Trade sizes with IB

[stefy]

I want to start to trade with IB via NT through an automated strategy.
I want to start trading small lots (like $1000). How can I set the amount into NT?

Thank you

[NinjaTrader_Ben]

Hello,

You will want to open a FXPro: File>New>FXPro and use a Qty of 0.01M to access the minimum lot size that is available.

[stefy]

3 things are not clear to me:

1) Is the trade size in Millions? When I use 1 (for backtests for instance), does it mean 1M?

2) How can my change in FX Pro affect my automated strategy?

3) IB offers no minium size (on the IDEAL platform). If I wanted to trade 2$, for instance, how would I set it up?

Thank you for your prompt answer

[NinjaTrader_Ben]

Hello,

1- .01M will mean 10,000.

2- If you are trading via an automated strategy you do not need the FXPro. Or do you mean ATM? If so, there is not change really. They operate much the same way.

3- You will need to contact IB and find out what amount of currency control you would need to get the value you want per pip and use #1 to figure out what setting to use.

I recommend placing a couple trades with your IB paper trader account and see what the values are so you can get a feel for it.

[stefy]

I opened a paper trading account and logged into it on the TWS IB platform.
Then I created a new connection (IB Paper Trading) into NT and tried to connect to send test orders as you suggested.
NT says it cannot connect (Target machine actively refused... IP address).

[NinjaTrader_Ben]

Hello,


Shut everything down and retest it.

If that does not work please remove the connection and add it back using these steps:

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

Please be sure that you are are on TWS 887.2.

[stefy]

I shut it down and try again: I opened TWS (Real Account) and connected to Interactive Brokers (Real Account) on NT. It works.
I connected to Interactive Brokers (Paper Account) and it works.

If I connect to TWS (Paper Account) and try to connect to Interactive Brokers (Paper Account or Real Account), it does not work.

[stefy]

I fixed it.

Thank you

[stefy]

I'm in NT on the Paper Account now.
I'm trying to place orders, but I cannot select the account (Account selection is greyed), and I'm forced to send them to Sim101 instead of my IB Paper Account.
How can I send them to my IB Paper Account?

Thank you

[NinjaTrader_Ben]

Hello,

You will need a live license to see any account other than sim101. Sorry I did not know you did not have a live license.

[stefy]

I do indeed.
I had Global Simulation Mode on.

Thank you

[NinjaTrader_Ben]

Hello,

OK, just uncheck Global Simulation Mode and you should be set if you have a live license.

[stefy]

Done.
I get a warning because my orders are < $25k, which is not correct because it's possible to trade even $1 on the IDEAL platform of IB.
I have to click manually "OK" to go ahead and place the order.
Would it affect my automated (NinjaScript) trading?

Thank you

[NinjaTrader_Ben]

Hello,

Can you provide a screen shot of what you are seeing? This sounds like a setting on TWS that needs to be modified and perhaps would interfer with auto trading.

[stefy]

The image is above the 100k limit, so I'm attaching the Log in .txt format.
The messagge I got (row 8), in green color, is:
"Warning: your order is smaller than the minimum order size of 25000 USD. (399) Affected Order: Buy 1000 Limit @ 1.1218".

As I wrote before, IB has two FX platforms, IDEAL and IDEALPRO.
On IDEAL, min is 1$. On IDEALPRO, min is $25k.
From the TWS, it's easy to select price feed for IDEAL or IDEALPRO, but I don't see how it can be done (or if it needs to be done) on NT.

Thank you