Non-Base Currency Positions

Is there any advantage to closing non-base currency positions after a trade is closed? My understanding from Interactive Brokers is that you are always going to have a position or positions based on the US Dollar versus whatever currency you are trading unless you choose to close that position.

Thanks for any help.

:?:

klkimbell said:

Is there any advantage to closing non-base currency positions after a trade is closed? My understanding from Interactive Brokers is that you are always going to have a position or positions based on the US Dollar versus whatever currency you are trading unless you choose to close that position.

Thanks for any help.

:?:

Click to expand...

This is a very old post to get going again but what the hell.

I use IB for forex and a huge source of frustration are these non-base currency positions why the hell can't your positions be calculated automatically to account for these, so when you close the position your'll be flat. Simple enough - most other forex brokers do this.

IB provide no simple way to get flat and then they charge you commissions when you close non-base currency positions. I am thinking of moving to another forex broker but apart from this one issue I must say I have no complaints.

Doe's anybody out there have a common sense way of dealing with this issue with IB?

gc1 said:

http://www.trade2win.com/boards/423333-post957.html

Click to expand...

Thanks for the link gc1.

I would really struggle to do this in my time frame as all my trades are highly leveraged only lasting for usually seconds to minutes so obviously my primary aim is to just get out while the chart dictates it.

I really don't want the hassle of moving to another broker but looks like the only solution to this problem.