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Comprehensive Reporting Real-time trade confirmations, margin details, transaction cost analysis, sophisticated portfolio analysis and more. A Broker You Can Trust When placing your money with a broker, you need to make sure your broker is secure and can endure through good and bad times. The following article outlines the basics of forex order entry on the TWS platform and considerations relating to quoting conventions and position post-trade reporting.
A forex FX trade involves a simultaneous purchase of one currency and the sale of another, the combination of which is commonly referred to as a cross pair. In the examples below the EUR. USD cross pair will be considered whereby the the first currency in the pair EUR is known as the transaction currency that one wishes to buy or sell and the second currency USD the settlement currency. A currency pair is the quotation of the relative value of a currency unit against the unit of another currency in the foreign exchange market.
The currency that is used as reference is called quote currency , while the currency that is quoted in relation is called base currency. In TWS we offer one ticker symbol per each currency pair. You could use FXTrader to reverse the quoting.
Traders buy or sell the base currency and sell or buy the quote currency. For ex. The price of the currency pair above represents how many units of USD quote currency are required to trade one unit of EUR base currency. A buy order on EUR. Orders directed to IDEALFX that do not meet the minimum size requirement will be automatically rerouted to a small order venue principally for forex conversions.
Currency dealers quote the FX pairs in a specific direction. As a result, traders may have to adjust the currency symbol being entered in order to find the desired currency pair. For example, if the currency symbol CAD is used, traders will see that the settlement currency USD cannot be found in the contract selection window.
This is because this pair is quoted as USD. Depending on the headers that are shown, the currency pair will be displayed as follows; The Contract and Description columns will display the pair in the format Transaction Currency. Settlement Currency example: EUR. The Underlying column will display only the Transaction Currency.
Click HERE for information regarding how to change the shown column headers. Specify the quantity of the trading currency you wish to buy or sell. The quantity of the order is expressed in base currency , that is the first currency of the pair in TWS. Interactive Brokers does not know the concept of contracts that represent a fixed amount of base currency in Foreign exchange, rather your trade size is the required amount in base currency.
For example, an order to buy , EUR. Note: Orders may be placed in terms of any whole currency unit and there are no minimum contract or lot sizes to consider aside from the market venue minimums as specified above. A pip is measure of change in a currency pair, which for most pairs represents the smallest change, although for others changes in fractional pips are allowed. To calculate 1 pip value in units of base currency the following formula can be applied:.
FX position information is an important aspect of trading with IB that should be understood prior to executing transactions in a live account. IB's trading software reflects FX positions in two different places both of which can be seen in the account window.