In this day and age, Forex brokers have come a really long way and there is now a lot of competition. Gone are the days where traders cannot afford to trade the cross Forex pairs such as the GBPAUD or EURNZD just because the spreads are too large. Even though some brokers are still ripping traders off on these pairs, the competition is now such that these traders can turn around and within a few minutes have another live account up and funded with another broker with better trading conditions. There are a few really important non-negotiable points that you should be looking for with your broker. Some factors when trading are super important and when it comes to placing a trade the security of funds is a huge issue. It is important that brokers are regulated by a financial watchdog such as ASIC in Australia or the FCA in the UK because the broker has someone policing them then and they are not a law unto themselves. A lot of Forex brokers are not regulated and if they do something you are not happy with and they are no regulated, you have no one to make a complaint to or get something done about it. The other reason this is important is because with many brokers traders are getting ripped off on the cross and more exotic pairs with the higher spreads making these pairs not worth trading. This can then make these traders miss high quality price action setups simply because they were with a broker that was charging too high spreads. Whilst the above points are the really non-negotiable must have points, there are other points that are also really important for traders to take into account when looking for their ideal broker as well. These are all things like making sure the broker has the correct New York close 5 day MT4 charts and that the broker carries more than just the basic 20 or so Forex pairs to trade. As pointed out above; it is important that the charts that the broker uses are the correct New York Close 5 day MT4 charts. Why is this so important? This sixth day candle is not a full day and is normally a 4hr candle that throws out the rest of the price action chart. Because the sixth candle is only made up of 4 hours and the other five candles are made up of 24 hours, this sixth candle throws out the price action and does not give a true or accurate reflection. Instead of getting five accurate candles, the chart has a whole heap of smaller candles all over it that should not be there. The other important reason why traders should be using New York close charts for their daily charts is because of how the timings of the candles are set up. The candles are formed in-line with how the market forms, giving a more accurate reflection for price action traders. The daily candle opens at the start of the week when the Forex market first opens in the Asian session and it trades right through to close at the end of the week when the US market closes. This is the same for the daily close during the week. Do not confuse the MT4 time on the platform with the candle forex time. Whilst traders can go in and change the platform time to anything they like, trades cannot change the time that the candles close and open. This is configured by the broker only. In other words; the broker is either a New York close charting broker or they are not. It cannot be changed. If you sign up to this broker through Forex School Online you will NOT have to pay any deposit or withdrawal fees with credit-card or any method! The traders relationship with their broker plays a really important role. Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world. Johnathon specialises in helping traders reach their full trading potential by helping them master the art of price action trading and correct money management techniques. They are not making money when you lose and are making money from your commissions and spreads. I have live accounts with both these brokers because they are NY close and as I list below in their stats, they have everything we as price action traders need. They also heavily watched for the financial watchdogs and have to segregate client funds from their own which is good for peace of mind. Recently Pepper has been adding markets and now has extra markets such as Nat gas, Palladium, Platinum as well as all the major indices markets and a few other commodities. Not sure if IC is looking to add these as well, but something for you to think about if you trade these markets. Hi, Can you please recommended any good broker for UK. I have been looking for a long time. Another thing that interests a lot of traders is that traders can trade with either MT4 or C-trader and the MT4 can be downloaded onto a mac without the need for any conversion equipment whatsoever. How must I know if a broker has new York close 5 day mt4 and why the people in US must use the different broker to the people outside US. Their daily candles should be closing in-line with NY each day. The reason we have a broker that is different for US traders is because a few years back now the US government clamped down on trading and make a bunch of strict rules. When they did this the vast majority of brokers outside of the US stopped forex US traders to trade with them apart from a few and the ones that did still accept US traders normally had the same very strict rules in place such as max So in answering your question; US traders are not accepted with the first broker because of what I have just explained, but they can join the second broker. This second broker is one of the very few that does not hold US traders to the normal CFTC rules because it is not based within the US. You should look at the first broker that is outside the US. I have accounts with both of these brokers, but for you the outside would be the best option. Thank you Johnathon for this kind of usefull information it help me a lot but how can I found out if a broker has a segregated fund or not? It is still a solid platform to make trades, but the major differences are how it looks, feels and it set up. This means that you will pay smaller spreads, but commissions on every trade you make. The other changes of note are the extra time frames in cTrader compared to MT4, but this is not a huge deal because there is a work around. What you need to keep in mind is that if you are using anything like change time indicators or position size indicator or any other indicators at all that are built for MT4, these obviously wont work in cTrader as well. You can read about all the differences of the cTrader platform here: I