hem's learning thread

[hemzer]

Good day folks,

I bow before the masters around here and am always humbled by the spontaneous people who are willing to share their years of hard earned knowledge to strangers who pop up on forums like these.

I am a newbie and the purpose of this thread for me is to question and learn from the experience of those who have gone before me. Thank you.

 

[hemzer]

Q1

1) I have been using MT4 for a few weeks now.

I am located in EST/DST

I am unable to understand the time settings/display.

If I look at an hourly candle and the time below it (I think its set to GMT, though the server I am connected to say New York. ), am I looking at the time the candle started or the time the candle will end/ended?

 

[hemzer]

Swap

Swap - Some brokers advertise no swap accounts. Why would any swing trader opt for anything other than a no swap account? Dosn't it free him of all interest on trade he holds overnight?

 

[hemzer]

Guess no body really hangs aroud here no more.

 

[Pharaoh]

We're here, but we're old and slow.

No Swap Accounts - Brokers are in the business of making money. Many offer these, but there are almost always restrictions. Some charge an overnight "storage fee" that is larger than the swap you would pay (and charge it whether the trade is swap positive or swap negative). Others only offer these to traders in countries where the primary religion is Islam. Some will require a note signed by your local Iman certifying your religious beliefs. Just about all will monitor your trading and will shut you down if the account is used primarily to hold long term positions on swap negative pairs.

Hourly settings - Different brokers use different time zones. Ask your broker for the adjustment between "broker time" and your own time. At least they all are kind enough to start a new candle at the beginning of each hour.