Positions closed (and re-opened) by broker after 2 days

I just woke up this morning to see my trade that I’ve held for 2 days go from + 160 pips to -24

They closed my position overnight and reopened it at the market rate at the time.

According to my broker (GFT) they have to do this to prevent me from having to take actual delivery of the currency after 2 days of holding it?

I thought that intraday trading meant that I could have a position open over days/weeks.

What was a nice trade is now a loser that could end up at a loss. I know it would be a small loss compared to the gain which they automatically applied to my unrealised but all the same it’s going to eat into my profits.

Do all brokers do this - is there some law that states we have to take delivery of a currency after 2 days so the brokers have to do this?

If so how do people who hold positions open for days/weeks plan for this and handle it?

I don’t know if you’re talking about rollover, but if that’s the case it happens with every broker.

This happens to me all the time, and if we’re talking about the same thing, you were not in a loser trade. What happens is that the broker closes your position at the current price, and opens it again at the same current price.

So let’s say for instance, that you short cable at 1.6211, with a stop loss at 1.6220 and a take profit at 1.6100

By the time roll over starts, price is at 1.6161, so you are +50 pips. Your position is liquidated at that price and re opened. Your stop/limit orders remain the same

So if after roll over starts price bounce up at 1.6181, your platform will show you -20 pips, but in reallity, you opened your position at 1.6211, so you actually are +30 pips, and not -20. So never forget the price where you entered the trade so you can keep an actual record of your real profit/loss.

I hope I don’t confuse you more, but that’s the way it works.

Hope that helps.