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  1. #1
    Rookie Member

    Time Zone Question !!!

    Greetings, traders!

    After a few weeks away from Binary Options world I'm back for more learning and understanding.

    I have a question regarding the Time Zone set up.

    I am located in Moldova, Eastern Europe, GMT +2

    I'm using a free demo account at Marketworlds.com and their time zone is adjusted to my location. (the same GMT+2)

    For technical analysys I'm using an MT4 platform provided by Oanda and all their charts are based on US EST time ( that's GMT-4, so 6 hours behind my time zone). I can't change the time zone settings as they are server based.

    Now, I've read on various forums that using different time zones may affect drastically your strategy so my question is:

    Do I need to use MT4 platforms that can display candle formations based on my location's time? I've managed to find an MT4 platform from forex.com that works on GMT time ( that's closer to home at least).

    Or maybe am thinking it all wrong and I can stick to Oanda's platform?

    Need someone to shed some light on the matter.

    Thank's in advance

  2. #2
    Specialist Member marvel's Avatar
    Hi, newmoldo! Welcome to BOTS! I have to say your question is simple and difficult at the same time. I think for most of the strategies the Time Zone will not affect significantly your candles and candle formations. There are some changes with changes of the timezones but they are not significant for shorter time frames, only for daily charts it could affect your analyses. In such situations it is better to select a broker with european time zone as the end of US session is close to midnight at this situation.

  3. #3
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by marvel View Post
    Hi, newmoldo! Welcome to BOTS! I have to say your question is simple and difficult at the same time. I think for most of the strategies the Time Zone will not affect significantly your candles and candle formations. There are some changes with changes of the timezones but they are not significant for shorter time frames, only for daily charts it could affect your analyses. In such situations it is better to select a broker with european time zone as the end of US session is close to midnight at this situation.
    that is a good question! your candles shouldn't be affected by time zones, the respective markets are open when they are open and the candles formed will be based on each markets opening and closing prices. It will affect you though, if you want to trade the U.S. market at open you will have to get up 6 hours earlier....

  4. #4
    Rookie Member
    Thanks guys for your answers

  5. #5
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by newmoldo View Post
    Thanks guys for your answers
    Anytime,
    where are you located and what broker have you chosen?

  6. #6
    Rookie Member
    I am located in Eastern Europe, Republic of Moldova. GMT +2 zone.

    So far, I'm just learning all the stuff and opened a free demo account at marketworlds. I know it's a dodgy broker,but since the demo is free I'm sticking to it till I get comfortable. Then I'm really thinking to sign up for one of the top recommended brokers by BOTS.
    I really like 24 options, but their minimum stake of 24$ seems a bit high, especially for newbies.

  7. #7
    Moderator Kolyo's Avatar
    Quote Originally Posted by newmoldo View Post
    I am located in Eastern Europe, Republic of Moldova. GMT +2 zone.

    So far, I'm just learning all the stuff and opened a free demo account at marketworlds. I know it's a dodgy broker,but since the demo is free I'm sticking to it till I get comfortable. Then I'm really thinking to sign up for one of the top recommended brokers by BOTS.
    I really like 24 options, but their minimum stake of 24$ seems a bit high, especially for newbies.
    Hi, newmoldo! If you are still demotrading it is no problem to use whatever broker is possible like marketworlds, but when you want to move to real trading it really matter the broker you selected and you have to select it very precisely depending on your trading style. I could say there are few more options for demo trading, like Opteck demo, which is quite good. If you have other questions or ideas, share with us!

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