PnL for Forex Trading (Mini vs. Standard Lot)

[arb56]

Hi Bertrand,

Thank you for the quick reply.

I am using MBTrading as my Forex broker with their data feed.

So if I wanted to trade 3 mini lots, I would enter 30000 as the QTY in the NT Chart Trader? Just trying to make sure I understood you correctly.

Why does the SIM101 QTY differ from the live environment? I believe it would make it easier if there was a level of consistency in functionality. Just a suggestion for what it's worth.

Thanks again for your support!

Andy

[NinjaTrader_Bertrand]

Andy, thanks for the suggestions - this will depend on which broker you're using, for some 1 lot is defined on their end (Gain), for others such as MBT or IB it's defined in units and thus needs to be entered in our order interfaces the same way, 30000 would be 3 minilots for MBT, yes.

For our Sim101 only regular 100K lots are supported.

[arb56]

Bertrand, thank you for the clarification and the quick replies.

Andy

[John833]

Andy, thanks for the suggestions - this will depend on which broker you're using, for some 1 lot is defined on their end (Gain), for others such as MBT or IB it's defined in units and thus needs to be entered in our order interfaces the same way, 30000 would be 3 minilots for MBT, yes.

For our Sim101 only regular 100K lots are supported.

Hello, I use IB as my broker, so just to clarify if I want to trade a currency pair in my Ninja script, I use the same explicit quantity in my live IB account as I do with the Sim101 account?

In other words if I use 100,000 as the size amount for EURUSD in Sim101, I would also use the the same 100,000 for the size amount if I trade live in IB?

Therefore I need to make no changes in the size amount for FX trades in my Ninja Script when I start live trading in IB?

Is that correct?

[NinjaTrader_Austin]

John, Bertrand's reply says yes, that is the case. If you are skeptical, just keep a close watch on IB's TWS when entering a live FX trade for the first time to make sure.

[John833]

John, Bertrand's reply says yes, that is the case. If you are skeptical, just keep a close watch on IB's TWS when entering a live FX trade for the first time to make sure.

Thanks Austin but here's the problem, if I run my NinjaScript and enter a live trade with IB expecting to do Euro100,000, but it is interpreted as 100,000 lots/minilots, then there is a serious problem! The consequences would be disastrous!

Is there anyway you could confirm that IB uses explicit quantity sizes the same as Sim101?

Thanks

[NinjaTrader_Austin]

Indeed John, that would be a problem. I should've specified earlier but the test would work best with testing buying/selling just one unit at a time.

I don't know why I didn't think of this yesterday, but I just fired up the demo account for IB (edemo/demouser) to verify and IB does take the quantity correctly. I submitted a buy order for .02M (20,000) and it correctly interpreted the data. Other tests produced the correct results as well (.2M -> 200000, 2M -> 2000000, etc).

[John833]

Indeed John, that would be a problem. I should've specified earlier but the test would work best with testing buying/selling just one unit at a time.

I don't know why I didn't think of this yesterday, but I just fired up the demo account for IB (edemo/demouser) to verify and IB does take the quantity correctly. I submitted a buy order for .02M (20,000) and it correctly interpreted the data. Other tests produced the correct results as well (.2M -> 200000, 2M -> 2000000, etc).

Thanks Austin, so to be clear you submitted an order for 20,000 in the IB demo account and it interpreted it as 20,000, the implicit amount you wanted to trade? (I am a little unclear as you mentioned you submitted a buy order for 0.02M, do you mean you actually entered into IB 0.02 or 20,000?)


Therefore are you saying I would not need to change the amount notation in my Ninja Script code when I move from Sim101 to live trading, as it would be the same?

Thank you in advance!

[NinjaTrader_Austin]

John, I fired up the connection and the .2M and .02M were how NT reported the order amounts right there in the order form on the order tab of control center. The M just stands a multiplier value of one million, so an order for .02M = .02 * 1,000,000 = 20,000.

I'm sorry I haven't been following the thread since the beginning, but if you wanted to trade 100,000 units (1 standard lot) via NinjaScript, just create an order for 100,000 units. For IB, the quantities translate directly.