I am new to Forex and just practice in paper account. I entered the order SELL 6 500 000 JPY.USD IDEALPRO MARKET after that 70 000 was executed in IDEAL and two hours later 6 430 000 was executed in IDEALPRO, though at the moment I enter the order there was 20 000 000 bid and 20 000 000 ask size What can be the reason for this? How I can prevent such situation in real account? Thanks
I would highly recommend a front-end like 'Buttontrader' for IB. It works a lot better with an IB real account though, they discourage using it with the IB sim account. You can get a six month free trial which allows sim trades while connected to a real IB account. Buttontrader has very useful order management features that deal with the quirks of TWS - including the maximum order size for forex. That may have been the issue with your sim trade, is that it may have allowed one trade at the maximum single trade size on IdealPro, and put the remainder on Ideal - for some odd reason. For large sizes like that, you may want to try splitting it in two - the total commission will be the same as it's a percentage.
If your order is not immediately marketable, IB will simultaneously keep your order for execution using IDEALPRO and make it available for execution on IDEAL. Your total commission is not affected and will be at the IDEALPRO rate. The advantage is that you may get some partial fill earlier than you otherwise would. And sometimes it will be at a better price. (For example, the IDEALPRO bid/ask is 99.5 / 99.6. You are selling at 100. But on IDEAL the bid/ask might be 99.0/101.0. If someone puts in a bid at 100.5, you will get the sale at the higher price. The disadvantage is that the partial fills can be for any quantity. I have had a partial go through at just 1 Euro (although for such a small amount, IB doesn't charge a commission and you can still cancel your order). I wouldn't worry about this since it doesn't happen often, and when it does, it can be a positive.
Lol yeah the other day I got filled 1 euro 1 euro 1 euro, 14 euro's etc. until I got my 25,000 fill, weirdest thing ever.
Thank you everybody for answers. I suppose the reason is that at the moment my real account balance drooped bellow $25000 and despite of the fact that in paper account I have $50000 the system is simulating situation on real account not allowing to trade in IDEALPRO without any warnings though.