It is not easy closing currency positions with Interactive Brokers

Discussion in 'Forex Brokers' started by affan, Jun 15, 2008.

  1. affan


    Last month or so I sold USD/JPY mini lot (25000) with Interactive Brokers, i thought i closed it by buying the same amount back. But apparently it is still showing i am holding -125000 yen and paying interest. Not sure what i am not doing right!
  2. Since this is broker related, I moved it to "forex brokers".
  3. You haven't given enough information for anyone to know what you did wrong.

    It is actually very easy to close currency positions but you seem to have expanded a position or something. I suggest you use your browser to contact customer service so they can tell you what happened and how to get out of your predicament.
  4. gwac


    mkt trades in $ amount so that is prob your loss on the trade, go to jpy ideal not idealpro and buy the small amount.

  5. affan


    hmm ok in that case I guess it would be very difficult closing position completely and i might still end up with a position anyways, albeit a very small one.
  6. Graham1


    Make yourself a spreadsheet to calculate the offsetting position size to realize your P/L in USD instead of JPY (when trading USD/JPY).

    E.g. buying Yen to value $25,000 then selling same number of Yen to realize $25,XXX

    The disadvantage, of course, is the trade size depends on the price, so this is only really practical when exiting with a limit order - and when you have enough time to type in the numbers.
  7. Nagelis


    It is the PnL on your trade. (and it tells us you lost about 5 big figures on your trade of 25,000 usd, i.e. my guess you sold at 102.50 and bought back at 107.50...).

    In IB, go to your "Account" tab, click on "market value tab", right click on JPY, and this will give you the choice :close currency position and/or close all non-base currency positions...
  8. TYtrader


    Sounds like your order ddin't go through for some reason. Can't believe you didn't check to see if you were flat. You're right, it should be easy to close.
  9. anyone know what the contract symbol is for the CME EURO FX futures ( euro-usd ) is today with IB ?

    used to be EUR

    but when the currency gremlins attack (?)

  10. ids


    It is EUR (E7)
    #10     Jun 29, 2008