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stuck in postion, please help

  • #1
  • First Post: Jan 30, 2007 2:32am Jan 30, 2007 2:32am
Okay I use interactive brokers and it says I have a position in JPY. I CAN"T CLOSE IT!!! it says the position size is 2. But when i right click on it it says trade it says order size is not within the limits.. WHAT is going on??

A fast answer would be greatly appreciated...
When I try to click close all currency position it wont let me, dO i have a currency position open? it says the market value is 243.75.

thanks..
  • #2
  • Jan 30, 2007 2:33am Jan 30, 2007 2:33am
Quoting turk87
Okay I use interactive brokers and it says I have a position in JPY. I CAN"T CLOSE IT!!! it says the position size is 2. But when i right click on it it says trade it says order size is not within the limits.. WHAT is going on??

A fast answer would be greatly appreciated...
When I try to click close all currency position it wont let me, dO i have a currency position open? it says the market value is 243.75.

thanks..
Call interactive brokers
  • #3
  • Jan 30, 2007 2:38am Jan 30, 2007 2:38am

it says the market value is 243.79. and I have a position of 2. the currencey is JPY.

Does it simply mean that I have 2 american dollars in YEN?
and I can't sell it because IB's minimum order size is 25,000...

  • #4
  • Jan 30, 2007 2:47am Jan 30, 2007 2:47am
You should call your broker and demand an answer!

Its your money and your right.
  • #5
  • Jan 30, 2007 2:47am Jan 30, 2007 2:47am
look
Attached Image
  • #6
  • Jan 30, 2007 2:50am Jan 30, 2007 2:50am
In the time it took to write 3 posts and crop a screenshot, you could have called them half a dozen times.
  • #7
  • Jan 30, 2007 3:10am Jan 30, 2007 3:10am
Quoting turk87

it says the market value is 243.79. and I have a position of 2. the currencey is JPY.




Does it simply mean that I have 2 american dollars in YEN?
and I can't sell it because IB's minimum order size is 25,000...

This is more than likely what it is. I have had it happen a few time on currenex. But when ever in doubt always pick up the phone

Never want to make a bad situation worst. Time is Money
  • #8
  • Jan 30, 2007 3:32am Jan 30, 2007 3:32am
Quoting Darkstar
In the time it took to write 3 posts and crop a screenshot, you could have called them half a dozen times.
Yes, but that would be the logical answer so therefore...
  • #9
  • Jan 30, 2007 8:23am Jan 30, 2007 8:23am
He who asks a question is a fool for five minutes. He who does not ask a question remains a fool forever."
Chinese Proverb [enzo2325 signature]

He should, though, ask the question of the right person.
If you haven't already, call your Borker NOW.

Then spend the rest of the day studying your statement and compile a list of questions on Everything you do not understand on it and call him again tommorow.

If Sophisticated Investors {Traders} were the Marketing Targets of most FX Borkers, Most FX Borkers would not exist.
  • #10
  • Jan 30, 2007 8:49am Jan 30, 2007 8:49am
Whenever your platform is not behaving like you think it should you should call your broker to find out waht is going on. If trades are involved, then pull up a different data feed (on different platform) so that you can make sure nothing drastic is really happening. Always have your broker's phone number handy, along with your account information in case of catastrophic failure of the brokers software. Everything you can do with the software you can do on the phone with them. Also be pleasant and determined with your broker, losing your cool does not help.

Good Luck
EllisEdi Moving on to my next trade ...
  • #11
  • Jan 30, 2007 9:43am Jan 30, 2007 9:43am
Quoting turk87
look
This is common with IB as you are trading from a universal account... forcing you to use IDEAL instead of IDEALPRO for all those "loose change" left from your trading activities.
Go to your "Portfolio" page, and select IDEAL exchange and you should be able to close those non-base currency positions (and pay some commision for it!)... and please CALL IB if you have any further issues... that's what I do most of the time when I get confused with their TWS.
Staying in my lane...
  • #12
  • Jan 30, 2007 10:11am Jan 30, 2007 10:11am
I will call this morning, thanks for your replies.

