Hello,

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

Okay...I found an answer to my #1 question.

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.

sam028 

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.

Thanks for the advice!