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Using TWS, What is the easiest way to close a forex position
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Using TWS, What is the easiest way to close a forex position

  #1 (permalink)
Elite Member
Montreal, Canada
 
Futures Experience: Intermediate
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Using TWS, What is the easiest way to close a forex position

Hello

This morning, for whatever reason, I had an unwanted Forex position in my account.

What is the easiest way to close it out? I did the reverse of the position, but it took me 3 times because the TWS was reversing my order. Instead of selling my long position, I was buying more and more

Actually, My initial orders are send from API, then I manage them directly on TWS. Nice but I will need to built an interface to cancel them. Until I done it, I need to easely cancel position

I did chat with IB and they send me a 2 hours webminar that does not show any image on my PC

Any help appreciated

Martin

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  #2 (permalink)
Error-prone
Bundeburg
 
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Martin,

Given that there are a lot of ways to set TWS up when trading it might help if you posted a picture of the way you set up looks. White out your account details if they show in the picture.

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  #3 (permalink)
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Fat Tails's Avatar
 
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Actually, I always have some FOREX positions on my TWS. My account is in EURO and the profits and losses from futures trading show up in USD. So my account has a USD balance, and I do not set that to zero every day.

To close the balance from time to time, select "Account" and open the menu, then go down to "Market Value - Real FX Balance". The balance shows your foreign currency positions.

Now right-click on the balance that you want to close and there will be a popup menu reading "Close Currency Balance". If you follow the instructions your balance will be closed and not leave an open position with TWS.

After this there may be a leftover of a few cents of that balance, this is just to annoy those traders who are accountants in the first place.

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  #4 (permalink)
Elite Member
Montreal, Canada
 
Futures Experience: Intermediate
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Thanks FatTail, CUSP

I did found yesterday how to resolve that

- In TWS, select the portfolio tab

- Right click on your selected position

- Select Trade / Close all positions

This should create a market order that reverse tha actual position with the same amount of units

Did not had to test it yet.


As my actual Excel Sheet can send my orders to IB, Il will work later to provide a panick button to close a position. For the moment, at last, I got a solution


Martin

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