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Attachments: Tomorrow Next (Tom next)
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Tomorrow Next (Tom next)

  • Post #1
  • Quote
  • First Post: Jul 4, 2007 12:25am Jul 4, 2007 12:25am
Hello, new to the factory and new to forex, so be gentle!

Held a short position for a couple of days (waiting for NZD/USD to "stabilize"..LOL) . I went to check on it's progress and my order was moved -111 pips!

Customer service said:

Inserted Code
 
Your position is rolling over everday (when you are in a position at 3pm
EST).  So everyday, your position is closing out and then re-established
at the same price +/- overnight interest (you don't pay the spread again
or anything like that).

Then proceeded to give me a link to their (GFT's) Tommorrow Next Day policy.

My questions:

Is this standard broker procedure?
Is a 100+ pip "re-establishment" normal?
Is this the same as a neg. swap? ( I would rather take the neg. swap then have my order "re-established".)

Am I a hopeless (and pipless) case?
Let me start off by saying, you stole my user title and used it as your user name. j/k

But I don't understand what happened. When you say your order was moved, are you saying that your original entry price had been moved?

The answer from your broker I believe is trying to explain the swap rate.


Tom
Quoting Pipping Tom
Hello, new to the factory and new to forex, so be gentle!

Held a short position for a couple of days (waiting for NZD/USD to "stabilize"..LOL) . I went to check on it's progress and my order was moved -111 pips!

Customer service said:

Inserted Code
 
Your position is rolling over everday (when you are in a position at 3pm
EST).  So everyday, your position is closing out and then re-established
at the same price +/- overnight interest (you don't pay the spread again
or anything like that).

Then proceeded to give me a link to their (GFT's) Tommorrow Next Day policy.

My questions:

Is this standard broker procedure?
Is a 100+ pip "re-establishment" normal?
Is this the same as a neg. swap? ( I would rather take the neg. swap then have my order "re-established".)

Am I a hopeless (and pipless) case?
Depending on your broker, some +/- cash , others +/- in "pips".....My apologies, I won't explain this as well as others can. Though depending whom your broker is, seems the "swaps/tomnext" is pretty high in broker favor or.....seems like 111 pips is more than a couple days.
Side note: if you are waiting for a pair to "stabilize" before taking a position, best to just stay in cash.
Proper Prior Planning Prevents Piss Poor Performance
Quoting moneybags
Let me start off by saying, you stole my user title and used it as your user name. j/k

But I don't understand what happened. When you say your order was moved, are you saying that your original entry price had been moved?

The answer from your broker I believe is trying to explain the swap rate.


Tom
Yes, my original sell order was closed and reopened 111 pips lower. Here's the attached .pdf I was referred to.

PS. Sorry about the name thing. I honestly thought the name would have already been reserved.
Attached File(s)
File Type: pdf TomNext.pdf   125 KB | 872 downloads
Quoting FxJarhead
Depending on your broker, some +/- cash , others +/- in "pips".....My apologies, I won't explain this as well as others can. Though depending whom your broker is, seems the "swaps/tomnext" is pretty high in broker favor or.....seems like 111 pips is more than a couple days.
Side note: if you are waiting for a pair to "stabilize" before taking a position, best to just stay in cash.
Okay, Thanks for the explaination. This is initially what I thought. I also assume if I was long (NZD/USD) prior to the broker's closing, I would have been "re-established" pip positive?
  • Post #6
  • Quote
  • Last Post: Edited 6:51pm Jul 4, 2007 6:01pm | Edited 6:51pm
Quote
Okay, Thanks for the explaination. This is initially what I thought
Dont be so quick to give away 111 pips ..... It is completely wrong for a couple of days.

Quote
Is this standard broker procedure?
Is a 100+ pip "re-establishment" normal?
Held a short position for a couple of days ....my order was moved -111 pips!
As FxJarhead said.... it is normal for brokers to adjust price via cash/pips, but he also said 111 pips seems more than a couple of days.

A rough guide for short Nzd/Usd would be -0.00007 / day - LESS than 1 pip per day...What price was your position moved from/to and exactly how many is a "couple of days" ?


Your broker has explained the policy of rollovers. .. but the question you should ask them (or find on their website) is "What is/are the daily(Tom/Next) swap rates for Nzd/Usd " (there should be two prices-one for Long position adjustment and one for Short position adjustment) and you can then check/calculate the price adjustment.


Quote
I also assume if I was long (NZD/USD) prior to the broker's closing, I would have been "re-established" pip positive?
If you were long, your position should have pips deducted ie. making a better rate for you.
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