I’ll share the simplest way to calculate your forex brokers gmt off set only using gmt time converter.
There is an advantage to trading in forex markets. They stay open 24 hours a day until the weekend. Then it starts all over again on Sunday. Also, there are various currencies that investors can choose from.
Having a lot of foreign currency to choose from can help traders make good decisions about forex trading. They can hit or miss, but there will be times when they will make good profits by taking a risk.
You can calculate GMT offset from your forex brokers with many ways, you can ask directly to your brokers support or if you are still doubt, just google what time is GMT and check your mt4 broker time.
Why we need to know GMT offset from our brokers, is because this GMT offset is very have a big effect to get accurate signals from our technical anaylsis beside for some EA purposes that using timing filter from this GMT parameters.
First : You can open HERE
Second : For example GMT time = 8:30 am and FXDD time = 10:30 am, you can see broker time from market hours tab on your metatraders platform.
Now you can see broker time advance from GMT by 2 hours therefore GMT Offset for FXDD = GMT +2
If your broker time behind GMT then it will be GMT (-)
Yes, That’s it , simple right 😉
Finding the right time to trade is not always the easiest to do. The opportunities for trading are much higher when the market is the highest. Some robots also look for ways to make trades that happen when the market is not at its highest. Understanding the best times to trade can make a big difference in the returns you gain. Simple research is needed to find out which currency pair and time is the one for your Forex trading strategies.
How the Forex Market Sessions Work?
Forex market is a totally different beast as compared to the stock market. Stock market is open only for a fixed times usually from morning to the evening. After that it closes and trading stops. But forex markets never close. They are open 24 hours a day, 5 days a week except on weekends.
This continuous 24 hour trading at the forex markets is something quite novel for many new traders. Forex is traded Over the Counter (OTC) meaning there is no Central Exchange. Forex market is a global market. When one center is opening, another center is closing. This is very important for a new forex trader to understand.
As there is no open and close of the forex market, many new traders get confused and dont know when the best time when major price action takes place is? So they sit in front of the computer all the time and in the end simply exhaust themselves losing their stamina. A clever way is to divide the 24 hour day into three 8 hour sessions.
Again divide each 8 hour session in 4 hours by using 4 hour charts. As you will read this article, I will explain how this division is logical and can help you understand the forex markets. Forex markets are basically controlled by three money centers and these three sessions will help you identify the risk appetite and the price action for each.
The three money centers are: Asia, London and New York. Each session is going to coincide with these three money centers. We will call each session as the Asian, the London and the New York Session.
Asian Session: Most of the turnover in this market session is handled by Sydney, Tokyo, Hong Kong and Singapore. The atmosphere is different. For the most part, the session is pretty quiet. The pairs move rather slow and day trading is really not an option here. However, there is some hope with the JPY annd AUD currency, which is the only authentic currency that has some activity. Even then, it can still be slow unless something significant changes financially.
Main players are the commercial exporters and the respective central banks. Since most of these central banks are in competition with one other, the price action during this session is jumpy and unsustainable.
London Session: London is still the forex capital of the world with deep and highly liquid forex market. Paris, Geneva and Frankfurt also are players in this session. The moves that originate in this session are very important keeping in view the amount of money needed to move a market this deep. These moves give you a lot of information about the market sentiments and positions.
New York Session: New York is second biggest FX market after London. Both of these markets overlap in the morning when New York is opening and London is closing. This is the time for major action.
The following table gives important times of the day that any forex trader needs to know: 00:00 GMT-Sydney Opens. 11:00 GMT-London opens. 15:00 GMT- London becomes very active. 17:00 GMT- London is active and New York opens. 18:00 GMT- London and Europe closes. 19:00 GMT- New York and Chicago getting ready for a close!
This overlapping between London and New York is when major price action takes place and new trends are formed or old trends are reversed. London is the market trend setter in fashion as well as forex.
Yes, once again we still need gmt time converter to predict markets signal in all session above and lastly to get stable profit using daytrading system, because day trading system offer you one of today’s most lucrative and promising income opportunities. As the name implies, the day traders in Forex day trading system are concerned with what happens in the market today, not tomorrow or coming weeks or months – whatever happens in the market, it happens today.
The main job of the day traders is to capture the intraday price swing. During each trading day in Forex day trading system the overall foreign currency trading volume is determined by the market time i.e. the times when the markets open and the times when these markets overlap with each other.
With each passing moment, the Forex currency trading volume remains high, but it goes to the peak when the European and US markets open at the same time – from 1 pm GMT to 4 pm GMT.
During day trading, a day trader quickly buys a large number of foreign currencies at a time and sells it once they see that the price rises within a day.
However, it is very important for the day traders to understand how margin works in Forex day trading system, how much time they will have to meet a margin call and what is the potential for getting into it.
Forex day trading system is not for everyone because it involves significant risks. You should not start day trading with money that you cannot afford to lose. Since your job is to capture various price swings during the day, and the trade opens and closes on the same day, your profit would also be less than the trade that is set to meet long-term goal.
Forex day trading system takes you to one of the most promising business segments. According to the latest figures around 90% of the Forex trades are day trades.
However, before you venture into the Forex day trading system, you need to understand the basics of day trading along with the Forex techniques.
Once you know all these you can discover how to trade for yourself and not to rely on others. Remember, Forex day trading system is not only very glitzy and glamorous on the surface but it also is very financially rewarding. I’ve hope this article about how to calculating gmt brokers offset using gmt time converter make all of us as a forex traders get best result on any analysis.