I noticed an option for show virtual FX positions in portfolio. In there I can see a number of positions almost larger than my account. I had no idea that they were there. If I try to close this positions, I don't have enough cash. I have a no margin, cash account. I guess these positions are left over from currency trades I made? Those trades were supposed to be straight currency trades, not FX. I'm a bit embarrassed to ask IB support about it...
https://interactivebrokers.com/en/search/search.php?q=virtual+fx+positions *** IB has one of the most extensive question sections of any broker. Type a keyword & you'll likely find an answer.
You must've used IDEALPRO to do exchange of currencies? Next time, use FXCONV as the destination when you are doing currency conversions. For the meantime, just leave those virtual fx positions alone. You don't need to do anything with them. They will go away on their own. It's a bit annoying that IB doesn't convert foreign currency to your base currency automatically like many brokers and you have to spend extra commissions to do so. https://www.interactivebrokers.com/...toring/fx_portfolio_-_virtual_fx_position.htm
I see. So basically, the virtual positions are basically just an accounting record of what I've done. They represent a method to reverse what currency I've traded in the past. FXCONV doesn't make this accounting record. It's in the CASH section. To reverse those trades I'd need to do things manually. I don't need to clear out the virtual positions. They're just a record of my exposure to currencies. You say they'll clear out over time but they've been there for months though. Thanks!