Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I have an account with IB for my regular investment, I now want to use 10,000. for Forex pairs trading.
My questions:
1. I want to do mini lots, 1.00 per pip; but I'm confused as to IB quantity amount when placing an order. They don't list quantity as "pip", they do Qty 0.1M, 0.2M, etc. I want to be able to know exact amount on the "risk/reward" when placing trade. Someone please shine some light on this?
2. Based on the fact that I want to start with just 10,000., trade the 4H and Daily charts, want low commission and live in the US; someone have any recommendations on a safe Forex broker?
Thanks.
Joseph
Can you help answer these questions from other members on NexusFi?
When entering an order with IB, via NT, the following apply:
Full LOT = 0.1M = 1000,000 = $10. per pip
Mini LOT = 0.01M = 10,000 = $1. per pip
Micro LOT = 0.001M = 1,000 = $.10 per pip (not sure if IB allows Micro)
IB is not a good option for small Fx size, below $100k, as the minimum commission is $2 if I remember well.
You can trade below micro-lot size, let's say $42 , but the commission will be $2 too.
Whatever happened to FXCM these last weeks I still think it's a good choice.
I'm on the fence as to FXCM. After looking at the webinar I really liked them; and in the threads Brad appeared honest and forthright. I was really excited about joining them.
, but the commission will be $2 too.