What is a forex swap. We deal with swaps in the Forex market. What a forex swap is made of

Newcomers to the forex market often refuse to trade on daily timeframes due to the accrual of swaps for transferring positions in a day.

Is swap so scary as novice traders think about it? Is it possible to profit from it or not pay at all?

At its core, a swap is a procedure for concluding two opposite transactions. One transaction closes a position that is already open, and the second reopens the transaction in the same volume, but taking into account the fee for transferring the position.

Definition and types

A swap is a general economic concept and occurs both in transactions with bonds, mortgage-backed securities, stocks, and in general in any large financial transactions.

To understand the general principle of accrual, it is worth considering how it works in different types of transactions.

Bond swap (or “switch”)   - a transaction in the course of which the simultaneous sale of some bonds and the purchase of others due to changes in market sentiment. It is carried out for various purposes: from increasing the maturity to making a profit, reducing risk or creating losses that are excluded from taxes.

Mortgage Swap   - the exchange of cash flows secured by a pool of mortgages for cash flows, determined by a floating interest rate. After the swap is completed, the final cash settlement is made taking into account the already changed market value of the mortgages.

Credit default swap (CDS)   - an agreement whereby the buyer pays the seller a certain amount of contributions (one-time or regularly), and the seller agrees to repay the loan issued by the buyer to a third party. Repayment obligations take effect in the event of a credit event, which means the risk of default on the loan.

In this case, the buyer receives insurance against credit risk, and the seller is transferred debt securities after the onset of the credit event.

Promotional Swap   - the purchase of one company by another, during which the buyer pays off with his own shares. At the same time, the shareholders of the sold company receive shares of the purchasing company. In some cases, shareholders cannot immediately sell the buyer's shares and must wait a certain time.

Interest swap - transaction on the exchange of interest payments with different rates. For example, one party exchanges an interest payment on a fixed rate instrument for an interest payment where the rate is floating.

Currency swap   - two conversion transactions in opposite directions, committed with the same volume, but with different value dates. Also called overnight or rollover. It is in this category that swaps in the forex market belong.

SWAP on Forex

A swap on Forex is a financial transaction for transferring open positions overnight. The transaction, which is postponed in a day, is closed, then the swap is paid, and it opens again.

The swap is faced by traders who trade on long-term and medium-term strategies. When trading “intraday” the difference in interest rates is not accrued.

Swap value   Depends on the traded currency pairs. Each currency has a discount rate set by the central bank of the issuing country. As a result, the difference between discount rates of currencies of different countries can be very significant.

Interest rates are reviewed on a monthly basis, which is why the value of the swap changes regularly. As a rule, before the decision on the interest rates of popular currencies (especially EUR and USD) is released, high volatility is observed in the market. It is worth noting that the minimum swap is charged exactly when trading in pairs with these currencies, since interest rates in the US and Europe are minimal.

What Swap on Forex is described in the following video tutorial:

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Accrual algorithm

If you buy one currency and pay off with another, interest rates will always be different. When you bought a currency with a higher rate for a currency with a lower one, you used additional bank loan. Accordingly, interest is accrued for using this money during the day.

If a reverse transaction occurs and a currency with a higher interest rate is bought, the bank, on the contrary, pays extra for holding a position. Thus, when trading can be obtained as negative and positive swap .

In addition to the percentage differential (difference in rates), the value of the swap is affected by the commission of the broker or dealing center. It should be borne in mind that the brokerage commission can only be negative, but it does not significantly affect the size of the swap.

Consider the accrual on the example of a transaction with the purchase of the euro and the sale of the dollar. Suppose that the euro has an interest rate of 2%, and for the dollar 1%. The difference between the bought and sold currency is positive and amounts to 1%. This means that when the transaction is transferred to the next day, the trader receives a positive swap in the amount of 1%.

In the opposite situation, the swap will become negative, and the amount for using the difference between interest rates will be debited from the account of the trader.

When is a swap charged?

Accrual terms   swap - every working (trading) day, except Friday. The peculiarity of the market is that when transferring transactions from Wednesday to Thursday, the swap is charged in triple size. The fact is that on this day the commission is essentially charged immediately for three days - actually Wednesday, as well as weekends: Saturday and Sunday.

Also note that in the case of holidays in the country issuing the traded currency, the swap will be multiplied by the number of holidays.

Why is it needed?

Why are forex trades accompanied by swap transactions? The fact is that the forex market works on the basis of SPOT. According to this principle of trade, the supply of real currency in a transaction completed today must be made no later than two days.

