Chart Trader and FOREX

[Harry]

I am using predefined strategies with FOREX (target, stop loss) on an Interactive Brokers account. If I want to modífy my target order, this is a problem with the preconfigured instrument settings. I will take the example GBPUSD preconfigured for Ticksize 0,00001 with subpip support.

With the FX Pro entry to increase/decrease the target, the order will be rejected by IB, because the minimum accepted increase would be 0.5 pips and not 0.1 pips. If I use the chart trader to move the target, it is as frustrating, as I rarely manage to find the right position ('0 or '5) to lock in the target.

A possible solution seems to be to change tick size to 0.5 pips and select a point value of 20.000 for GPBUSD. Then I can change my targets with the chart trader. Also increase/decrease with the FX Pro will work, but the large bid/offer display wil be dead.

Is there any better way to configure NT?

[NinjaTrader_Dierk]

Hmm ...
- I suggest NOT touching tick size, point value, since this easily could through off e.g. PnL calcs
- since IB does not support 0.1 subpips, I guess the only resolution is to not go with subpips on IB

[NinjaTrader_Dierk]

2nd thought: probably makes more sense to leave subpip enabled, since order fills could come in as subpips. So, by the looks of it there is no resolution to overcome your issue apart from directly entering the prices into the control.

[Harry]

Thanks for your reply, I just checked profits. I think profits are the same if

(1) you choose TickSize 0.00001 with Point Value 100,000 or
(2) you choose TickSize 0.00005 with Point Value 20,000

The only difference would be with ATM strategies, say with a 20 pip stop you would enter 200 points for (1) or 40 points for (2). For the time being I cannot find any other inconvenience than the cutting off of the price display of FXpro... or is there anything I missed?

[NinjaTrader_Dierk]

As stated below I suggest not doing that for NT internal reasons which are out of your control.

[Harry]

OK, will be careful. Would it trouble order execution as well or P&L calculation only?

[NinjaTrader_Dierk]

Sorry I don't know. We never have tested this.

[Harry]

IB and FOREX

I am still not trading IB Forex but trading currency futures, because so far I did not manage to configure the chart trader for Forex.

The reason is as follows. My IB account is denominated in EUR. After some trading the account showed a cumulated profit in USD. To close out the curreny risk linked to the profit I converted the USD to EUR via TWS. TWS now shows a long position in EURUSD - although my account is actually flat! IB staff has told me that this is the way TWS works and cannot be changed.

When I connect NT to TWS, this position will show on the chart trader. As I had closed out my profits at a rate of 1,36 this compresses the chart vertically. Also if I open a new position, I can not see the entry level on the chart. Therefore I cannot use NT chart trader now for trading EURUSD.

Is there any way of telling NT not to import any open positions from IB/TWS that have not been generated with NT?

I understand that NT does not import open positions from Gain Forex, am I correct?

[NinjaTrader_Dierk]

>> Is there any way of telling NT not to import any open positions from IB/TWS that have not been generated with NT?
Unfortunately not

>> I understand that NT does not import open positions from Gain Forex, am I correct?
Incorrect, NT would show all open positions in your GAIN account.

[Harry]

Problem solved

Thank you for your answer.

I contacted IB again, this time per phone. Actually IB allows to eliminate open FOREX positions manually without changing the account balance. So the problem is solved. My first contact via IB chat simply did not know the answer.

[NinjaTrader_Dierk]

Thanks for feedback. Glad it's resolved for you.

[trader65]

Thank you for your answer.

I contacted IB again, this time per phone. Actually IB allows to eliminate open FOREX positions manually without changing the account balance. So the problem is solved. My first contact via IB chat simply did not know the answer.

Harry, may i ask how did you accomplish that?

regards

[Harry]

Open "Account" in the TWS menu. Rightclick on the position in the "FX Portfolio" box, then within the popup menu set everything to 0 and click OK. The FX position should now be neutralized without any change of the account liquidation value.

Harry, may i ask how did you accomplish that?

regards