IB IDEAL PRO Trade USDJPY, need HELP!

D

Digs

I tried to trade USDJPY today

First trade via IDEAL PRP for this cross

rate 117.75

I wanted to buy 4000 QTY via TWS it said may trade was under $25000 mimimum order...

How 25000/117.75 = 212 minimum order, I thought

4000 USDJY margin is 30:1 so needs $16k in my account..

What have I got wrong...

I thought...

1 USD = 117.75 JPY

Therefore buying USDJPY 4000 equals $471000 USD @ rate of 117.75
 
Quote from Digs:

So hows the margin calculated...

when its 30:1 how much do I need in my account to buy $471k
More...

They moved it down to 2% today I think, so $471,000 * .02 = $9,420

(if 30:1 then .0333 * 471,000 = $15,699)
 
Ok I am stuck

SAY I BUY USDJPY at 117.75

And my max loss of USD dollars is to be only $10,000 usd to my account

And my stop loss was to be placed at 117.00

Question : How much YEN can I buy ? Or what the f**k do I load into TWS in the QTY screen....
 
What you enter is dollars, say $500,000 at 117.75 that equals 58,875,000 YEN. The margin will be 2% of $500,000 or $10,000, make sense?
 
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