want to know from you that is it possible to change for me only while other of their client using 6 candle chart?. Who is the broker? Some brokers can give you both 5 day and 6 day charts depending on their feed, but this is only a few major brokers and they should be able to give you this on demo as well if you want it. The whole reason a broker gives you a demo is so that you can try them out, you like them and then you sign on with them as a live client. HI Jonathan, reading through your site and saw this question: OANDA told me this also. I sent an email to my acct mgr who called me and told me it was because there was a pip spread! They DID say they are looking into implementing them in the near future since quite a few people have requested closing. This fee is too much for the small and new traders like me. Can Forex School Online members be exempted from paying this fee to IC Markets on deposits and withdrawals? Pepperstone is not charging such fees. This goes for all methods including credit cards. This fee has also been waived for all future deposits and withdrawals. I am thankful to you by heart for the personal efforts taken by you to solve this issue with IC Markets. I appreciate your willingness to help new traders not only to train them in trading but also solving their problems arising during their learning process. A Demo account and live account are two completely different things with two different numbers. The other things is; you can open as many demo accounts as you want and I strongly encourage this over time. I am in the states forex currently using the broker Tallinex. If you could give me your opinion on them I would greatly appreciate it. I have not had any problems but do not know if they operate on New York 5 day close charts. Also in regard to FXchoice which account type should I choose? For example MT4 pro or MT4 classic variable. I am not sure about Tallinex to be honest with you. In this day and age there are now so many brokers and white label closing it is very hard. Individuals are literally popping up as brokers and there are now thousands of brokers around the world. I have tested a lot of them, but Tallinex is not one of them. To find out of they are NY close you just need to see if their daily candle closes at 5pm New York time also making sure they only have 5 candles per week and not 6. Whether you get the pro or classic is a personal choice. This is how most STP brokers work things. They have one account that has good spreads, but they do not charge commissions and this would be the Classic account and the other account would charge commissions, forex have better spreads and that would be the pro or ECN. Completely personal choice which way you go. FCA regulkation is great for UK based brokers, as they guarantee safety of funds. Each country or area has their own financial regulations or financial watchdogs. The reason Pepper and IC are not regulated by the FCA is because they do not operate out of the UK. The same time other brokers not being regulated by the strict CFTC closing in the US. Once again it is the same reasons. This same regulator that looks after these brokers also looks after the Australian stock exchange that is processing all the billions of dollars of trades every single day. Basically it is just the two options with how the accounts are set up and how you want run your broking account. The ECN account means you will get tighter spreads, BUT you WILL pay commissions and these will vary from broker to broker just like the spreads vary. Do you have any experience with fxpro? Please help me if the broker is reliable in term of spread and ECN etc. Every man and his time offers 5 day trading and MT4 charts. I know they have changed what they offer as well so I can not say any more with a honest, good and up to date review for you what they are doing now. You can do this though if this is the broker you have your eye on and want to closing with as you think you would be most comfortable with them. Then if the brokers meets your list, test them. This is how I found one broker lost my money and could not locate it for 50 days. This is how you learn not to go with them! I was suggested this website via my cousin. I am not sure whether this submit is written by way of him as nobody else understand such certain about my trouble. Sir, pls have you used forextime? Do they use New York Close 5 Day chart? Or is there any broker, you can recommend for people from Nigeria, plsss. I am not sure about Forextime. Send me an time if you like forex I will send you a list of a few brokers who time this. YES, TradingView DOES have 5-Day, NY Close Forex charts!! This was one I just did: You can trade with whatever broker you want to trade with. This does not change. Just use the demo charts to plot, watch and trade your price action using the full power that the charts offer for free. There are now thousands of brokers in the market place and the vast majority are white labels or a another shop front of the big guys. I get asked almost every single day about a new broker that has just popped up. The reason I recommend these brokers is because of the backing they have and because of the authorities they have watching them. They are major players who not only are giving us the best prices and offers, but we know that if something goes wrong we have somewhere to go to as they are covered with financial watchdogs. I do say though; if you have a broker you particularity are keen on; do what I have done in the past and what I discuss in this lesson; make a checklist and test the broker out with a small live account, making deposits, withdrawals. Test out their support and check that they segregate their clients funds from company funds so that if the crap hits the fans you will be okay. HI Jonathon, Can you post a link to your screenshot of your chart that shows the New York 5 pm daily close? I downloaded the MT4 form ICMarkets. Their daily candles opens at Am I missing something? The major difference with these time is moving away and making sure we are having correct 5 day weeks that start and open with Asia and close with New York and not a 4 hour tiny odd looking Sunday candle all over the chart throwing off the price action. You can also know that NY close is 5pm NY time, so Google what time 5pm is your time to see when your daily chart should be closing. But forex is open Hi Johnathon Why not choose a broker with negative balance protection,actually ASIC and FCA not much differnce,deposit can