IDEAL PRO is driving me nuts! Please help.
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Thread: IDEAL PRO is driving me nuts! Please help.

  1. #1
    I funded my account with both USD and EUR.

    I then took a short position on the EUR/USD in 1.4680 and only closed it out at 1.2880. However, it appears that with IDEAL PRO you just get the original EUR back that you sold, the profit is not closed in USD (my base currency).

    Many other brokers work similar to this:

    Base currency (USD)

    If you short EUR/USD you borrow EUR with your base USD take these EUR and buy USD. When you close, you buy back the EUR, BUT the profit is booked in the base currency.

    How Can I get Ideal PRO to work like this?

    Thank you!

  2. #2
    It's been some time since I traded with IB but moving from memory I think you have to convert your P/L into account (base) currency using Ideal do not you?

  3. #3
    Quote Originally Posted by ;
    It has been a while since I traded with IB but going from memory I believe you need to convert your P/L into account (foundation) currency using Ideal don't you?
    Ideal vs. Ideal Guru is merely an issue of trade size...

  4. #4
    Quote Originally Posted by ;
    Ideal vs. Ideal Guru is merely a matter of trade size...
    IdealPro is for trading, Ideal is utilized to convert out P/L, no matter size (within reason, but well within your constraints I picture)

    Just manually convert out your P/L onto Ideal as already indied...I do not believe that you can automate the process.

  5. #5
    Quote Originally Posted by ;
    IdealPro is for trading, Ideal is used to convert P/L, no matter size (within reason, but well within your limits I picture)

    Just manually convert your P/L on Ideal as already indied...I don't believe that you can automate the process.
    Lostinspace,

    Thanks for responding!

    I honestly don't see how IB's system would allow me to shut out the P/L in a different currency. Any ideas?

    The actual problem is that the account balance never fluctuated with the P/L of the trade, which probably means that it was a 'cash only' trade. In addition, it was unleveraged.


    The P/L is about 30,000 USD so if I convert it out, it will probably get re-routed through IDEAL PRO anyway. (that is why the KRW is only available through IDEAL - for people who need purchase Korean stocks). If you have larger orders (250k USD) they are re-routed through IDEAL PRO even when you picked IDEAL.


    Thanks.

  6. #6
    Quote Originally Posted by ;
    IdealPro is available for trading, Ideal is used to convert P/L, irrespective of size (in reason, however well within your limits I picture)
    Both Ideal and IdealPro may be used to convert. Orders under lt;$25k are led to Ideal, that's the only difference.


    ***
    Fxtp,

    What was the transaction date? (you didn't answer my pm )

  7. #7
    Quote Originally Posted by ;
    Lostinspace,

    Thanks for responding!

    I honestly do not see how IB's system would allow me to close out the P/L in a different currency. Any ideas?

    The actual problem is that the account balance never fluctuated with the P/L of this trade, which likely suggests that it was a 'cash only' trade. Also, it was unleveraged.


    The P/L is all about 30,000 USD so if I convert it out, it will probably get re-routed through IDEAL PRO anyway. (that is why the KRW is only accessible through IDEAL - for people who need purchase Korean stocks). If you've got bigger orders (250k USD) they are re-routed through IDEAL PRO even when you picked IDEAL.


    Thanks.
    Did you call IB? I've not ever enjoyed IB's platform so I want I could help. Has the equity from the account changed? Fantastic luck, I look forward to hearing the outcome on this one.

    All of the best

  8. #8
    Quote Originally Posted by ;
    The two Ideal and IdealPro can be used to convert. Orders under lt;$25k are led to Ideal, that is the difference.
    I'm not sure that is true, where about IdealPro is Jpy/Usd or even Cad/Usd for example? How would you convert Yen or Cad P/L to USD (irrespective of size)? I think on Ideal.

    Like I said in my first response I'm going from memory of if I had an IB account, even then I remember it being unecessarily complex.

  9. #9
    Quote Originally Posted by ;
    Lostinspace,

    Thanks for responding!

    I frankly do not see how IB's system would let me shut out the P/L in another currency. Any thoughts?

    The actual problem is that the account balance never fluctuated with the P/L of the transaction, which likely suggests that it was a 'cash only' trade. Also, it was unleveraged.


    The P/L is about 30,000 USD so if I convert it out, it will probably get re-routed via IDEAL PRO anyway. (that's why the KRW is only accessible through IDEAL - for people who need purchase Korean shares). If you've got larger orders (250k USD) they are re-routed via IDEAL PRO even when you picked IDEAL.


    Thanks.
    'shut from the P/L in another currency'?

    'the account balance never fluctuated with the P/L of the transaction'?

    'Korean shares'?

    Sorry, you have lost me altogether today, and I thought the lower limit for IdealPro was 25k not 250k?

    Fxtrader42 suggested calling IB and that I rather agree, it may be easier!

  10. #10
    Trader KGB, fxtrader42, lostinspace, welcome to the gates of hell... you sure you need to enter?

    I have called and chatted with IB reps. Both approaches turned out to be semi-fruitless. Here's the transaction history if you want to follow along. The first one and the last two will be of importance in this issue.

    Trader KGB said (and I agree with him) that the transaction was treated as cash just, not a margined (1:1 in this case) trade which involves a three way between the base currency, the currency which you buy along with the one you sell. IB's main company is equities and options and this is now more evident than ever before. Fx to get Fx's fascination is a bit of an afterthought here.

    In short, the base currency has no say over the way in which the P/L is booked (that is totally different from how other fx brokers operate). It is an accounting step. Additionally, IB uses currency accounts (neg or pos), much like most EU banks do. Digital fx rankings may or may not represent real currency cash positions.

    The account was financed with both EUR and USD. (BIG MISTAKE!)
    The commerce was unleveraged.


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