Such a term was adopted as a general rule in the foreign exchange market long before Internet trading became available. The settlement rule after 2 days helped the parties to the seller and the buyer to timely complete all the details of the transaction.

Despite the fact that today trading takes place online, it is not practical to reduce the time for settlements. First of all, because the executors of transactions often make mistakes, and a two-day delay allows them to be taken into account until the final completion of all financial transactions.

Varieties and classification

Depending on the validity period currency swaps   can be divided into three kinds.

Swap short   - one-day, accrued when one type of transaction occurs today, and the second the next day.

Standard   - a combination of two transactions, one of which is executed on a spot, and the other outright (delivery in the future at the rate established at the time of the transaction).

Example of a standard swap:

A client contacts the bank with a proposal to sell 1 million euros against the dollar in 6 months. The bank agrees to the transaction, but must hedge the risks. To do this, he sells 1 million euros at a spot (today's price) for dollars. Thus, the bank enters into a swap agreement to sell USD for euros with a repurchase operation after 6 months. Six months later, the bank sells hedged dollars to the client, buying them for euros, and thus insures itself against the risk of sudden price changes.

Long or forwardd - a combination of two forward transactions, the implementation of which occurs in the future, after a certain period after the spot.

Swapless accounts

More recently, traders got the opportunity to trade forex without swaps.

Brokers create special accounts for such trading, on which a fixed commission per lot is charged instead of interest.

When is a swap free account profitable for a trader?

This occurs in the following situations:

• when trading on long-term strategies with holding positions for several weeks or months.
• subject to Sharia law.

The second point may seem strange if you do not know the attitude of Muslims to any interest rates. According to their religion, one cannot pay anyone to use money. At the same time, payment of a fixed commission is quite consistent with Sharia rules, which allows Muslims to also trade in foreign exchange markets.

The size of the commission replacing the swaps depends on the currency pair and broker policy. As a rule, it starts at $ 3-5 per lot and can reach $ 30 when trading CFDs on stocks.

Analysis and Operations Strategies

Since a swap can be positive, with the correct opening of transactions, you can get additional profit from it, traders develop different strategies for earning on swaps, but the most popular can be called carry trade.

The essence of this strategy is simple - converting a currency with a low interest rate into a currency with a high interest rate. The income from such an operation is derived from the difference in rates. At first glance, the strategy seems simple, but there is a risk of loss of funds due to changes in the exchange rate in an unfavorable direction.

Another strategy works on the night of Wednesday to Thursday, when triple swaps are charged. Scheme of work: 30 seconds before the swap calculation, open a long position in a currency with a high interest rate, buying it for a currency with a low interest rate. The transaction is opened regardless of market movement and is completed 15 seconds after the swap calculation.

Even if in these 40 seconds the price managed to go in the opposite direction, the trader receives income from triple swaps. In the event that the market has gone towards an open transaction, the trader also receives additional income or simply closes the transaction without loss.

The definition of the concepts of SWAP and SPOT is presented in this video material:

04/25/2018

Many in their trading activities have come across such a concept as. It remains invisible until the trader leaves a position on the next trading day. Until this moment, the corresponding column in the terminal will be empty and many will not pay any attention to it, approximately the same as in the case of the “Commission” column on accounts that are not ECN type and for transactions on which, accordingly, there is no charge for this commission . It is worth leaving a deal in the market, as at a certain moment a write-off will occur or, on the contrary, an accrual of a certain amount. A swap is in simple words the amount determined by the dealing center (positive or negative) that will be added to the trading result for the position.

It is displayed in the corresponding column, but it is not taken into account in the result, which is displayed for each order. Along with this, in the aggregate trading result for transactions, which is at the very bottom, it is already taken into account, as well as in the line with the value of balance, funds and margin. The accrual or deduction itself occurs only when a new trading day begins. That is, in most terminals it will be the moment of closing the daily candle of the current day and the opening of a new one. There may be differences between, so you can focus on the end of the trading session in America and the beginning of the session in Oceania.

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Currency Swap Calculation

Despite the fact that different brokers can see different values \u200b\u200bof the currency swap for the same one, the initial value of the swap is taken not by chance, but has its own specific principle of education. The main criterion is interest rate indicator, which is set by the central bank of each of the currencies in the trading instrument. The rate itself is not very high and, it would seem, should not lead to the fact that significant amounts are sometimes debited from the account. But there are nuances. Firstly, the rate itself can be really small - what is 4-5% per annum for just one day. But when calculating, do not forget that in our work there are far from the amounts that traders are accustomed to counting. 1 lot of the transaction is not $ 1000, but $ 100,000. Comparing this with the value of the rate, it becomes clear why the swap is sometimes equivalent to several points.

