Overnight Position
a.k.a. Carry position
A trade held open past the daily cutoff, usually 5 p.m. New York time, so it gets rolled over and charged or paid swap.
An overnight position is a trade you keep open past the end of the forex trading day, usually 5 p.m. New York time. At that moment your broker rolls it forward and applies a swap: a small payment in or out based on the interest-rate gap between the two currencies.
Hold a trade where you earn the higher rate and you collect a little each night. Hold one where you pay it and it bleeds you slowly. On Wednesdays, many brokers charge three days' worth to cover the weekend.
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