Do rollover rates take a chunk of your position trading profits?

I've been in the AUD/USD selloff for about a week and a half since 09/08/10 (sell position at 0.9168). Is it just me or is the rollover rate just killing profits... I expect the currency to fall a lot more but I'm beginning to think I should just take whatever profit I have at the moment..

I have 4 positions in this pair..
position 1 (rollover -$19.56)
position 2 (rollover -$8.15)
position 3 & 4 (rollover -$9.78)

With a few positive rollover rates from a couple of my long position on the USD/JPY total rollover is at -$36.23... With the 4 A/U positions I can estimate my rollover will be around $10-15 NEGATIVE PER DAY...

I am lucky im not using much larger position sizes.... I can't really afford this pair to range, if I don't see a few larger pushes downward I'll have to close all positions..

What are your thoughts on rollover rates and do you find they can take a large chunk of your profits when position trading?

(I should have sold the E/U instead with MUCH less rollover rates.... a mistake I wont make in the future when position trading)

cheers
Pierre

depends on your broker man. For ibfx it is relatively low. don't exactly know the figures but I can live with it. For example, I recently held a gbpusd trade for 1 week and the swaps only cost me ~$8. but i was way up to hundreds in terms of profits.

My broker is Oanda and I don't ever take the swap into consideration when making traders....I find the cost is negligent in terms of the potential profits.

Sure, fair enough. I use FXCM Australia. At the moment the swap rate for a sell position on the AU is -$1.63.. However, for the EU (which made a ~550pip move compared to the ~350pip move of AU) swap rate it is only -$0.08....

I think I chose the wrong pair to sell lol.. Both were screaming "SELL ME" at the time according to my trading, but I chose the AU because it was closer to the weekly and monthly highs... It seems both pairs are closely correlated anyway so realistically I should have (and did consider) opening a position in each. Noted for next time.

I understand that usually swap rates are usually negligent in terms of potential profits, however, at this rate if the AU doesnt move I can see the swap taking out most/all profit which is kind of frustrating.

What are the swap rates for the AU pair on Oanda and Ibfx? Just curious as to know if its only FXCM who has such a high rate

no idea man. why don't u open a ticket with their helpdesk. that's the best source of info

Oanda doesn't do "swaps" like other brokers, they charge/pay interest by the second, and they have a section that explains how it is figured. I actually like their setup a lot better

no worries, thanks for the replies

Yeah, works nice if you like making trades around close.

Jesus... AUD/USD -$4.98 Sell Swap rate.. I seriously have to consider changing brokers..

edit: just read on the fxcm website - Note: For positions that are open on Wednesday and held overnight, the amount added or subtracted to an account as a result of rolling over a position tends to be around three times the usual amount. This "3-Day" rollover accounts for settlement of trades through the weekend period.

I was never aware of this....

Yep that's normal for AUD/USD and also AUD/JPY.
I have a sticky on my desk saying "Beware shorts on Wed" because of this. Also noticed that Wed tends to be a big buy day in this pair unless markets are being spooked by macro issues etc.