"I bring dedication, integrity and 13+ years of experience to the table when assisting my clients to achieve their goals."
– Burton Schlichter
Futures & Options Broker
CQG Trader - Frequently Asked Questions
When should I use delayed, batch, and standard orders?
While the differences between these order entry methods are subtle, choosing the correct one can make you a more efficient trader. The summary below should help you choose the entry method that will best meet your needs. For detailed instructions on using each order type, refer to the order entry documentation.
Delayed: Delayed orders are in our system and ready to transmit. In addition to batch entry (see below), an order can be entered as a delayed order by clicking Delayed Order instead of Transmit Order on any order entry window. You can transmit either individual delayed orders or all delayed orders with a single click. Once transmitted or canceled, a delayed order is removed from the delayed order listing, so this entry method is best suited for traders who want to “park”an order for later transmission.
Batch: Allows you to create a text file on your computer containing one or more orders. When you upload the file, each order is verified and entered into our system as a delayed order. The text file remains on your computer, so you can upload it again (with or without modifications). This entry method is ideal for traders who wish to enter orders as a group and for traders who use an automated system to plan their trades (an Excel spreadsheet, for example).
Standard orders: Standard orders are stored on our system and can be used to fill in the basic information for any order type. You can add and delete orders from your personal collection by clicking the Standard Orders button on any order entry window. Due to price fluctuations, stop and limit price information is not retained as part of a standard order (applies to LMT, STP, STP LMT, MIT, and SCO orders only). This entry method is helpful for traders who frequently enter one of several predefined orders.
How long should an order's status be Transmitting?
While orders for contracts that trade on an electronic exchange are normally transmitted within a few seconds, contracts that trade by open outcry can be Transmitting for up to one minute. Please contact us if you have an order whose status is Transmitting for more than one minute.
How long does it take to execute orders?
Execution time depends on how an order is routed:
- A market order routed to an electronic exchange is usually executed within five seconds. Orders are queued at the exchange and may take longer to execute during periods of heavy trading.
- An order routed to the arb desk is usually executed within 30 seconds, and fill information is usually reported within one minute.
- An order routed to the order desk is usually executed within one minute, and fill information is usually reported within fifteen minutes.
What price format do you use?
Price formats vary by contract, so there is no single answer to this question. In any order entry window, the price format is described in the quote window below the close, bid/ask, and last prices. For example, C (CBT Corn) is shown with the last digit as quarters expressed in eighths (i.e. 0, 2, 4, 6).
What are the Trading Symbols?
Download the Microsoft Word document (251K) to see.