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Investor Resources
Order Entry Handbook
Order Types
The types of orders most commonly used are briefly described below. The following chart describes what types of orders you should place in relation to the current market price.

Price (E-mini S&P) Order Type
1492.00 Sell Limit - to cover long or enter Short
1489.00 Buy Stop- to protect short position or enter long position
1485.00 Current Market Price
1482.00 Sell Stop- to protect long position or enter short position
1480.50 Buy Limit- to enter long or cover short


1. THE MARKET ORDER
The market order is the most frequently used order. It is a very good order to use once you have made a decision about opening or closing a position. It can keep the customer from having to chase a market trying to get in or out of a position. The market order is executed at the best possible price obtainable at the time the order reaches the trading pit.

2. BUY LIMIT ORDERS
The BUY limit order is an order to buy at a designated price. Limit Orders to buy are placed below the current market price. Since the market may never get low enough to trigger a buy limit order, a customer may miss the market if he uses a limit order. (Even though you may see the market touch a limit price several times, this does not guarantee or earn the customer a fill at that price. In most instances, the market must trade lower than the limit price for the customer to get a fill.)

3. SELL LIMIT ORDERS
The SELL limit order is an order to sell at a designated price. Limit Orders to sell are placed above the current market price. Since the market may never get high enough to trigger a sell limit order, a customer may miss the market if he uses a limit order. (Even though you may see the market touch a limit price several times, this does not guarantee or earn the customer a fill at that price. In most instances, the market must trade higher than the limit price for the customer to get a fill.)

4. STOP ORDERS
Stop orders can be used for three purposes:
- to minimize a loss on a long or short position,
- to protect a profit on an existing long or short position, or
- to initiate a new long or short position.
BUY STOP - A buy stop order is placed above the market. It may not be placed at the current market price or below the current price. Once the stop price is touched, the order is treated like a market order and will be filled at the best possible price.
SELL STOP - A sell stop order is placed below the market. It may not be placed at the current market price or above the current price. Once the stop price is touched, the order is treated like a market order and will be filled at the best possible price.

*** Please note; While STOPS are normally elected only when the specific price is touched, they can be elected when the opening of a market is such that the price is through the stop. In this case, the customer can routinely expect the fill to be much worse than the original stop. This applies to STOP ORDERS placed before the opening of trading.
*** The following orders are not used in Electronic markets such as MINI S&P and MINI NASDAQ. StrikerOnline does not recommend using the following types of orders, unless you are instructed to do so by one of our E-brokers.

5. OR BETTER
The pit broker is obligated to get the best possible price for the customer. Putting an OB on an order does not cause him to work harder. If the price is NOT OB, the broker is irritated because he is paying special attention to a ticket that does not deserve it. Think of OB as MARKET with a LIMIT. If the price does not have an OB next to it, and the market is considerably better, the pit broker may question the runner to see if the order should have been a stop. They will return the order for clarification which could delay the filling of the order and possibly change the results of the fill. ONLY USE "OR BETTER" IF THE MARKET IS "OR BETTER."

6. MARKET IF TOUCHED (MIT)
MITs are the opposite of stop orders. Buy MITs are placed below the market and Sell MITs are placed above the market. An MIT order is usually used to enter the market or initiate a trade. An MIT order is similar to a limit order in that a specific price is placed on the order. However, an MIT order becomes a market order once the limit price is touched or passed through. An execution may be at, above, or below the originally specified price. An MIT order will not be executed if the market fails to touch the MIT specified price.

7. STOP LIMIT ORDERS
A stop limit order lists two prices and is an attempt to gain more control over the price at which your stop is filled. The first part of the order is written like the above stop order. The second part of the order specifies a limit price. This indicates that once your stop is triggered, you do not wish to be filled beyond the limit price. Stop limit orders should usually not be used when trying to exit a position. If a customer does not give a limit price, then the stop price and the limit price are meant to be identical.

8. STOP CLOSE ONLY
The stop price on a stop close only will only be triggered if the market touches the stop during the close of trading. The disadvantage of this order is a fast market in the last few minutes of trading may cause the order to be filled at an undesirable price. It can, however, protect the customer from getting filled during adverse price fluctuations during the course of the day.

