EFX longer trades / MT4 time zone?

Beginner Questions
1

Hello,

This is my first post and I would like to start with a compliment to the people in this babypips forum for their manners. Everyone seems very helpful and polite. Also I want to give props to <[email protected]>.

I’m a newbie. Haven’t put any money in yet as I have been studying this business for a couple of months now. Just recently, I opened a couple of demo accounts. As far as brokers go, it looks like a toss up between Oanda and EFX. I would like to use an ECN broker but . . .

I understand that EFX charges high rollover. Is it so high that it might diminish any longer trades. I like the cowabunga system but the trades happen in the middle of the night for me (Cayman Islands -5GMT) so I see myself trading GBP/USD in the 1 HR / 8 HR timeframe, possibly over a couple of days.

Also, is there a way to change the timezone in MT4 with North Finance?

Any help a successful trader could give would be much appreciated.

Thanks
Jeff

2

I understand that EFX charges high rollover.

Do not know a great deal about EFX but this may help.

http://forums.babypips.com/rate-my-broker/8401-any-one-uses-efx.html

I would have thought though that the rollover would
equal itself out dependant upon which way the interest
rate was for each pair.

Also, is there a way to change the timezone in MT4 with North Finance?

http://forums.babypips.com/rate-my-software/42-mt4-how-change-time.html

3

Thank you very much

4

So with the GBP/USD at 5.25% each it shouldn’t matter (interest wise) how long the trade is held or which way? That would be good.

5

So with the GBP/USD at 5.25% each it shouldn’t matter (interest wise) how long the trade is held or which way? That would be good.

Long GBP/USD is a +ve rollover or carry trade, 5.5 - 4.25 = 1.25

but

Short is a -ve. 4.25 - 5.5 = -1.25

Take a look at their explanation.

EFX: Experience Forex Freedom

EFX: Experience Forex Freedom

6

Ok thanks, that’s the part of their site I couldn’t find.

7

You may also wish to look through this part of the site
as well

EFX: Experience Forex Freedom.FAQ

8

I left on a long EURJPY trade with EFX last night through rollover so I could see what the rate was. My account was credited a .57 premium with this notation to the account Daily Premium: EUR/JPY @ 0.014500

That was with 1 mini lot on (10k). So I could see how that could add up really quickly with standard lots. Makes me think i’m going to be flating swing trades everyday if i’m on the losing end of the interest rate conversion.

9

On 10 000 units at Oanda I receive carry trade of $3.62
for a long open position of E/J, for a 24hr period.

This is calculated for every second that I am in a trade.