Originally posted by Kicking EUR on IDEAL was trading at 0.9949/0.9966 then all of a sudden it went to 0.9750/1.0049 and stayed there. I bought EUR in the morning and if I wanted to sell I 'd be screwed.
Originally posted by Kicking EUR on IDEAL was trading at 0.9949/0.9966 then all of a sudden it went to 0.9750/1.0049 and stayed there. I bought EUR in the morning and if I wanted to sell I 'd be screwed.
What time of day? I think IB only makes a market from 08:00-20:00 EDT (but check their web site to be sure). Other IB traders sometimes post bids/offers outside those hours. If you really want to do the trade, you could post your sell order and see if someone takes it. If it's at least EUR125K, you could probably get executed by crossing the fair cash market (based on the futures) by a few ticks, more if it's only EUR62.5K. If you want to sell less than that, you'll probably have to wait until you find someone that actually wants the Euros (as opposed to someone willing to hedge them with a futures contract).
At the moment (02:55 EDT Wednesday), there is actually a two-sided market for 3000x0.9680 - 5000x0.9900, which is pretty good if you want to buy Euros, since the current fair cash market is about 0.9954 (the seller is crossing the market by about $25).
If you would like to trade currencies, then you better use currency futures.
Spread is something like 2 pips for EUR or JPY. Maybe 4 pips for GBP or CHF.
I converted my account in euros, something I should have done a long time ago obviously . But when I saw the market made by IB yesterday afternoon (NYtime) it was making me a bit nervous since the bid was down to 97 cents.