9. MARKET ON OPENING
This is an order that the customer wishes to be executed during the opening range of trading at the best possible price obtainable within the opening range. Not all exchanges recognize this type of order. One such exchange is the Chicago Board of Trade.

10. MARKET ON CLOSE (MOC)
This is an order that will be filled during the final seconds of trading at whatever price is available. PLEASE NOTE: A FLOOR BROKER RESERVES THE RIGHT TO REFUSE AN MOC ORDER UP TO FIFTEEN MINUTES BEFORE THE CLOSE DEPENDING UPON MARKET CONDITIONS.

11. FILL OR KILL
The fill or kill order is used by customers wishing an immediate fill, but at a specified price. Our floor broker will bid or offer the order three times and immediately return either a fill or an unable.

12. ONE CANCELS THE OTHER (OCO)
This is a combination of two orders written on one order ticket. This instructs our floor personnel that once one side of the order is filled, the remaining side of the order should be cancelled. By placing both instructions on one order, rather than two separate tickets, the customer eliminates the possibility of a double fill. (This order is not acceptable on all exchanges.)
***Please note: We will not routinely accept cancel/replace of an OCO order within to fifteen minutes of the close of trading. We will accept cancelling both sides during this period and replacing with either MOC or MARKET ORDERS but cannot cuarantee against a double fill.

13. SPREAD
The customer wishes to take a simultaneous long and short position in an attempt to profit via the price differential or "spread" between two prices. A spread can be established between different months of the same commodity, between related commodities or between the same or related commodities traded on two different exchanges. A spread order can be entered at the market or you can designate that you wish to be filled when the price difference between the commodities reaches a certain point (or premium). For example: BUY 1 JUNE LIVE CATTLE, SELL 1 AUGUST LIVE CATTLE PLUS 100 TO THE AUGUST SELL SIDE. This means that the customer wants to initiate or liquidate the spread when August Cattle is 100 points higher than June cattle. At this time, most exchanges do not report spread transactions on their quotation feeds. A spread broker has great leeway to ensure he can obtain prices required by limits. He cannot be held to any price differentials which seem to appear on quotation equipment!

14. OTHER
As futures and options trading becomes more and more sophisticated, new strategies and techniques may arise. Certain option orders called "spreads" may not look much like traditional spreads. There may be two buys and no sells, the quantity may be a ratio, it may include futures and options on the same order, and many more. If you have any questions about this type of order, please let your manager know that you may need help and he or she will be happy to assist you or to find someone who can.

Exchange Information
Different Exchanges accept different orders. All of the orders which we have discussed are not accepted by all exchanges. Following is a list of the major commodity exchanges, their commodities and the orders which they accept:

CHICAGO BOARD OF TRADE
Acceptable orders: Market, Market on Close, Limit, Stop, and Fill or Kill Orders
Commodities: WHEAT, CORN, OATS, SOYBEANS, BEAN OIL, BEAN MEAL, T-BONDS, T-NOTES, MUNI BONDS, FIVE YEAR NOTES, TWO YEAR NOTES, DJIA Index

CHICAGO MERCANTILE EXCHANGE
Acceptable orders: All of the orders described in this section
Commodities: LIVE CATTLE, FEEDER CATTLE, Commodities: LEAN HOGS, PORK BELLIES, LUMBER

INDEX AND OPTIONS MARKET (IOM)
Acceptable orders: All of the orders described in this section
Commodities: S&P 500, MID CAP 400, NASDAQ 100

INTERNATIONAL MONETARY MARKET (IMM)
Acceptable orders: All of the orders described in this section
Commodities: T-BILLS, JAPANESE YEN, EURODOLLARS, BRITISH POUND, CANADIAN DOLLAR, SWISS FRANC, EUROCURRENCY, AUSTRALIAN DOLLAR, MEXICAN PESO, EUROYEN,

GLOBEX
Acceptable orders: Limits, Stop Limits, and Market if Touched (MIT)

NEW YORK COMEX
Acceptable orders: For COPPER only - Market, Market on Close, Limit, Stop and Fill or Kill. OCO Orders are acceptable only if the second half of the order is a MOC.
For Gold and Silver - Market, Market on Close, Limit, Stop, and Fill or Kill. Stop Limits are acceptable only on a not-held basis.
Commodities: COPPER, GOLD, SILVER

