Trading Forex with Interactive Brokers (IB)

[>Apocalypto<]

Have any of the members traded Fx with IB, Opinions or expriences?

I know they also offer ECN spreads.

 

[caribean]

Hi Apocalypto, i have, there are a lot of nuances which can become annoying
if you are not very advanced.
I used bracket trader front end (DOM),and amibroker for charting...
Practical leverage, 25:!, you will have to convert foreign currency positions back to base (not hard to do) at the end of your trading day.
Statements are hard to decipher (maybe i'm not that bright!!).
Good broker, but i think it's advantage is that you can trade anything with them.
As i've read in another forum, if you need hand holding look else were, IMHO.
Good luck.

 

[Trembling Hand]

Only the Globex FX Futures. I need volume and order flow to trade.

With IB at least you get to see trade volume rather than just 1 level quotes.

 

[Nick Radge]

I use IB and am very happy with the FX side. I rarely use the futures now and prefer the FX Book instead.

As for converting back, I only do that once a month but I take it as part and parcel of trading globally. Its a click of the mouse so its very easy.

I can't recommend IB enough -for ASX or any other product on the planet.

 

[>Apocalypto<]

Thanks for the replies guys. I am looking at spot fx. what are the commisions like? I like the idea of trading ECN. the other main ECN efx charges though the roof. Nick how have u found the filling time on 10 lots (standard contract)?

more and more though IB looks to be the superior outfit.......

 

[Steve-IB]

Thanks for the replies guys. I am looking at spot fx. what are the commisions like? I like the idea of trading ECN. the other main ECN efx charges though the roof. Nick how have u found the filling time on 10 lots (standard contract)?

more and more though IB looks to be the superior outfit.......

Commissions are $20 per million (equivalent to 0.2 pips) with a minimum commission of US$2.50.

Commission is lower if you are doing over $1b turnover a month.

Triading $1m per order is easy - usually the inside market is much higher. For example EUR.USD is currently 1.4616 / 1.46165 with 24m bid and 14m offered.
(EUR.USD is usually 0.5-1pip wide).

Maximum per order size is $6m but if you need more than that then let me know.

(You can also trade the listed FX futures and options on the same account)

 

[Stormin_Norman]

hi steve,

what's your minimum account and lot size? do you do minis?

thanks.

 

[ithatheekret]

I use IB and am very happy with the FX side. I rarely use the futures now and prefer the FX Book instead.

As for converting back, I only do that once a month but I take it as part and parcel of trading globally. Its a click of the mouse so its very easy.

I can't recommend IB enough -for ASX or any other product on the planet.

It sure saves a heck of a lot of typing , being able to just press buttons . having spare mouse is good idea .


I like IB , almost perfect for Aussie trader ..... almost . It hasn't got a beer holder .

 

[Steve-IB]

hi steve,

what's your minimum account and lot size? do you do minis?

thanks.

Minimum account size is US$10,000 or currency equivalent.
Minimum lot size us US$25,000. You can trade any amount above that, $25001, $25002 etc

 

[LetItRide]

Hi Steve!!!


Is it possible to hold accounts in aussie dollars? And is there a link for finding out the current swap rates offered on pairs?


thanks

 

[Steve-IB]

Hi Steve!!!


Is it possible to hold accounts in aussie dollars? And is there a link for finding out the current swap rates offered on pairs?


thanks

Yes, you can fund in any of the major currencies. You can also use the FX rates for actual physicl conversion, e.g. fund in AUD, convert into USD, withdraw USD. Interest rates are detailed on the website under Fees >> Interest and Financing.

 

[professor_frink]

Hi Steve,

not sure if I missed something when it comes configuring TWS to trade spot FX with you guys, so thought I'd check in here and see if you, or anyone else can help me -

Is there anyway that TWS can either reject/ or ask for confirmation before it executes an order if it's going to get sent to IDEAL instead of IDEALPRO?

I had the misfortune of trying to get rid of a small portion of a trade after a partial fill on a limit order to exit, and quite foolishly hit close on my front end software, which automatically sends it through as a market order. Because of the size of the trade it went to IDEAL, and I was filled nearly 150 pips lower than I was expecting.

It would be nice if there was someway I could get TWS to flash a warning if it's going to be filled on IDEAL instead of IDEALPRO. Or does TWS already do this, and I need to go off and try and set something up with my front end software??

cheers

 

[MS+Tradesim]

Hi Steve,

A question if you're still around (or for anyone who already uses IB for forex).

What periodicity values can be used on the charts? I note one section said real-time charts from 1min to 1mth. Will the charts plot faster times such as tick, 1sec, 5sec etc?

Can I feed the data into Metastock Pro, Amibroker or Ninjatrader? (I have all three)

 

[MS+Tradesim]

you will have to convert foreign currency positions back to base (not hard to do) at the end of your trading day.

This question is for you or Nick or anyone trading on IB.

When you convert back it creates new positions based on the amount you're
converting (which makes sense), however on the portfolio screen where it shows the conversions the P&L is changing in real time. Does this mean your money is converted back into AUD at the rate when you click the conversion or at whatever the rate is at the end of the trading day?

See pic:

 

[AbundantIncome]

This question is for you or Nick or anyone trading on IB.

When you convert back it creates new positions based on the amount you're
converting (which makes sense), however on the portfolio screen where it shows the conversions the P&L is changing in real time. Does this mean your money is converted back into AUD at the rate when you click the conversion or at whatever the rate is at the end of the trading day?

See pic:

I have a real issue understanding this also. Could somebody inform what is required to convert all currencies to base ?

When I did that, there seems to be portfolios listed which I do not understand at all. Maybe I have done it incorrectly.

Where to do the conversion ????

Thanks

 

[SoBadAtTrading]

From what I was told by the customer service, by reducing (minimizing) the Fx portfolio tab, you won't see the positions (after you have converted to the base) on the trade screen. Just look at your Market value tab, i guess that determines the position of your account basically. E.g. AUD=1000, USD = 0, JPY = 100, etc.

And yes, it is quite annoying to see so many positions on the FX tab eventhough they are already closed (or converted to base).

 

[AbundantIncome]

From what I was told by the customer service, by reducing (minimizing) the Fx portfolio tab, you won't see the positions (after you have converted to the base) on the trade screen. Just look at your Market value tab, i guess that determines the position of your account basically. E.g. AUD=1000, USD = 0, JPY = 100, etc.

And yes, it is quite annoying to see so many positions on the FX tab eventhough they are already closed (or converted to base).

Thanks for that explanation. but could you give the exact step that you need to do, in case I did it wrongly ???

i want to be sure heheh before i put monies on the line ... there does not seem to be any convert to cash menu anyway ...

i did try like close all non base menu but i am not sure that is the way to go, and end up with so many portfolios as you mentioned ...

thanks

 

[coulldc]

Great broker with very tight spreads and low trading costs. I use them for options trading.

 

[AbundantIncome]

Do IB convert to base at reset daily ??? My impression was that I have to manually convert the realised profit to base ???

Could anybody confirm this ? and is it better to do our conversion ourselves ??? when is the daily reset ???

Thanks

Silly me: I have to click the + button to display all ...

 

[AbundantIncome]

Re: Trading Forex with Interactive Brokers (IB) .. help with stop loss trailing stop

i am not sure how to do this properly to nervous to try in case i make a mistake

any tips ??? i did read the instruction so i need someone with experience how it actually works ...

thanks in advance