IB Forex Quantity

[niterider]

Hi...

In FX trades with IB, they have set minimum amounts in the respective currencies. However, NT's quantities are set to 1 unit.
Does this equate to their minimums?

Eg, does quantity of '1' equal to Aud35,000?

I hope I'm not being confusing.

Thank you.

[NinjaTrader_Jason]

Hello niterider,

Order quantities will reflect the lot size convention that your brokerage trades in.

For example, if your brokerage has a lot size of 1 that equals 100,000 units of the base currency, then use a value of 1 to trade 100,000 base units.

[niterider]

Thank you NT Jason.

I'll have more confidence sending in fx orders
thru NT now.

Cheers.

[asalada]

AFAIK we need to use the lot size, eg: 0.1M for 100,000 lot size for IB, or is there a setting we need to use in TWS?

[NinjaTrader_Jason]

Hi asalada,

Correct. My statement was referring to automated FX strategies.

[bigtrade5]

FX quantities

Another thing I have noticed when trading FX via NT connected to IB is that if I modify a limit order from say a quantity of 0.2M to a quantity of 0.3M via the NT chart (on $EURUSD) I will get a warning from IB that their mins are not being met. When I look in IB TraderWorkstation it appears that NT left the original 0.2M limit order as is, and then created a new 0.1M limit order for the same price (which is why TWS is warning me).

Is this the desired behaviour? I have never noticed NT behaving this way when trading Futures with IB (if I remember right) but have seen this with trading FX. I am using the NT recommended version of TWS 887 and have NT set to use HalfPips for currencies. Currently using NT Version 6.5.1000.7.

Thanks in advance.

[NinjaTrader_Jason]

This is as expected. Please see the link below for more information.

http://www.ninjatrader-support.com/HelpGuideV6/FIFOOptimization.html

[bigtrade5]

Thanks for the response/link. I will double check this with trading ES futures on Globex next week.

[bigtrade5]

Works as advertised

Works with futures in Globex just as you described in the FIFO link. Thanks again for the assistance and pointing me in the right direction.