “off” … each broker decides on a time zone to run their servers.
US-based brokers use New York time while off-shore brokers typically do not.
Having said that, we will be offering an option to display charts using NY time, so stay tuned.
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!
Not exactly Paul. I am trained by a Professional Trader. Proper time, for a myriad of reasons is as I stated. Not arguing, it is what it is.
Anyway, sorry Tallinex won’t work for me.
That’s just not correct. I have accounts with many offshore brokers and their daily open is set to the 5pm est.
this is correct
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?
Because I am interested in silver at these levels and you can’t buy it in the US with any significant leverage.
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.
Tallinex correction,
There is no monthly fee on the Tallinex meta4 platform. I was mistaken.
Sorry
Milicentfx, you are totally correct. The day should begin when the market opens. The fact is that the market just happens to open at 5:00pm EST each Sunday. When I wrote in an earlier post that the Daily candle begins at 5:00pm EST, I think Paul misunderstood and thought I was saying the NY session is the basis for when we think the forex market should begin (in regards to the opening of the Daily candle). However, I accept responsibility for any misunderstanding. I should’ve made it more clear that the forex market opens on a Sunday at 5:00pm EST , regardless if there is any association with the opening of the NY session. I used the time of “5:00pm EST” because I live in the U.S. and it is the time zone I am familiar with. I have NO IDEA what time zone 5:00pm EST equates to in the time zones of UCT/GMT+0, CET, CET+1, 2, 3, etc., and therefore I only used the time zone that I knew in which the forex market opens and that is 5:00pm EST each Sunday … and each Daily candle for the rest of the week begins every 24 hrs after that. Whatever 5:00pm EST translates to in all the other time zones, I don’t know. But whatever it translates to, then that is the time the forex market opens in all those other time zones. Therefore is to 100% logical that every forex broker should ALSO begin at 5:00pm EST (or whatever that translates to in all the other time zones).
^^^^^^^ this
I do notice that tallinex is not on this list. Yes that extra time on sunday is definitely a problem
this is the cftc list
The RED List, which stands for Registration Deficient List, identifies unregistered foreign entities the CFTC has reason to believe are illegally soliciting and/or accepting funds from U.S. residents. Companies soliciting U.S. customers to trade in foreign currency (forex) or binary options, for example, are required to register with the CFTC
Thanks for bringing this to our attention, Vicki.
I’m guessing that you were unable to provide links, because you haven’t yet reached the magic post-count. So, I’ll post the links for you.
Here is the September 9 Press Release from the CFTC —
That document links to the following list —
Two of our three TRUSTED BROKERS — [B]FX Choice[/B] and [B]Trader’s Way[/B] — are on this CFTC “hit list”.
Note this statement at the bottom of each page of the list:
The inclusion of an entity’s name on the RED list does not mean that the CFTC or a Court has concluded that a violation of any provision of the Commodity Exchange Act or the Commission’s Regulations has occurred.
Edit:
When it comes to dealing with the meddling of the CFTC and the rest of the Nanny State,
freedom-loving American forex traders agree with the ITALIAN POINT OF VIEW
:42:
“In certain cases, a preliminary review by the CFTC reveals that foreign entities that solicit and/or accept funds from U.S. residents at a retail level have no or limited U.S. presence, and act in a capacity that requires registration, but are not in fact registered.”
It seems the companies on the “red list” are out of the reach of the CFTC and have not done anything illegal. Well anyway more broker options for us, let the vetting begin.