Hello, I was wondering what happen with the open and close of trading sessions when daylight saving time is used.
Like right now on NY, I believe they use EDT (eastern daylight time [GMT -4]) instead of EST (eastern standard time [GMT -5]) until Novermber.
So, does this affect in some way trading sessions?
Or does NY always open at 8am[B]EST[/B], even when they are using EDT?
Thanks.
Daylight Saving Time (DST) can be confusing for forex traders, or for anyone else doing business in multiple countries.
Some countries observe DST, and some countries (and regions) do not. The countries that do observe DST, switch their clocks on different dates, adding to the confusion. And, finally, the world is divided into two hemispheres, Northern and Southern, and the two hemispheres switch in opposite directions twice a year — because, when it’s summer in the Northern Hemisphere, it’s winter in the Southern Hemisphere, and vice versa.
March and October are the most confusing months for forex traders, because the major forex-trading regions are switching onto, or off of, DST on four different dates. Then, after all the switches have occurred, things are calm for about five months, until the reverse switches occur.
The reference point for all time zones and time changes is Greenwich Mean Time (GMT). GMT (named after Greenwich, England) never changes. Even when Britain goes onto DST, GMT remains constant.
Here’s a list of the major forex-trading countries (and regions), showing their time zones during the summer, and during the winter. These countries/regions are listed in geographical order, from east to west, beginning at the International Date Line.
Every forex trader should know his/her own time zone and GMT offset. For example, if you’re in Los Angeles, you should know that your current time zone is PDT = GMT - 7 hours. You should be able to convert back and forth from your time zone to GMT, in your head. So, whenever you read or hear about something occurring at a particular time GMT, you instantly know what time that is in your time zone.
In addition, it’s very helpful to remember the time zones for the major forex markets (Tokyo GMT + 9, Frankfurt GMT + 2, London GMT + 1, and New York GMT - 4) so that you can convert their time to your time, in your head.
And then, be prepared to forget all that, and start over, when late September rolls around.
None of these time zones will change until September. Then the following changes will occur:
September 27, 2009 — New Zealand will begin DST
October 4, 2009 — Australia (eastern region) will begin DST
October 25, 2009 — Europe and the U.K. will return to Standard Time
November 1, 2009 — Canada and the U.S. will return to Standard Time
If you continue to have trouble understanding time zones and time conversions, write back, tell me where you are located, and I will try to give you some specific information pertaining to your location.
Clint
Edit: The chart above was imaged. Consequently the websites referenced in the notes did not show up as active links.
I’ll repeat them here as links:
To verify time-zones: timeanddate.com
World clocks in 30 locations: World Clocks - Time Zones of The World
Forexfactory also includes Daylight Savings adjustments on their list of economic releases. It’s denoted with their white marker they also use to denote holidays.
I remember this year USA did DST earlier than Europe and I got an extra hour of sleep for a few weeks there, looking forward to that again haha
Thank you [B]Clint[/B], converting everything to GMT makes it easier.
Thanks Clint… Big help : )
Mike
Hello, Mike
As you are probably aware, the post that you replied to is almost 3 years old. Accordingly, the schedule of DST time changes, shown in the lower portion of that post, is completely out of date.
However, the table of time zones and GMT offsets, shown in the upper portion of the post, is still valid and current.
I’m glad you found it to be useful.
There is more current information available on this thread.
Welcome to this Forum, by the way!
