GMT Time settings

[JOHNCO]

Hello, I have a system I'm studying. It's designed to trade at a preset,time of 05:30 in the morning GMT time.It's suggested that the brokers time has to be synced to the systems GMT trading time. I can't get the hang of calculating GMT time to my local or brokers time. The instructions require me to note the time on the last candle on my brokers chart and calculate the difference to the GMT time (+ or - 1, 2 ect.). The adjusted time is supposed to coincide with the 05:30 GMT time. I've gotten results of -1,-2, to 0. It's very confusing. when the system alerted me to the trading time of 05:30 GMT, It was around 10:30 pm my time, East Coast US. If anyone can clear this up for me, it will be greatly appreciated.
JOHNCO

 

[0007]

Hello, I have a system I'm studying. It's designed to trade at a preset,time of 05:30 in the morning GMT time.It's suggested that the brokers time has to be synced to the systems GMT trading time. I can't get the hang of calculating GMT time to my local or brokers time. The instructions require me to note the time on the last candle on my brokers chart and calculate the difference to the GMT time (+ or - 1, 2 ect.). The adjusted time is supposed to coincide with the 05:30 GMT time. I've gotten results of -1,-2, to 0. It's very confusing. when the system alerted me to the trading time of 05:30 GMT, It was around 10:30 pm my time, East Coast US. If anyone can clear this up for me, it will be greatly appreciated.
JOHNCO

Sounds like you may have an extra 10 hours in there somewhere due to applying the time difference in the wrong sense. Do all your calculations in 24 hr clock - don't use am/pm which can lead to this sort of error and confusion. [it may be noddy but I visualise time differences by remembering Earth is rotating west > east, so sun comes up earlier in Europe than USA, thus USA time lags UK time]

East coast is GMT minus 5hrs, so:
05.30 (5.30am) GMT is equivalent to 05.30 minus 5.00 = 00.30 (12.30am) East coast.

Have you (wrongly) added the 5 hrs difference? eg 05.30 gmt + 5.00 = 10.30 (10.30am) which your system due to its am/pm settings thinks is 10.30pm?

If the explanation isn't that simple then have a few beers before you call your broker!

 

[JOHNCO]

Thanks oo7, I will follow your advice. We'll see how it works Sunday night. It's nice to see people who are deeply involved in this forum.

 

[JOHNCO]

Sounds like you may have an extra 10 hours in there somewhere due to applying the time difference in the wrong sense. Do all your calculations in 24 hr clock - don't use am/pm which can lead to this sort of error and confusion. [it may be noddy but I visualise time differences by remembering Earth is rotating west > east, so sun comes up earlier in Europe than USA, thus USA time lags UK time]

East coast is GMT minus 5hrs, so:
05.30 (5.30am) GMT is equivalent to 05.30 minus 5.00 = 00.30 (12.30am) East coast.

Have you (wrongly) added the 5 hrs difference? eg 05.30 gmt + 5.00 = 10.30 (10.30am) which your system due to its am/pm settings thinks is 10.30pm?

If the explanation isn't that simple then have a few beers before you call your broker!

Hello 007,
I tried your suggestions for syncing the GMT time with the broker time. I still could not get the FXMorning Trade to work. I even bought a world clock software that displays GMT and local time, including a map. NY time is -5 hours witch is 00:30(12:30 AM). It did not work. I then proceeded to adjust the time to coincide with Iceland time, according to my world time clock map is where GMT is calculated = -4 = 01:30 my time. still not working. Acording to the instruction manual, the last candle on the chart gives you the broker time in reference to GMT on the market watch. I get from 0 to -1 hour. I like this system, it seems to be a good one to have in my arsenal. I just don't know what I'm doing or not doing. I have the EA plugin. Will it's time have to be adjusted too?

Thanks JOHNCO

 

[JOHNCO]

It seems I have to read the Manual several times befor it begins to sink in. I misunderstood the instructions badly. Or there should be more clearity and images in it's pages. I assumed the GMT time was the time in the Market watch, wrong. If it wasn't for the free download of the world time clock software it probably still would not click. The world time clock displays the actual GMT time.and it's from that time you base your broker time difference, Whew, well we'll see tomorrow morning, at 08:30 my time. If I understood it correctly, A new reply will be posted.

Whoever said this takes no effort and is very easy, must not be doing this themself.

JOHNCO

 

[0007]

Hello 007,
I tried your suggestions for syncing the GMT time with the broker time. I still could not get the FXMorning Trade to work. I even bought a world clock software that displays GMT and local time, including a map. NY time is -5 hours witch is 00:30(12:30 AM). It did not work. I then proceeded to adjust the time to coincide with Iceland time, according to my world time clock map is where GMT is calculated = -4 = 01:30 my time. still not working. Acording to the instruction manual, the last candle on the chart gives you the broker time in reference to GMT on the market watch. I get from 0 to -1 hour. I like this system, it seems to be a good one to have in my arsenal. I just don't know what I'm doing or not doing. I have the EA plugin. Will it's time have to be adjusted too?

Thanks JOHNCO

Although I'm not aware of the world time clock, I'm not sure why Iceland features in the calculation of GMT! GMT = Greenwich mean Time which is time reference to the prime meridian which passes through London (at one point I believe the French wanted it through Paris but failed). The Greenwich Meridian at 0° longitude is taken as the reference point for all timing calculations. At approximately 22° West longitude, Iceland is geographically about 1.5 hours behind London time but for convenience is placed in the same time zone as London - this may explain the reference to GMT being established in Iceland. (except of course right now, where London is on GMT +1 hour and Reykjavik is still on GMT.) it is conceivable that the whole time zone thing was invented by brokers to confuse their clients.

it certainly doesn't sound as if the instructions with this software are very clear but it would seem logical that what is required is the difference between your broker's time and GMT, which will depend on the time zone of your broker.

Confusion with time zones has led to many mistakes and I think an interesting one was the investigation into what happened to Glenn Miller when he disappeared from a flight over the English Channel. Apparently one investigation, which may have resolved the mystery, succeeded because the investigator realised that many of the evidential timings were one hour in error due to the difference between local (summer) time and GMT which is practised in UK at certain times of the year. Applying the correct timings allowed the possibility of proximity to some aircraft jettisoning bombs which may have hit the Miller aircraft below - a scenario which had previously been ruled out. This won't help you with your trading but it is an interesting story!

Apologies for any typos-voice recognition software!

 

[JOHNCO]

Very Interesting indeed. If I never get this program to work. Your historical reference is priceless. and more than worth stumbeling accross you in this forum. The map showed the exact time reference to be located in Iceland. I wouldn't know. As I mentioned previously, After re reading the manual several times I think I have it. We'll Know tomorrow. Great lesson.

Thanks JOHNCO