I'm a rank newbie and am working my way through Currency Trading for Dummies before I make any actual trades. I'm in the section that talks about rollovers (p. 56-57). If I understand correctly, if you close your position before the 5 pm deadline, then there's no rollover. However, the bank may take a couple days to pay you for your profit, if any was made?
Then there's a rollover if you didn't become square, but it could skip a day if there's a bank holiday in the country whose currency you've bought, right? I'm concerned about loss protection during rollovers. As long as you've put in for a stop loss, you're protected on the new rollover day, right?
One last thing. Is there any kind of universal guide to bank holidays available? I'm in the United States and know for sure that Christmas and Thanksgiving are bank holidays, but to be honest I haven't paid much attention to other ones and have been surprised from time to time when the bank is closed. And I'm definitely not up on holidays in Canada, Australia, European countries, etc.
Then there's a rollover if you didn't become square, but it could skip a day if there's a bank holiday in the country whose currency you've bought, right? I'm concerned about loss protection during rollovers. As long as you've put in for a stop loss, you're protected on the new rollover day, right?
One last thing. Is there any kind of universal guide to bank holidays available? I'm in the United States and know for sure that Christmas and Thanksgiving are bank holidays, but to be honest I haven't paid much attention to other ones and have been surprised from time to time when the bank is closed. And I'm definitely not up on holidays in Canada, Australia, European countries, etc.