Question on what values to use for Forex market in Instrument manager

[tradervick]

I have a Forex trading account with MBTrading which quotes in 1/10 of a pip. I plan to trade in mini lots (qty 1 = 1 mini lot to MBT , qty 10 = 1 standard lot to MBT) I'm trying to set up the Forex instruments, specifically EURUSD & GBPCHF in the instrument manager tool. What settings should I enter for the tick size, currency, and point value fields?

[NinjaTrader_Ben]

Hello,

I suggest that you go to Tool>Options>Misc and reset the instruments to there original settings, then make this type of change on the same tab in the "Quote forex" area. The setting is determined by your data feed. Please click on your data feed and see what the setting should be:

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

[tradervick]

I didn't change any of the values in the instrument manager but did the reset anyway. As far as the instructions you suggested to follow, I have already set the data feed for MBT to be in 1/10 of a pip. Again my questions have to do with what to set the specific instrument values to in the instrument manager tool. If all the default values are correct, then I would like that explained to me. Specifically, the tick size is 0.00001 (which I agree with since MBT quotes in 1/10 of a pip). However, the point value field is set to 100000. Shouldn't this be 10000 since a quantity of 1 lot in MBT is equal to 10000 units of the base currency? Also, the currency field is set to US Dollars. Is this correct or should it be set to the quote currency of the Forex pair?

[NinjaTrader_Jason]

Please use the default settings per the forex instruments. Please see post #2 in the forum thread below.

http://www.ninjatrader-support2.com/vb/showthread.php?t=3161&highlight=point+value+forex

[tradervick]

Thanks. I will use the default settings. Just so I understand, how does it work to set currency to US Dollars for GBPCHF? Does NT internally do the conversion rate into dollars? Also, do I enter the commission rate for a standard lot or a mini lot for MBT?

[NinjaTrader_Bertrand]

Hi tradervick, on the Sim101 account it will be internally converted to USD, same goes for the comission as you can only trade full normal lots (100K lot size) on the Sim101 account. If your live account is setup to trade minilots just enter the same amount in the order entry window and the conversion will be done on the broker's end.