Choosing Forex Brokers GuideChoosing ECN Forex Brokers -3-Step Analysis

Online Forex trading has grown dramatically during the past decade. As the demand for currency brokerage services is still growing, new Forex firms (mainly white labels) are popping up. The increased competition in the Forex industry works in favor of the public by improving the quality of services and by shrinking trading costs. Unfortunately, this does not mean that every Forex broker is good for trading. There are many Forex scams in the market that traders must avoid.

Here is a three-step analysis in order to choose the ideal Forex Broker.

 Best Time to Trade Forex

Best Times to Trade Forex (Hours, Days and Months)

The best time to trade Forex occurs between 10:00 – 17.00 PM (GMT) from Tuesday to Thursday. The best month to trade depends on the Forex pair you have selected as you can see at the end of this analysis.

Here is a full analysis of the Forex Markets Hours:

Forex Market Trading Hours

In general, the best hours to trade occur during overlaps, and especially during the London and New York overlap. We can extend this timeframe to include one hour before the New York opening and two hours after the London session closing. That means:

  • 10:00 – 17.00 PM (GMT) or else 6:00 AM 1:00 PM (EST)

Forex Markets Hours and Overlaps:

The Foreign Exchange market is open 24/5 between Mondays to Fridays. The Forex daily activity is divided into 4 separate sessions. These are the Forex Market hours (summer timezones):

(1) London Session, 7:00 AM to 16:00 GMT (3:00 am to 12:00 noon EST)

(2) New York Session, 12:00 PM to 21:00 PM GMT (8:00 am to 5:00 pm EST)

(3) Sydney Session, 22:00 PM to 7:00 AM GMT (6:00 pm to 3:00 am EST)

(4) Tokyo Session, 23:00 PM to 8:00 AM GMT (7:00 pm to 4:00 am EST)

 

HotForex Security

■ Summer Timezones (April – October)

Time Zone EDT GMT
London Open / London Close 3:00 AM to 12:00 PM 7:00 AM to 16:00
New York Open New York Close 8:00 AM to 17:00 12:00 PM to 21:00
Sydney Open / Close 18:00 to 3:00 AM 22:00 to 7:00 AM
Tokyo Open / Close 19:00 to 4:00 AM 23:00 to 8:00 AM

During Winter, there are some changes in the Forex Market hours, as follows:

■ Winter Timezones (October-April)

Time Zone EDT GMT
London Open / Close 3:00 AM to 12:00 PM 8:00 AM to 17:00
New York Open / Close 8:00 AM to 17:00 13.00 to 22.00
Sydney Open / Close 16:00 to 1:00 AM 21:00 to 6:00 AM
Tokyo Open / Close 18:00 PM to 3:00 AM 23:00 to 8:00 AM

 

Three Forex Market Overlaps

Forex overlaps occur when two of the above sessions are opened simultaneously. During overlaps, the volume activity is maximized. Here are the three Forex Session Overlaps (summer timezone):

(i) London and New York Overlap: 12:00 PM TO 16:00 GMT (or 8:00 AM to 12:00 noon EST)

(ii) Sydney and Tokyo Overlap: 23:00 to 7:00 AM GMT (or 7:00 PM to 3:00 AM EST)

(iii) London and Tokyo Overlap: 7:00 AM to 8:00 AM GMT (or 3:00 AM to 4:00 AM EST)

Many traders prefer to open positions only during these overlaps. Moreover, there are many automated systems (Eas) that are programmed to trade only during overlaps.

MT4 Keyboard Shortcuts

 

MetaTrader-4 from Metaquotes is a free platform for trading Forex currencies, Metals, Energies, Equities and Stocks. MT4 is used by millions of traders worldwide and supports Automated Trading, Expert Advisors, mobile trading and much more. These are some very useful MT4 shortcuts that every Forex trader should know about.

General MetaTrader-4 Shortcuts

Data Window

Ctrl+D

Terminal

Ctrl+T

Market Window

Ctrl+M 

Options Window

Ctrl+O

Navigation

Ctrl+N

Fast Exit from MetaTrader4

Alt+F4

MT4 Chart Move Back / Forward

Scroll the price chart to the left

Left arrow

Scroll fast the price chart to the left

PgUp

Scroll to the 1st bar of the chart

Home

Scroll the price chart to the right

Right arrow

Scroll fast the price chart to the right

PgDown

Scroll to the last-bar of the chart

End

Zoom in the Chart

{+}

Zoom out (6 zoom levels)

{–}

Subcategories

There are many different practices for predicting the exchange rate movements. Many Forex traders use technical analysis and charting tools to make trading decisions.

Enter the Compare Zone

Compare Forex Brokers Based on the Algorithms of the Forex RatingFormula 5.0..

Compare Zone

Consisting four (4) Rating Factors {Safety, Competition, Options, Technology) -Maximum score is 100%

Review Brokers

Review ECN/STP Online Forex Brokers..

All our plans are free to join, lasting permanently, and most importantly we will never widen your trading spreads, as other IBs do. That is our guarantee.

Trade Systems

A trading system is a set of specific processes and rules that can help traders to optimize their trading process, or to develop automated trading strategies (EAs):

» EA Builder for MT4 and MT5

» Compare EA Systems

» Market Sentiment

» Forex PAMM Accounts

Forex Ratings

Forex Broker Ratings Powered by the Revolutionary RatingFormula 5.0Forex Broker Ratings Powered by the Revolutionary RatingFormula 5.0 (?)

» XM Rating

» FXCC Rating

» IronFx Rating

» HYCM (HYMarkets)

» HotForex Rating

» ICMarkets Rating

» FxGlobe Rating

» Dukascopy Europe

(+) All Forex Ratings

Go to top