Now let’s figure out how to get a currency swap. So, we have a central bank rate in one currency and a central bank rate in another. This rate is a key point, as it determines how much it costs to borrow in this currency. It’s just that the Central Bank does not give out money, but gives it to commercial banks at a certain percentage. It is not always what the rate indicator is. For example, in Russia, with such a percentage, you can take money from the central bank only for a week (while the percentage is expressed as annual, that is, 7.75% means that such an amount of overpayment would be for the year). If the term is longer, then a constant value is added to it. The result is two currencies, a loan in one of them costs less than a loan in the other.The structure and mechanism of the market are rather complicated, and even without the need to understand all the nuances of a currency swap, it is only important to know that it depends on the difference in these rates. If in a transaction we buy a currency with a higher rate for a currency with a lower, then swap should be positive. And some brokers do have a number of currency pairs in which one of the directions (buying or selling) gives a positive charge. It is hard to say what they are guided by when determining a currency swap, but as a result, a trader often has to pay more, and plus swaps are very small. Now let's move on to a specific example with currencies.

Suppose that we have a short position on EUR / USD. In fact, this means that we sold euros and bought dollars. Now let's see what we have with rates on these currencies. The euro rate is zero, that is, in theory this money is not worth borrowing, while the dollars bought should be profitable, since the rate on them is higher than zero, respectively, the difference in rates between bought and sold currencies is positive. So formed positive currency swap. Many brokers do this - short positions on most pairs with the dollar give accruals, and long - on the contrary, accruals. Exceptions are couples with russian rubleand turkish lira, and ukrainian hryvnia, but it is usually not represented in the list of trading instruments. According to this principle, a currency swap is formed in crosses, for example, for the pound, the rate is higher than for the euro, so selling the pair gives a plus, buying a minus.

The amount of currency swap charged on a transaction is determined by the size of these transactions. That is, the scheme of the swap itself remains unchanged, but final size will depend on how much market entry was. If we consider 1 lot as an example, then this will be, say, $ 12, and for a transaction of size 0.1 lots, the swap will be only $ 1.2. There is another important aspect of calculating a currency swap, which can cause misunderstanding. Many people pay attention to the fact that the swap value for the same instrument can be different. That is, yesterday they accrued one position, and today it is a completely different value. A similar difference occurs when our position remains in the middle of the week. Formally, a currency swap is not charged for a weekend, but it is charged on the night of Wednesday to Thursday. And immediately for both days off. The most unpleasant thing is that the trader might not have to hold the order on the weekend, but simply enter into a deal for a pair in the middle of the week. And immediately please the triple size of the currency swap. Well, if it is positive, some even try to make money on it. But when it is large on its own in the selected pair, and even in triple size, it turns out quite sadly.

How to find out the size of a currency swap

This information is easily accessible and easy to find. Consider the simplest:

1. The first and easiest way is go to the broker's website and see there. As a rule, each DC has a separate section with a description of all trade conditions. There, in addition to spreads, commissions and everything else, the size of the currency swap should also be presented, and for each type of transaction - both a long position and a short one. Everyone displays in different ways, but the most common way is   point expression. It’s a completely logical way, if we consider breakeven in the context of transactions, when we break even a break-even stop by a position equal to the size of a currency swap. If we count it specifically in money, then here we get not only a different value of the swap itself, but also differences in the cost of one point of price change. On many instruments it will be very different from the usual 1% of the transaction amount per point, which you can get used to when trading EUR / USD or GBP / USD.


2. You can also see the value of a currency swap in your own. To do this, open the “Market Watch” section, where we show current prices for trading instruments. In the list we are looking for the currency pair of interest to us and click on it with the right mouse button. Next, select the line “Specification”, after which a detailed description of the currency pair appears. Having squandered everything unnecessary, we find the swap indicators - it is indicated in the same way as in the previous case - in points, and separately for long and short positions.

