Podcast:

6.7% Gain and The Importance of Trading Forex with a Broker Who Has a 5pm EST (New York) Start of Day

In this video:

00:42     6.7% gain just this week

02:00     Don’t just trade for the sake of trading

03:30     “Sunday Candle”- the problem with lots of brokers

05:51     Highly recommend 5pm Eastern Standard Time brokers

 

The Importance of Trading FOREX with a Broker Who Has a 5pm EST (New York) Start of Day

 

In today’s video and podcast, I want to discuss with you some fantastic trading results from this week plus also to stress the importance of why you should be trading FOREX using a broker who has a 5pm Eastern Standard Time (EST) start of day.

Let me share more with you right now.

 

Hi Forex traders, it’s Andrew Mitchem here from the Forex Trading Coach and today, is Friday, the 25th of July. There are two main topics for this video and podcast.

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As I mentioned, some fantastic results.

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The second is the importance of the correct charts.

 

Fantastic Trading Results

 

So firstly, let’s look at the results. Well, for me personally this week I’ve had a 6.7% gain on my account – just this week. Now that’s been helped by several longer timeframe charts closing, some trades on the monthly charts and also weekly charts. But also I’ve had a good week in terms of the daily charts and a few 1-hour charts as well. That’s been quite an interesting week because, you see, traditionally July is generally a very quiet month. A lot of the Northern Hemisphere public and summer holidays starting up and the market generally gets a bit thin. However, this year we’ve seen that throughout most of the years so far we’ve had a very difficult trading year with a lot of flat sideways, range-bound markets. And that continued even into the beginning of this week.

 

But then a couple of the days this week we’ve also seen some really good moves and of course that has really helped to close out some of those longer timeframe charts especially looking at Euro shorts and also looking at some Aussie longs as well. It has really helped with the trading results for this week. But it also goes to show that when the market is active and there’s a lot of price action, lots of opportunities; take them. The flip side of that is when the market is pretty quiet and there’s not a lot happening – “Don’t just trade for the sake of trading.” You don’t have to trade if there’s not much showing; don’t feel force to have to be trading in the conditions that aren’t suitable.

But as we’ve seen in the couple of days of really good price action, we can hope that, that continues into the rest of this month and into August and onwards later in the year. So that’s a great week considering market conditions.

+6.7%  : I’m very happy with that.

 

FOREX Charts

 

The second thing I want to talk about and this affects all of us as FOREX traders. Please ensure that you use a broker who has the 5pm Eastern Standard Time, that’s New York time start of day on their FOREX charts and it’s very, very important. Unfortunately, most brokers don’t understand how important it is. If you have a 5pm Eastern Standard Time start of day, it means that the week, the new week opens at 5 o’clock (5pm) New York time on a Sunday evening and it continues right the way through until 5 o’clock in the afternoon, 5pm on a Friday – New York time; that’s Eastern Standard Time. When you have that, go and look at your daily charts and you’ll notice that your day charts, there are five complete candles or five complete bars within the course of the week. They all represent 24-hours each so they’re all equal length of time, equal value.

 

The problem with the lots of brokers is they have what I call, “Sunday Candle”.