Interactive Brokers, FX trades Discrepancy

Discussion in 'Trading' started by stasik, Apr 4, 2013.

  1. stasik


    I am doing my taxes and after examining my IB statement I feel like a bleeding idiot.

    I decided to add up all my trades for stocks and forex and compare them to the cash statement. When I add up all my trades is stocks and options its -1111.47CAD, fine. Then I go to forex trades and based on the yearly statement, add up all the amounts summarized in base currency (CAD) under each line item. I end up with 940.04CAD (this is all including commissions btw). OK.

    So all together for trades, I get -171.43CAD for the year. Funny, I thought because my ending balance in my cash report was down 1500CAD. So I look at the cash report and for net trades it gives me -1543.15. I have no IDEA how they ended up with that number. I spent 2 hours on the phone with 3 reps with the last one banging into my head that that calculation is done using the currency conversion on the day of the trade, which apparently what the report is showing, so that number is wrong. In my mind if I start of with 10000CAD, I make a losing trade on the first of the year and end up with -1000AUD, then at the end of the year, I am still 10000CAD, -1000AUD on margin (forget interest for now). And if I want to know how much money I have at the end of the year, I just do the conversion using the year end rate. After long silence, NONONO the agent says, you have to do it using the day of the trade. I say OK, your statement does that, and I add it up and the numbers differ.

    So which is it? Honestly I have like 5 years of higher education and I feel like a frigging idiot here. Can someone explain how my trades show me that I am slightly up for the year and after taking in all commissions, fees etc, I am close to break even, but after interactive brokers magic calculations, I am down 1500???