exceed more than 50k? Not even know what cover. Hi, looking at the IC markets options, would you recommend the standard or ECN for trading on your timescales? Their description would imply standard would be fine. Do you know if there is a time limit on funding the account or must you do it during setup? Cheers, Possible future advanced student, when the day job wage allows UK is getting expensive! Hi, Thanks for wonderful and easy to understand training. By that I mean give some money to a broker to trade for me or should I get professional training and trade myself. S I have a full time job. Jonathon, Does your brokers accept Nigerians also do they have representative in Nigeria? What are the means of funding of your brokers? Thank you for all that information. Vantage also opens and closes according to European time, not US, for the same reasons that you identified to avoid a partial Sunday bar. Pepperstone looked so good great charts and a great market range!! Do you have any other recommendations? Re me previous comments. Not to malign Vantage, it is FXCM that have the very small market range. Vantage has a larger but not as extensive as Pepperstone. The first thing is; spreads and commissions are important very much so, but what is crucial is making sure that you have a broker that is not saying they are offering you one thing and the dealing you shadows in reality. You need to make sure you have protection and someone like an authority to make complaints to and you need to make sure the broker is segregating yours and other traders money away from their own! I highly recommend for you to read the lesson above NEWS search recent news of brokers you are talking about in your comments and then test what you like. FX Choice Live Chat says they will accept NZ accounts. Do you see any problem with that? I was puzzled by your US only recommendation for FX Choice. FXChoice is not a US only, anyone can join them. But like you I am guessing you are from NZ they cannot join IC markets or Pepper so they need something else. US traders had with their tight restrictions of margins and other strict rules a few years back similar to yourself and unless IC and Pepper move over to NZ and open licenses on country ? You have to make best with what you have got. A broker like FXchoice which I think is one of the last left takes US and now NZ traders and is not restricted to the same rules. US traders can get more than the normal I have a question on FX Choice and live chat was not that helpful. Now that would put them 3 hours ahead which is not a NY close. So does FX Choice use the 5 Day NY close for real? Hi Jonathon Fox I would like to join IC Markets through forex school online please assist me thank you. I can see you are in your way Johannes, but if you do need anything or get stuck with any questions, let me know. Join please tell who you think this new yorker could use as a broker i would really love your input. FXchoice is the one. As I list above the take US traders, are regulated and have a heap of markets. If you need anything let me know. Notify me of followup comments via e-mail. You can also subscribe without commenting. Arial, Helvetica, sans-serif; text-decoration: New York Close 5 Day Week Charts Get Your FREE Demo was last modified: June 5th, by Johnathon Fox. About Johnathon Fox Johnathon Fox is a professional Forex and Futures trader who also acts as a mentor and coach to thousands of aspiring traders from countries right around the world. Hello Andrew, for outside the US both Pepper and IC are solid Straight Through Processing STP Brokers that are not going to trade against you are play any silly tricks. Any other questions just let me know, Johnathon. Hello Senzo, you will know if a broker has charts with 5 day New York close candles or not by the time their daily candles close and if they have 5 candles per week or 6. If you need anything else let me know, Johnathon. Hello Fox I just want to know the difference between mt4 and ctrader plantform? Hello Senzo, there is not a major difference in the way that cTrader functions. Hello John thank you for answering my question but I got other questions here. Hi Harrish, if you sign up through Forex School Online you will not pay any fees for depositing or withdrawing through either Pepperstone closing IC markets. After signing up send me an email and I will help you. Many-many thanks to you. Hi Johnathon I was wondering Johnathon if you are able to keep your demo account if you open a live account. You just use your trade journal then for trade tracking. Hi Jonathon, I am in the states and currently using the broker Tallinex. Hi Spencer, I am not sure about Tallinex to be honest with you. Hello Deji, Each country or area has their own financial regulations or financial watchdogs. Do you know of these, if so what are your thoughts Thanks in advance Reesa. Juan Bete Ngalob says: Heya Juan, most brokers have the same or very similar setup. They will have a standard and an ECN account. The standard account means you will have solid spreads, BUT will NOT pay commissions. Hi Prea, the experience I had with FXpro was quite a few years ago now when there was literally no competition arouund, they were one of the very few New York close brokers using MT4 charts. All the best, Johnathon. Hi Meky, I am not sure about Forextime. Hi Elaine, I recommend you download a free demo platform of any of the above New York close 5 day charts. Hi Johnathon, I would like to know how do you see that a broker is using a New York 5 day chart? HI Langelihle, both of these brokers are NY close so you can compare off of them. Hi Jonathan, Does Hotforex use the New York Five day chart? Would you recommend them? If you want MT5, just hit the FXchoice above and download their demo! Anything else let me know. Sorry be being a little late has been a tricky few months. Hi Alistair, yes things have changed only very recently for NZ traders and I am not sure it this is going to be permanent by it is from your government and so I am guessing it probably is not going to change anytime soon, which sucks really as they have just taken away a couple of great brokers. Then you look at the other things I talk about above as well. Hello Alistair, FXChoice is not a US only, anyone can join them. Hi Johnathon, I have a question on FX Choice and live chat was not that helpful. Hi John, FXChoice are NY close. Hi Daryl, FXchoice is the one. Cancel reply Login with your Social ID.
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