New York Close - Help please

Beginner Questions
1

Hello there,

I have been trading using the pepperstone MT4 and understand that it uses New York 5pm close.
But I have only been using it as a demo so I haven’t ever really been concerned about my question that I cannot seem to find the answer anywhere…

As I am ready to go for the real deal, but am a UK trader. Is this an issue? being a UK trader and using NY closing brokers? How will this effect me when on a live account?

I have tried to search around for this answer, sorry if it is a bit of stupid question but it is starting to rattle my brains.

hope someone can help.

2

All it does is affect the open and close of the candles on the daily and weekly charts (and sometimes the highs and lows). Some strategies depend on NY close charts.

3

Some indicators have a difficulty, one in particular is an Asian session indi that I use, I restrict it to a UK broker’s MT4 for that reason.

4

If you are profitable with demo using NY close (and I assume that you are, because other wise you won’t go live) so everything should be fine. I see no point to train on demo one way and go live with other.

5

Being a UK Trader, you can use FXCM’s TS2 platform which has NY Close charts. The time on the bottom can be changed to reflect your time zone, but the daily candle will still close at the NYC.

Hope this helps and gives you another option.

Kind Regards,
Chris Capre

6

If you use an advanced platform like ctrader, you can change the time zone to whatever you want. However the NY close is extremely important for another reason, it’s when the rollovers happen, the spreads widen, and the liquidity dries up. This can seriously affect any open trade, especially if it is near the stop loss. So always be careful of that time.

7

That’s right, Chris

In addition, New York Close charts are now available on FXCM’s newest live MT4 server.