Swap Features

Some traders are trying to reduce their losses from accruing a negative currency swap. There are not many options - you can only close the position on Wednesday evening, just a few minutes before the close of trading in America and restore it already on the next trading day, also literally five minutes after the start. But this is not a very reasonable option.   Just look at the minute chart during the “shift” and it becomes clear that the savings on the swap can easily be lost on the spread. If the type of trading account is selected as ECN, then the difference between the purchase price and the sale price will expand whenever the market is thin, that is, when trading volumes decrease. This is what happens during graduation periods. Instead of the usual one point of the spread, there are often 2-4, or even more. If you close a position earlier than this expansion begins, then you can get into an even more uncomfortable situation - the price may make a sharp movement just before the end of the auction, this often happens. And it turns out that subsequently it is necessary to wait for the same price as it was at the close of the transaction.

In general, the game is clearly not worth the effort, especially when the market starts a new trading day dynamically - this happens on good trends. It turns out that the trader, trying to save 2-4 points of costs, as a result will remain out of the market in good traffic. And then it will restore the position, but only the price will be 10 or more points worse. The bottom line is -6 points profit. Because of the desire to save a smaller amount. A logical question arises - why not make money on a triple swap, if the pair is positive. And here it’s about the same - in pursuit of several points of profit, we can get a price that has run away in the opposite direction.

The processes of investing in Forex are necessarily associated with the occurrence of such a phenomenon as a swap. Swaps often stop new market entrants from trading on daily charts. And the reason is that they are afraid of the very idea of \u200b\u200ban additional payment for holding their positions for longer than a day.

But it should be said that the Forex swap can be positive. So what is a swap? Is the trader an extra loss, or gives him the opportunity to earn additional profit?

What are swaps? Their positive and negative views in Forex trading

So, first, find out what a swap is. Currency swap - is the difference in the rates of two currencies on their loans, which is either taken from accounts or credited to them during the transfer of open trading positions to the next trading day. At the same time, swaps are positive and negative.

Forex currency swap is especially relevant for those who work in the medium or long term. And the reason for this is as follows: transactions of an in-day nature are not associated with income or expenses of this type. The essence of the occurrence of such differences (swaps) is associated with fluctuations in commercial exchange rates characteristic of certain dates.

It should be understood that when the exchange rates of the selected pairs constantly undergo certain changes, either to a smaller or a larger side - the general Forex swap will be unstable.

All processes for recalculating indicators for open transactions are carried out only on weekdays, regardless of the date and time of their opening at 21:00 GMT. Otherwise, we can say that all active positions by brokers are closed daily from Monday to Friday at nine in the evening, and then reopened, but using the new exchange rate of monetary units.

For example, if traders purchased any currency that has an increased discount rate, say the central bank, then their accounts will be reflected in the difference, which will look like a surplus. Although this difference will be reduced by the amount of commissions for intermediary organizations.

Also swap on Forex (its value)   depends on the volume of transactions. Since discount rates and exchange rates for each individual currency are calculated for each 1 tsu of the trader’s funds, the amount of capital used in individual contracts will have a direct impact on the difference in swaps.

Video. Swaps in Forex trading, what is it? In detail about the main

Why is there a charge for transferring open transactions (positions) on the next day?

When answering this question, the first thing to understand is that traders are not interested in real supply of currencies. Suppose you are trading on a pair of EUR / USD. Your task in this case is not to directly obtain EUR and sell USD. You are only interested in some kind of speculative process regarding these currencies.

You are interested in prices depending on the positions you have opened go either up or down. Those. You are not interested in receiving the nth amount of the currency directly. Since you are simply speculating, and you are not interested in real money, then your orders, your positions will simply be transferred without delivering real currencies the next day. Just at this moment the swap is accrued.

How is a swap calculated during the trading process?

Consider all this with an example. Let's assume again that trading is conducted on the EUR / USD pair (we buy it). In fact, it turns out that you are buying the euro, and you are selling the dollar. For example, in the euro the interest rate is 2% and 1% in the dollar. In this situation, when transferring traded positions the next day (rollover), you should receive a positive swap in the amount of 1% (2% - 1% \u003d 1%).

In the case of the sale of the EUR / USD pair, the dollar is bought, and the euro is sold at the same interest rates (2% euro, 1% dollar) with rollover, you will receive a negative Forex swap of -1% (1% -2% \u003d -1 %).

It turns out that when you sell a dollar that you don’t initially have, you take it as if borrowed and at the same time pay a credit interest rate for it (in our example 1%).

In other words, the interest rate is usually withdrawn if you start selling something that you actually do not have, i.e. use borrowed funds.

You ask - why, then, when buying any currency should they pay us?

