I have read the help files but am still confused about how to set up the IB hotkeys. Can I set up the f1 key to buy me a one lot in the dax futures at market or is it not that flexible? Any tips greatly appreciated.
yes, go to configure hotkeys.
then set up a buy and choose the key. then hi-lite it, choose configure, then click on the customize tab. From there you have many options including a default size, the ability to xmit instantly, trailing stops, etc.
You do not need to do that. Highlight the market data line for the FDAX and press your hot-key.
If you have chosen to configure the hot-key with some safety buffer, for example, buy the ask+0.5, this buffer is specific to the product you want to trade. So your hot-key may be specific to the FDAX and not be usable for, e.g., the Bund.
There is another option under "configure"-> Order settings-"Fut" which seems to allow to specify option for special futures, but I did never use that.