IB - half of the order executed 36 pips lower on Ideal!?

[zzzap]

TOM134,
I wouldn't compare IB to FXCM. IB is a brooker (a good one), FXCM is a bucket shop - even their "no dealing desk" option.

 

[m4a1]

hey guys, how do you use Ideal? say i want to buy some euros.

my menus don't exactly fit the description in the examples here.

http://www.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php

 

[IBj]

Quote from m4a1:

hey guys, how do you use Ideal? say i want to buy some euros.

my menus don't exactly fit the description in the examples here.

http://www.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php

Click on FX-trader to get the screen. Or just enter as for a stock on a regular screen (enter the denominator currency first, then select the payment, or numerator, currency).
If you are trading more than 25K USD, you should use IDEALPRO, not IDEAL. I-PRO is an interbank quality market. IDEAL is a small funds conversion facility with genereally poorer quotes and is not intended for tradeing, but more to repatriate small amounts back to you base currency.

 

[m4a1]

Quote from IBj:

IDEAL is a small funds conversion facility with genereally poorer quotes and is not intended for tradeing, but more to repatriate small amounts back to you base currency.

this is what i want to do. say for example i have a negative EUR 10,000 balance and i want to get rid of the negative balance.

my market data line says:

Underlying: EUR
Exchange: Ideal
Description: EUR.USD Cash

then i enter 10,000 for the quantity.

is everything correct?

 

[zzzap]

Quote from IB Salvatore:

This was a unique situation that did not reflect IB’s superiority over other FX platforms. The price was adjusted to 1.9737.

The price is not adjusted yet after more than 2 months

 

[lite]

do you mean that the problem hasn't been solved? they did not do what they promised?

 

[kiwi_trader]

One important point that people seem to miss: use market orders around news events or in thin markets only if you want a good reaming!

Lets get real ... its nice that IB fixed it (if they did, zzzap, send Sal a PM if they haven't) but market orders used unwisely are an invitation for punishment.

 

[rayl]

Quote from kiwi_trader:

One important point that people seem to miss: use market orders around news events or in thin markets only if you want a good reaming!

Lets get real ... its nice that IB fixed it (if they did, zzzap, send Sal a PM if they haven't) but market orders used unwisely are an invitation for punishment.

I think the comment about limits is true 99% of the time!

The other important point is -- brokerage in-house FX ECNs have their limits in terms of access to liquidity. I'm still hoping for someone to connect to EBS (of course, this would increase costs) as that's the biggest pool of liquidity in FX. Or better yet, several of them... EBS, Reuters, Currenex....

 

[zzzap]

The issue has been fixed after few more PMs.
I would like to thank IB representatives here on Elite for being so helpful.

 

[IBmm]

Quote from m4a1:

this is what i want to do. say for example i have a negative EUR 10,000 balance and i want to get rid of the negative balance.

my market data line says:

Underlying: EUR
Exchange: Ideal
Description: EUR.USD Cash

then i enter 10,000 for the quantity.

is everything correct?

Yes, this is correct. On a EUR.UDS quote line (where EUR is diaplayed as the underlying) an order to buy 10,000 is buying 10,000 EUR. If you wanted to determine the equivalent amount of USD, multiply your order quantity by the quoted exchange rate. Alternatively, traders can enter the "quantity value" column to the TWS page and this amount will be diaplayed based on the order price. To add the field, go to the Page >> Layout menu