Forex Trading Times & Broker Question

Beginner Questions
1

Hi All,

So I’m a bit green when it comes to this hole FX Malarky. I have been spread betting and directly investing in equities for a while but I have been drawn to the FX market like a moth is drawn to a bonfire.

So I have been practising a few ideas over the last week or so with varied success but one question has popped up which is a really basic one but I would like an answer to if someone would kindly oblige.

Obviously for the most part the fx market is open 24hours a day, so if I am looking at the daily candlestick chart what time fram does that candle cover? is it from midnight to midnight or is it from my local session time? I’m in the UK.

Also on a side note I’m using IG Index as my broker which I like as the platform is pretty good and the execution times are pretty spot on however after flicking through the forums I notice that a lot of people use MT4, is this a good platform and if so (without opening a can of worms) which is the best UK broker to use that has MT4 facility?

Your thoughts would be appreciated.

Thanks

G.

2

Depends entirely on your broker and how his platform is configured.

I’m in the U.S. My U.S. broker is FXCM, and they use 5pm New York time as the beginning and end of a “forex day”. Other brokers may use Midnight NY time, Midnight local time, Midnight GMT, or some other.

I’m not in the U.K., but, if I were to move there and look for a U.K. broker, I would look first at FXCM-UK and Alpari-UK.

There are lots of U.K brokers to choose from, and you probably should rely more on recommendations from traders who are actually located in the U.K.

p.s. - FX malarky ?