NT and IB basics

[Dickythebrit]

I am not new to FOREX, but I am new to FOREX using IB. I have always used MT4 for FOREX and IB for stocks. However I really like the Ninja as a front end and I am connected to IB for trading currencies.

My basic question is Ninja uses LOTS as its trading medium and IB does not.

Two questions:

1 I have always used lots and mini lots in the past, and understand how they work. However IB uses Interbank methods for currency valuation. I want to learn how the IB process works, but when I call to speak to them they are unable to use sufficiently "layman" language for a novice to Interbank ways like me. Cn anyone explain this to me simply, in layman terms.

2 If Ninja uses LOTS and IB not, how does IB translate the quantities entered into the QTY box when placing a trade? And does this change depending on the base currency one is trading?

Thanks

Richard

[NinjaTrader_Ben]

Hello,

I suggest placing sim trades in various quantities to fully understand how the translation is made from a pratical standpoint. However, this is the information we have on the topic:

http://www.ninjatrader.com/webnew/support_interactivebrokers.htm

(look a the FOREX requirement section near the end)

I can't really help you with how IB handles things as they are the best sources for this.