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New York Time (ET)

Eastern Time (ET / EST / EDT)

Trading

Definition

The time zone where almost all prop firms write their rules: closing time, daily reset, and news windows. For most of the year, Israel is 7 hours ahead of New York. For a few weeks a year, when both countries change clocks on different dates, the difference drops to 6 hours.

Detailed explanation

EST is Eastern Standard Time, EDT is Eastern Daylight Time, and ET is the general name for both. Some firms write CT, Chicago Time, which is one hour behind New York. The dangerous weeks are in March, when the United States switches to daylight saving time before Israel, and at the end of October, when Israel switches back to standard time before the United States. In these weeks, closing at 16:10 ET is 22:10 in Israel and not 23:10, and those who close by habit get a forced close or a violation.

An example from the prop world

In FTMO Futures, you must be out of positions by 16:10 ET. For most of the year, this is 23:10 in Israel, but during the week between the time change in Israel and that of the United States at the end of October, it is 22:10.

How it works at the firms on this site

Based on the rules listed on our firm pages. Rules get updated, so check the firm's page before buying.

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Futures trading day

The futures trading day doesn't start in the morning: it opens the evening before, at 18:00 New York time, and closes the afternoon of the next day. According to this boundary, firms reset the daily loss limit, calculate the EOD drawdown floor, and count trading days.

Overnight holding

Leaving a position open after the trading day closes or into the weekend. Most prop firms require you to close before the daily close.

High-Impact News

Timed economic releases that sharply move the market within seconds: Fed interest rate decisions (FOMC), Consumer Price Index (CPI), and the Employment Report (NFP). In economic calendars, they are marked in red, hence the nickname Red Folder. Some prop firms prohibit being in a position around them.

News trading policy

This is a risk management rule in funded trading accounts that prohibits traders from opening, closing or modifying active positions within a set time window (usually a few minutes) before, during and after the release of major high-impact economic events (Tier One).

Trade copying

Automatically duplicating every trade from a lead account to follower accounts, so you trade once across several accounts. It's done with software such as TradeSyncer or Replikanto, or with a copy tool built into the platform.

Hedging

Opening opposite positions, long and short, on the same underlying asset or on correlated assets at the same time, in the same account or across accounts. At most prop firms this is prohibited.