EURUSD vs 6E Instrument Settings

[Oil_Trader]

I am trying to compare the 6E and EURUSD

What parameters need to be the same to make the calculations of both instruments consistent?

Tick Size?
Point Value?
Margin Value?
Sim Feed Start Price?
Commissions?


Account Size vs Quantity in the Default Settings. Let's say we want to make the account size 100,000,000 so we need the parameters that will make the system purchase the same nominal value of EURUSD or 6E.

Shall I change the Point Value of 6E from 125,000 to 100,000 to make it the same as EURUSD?

[NinjaTrader_Austin]

Oil_Trader, the contract information for 6E is available at CME's 6E specification page. The contract is worth 125,000€, so you will have to do the calculations and figure out how many $EURUSD units that would be to "make the calculations consistent".

I would not recommend changing the 6E contract details because they are set by the exchange and that could lead you to miscalculations.

This page, on investopedia.com, describes how currencies are quoted with regards to the base currency:

Base and Counter Currencies and Quotes
Currency traders must become familiar also with the way currencies are quoted. The first currency in the pair is considered the base currency; and the second is the counter or quote currency. Most of the time, U.S. dollar is considered the base currency, and quotes are expressed in units of US$1 per counter currency (for example, USD/JPY or USD/CAD). The only exceptions to this convention are quotes in relation to the euro, the pound sterling and the Australian dollar - these three are quoted as dollars per foreign currency.

[CSharpCoder]

Confused about currencies in the context of FX

Hi.

I have a question In relation to FX and currencies they are quoted in:

1.) Within C:\Users\UserName\Documents\NinjaTrader 7\Config.xml
theres an element called BaseCurrency. What happens if that currency is not the same as the base currency of my IB-Account, which is not UsDollar but Euro.

<ConnectOptions xsi:type="IBOptions">
.....
<BaseCurrency>UsDollar</BaseCurrency>
.....
</ConnectOptions>

2.) With FX having a BaseCurrency of EUR and trading EUR.USD what is the currency of EURUSD when any gain or loss is made? - Dollar or Euro. I think UsDollar is corect as it is the counter currency and in this case any delta in price should be calculated in UsDollar.


But eg. in the pair EURJPY should't it be JapaneseYen? Within the defaulted instruments of the instrument manager that's not the case for the EURXXX!
They always have UsDollar as Currency! I assume that this is wrong but will not modify the settings, because...

3.) ... when one changes the currency of the FX instruments. What happens then? I tried it once in a virtual installation and strange things happened / the P&L was cumbersome calculated, market analyzer showed euro and pund, but summed them just up by digits, ....
Could it be that there are places within the code of Ninjatrader being unaware of the currency context and assuming it is UsDollar?
Tx in advance for clarifying!

[NinjaTrader_Bertrand]

CSharpCoder, please do not touch those settings - there are indeed sections of the program where performance reporting is tied to the USD. Offering more flexibility here is on our feedback list already.

Thanks