Closing FOREX postions on IB

Discussion in 'Forex' started by Khaled187, Jan 10, 2007.

  1. Im going through a dilemma. Il summarize my story so that I wont take long. A friend promised me that if i open an IB account, he'll manage it and will make me alot of money, while he's gonna take a % of the profits. I agreed (big mistake), and deposited $31,000 in the acount. He was doing good for a while, but then the account went down till $10,000 (ouch). On the way down I was panicking, while he was only promising a rebound (yeah right). Due to the panic I was in, on the way down, I was buying books and learning about stocks and options. So about 2 weeks ago I was telling him that things have to get better and whats your plan (I was talking with more confidence and knowedge), and i was also telling him that I need to return the borrowed money (yes the $31,000 was money i borrowed,,,,a bigger ouch). So he was telling me that it will go back up big time and he is betting that oil will reach $80. As soon as I heard that I decided to take control of the account. I did, in the stocks and options im doing reasonably alright as a begginer. But I got no clue about FOREX!!!! I want to close the FOREX positions but I dont know how. Some how its affecting my margin ability. I only have stocks and options for a total of about $6000, and there are $3000 plus that i cant use and im thinking its cuz of the FOREX things. I created tickers of my FOREX positions on the TWS. When I go and click close position, it says YOUR ORDER IS NOT ACCEPTED, IN ORDER TO OBTAIN THE DESIRED POSITION YOUR EQUITY WITH MARGIN VALUE MUST EXCEED THE INITIAL MARGIN, or it either says ORDER SIZE IS NOT WITH IN THE LIMITS. I dont know anything about FOREX, and I seriously dont know what to do. Im really desperate. Any help to a fellow strugling brother would be highly appreciated.
  2. What are your forex positions ?

    AUD -18 / USD / -14.02 / 0.77675 / 0.64429

    CAD 951724 / USD / 809536.80 / 0.8506 / 0.89236

    GBP 305 / USD / 591.40 / 1.9335 / 1.90421

    JPY 26 / USD / 0.22 / 0.00835 / 0.00843

    USD 848382 / CAD / 997866.94 / 1.1762 / 1.12106

    USD -803 / JPY / -96070.92 / 119.64 / 115.21887

    this is how it looks like on my Account window. I would really appreciate it if you help me with your experience and knowledge,,,, and excuse me if i sound so clueless about currency trading, cuz i really am clueless. Thanks in advance for your time and effort.
  4. Oh, boy.

    Your "friend's" name isn't Mike Parker, is it?
  5. no hes not. I dont know who mike is, but i assume your talking about someone as stupid as my "friend". Well is not a friend of mine any more :mad:
  6. Send a PM to Steve_IB soonest.

    I don't know whether or not your story is for real, Mr. "Secretary of Defence Attache"... in what country would that be? In any case, some of your positions are too small to handle in IDEALPro and need to be closed in IDEAL (different tickers). My advice for you would be to call IB and request to have all your currency positions closed.

  8. I swear to you my story is real. I live abroad and currentl working at the Japanese embassy and my post is Secretary of Defence Attache. I dont know why you wouldnt believe me but i swear to you its all real. Otherwise I wouldnt be wasting my time. Anyways thatnks for your advice. Im gonna either call them or email them. Thanks
  9. OK. If so, you are not that far, in the big picture, from Chris, the young Navy HM in Japan from the other thread. Although he entrusted his entire savings, rather than borrowed funds... to a stranger, rather than a friend... hard to say which is more painful. Good luck to you.
    #10     Jan 10, 2007