The point here is that when you buy, for example, the euro, you automatically agree that your position can be used to provide credit funds for the sale of the euro to other traders. So it turns out that when you make a purchase, you get an interest rate, and when you sell, you pay for the loan. Just this difference in% rates is the Forex swap.

How to find a swap in your forex terminal?

The Forex swap in the terminal begins to be reflected immediately after the opening of any positions. The moment you hold these open positions during the transfer the next day, i.e. more than one day, the swap will be reflected where the loss / profit indicators are shown, as well as the closing / opening price. Here you will find a column with swaps, which can be either positive or negative.

It should be noted that depending on the number of swaps accrued or debited from the position, the “Profit” columns will also change.

You should know! At night, according to the rules of brokers, a triple swap is held from Wednesday to Thursday.

This is due to the fact that banks do not work on weekends, and traders still get or pay loan rates. Keep this in mind and pay attention when making deals. Swaps are charged at five in the evening, guided by the time of New York or at 0:00 in time at your trading terminal, this is approximately 1:00 Moscow time.

Types of swaps. Positive and negative - how to apply them in Forex trading?

There are two types of swaps:

• positive (positive difference)
• and negative (negative difference).

The formation of currency swaps is affected by the differential interest. In other words, it can be called the difference in the percentage of the discount rate of national banking institutions. It is calculated by analyzing the exchange rate of leading national banks, which are directly related to the currencies included in certain pairs of the Forex rank.

In addition, as mentioned above, the size of the swap largely depends on the commission of brokers. At the same time, the percentage differential can make the Forex swap both negative and positive, and the principle of calculating the broker's commission is exclusively negative.

• positive swaps are mainly formed when the discount rate of the World’s leading exchange banks of the currencies in question is below 21 GMT. This difference is slightly reduced by deducting the commission of DCs for the fact that it carries out the transfer of positions.
• the formation of negative swaps occurs when, until nine in the evening of GMT, the current discount rate of the same leading banks for the exchange of involved currencies was higher. This difference increases due to the accrual of commissions.

You can summarize by saying that the Forex swap is a mandatory commission paid by all traders in the foreign exchange market. It is caused by the interaction of two indicators - the percentage differential of the leading world (national) banks and the remuneration of DCs for the service of transferring positions on the next day.

We also found out that swaps are positive and negative, and this depends only on discount bank rates for currencies that are in a pair. And we determined the swap settlement system, i.e. if the deposit indicator is higher than the loan, then a positive type of swap is formed, and when vice versa, then a negative one.

It should be noted that when using pairs with a maximum exchange rate difference, swaps can be manipulated, i.e. independently set their types.

What are swaps in forex trading

Forex trading and investing means knowledge of certain terms and concepts. I already wrote articles about, such as, and. In this article, we will talk about what a currency swap is, and its features. At the end of the article, I will share one simple investment idea, the profitability of which depends on the size of the swap and the current state of the market. At the moment, there are good prerequisites for making money in this way on the market, but first things first.

Forex swap - what is it?

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What is a currency swap? A forex swap is a financial transaction for transferring open positions overnight. A swap can be either positive (charging a commission) or negative (writing off a commission). In the trading terminal, the swap is displayed in a separate column. The result of a closed Forex transaction is always the sum of the values \u200b\u200bin the “swap” and “profit” columns.

The concept of “swap” is most often encountered by those traders who work on medium-term and long-term strategies. For transactions within one day, a swap is not charged. A swap is determined by interest rates on loans of central banks in national currencies. Let's talk about this in more detail.

How a Swap is formed for transactions

A forex swap is formed as follows:

1) Every weekday at 21:00 GMT (Moscow time of the night), open positions are recalculated regardless of when the transaction was opened. In other words, on weekdays at 21:00, all transactions are closed and then reopened, taking into account changes in the exchange rate of currencies;

2) For each transaction, there is a deposit currency (funds of the trader) and a loan currency (purchased currency), a swap is calculated for the currency pair based on the current credit rates (in Russia, the refinancing rate) of the national banks of the respective currencies. Below are the current rates on loans of the largest Central Banks.

  Based on the values \u200b\u200bof interest rates given in the table, we can conclude that the minimum swap is charged on the most popular pairs (euro \\ dollar, pound \\ dollar, etc.), because these countries have the lowest interest rates.

Because interest rates are calculated in annual terms; therefore, swaps should be accrued daily. However, the Forex currency market does not work on weekends, so a triple swap is charged on the night of Wednesday to Thursday. This important feature should be considered when trading in large volumes.

