Interactive Brokers - FX Trading

Q

Qw3rty

Hi Guys,

I have been using Interactive Brokers for stocks but now I want to use them to trade Forex. I have used their demo account first to understand their Forex functionality but all my trades get conglomerated into one trade which I don't want.

I have a few questions:
1) How can you view multiple open trades on the same currency pair?
2) How can you view the PnL of each trade separately?
3) How can you close just one of the trades and leave the rest open?

Thanks for the help :)
 
You can view the P&L of each trade separately in the statements provided by IB. Log in to the account management page. I do not know why that is necessary. When you open another position, it changes your average price and accounts for all open positions.
 
You'll have to write your own API front-end program to manage the positions separately. All you'd really be doing is keeping fictitious trade records under the hood, each with their own SL and TP. When you want to close a position you would simple place a market order of the same size in the opposite direction of the trade.

You might want to look at the various IB API trading front ends out there. There's bracket trader, button trader, quotetracker and the new medved trader, among others.
One or more of them may manage positions the way you want.
 
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Qw3rty said:
Hi Guys,

I have been using Interactive Brokers for stocks but now I want to use them to trade Forex. I have used their demo account first to understand their Forex functionality but all my trades get conglomerated into one trade which I don't want.

I have a few questions:
1) How can you view multiple open trades on the same currency pair?
2) How can you view the PnL of each trade separately?
3) How can you close just one of the trades and leave the rest open?

Thanks for the help :)
More...
that's all I trade is forex with ib. I use the tws screen, each position is displayed on the line you choose with the size and pnl for the day. The account window displays pnl since inception.
 
Thanks for the updates. I have noticed that I can place a profit taker with each order, this helps a bit. Does each order close separately as the TP hits or is it FIFO / LIFO?

Thank you :)
 
Qw3rty said:
Thanks for the updates. I have noticed that I can place a profit taker with each order, this helps a bit. Does each order close separately as the TP hits or is it FIFO / LIFO?

Thank you :)
More...

I am confused about what you are having trouble with. You place an order for long 100,000 GBP/USD @1.42000. Let's say that GBP drops to 1.4100 and you double down and place another order for 100,000. You have an average price of 200,000 @1.41500. Why are you so concerned about each separate lot? If you only want to sell your initial lot then place an order for 100,000. It does not matter if it sells a lot for 1.42000 or 1.41000. I do not see how LIFO or FIFO is relevant. Just place a limit order for whatever amount you want at a price when it is above your average price.

Using the same stats if you were closed the initial lot at 1.41400, you actually lost money, ecen though it is up 40 pips 1.41000.
 
Addendum to my recent post. "It does not matter if it sells the 1.41000 lot or the 1.42000 lot." "It does not matter whether it sells the initial lot or your second lot"
 
I am just used to using another broker for FX however I want to consolidate everything into my one IB account so this is a bit new to me with how they operate. What you have said does make sense and seems pretty straight forward.

I shall try it out with a paper account first to become familiar with the set-up.

Thanks once again for the explanations.
 
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