NY COTTON EXCHANGE
Acceptable orders: Market, Market on Close, Limit, Stop, and Fill or Kill. OCO Orders are acceptable but only if the second part of the order is a MOC
Commodities: COTTON, ORANGE JUICE, DOLLAR INDEX

NY COFFEE, SUGAR & COCOA EXCHANGE
Acceptable orders: All of the orders described in this section
Commodities: COFFEE, COCOA, SUGAR

NY MERCANTILE EXCHANGE
Acceptable orders: All of the orders described in this section
Commodities: LEADED GASOLINE, HEATING OIL, PLATINUM , CRUDE OIL, PALLADIUM, NATURAL GAS

NY FUTURES EXCHANGE
Acceptable orders: All of the orders described in this section
Commodities: NEW YORK STOCK EXCHANGE INDEX, CRB INDEX

KANSAS CITY BOARD OF TRADE
Acceptable orders: Market, Market on Close, Limit, Stop and Fill or Kill
Commodities: KANSAS CITY VALUE LINE, KANSAS CITY MINI VALUE LINE, KANSAS CITY WHEAT

MINNEAPOLIS BOARD OF TRADE
Acceptable orders: All of the orders described in this section
Commodities: MINNEAPOLIS WHEAT, MINNEAPOLIS WHITE WHEAT

MID AMERICA EXCHANGE
Acceptable orders: Market, Market on Close, Limit, Stop, Fill or Kill and Stop Close Only Orders
Commodities: CATTLE, HOGS, SILVER, GOLD, CORN, BEANS, WHEAT, T-BILLS, T-BONDS, SWISS FRANC, CANADIAN DOLLAR, EUROCURRENCY, JAPANESE YEN, BRITISH POUND, SUGAR

***Please note that the individual Exchanges may change the orders which they accept without prior notice.
Month Code Symbols
January F
February G
March H
April J
May K
June M
July N
August Q
September U
October V
November X
December Z



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Disclaimer The risk of trading can be substantial and each investor and/or trader must consider whether this is a suitable investment. Past performance, whether actual or indicated by simulated historical tests of strategies, is not necessarily indicative of future results. Striker is a member of the National Futures Association ("NFA"), the Managed Funds Association ("MFA"), and the National Introducing Broker Association ("NIBA"). Striker is registered with the Commodity Futures Trading Commission ("CFTC"), and was formerly registered with the Securities Exchange Commission ("SEC"). Additionally, Striker is a former member of the Financial Industry Regulatory Authority ("FINRA"), and the Securities Investor Protection Corporation ("SIPC"). FINRA is the largest non-governmental regulator for all securities business in the United States. Please read Striker Disclosure Statement for the additional disclosure.

Futures Trading Disclaimer:
Transactions in securities futures, commodity and index futures and options on futures carry a high degree of risk. The amount of initial margin is small relative to the value of the futures contract, meaning that transactions are heavily "leveraged". A relatively small market movement will have a proportionately larger impact on the funds you have deposited or will have to deposit: this may work against you as well as for you. You may sustain a total loss of initial margin funds and any additional funds deposited with the clearing firm to maintain your position. If the market moves against your position or margin levels are increased, you may be called upon to pay substantial additional funds on short notice to maintain your position. If you fail to comply with a request for additional funds within the time prescribed, your position may be liquidated at a loss and you will be liable for any resulting deficit. For accounts that are deemed abandoned or inactive, Striker may charge up to a $35.00 monthly inactivity fee, depending on the clearing firm where the account is held. If the Net Liquidity of an account reaches a Daily Loss Limit of 80%, open positions will attempt to be liquidated. Clients are responsible for monitoring their positions and are financially responsible for any losses generated by open positions in the account. Striker retains its right to liquidate positions in any account, at its sole discretion, with no forewarning.

Forex Trading Disclosure:
Trading cash Foreign Exchange ("FX") contracts carries the same high level of risk as futures trading (Futures Trading Disclaimer). However cash FX, unlike futures FX contracts that are regulated by the Commodity Trading Futures Commission, are not regulated by any governmental agency. In addition, because there is not a central clearing house for cash FX transactions, there is also a counterparty risk for each contact. For additional information please read the National Futures Association ("NFA") August 2003 "Investor Alert" found on the Striker Disclaimer Page.