Ok I think I finally understand IB IDEAL PRO Forex service.
I want to make sure I trade the correct DOLLAR amounts value of the forex GBPUSD ( price 1.7683) with margin at 50:1.
So if I wanted to trade a total value of GBPUSD with margin $300,000 every time.
GBPUSD Value : $300,000
Rate : 1.7683
QTY required in IB software = (1/1.7683)* $300,000 = 169,654
PIPS Value per point $16.96
Margin required = $300,000/50 = $6000
So if I traded AUDUSD, with the same $300,000 I just change the forex rate.
Is this correct ?
