Reject order

[crunchy]

Dear support,

I am using interactivebrokkers,
I have a strategy it start by ordering 20.000
then when criteria happens it should selv halv(10.000) of the possition.
But the strategy stopes, because interactive brokkers say that it
under the minumun ammount, althought interactive actualy executer the order.
How can I make the strategy running even thow it get this error, I don't want to use more then 20.000 in a trade because of my risk managment?

Thanks in advance
Crunchy

[NinjaTrader_Bertrand]

crunchy, are you trading EURUSD spot with IB? Then the 20K units would be the minimum trade size on IB's IdealPro, for lower sizes you should work with just the Ideal exchange.

[crunchy]

ok, so how to do that within the strategy?

[NinjaTrader_Bertrand]

crunchy, for this you would need to setup your instrument (for example EURUSD) to trade on the IB Ideal and IdealPro exchange, if you then route orders to it below the IdealPro min, it should not get rejected anymore.

[crunchy]

that is great,
But how?

Thanks
Crunchy

[webart]

Go into the Instrument Manager, select the currency from the main list, Edit it and tick the exchange for Ideal Pro.

Then move the old instrument off the Instrument List (eg default), search again for the new instrument, make sure it says Ideal Pro (you have to search for it again or it will not say Ideal Pro) and the use the left arrow to get it over to the list. You now have the instrument set to use Ideal Pro.

However, sometimes IB will not fill you all on one order / price and when they split the order and each part of the split falls bellow the $20,000 (or is it $25,000) level, it goes through the expensive and slow Ideal exchange. It's not 'Ideal' ... excuse the pun !

[crunchy]

]As you can see in the uploaded pciture, their is only 1 (EURUSD), does not mention if it is ideal or idealpro

Thanks
Crunchy

[webart]

I couldn't see your image, but hopefully you will see mine. Once you click Edit, you will see the popup with the list of exchanges to select from. Uncheck Default and check idealpro.

[crunchy]

wonderful, thanks alot.

Crunchy

[crunchy]

I could not figure out the different in price between Ideal pro, and Ideal, could you tell me please
Thanks
Karim

[webart]

I believe the spread is wider in Ideal vs Ideal Pro and I think also the commission is higher for Ideal. Ideal Pro is the one to use for trading.

[crunchy]

Thanks,
Another think, do know or have heard anything regarding how fair IB is, I mean does they play fair, no prise manipulation, or hedging against the trades?
Thanks Crunchy

[webart]

Well they arn't a bucket shop, they don't trade against you, but they have other ways of successfully taking your money .... sometimes there is some pretty major slippage on fills, plus they charge a commission on each side of the trade and then they leave your funds in the currency that you where trading in (if it isn't your base currency) so you then need to convert them back using Ideal, with a larger spread plus more commission.

I' prefer to just trade currency futures, but the contract size if big (there mini / micro contracts but the liquidity is not so good).

[crunchy]

thanks, that is very helpfull,
but witch brokker would you recommand? I only trade forex.

Thanks
Crunchy

[webart]

It's hard to recommend any for Forex, I havn't found one I really like. MB trading is often mentioned, but I havn't tried them.

For currency futures I would recommend a Xenfire broker.

Also if you trade futures you get volume information which you don't get with spot Forex.