That looks fine. I've just had a quick look in the IP-M manual and that is all OK for X. Are you using master/slave on one axis? As I remember, channels 0, 1, 2 are used for X Master, Y, Z, and channel 3 for X slave.

One small point to watch (and I only say this because I managed to get this wrong on my own machine) - be very careful to connect + to +, - to -, just as you have in your diagram. If you happen to swap the wires in the pair so you have + to -, - to +, nothing blows up and it all seems to work fine. However, if you have done this on the Step signal, then actually what happens is that every time you change direction on that axis, you lose a step. In my case, I managed to get the Z axis wrong. When you are just doing simple profile cuts, you don't see an issue. Then you start a complex 3D carving job and the cutter gradually goes deeper and deeper into the work. Best solution is not to get it wrong! However, if this does happen (and the IP-M manual tells you how to test this - p11/12 in my copy) you can either swap the wires so that they are correct, or change the step signal to be active low instead of active high. Not a big deal if you are aware of the possibility.