forex in tws can't figure out how to get GBP pip size and value

Discussion in 'Interactive Brokers' started by chi52, Dec 20, 2020.

  1. chi52

    chi52

    Hi all
    I'm just starting out in forex and want to put on a GBP.USD trade. I am not sure how to find the pip size and pip value easily. Normally I'd go to the CME site but I am sure that there is an easy way to do it on TWS. Any help would be appreciated
     
    theakson likes this.
  2. traider

    traider

    experiment with the demo
    pip size can go up to 1/10th of the normal pip.
    1.34019
    Buy 1M will net cost you 1.34019M USD and get you 1M GBP
    Hold overnight and you lose tons in swap cost
     
  3. chi52

    chi52

    HI @traider thanks for the reply but I wasn't clear in my question.
    For instance from the CME web site I can find out that the details for the EUR.USD the PIP size is 0.0001 and the standard contract amount is 20,000.
    How can I find that information from the TWS platform
     
  4. BKR88

    BKR88

    Probably easiest to use a forex pip calculator. Values will change for some pairs as price moves. Value will also change depending upon your account(deposit) currency.
    https://www.forextime.com/trading-tools/trading-calculator/pip-calculator
     
    chi52 likes this.
  5. chi52

    chi52

    Hi @BKR88, Thanks for the reply, I will certainly take a look at the pip calculator. Thx.
     
    BKR88 likes this.
  6. traider

    traider

    GBPUSD is same as EURUSD.
    PIP size 0.0001
    you can send limit up to 1/10 pip in TWS
     
  7. chi52

    chi52

    Hi @traider, Thanks for the extra info about the GBP.USD pip size, thx