How To Place Your Orders At The Trade Desk.
The trade desk phone number is 1 (800) 216-1489
"I have a futures order. This is bill wilson, my account
number is 23347. Buy 6 june cotton, 5860 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.
The information contained in this report was gathered from sources deemed to be reliable; however, no claim is made as to its accuracy or content. This report does not contain specific recommendations to buy or sell at particular prices or times, nor should any of the trades presented be deemed as such. There is a risk of loss in trading futures and futures options and you should carefully consider your financial position before making any trade.
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