Hi, I want to get rid of my USD, & convert it back to GBP (my base currency for my IB account) I have subscribed to the IB FX system to do this. Can someone just give me a short guide how I should do this. I just don't want to end up shorting USD when I want to sell them... I am confused HELP!!! :eek:
Set up a ticker line with symbol USD CASH (not CME futures !) and you will see Bid/Ask for USD vs. base currency (GBP in your case). Then sell USD (amount in USD that you want to sell, without cents) the same way like you would sell a certain amount of shares. I think that there is no way to get rid of US cents, just remains there. There are certain trading hours for FX conversion, works fine at least during NYSE trading hours (see IB homepage).
Be sure to execute your FX trades during regular NYSE market hours. The spread is slightly tighter during these times.