Gmt time - wrong or right

Most systems will tell you to use GMT time but is it correct to use GMT time all the time. With daylight saving being observed by some countries and not others it makes using GMT time confusing.

For example a system that calls for GMT time and refers to trading a US pair at the US open or close for example would be wrong during daylight savings. GMT time for New York time or Eastern Standard Time (EST) is -5 GMT , but is -4 During Day light Savings so 5pm EST is not always 10pm GMT, sometimes 10PM GMT is actually 6PM EST.

I have read several threads that don't explain this and then are frustrated with all the questions about GMT.

My point with is that if you take the time to explain your system and the TIME is an important factor then please make it clear if daylight savings matters or not.

Times are always a problem because people don't take the time to research them or try to understand them.
The web is full of time charts and session times. It's easy information to find.

I've never seen more that a couple of threads where time was important that had it right.

I've stopped saying anything about it, because people take offense.

isn't that the truth. so many threads are taken up with 10 pages of time talk. for goodness sake. LOOK IT UP ALREADY. i started telling time in the 2nd grade I think. maybe 1st. and Ive been good at it since then!!

It isn't hard

Pimind.
This is not complicated. GMT- greenwich mean time is always the same in the time zone it belongs. GMT never changes. In England we are in British summer time (BST) and are 1 hour ahead of gmt. The only time this can be a problem is if the thread starter has confused gmt or you don't know what time zone you are in. As long as a system has a definite gmt time then you simply add/deduct your time zone from gmt and adjust for summer/winter if your clocks change.
If the problem still persists, I suggest you cease trading until November when the clocks go back and it will be lined up again.
Cheers
andy

I don't think that's what he's saying.
He doesn't care what time it is where he is, he needs to know the GMT time to start trading the system.

If I post a system that says to take trades between 0300 and 0700 GMT, does that hold true Winter and Summer, or do we adjust for Summer time and Standard time?

This is almost never explained. It should be from the outset.

Breakout systems are almost always screwed up, time wise.

The guy will show a box that ends with the 0700 GMT 30M bar (for example), says to take H/L breakouts from that point on and thinks he is beginning at 0700.
What I've described above will begin at 0730. That 0700 bar ends at 0730. He not only does not know how to read a chart, he will argue about it, when corrected.

Time by itself is not useful - its some characteristic about that time that is important e.g volatility, volume, number of traders who are awake.

I'd avoid any system that just says 'take trades between 0300 and 0700 GMT' because if the author doesn't understand why the system works at those times and not others - it'd probably just a statistical fluke.

Hi Billbss
I agree with you about the grey areas. most of the breakout/london open/big dog things all have pages about local start times and broker times. I even remember someone posting a photo of the clock in hong kong to prove what their local time was.
I find a good way to determine someones local time is to cross reference it to the time on the ff post.
The point you make about the gmt time holding true for winter or summer is that ... yes it is always gmt..... but the thread starter needs to know that himself. Sometimes it is never explained because they don't know for sure themselves. Throw into this the broker times and mt4 times and it's chaos.
In the uk right now I am BST 22.44, gmt is 21.44 and my alpari mt4 based in london is CET 23.44.
So if I was starting a candle time specific thread it is bad enough for me in the uk with english as my first language. I don't think the problem will go away.
Andy

Lol thats a real Solution! Accept it ! n enjoy d Daylight Savings year season without Trading!

Well.. IMO..all S**T is due to this Daylight savings..which exist in few countries and don't in some/most others!

Yes....i agree people even dont try to understand the basic concept...and Daylight saving 1hour differences is like a addon problem to their already grim situation!

Another S**T which adds more difficulty is the nomneclature ...dont know why some of the morons make new names of same stuff... as usual they are followed in different countries to prove their supremacy or what..dont know!

Ok Guys... I feel the following is what i have found the only info, you need
and the easiest way to learn them.
IF you follow it ...i feel it will be all like a "Hot Dog"
Else keep pickin noodle strings

Few Basic Things :
* GMT = UTC -
This Time is Fixed...
This Time never changes (No Daylight Savings shit)

*Timing in all countries is calculated (+/-)according to GMT Time
Those on RIGHT Of GreenWich on World Map are Ahead the GMT Time i.e +
Those on LEFT Of GreenWich on World Map are Behind the GMT Time i.e -
+/- is in Multiples of 0.5
Minimum Time Difference is 30min/half hour (0.5)
Ex. Say GMT time is 8 AM &
if Country A is GMT +2 & Country B is GMT -2 & Country C is GMT +2.5
Then Real Time in Country A is 10AM
& in Country B is 6 AM
& in Country C is 10.30AM


* Most Countries have no Daylight Savings periods and Their Time will remain always same (+/- some Hours from GMT Time) All throught the year
Ex. if Country A is GMT +2, it will remain GMT+2 All throughout the year!

*But some Have Daylight Saving Timings in which the timings in those countries/states increases/gets ahead by 1hour (IMO...hope its 1hr only and not more)
This is in Summers. (Search our dear Uncle Google/Aunt Bing for exact Months )
Ex. if Country B is GMT +2 Normally, In DST Timings will be GMT+3 !

* US has many types of terminology used...which confuses many newbies.
States are Divided based on location (Read the Links associated for Detailed info about States)
1) CST : Central Standard Time
The time without any Daylight Savings : GMT -6
http://www.timeanddate.com/library/a...es/na/cst.html
CDT : Central Daylight Time
The Time with Daylight Savings : So ahead by 1hr :GMT -5
http://www.timeanddate.com/library/a...es/na/cdt.html

2)EST: Eastern Standard Time
The time without any Daylight Savings :GMT -4
http://www.timeanddate.com/library/a...es/na/est.html
EDT :Eastern Daylight Time
The Time with Daylight Savings : GMT -4 :So ahead by 1hr
http://www.timeanddate.com/library/a...es/na/edt.html

* Always Remember anywhere in world, The Timing can be either
Equal to GMT
or GMT (+/- Mutiples of 0.5 )
or GMT (+/- Mutiples of 0.5 ) +DayLight Savings
Simple! isn't it?

*I advise Forgetting other nomneclature specific to contries like
BST : British Standard Time
IST : Indian Standard Time
HST : Hongkong Standard Time
There is no need...!

Normal Easiest Flowchart for Knowing a Country Timing is
1) What is its GMT offset (+/- how much?)
2) Accordingly Calculate Real Time by adding +/- to GMT timing
3) IF that Country is in DST (at that time) then add +1hr to above
Thats all

On top of above...To ease all searches over net
One Software Tool i would advise is a Good Clock (helps a lot in Trading)
Read here to Get one for Free/pay for 1 for lifetime (Worth it....hold on i am not affiliated to any1)
Read this Thread :
http://www.forexfactory.com/showthread.php?t=182093
Forget everything else... at least for the sake of trading.!

One thing more IMO will be the best for all....is to Talk in Terms of GMT timings ...that helps a lot i think esp when many who interact are from different Time Zones !

Hope that helps many!
Best Regards...Forget wastin time on these issues from now and make more pips (Rip d Banks )

P.S. The above is best of my average Knowledge... If anywhere above i have posted Something wrong... Kindly point out...i will edit it as soon as possible!

Do you know what? Although a lot of sense has been spoken in this thread I'm confused now.

GMT is indeed universal but what people are trying to achieve is X hours before/after the Tokyo open, Frankfurt open or whatever.

I don't know why Forex Factory don't post these times on the home page so that we have a proper yardstick and convention.

Lots of people losing money here for the wrong reasons.