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Question about overnight fee's


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Regarding the overnight fee's, IG's website says that any trades past 10pm will incur this additional charge.

 

However, I was wondering what's would stop someone from closing their position at 9.59pm, and then reopening the position at 10.01pm, or is this charge applied to any position open from 10pm until the opening the next day?

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16 hours ago, Keeling said:

Regarding the overnight fee's, IG's website says that any trades past 10pm will incur this additional charge.

 

However, I was wondering what's would stop someone from closing their position at 9.59pm, and then reopening the position at 10.01pm, or is this charge applied to any position open from 10pm until the opening the next day?

Hi, day traders open and close during the day no problem, you keep paying the spread is all,  however if IG considers your repeated 'style' of trading is taking an unfair advantage people have reported you will likely get a polite email telling you to stop it or ------ off.

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https://www.youtube.com/watch?v=FYlZd__XFroMost of the time it would be like when Homer Simpsons bought bacon to make money on selling grease😎

Maybe when trading forex on a wednesday?

"Most banks across the globe are closed on Saturdays and Sundays, so there is no rollover on these days, but the banks still apply interest on these days. To account for that, the forex market books three days’ worth of rollover interest on Wednesdays. "

 

https://www.dailyfx.com/education/why-trade-forex/understanding-forex-rollover.html

 

https://www.youtube.com/watch?v=FYlZd__XFro

 

Edited by Kodiak
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2 hours ago, Kodiak said:

https://www.youtube.com/watch?v=FYlZd__XFroMost of the time it would be like when Homer Simpsons bought bacon to make money on selling grease😎

Maybe when trading forex on a wednesday?

"Most banks across the globe are closed on Saturdays and Sundays, so there is no rollover on these days, but the banks still apply interest on these days. To account for that, the forex market books three days’ worth of rollover interest on Wednesdays. "

 

https://www.dailyfx.com/education/why-trade-forex/understanding-forex-rollover.html

 

https://www.youtube.com/watch?v=FYlZd__XFro

 

Doh! Maybe I should have thought it through a bit more aha.

Not been having much luck instraday atm, so was going to try and take advantage of moves that last multible days, and so was wondering about overnight charges. But like you said, it's proably cheaper than the spread anyway. Cheers

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