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How to place a Futures Trading order with the Trade Desk
Futures
Trade
Desk
Orders
"I have a futures order. This is John Smith, my account number is 12345. Buy 3 May Corn, 240 stop."
The above message conveys all the essential parts of a futures order. If at first it looks a little foreign to you, don’t worry, you’re not alone.
There are sound, practical reasons for presenting your orders in a particular way. First, this process is the best one we know of in terms of preventing errors on the parts of both the customer and the order specialist.
Second, with a solid understanding of order types and how to place them, you can increase your ability to act and react in varying market conditions.
We’ll go step-by-step through the elements of order placement:
Specify the type of order
The first thing the order specialist will need to know is the type of order you will be placing. Specify if it is a futures or options order.
Since we will automatically place your order as a day order, you will need to tell us at this time if you’ll be placing a GTC (Good ‘Til Cancelled) order.
Day Orders: Day orders are good until the end of the current trading session. If, after the floor broker receives your instructions, your order is unable to be filled, it is cancelled immediately after the market closes. It will not be resubmitted to the filling broker for any subsequent trading sessions.
Good ‘Til Cancelled (GTC) Orders: GTC orders will remain in effect until: 1) you cancel the order; 2) the order is filled; or 3) the contract expires.
2) Identify yourself
We need to know your name and account number.
3) Indicate if you are buying or selling.
4) Quantity
How many contracts will you be trading on this order? Always express quantity in terms of the number of contracts you want traded.
5) Month, and if necessary, Year
Always indicate the delivery month you will be trading. Specify the year if you will be trading a contract that is not deliverable until the next calendar year or beyond.
6) Commodity, and if necessary, the exchange
Many commodities have contracts traded at two or more exchanges. If you will not be trading on the primary exchange, please let us know at which exchange you want it traded.
7) State your price
If not a market order, let us know at which price you wish your order to be triggered.
8) Type of order
At this point, we need to know exactly what type of order you’ll be placing - a market order, limit order, a stop, MIT, etc. It’s very important that you state the order type at the end of your order. A table of the acceptable order types for various markets is included at the end of this guide.
Repeating back an order:
Your order specialist will repeat your order back to you. Listen carefully to the order when it is repeated back to you; the order will be placed exactly as it is repeated to you. This is the time to make any corrections and if necessary, ask your order specialist to repeat the order back to you a second or third time.
Copyright © 2012 Futures Trading Platforms. All rights reserved
Past performance is not indicative of future results. The risk of loss in trading Futures and Options can be substantial. Futures and Options trading may not be suitable for everyone. Therefore, you should carefully consider the risks in light of your financial condition and trading objectives before deciding whether to trade. It is possible to lose more than the initial investment. The risks must be understood prior to trading.
If you need help please talk to one of our Futures Trading Brokers.
How to place an Futures Trading order with the trade desk
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