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

  • #1
  • First Post: Jul 3, 2007 11:25pm Jul 3, 2007 11:25pm
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?
  • #2
  • Jul 4, 2007 1:14pm Jul 4, 2007 1:14pm
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
  • #3
  • Jul 4, 2007 1:47pm Jul 4, 2007 1:47pm
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
  • #4
  • Jul 4, 2007 1:51pm Jul 4, 2007 1:51pm
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 | 996 downloads
  • #5
  • Jul 4, 2007 2:04pm Jul 4, 2007 2:04pm
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?
  • #6
  • Last Post: Edited 5:51pm Jul 4, 2007 5:01pm | Edited 5:51pm
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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