This was my first forex trade so I was a little worried when things didn't happen they way i expected them to.

cheers.
  • #13
  • Jan 30, 2007 11:08am Jan 30, 2007 11:08am
and make sure you have the latest release of TWS. IB recently came out with the new release of TWS which has some new enhancements for FX traders... TWS can now treat FX transactions as separate 'trades' to track P&L... my 2pips
Staying in my lane...
  • #14
  • Jan 30, 2007 11:49am Jan 30, 2007 11:49am
Quoting turk87
I will call this morning, thanks for your replies.

This was my first forex trade so I was a little worried when things didn't happen they way i expected them to.

cheers.
I hope that you practiced on a demo account first. Unlike some people here that believe that using a demo account is a waste of time, this is proof that they are totally incorrect. You should always use a demo account to practice on first until you know how to effectively trade and you know every button and feature associated with the account. You need to also open a demo account and practice with this until you become totally familiar with trading.
  • #15
  • Jan 30, 2007 1:08pm Jan 30, 2007 1:08pm
Indeed. I registered for the IB demo account, and I will use it untill i get more comfortable.

Now I have -259 Japoneses Yen in my account.
I didn't quite understand the explanation over the phone... Because I lost 259 yen it is put into my account? I don't understand why this works...

blah i have alot to learn.

anyways thanks...
  • #16
  • Jan 30, 2007 1:17pm Jan 30, 2007 1:17pm
Quoting turk87
Indeed. I registered for the IB demo account, and I will use it untill i get more comfortable.

Now I have -259 Japoneses Yen in my account.
I didn't quite understand the explanation over the phone... Because I lost 259 yen it is put into my account? I don't understand why this works...

blah i have alot to learn.

anyways thanks...
It's probably there from interest earned or charged in that currency. IB does that. And the reason you can't close it out on idealpro is because $25K USD is the minimum for transactions of that sort. You should probably read this thread and some of the others in that forum:

http://www.elitetrader.com/vb/showth...threadid=78006
  • #17
  • Jan 31, 2007 7:06am Jan 31, 2007 7:06am
its a bad idea to trade with IB if you are new to trading, they have a very complicated interface and you really have to know what your doing.
Relax and be happy.
  • #18
  • Jan 31, 2007 11:33pm Jan 31, 2007 11:33pm
I agree with Merlin...You should have tested their platform through the demo login first & tried everything you would have been doing live...

Here is what I think happened to your account...You probably made a JPY related trade..IB won't allow you to use leverage if your account is below 25k, which is the case here...However, you can switch your account value between different currencies...In a sense, you can't buy USD/JPY, because your account is based in USD, but you can short the pair, i.e. exchange your USD for JPY & then cover later...I am not sure what exactly happened with you to have 6 Yens in your account...But 6 Yens are really nothing to mention, they are less than change...Most probably, the phone call to IB will cost you more than 6 Yens so use the IB live chat just to know what happened so that you don't repeat it...


So most probably you made a Yen related trade with your funds...But when you closed your position, it was not completely closed, i.e. a very small fraction remained which is shown in your statement..I think they have a minimum position size for Yen related currencies, so merely they won't allow you to convert 6 Yens to the equivalent USD...You will end up paying money as a commission that far exceeds the amount you will be receiving...

I trade through IB as well, so if you have any questions, welcome anytime, although you will need to describe what you need to know clearly


Thanks,

Nader
  • #19
  • Last Post: Jul 3, 2007 8:23am Jul 3, 2007 8:23am
Quoting WHTenn
I hope that you practiced on a demo account first. Unlike some people here that believe that using a demo account is a waste of time, this is proof that they are totally incorrect. You should always use a demo account to practice on first until you know how to effectively trade and you know every button and feature associated with the account. You need to also open a demo account and practice with this until you become totally familiar with trading.
Only problem with that is IBs demo account SUCKS.....it is not real time and does not behave as such.......at least that was my experiance with their demo........
Same Whore .... Different Dress
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