Wednesday's triple swap and the scalper who forgot

[Amanhasnoname]

On Wednesday evening, brokers charge or credit three days of swap, because the settlement date jumps over the weekend. Anyone holding a position through rollover that day pays triple.

For most scalpers, it does not matter. The trade gets closed long before. But positions left open by mistake, or deliberately held for a few hours into the evening, pay the price.

On a pair with a large negative swap, the triple charge can be bigger than the profit of several winning scalps.

The surprise tends to arrive on the statement, with no obvious explanation. The trade looked fine, but the line item below it shows the charge.

Posting the day on a note near the screen, or adding an alert for the rollover time on Wednesdays, prevents it.

Checking the swap table for the pairs traded is another quick step. Some pairs pay a credit for one direction, which can also be tempting, though the broker's markup often reduces the benefit.

Has a Wednesday swap ever caught a position unprepared?