3) Despite the fact that most brokers say that they only earn on spreads (commission from the trader’s turnover, more on this in the following articles), the commission of the brokerage company is still included in the swap volume. This is partly why different brokers have different swap values.

Positive or negative swap transactions?

Suppose we open a long position (buy), for example, a pair pound \\ dollar. In fact, we buy pounds for dollars. Since we buy pounds, it means that we get the interest rate accrued and, accordingly, when selling the dollar, we deduct the interest rate on the loan.

We perform the simplest action 0.5% -0.25% \u003d 0.25% and get a positive result, that is, by opening a long position on the gbp \\ usd pair, the swap will be positive. With the opposite opening, the calculation will look like 0.25-0.5 \u003d -0.25%, i.e., the swap will be negative.

Swap-Free Swap Accounts

A swap (especially negative) is important to consider if you plan to hold open positions for more than 2-3 weeks, because during this time, a figure runs up that can affect the result of the transaction. Therefore, if you plan to keep open transactions for more than a month, then perhaps the best solution would be to pay attention to the so-called swap-free accounts.

Almost every broker now has non-swap accounts, as Such accounts are in demand among a sufficiently large number of traders. In particular, the recently closed PAMM accounts at Forex Trend were swap-free. It is difficult to imagine how much would have accumulated as a swap during the trading life of the Galaxy account, if the average number of open transactions, according to my observations, was about 600. With this type, it is important to consider the risks of a possible increase in the floating drawdown to the stop out level at which the transactions will be forcibly closed.

Brokers usually compensate for the absence of a swap on the trading accounts of traders with additional commissions when opening transactions. Therefore, when opening such an account, you should compare trading conditions, perhaps for your trading strategy a swap-free account will not be the most profitable.

Currency swap - how much?

When choosing a broker, it is important to evaluate not only the authority and reviews of the company, but also compare the trading conditions and the size of the swaps for the most used pair. For example, I will give the specification of Alpari contracts.

The swap size in the table is indicated in points and is calculated individually for each pair. Swaps for transactions open for purchase (buy) are shown in the Long column, respectively, for sale (sell) Short. If the value is preceded by a minus sign, then the swap is negative. Already from this screen it can be seen that the largest positive swap is charged for a pair of euro / ruble. On this note, I turn to the promised investment idea.

Investment idea

Recently, the ruble has been breaking historical lows. The main engines of inflation are cheaper oil, the difficult situation in Ukraine and the economic sanctions of other states against Russia. According to experts, this situation cannot last forever, which means that quotes of the ruble should roll back at least to the level of 36 rubles. This theory is partly confirmed by a technical analysis of the quotes of the dollar / ruble pair.

Actually, the investment idea is to wait and catch this pullback. Moreover, waiting for a rollback in this situation is no less profitable than catching it. Opening a deal for sale on the usd \\ rub pair, we will receive a positive swap daily. I will lay out the options depending on the size of the deposit.

The calculation of the final profit was made by a calculator for traders from Alpari, based on indicators of current quotes (38.44374) and spread (commission). It is better not to overestimate the lottery indicated in the table, because otherwise, the risks of not waiting for a reversal increase (the price can go up to 39.5-40 rubles). A similar scheme can be used in the pair Euro \\ Ruble, in which the swap is even greater. Personally, a dollar pair is closer to me, so I gave it as an example.

From time to time I use a similar scheme, and it has proven its effectiveness. The last month, however, was not so successful, because a couple of dollar ruble has grown significantly. Therefore, when using this scheme, it is still better to wait for the end of the uptrend. I also remind those who want to apply my scheme about the risks. I just shared the method that I will use myself, and can not be held responsible for anyone else's results. Remember that there are no guarantees on forex. If you want to try, but are not sure, go only at a minimum. If even the scheme does not work (the dollar will jump 40 rubles), you will get basic knowledge and trading experience.

Swap   - a trade and financial transaction involving the exchange of various assets and combining the purchase (sale) and reverse operation (sale or purchase, respectively) of the same asset. In this case, the operation is not performed immediately, but after some time, subject to the same or other conditions.

In forex, the term swap means a fee that is charged for transferring an open position the next day. A swap is also called rollover and whether overnight.

What types of swaps are there?

There are several types of swaps:

• swap to extend the validity of securities;
• currency swap (purchase of foreign currency with immediate payment in national currency and subsequent sale of the purchased currency);
• swap with gold;
• interest swap;
• debt swap etc.

All types of swap can be combined in one transaction. The close date of the transaction is value date, more remote - by the end date of the swap.

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