IDEALPRO: I don't get it!!!

Quote from ck9:

i am also confused with the ib fx system.

for example
i wanted to buy norwegian krona with euro

the nok/eur pair is curentley not trading, only the eur/nok pair.

is there any disantvantage to selling euro aginst the krona instead of buying nok/eur.

thanks for yours answers
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I learn something new every day, I never knew they quoted both ways! Why do they do that? Are they both spot?

From a trading perspective I can't see there would be any difference but maybe interest and/or margin are calculated differently?
 
Quote from Beebers:


I wanted to get rid of the Euros and have it in USD. I sold the Euros. Now it says in the Portfolio Window EUR.USD 0 but in the Market Value Window it says -1000 EUR.

Hm. Any explaination?

Thanks.
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You have to wait until settlement.
 
Quote from ck9:


is there any disantvantage to selling euro aginst the krona instead of buying nok/eur.

thanks for yours answers
More...
EUR/NOK is on IDEAL & IDEALPRO, NOK/EUR is on IDEAL only (for whatever reason, they quote the inverse pairs on IDEAL). Stick to the IDEALPRO pairs.
 
Quote from cabletrader:

I learn something new every day, I never knew they quoted both ways! Why do they do that? Are they both spot?

From a trading perspective I can't see there would be any difference but maybe interest and/or margin are calculated differently?
More...

They quote the reverse for all forex positions, but on Ideal only, rather than IdealPro. Not being tradeable, I guess it's just for informational purposes for determining account balances and such.

There would be no difference in margin or interest, as IB forex trading isn't via 'contracts', it's by way of 'account' or 'budget' changes (further details are in my earlier post above).
 
Quote from BigFunky:

They quote the reverse for all forex positions, but on Ideal only, rather than IdealPro. Not being tradeable, I guess it's just for informational purposes for determining account balances and such.

There would be no difference in margin or interest, as IB forex trading isn't via 'contracts', it's by way of 'account' or 'budget' changes (further details are in my earlier post above).
More...

Ah right, kind of for conversion purposes and not trading, thanks for the info.
 
I am still trying to figure out the following:

1) I funded my account with USD and then EUR (so I had cash in both currencies)

2) After that I converted the EUR to USD with Ideal Pro. I now have a negative amount in my EUR account.

3) Then I changed my base currency to USD.

The short EUR.USD position is still open. However, I'm not sure what will happen when I close it.

Will I ...

A. get EUR (cash) back or
B. will I simply close out my trade for a profit in USD?

I would really like to close out my profit in USD, if possible.

A Big Thank you to ALL! :D
 
My guess is that it would close the trade and keep the profit as USD in your USD account, and the EUR account would go to zero - as the EUR amount bought back should be equal to the amount sold, and there is no reason for it to transfer profit to EUR as it is no longer the base currency.

But if that doesn't happen, you can just move the EUR amount over to the USD account using Ideal, (not IdealPro).
 
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