1.Trading Type
Trading types can be divided into opening and closing positions. Each type can be further divided into two directions, which are long and short:
Buy to open long: a user predicts a bullish market and places an order to buy a certain amount of a certain contract. The user will hold a long position when the order is filled.
Sell to close long: a user is not optimistic about the future market anymore, hence he sells some contracts to close the positions. The user’s long positions will be reduced based on the amount he sells after the order is filled.
Sell to open short: a user predicts a bearish market and places an order to sell a certain quantity of a certain contract. The user will hold a short position when the order is filled.
Buy to close short: a user is optimistic about the market now, therefore he closes short positions by buying the same contracts. The user’s short positions will be reduced based on the amount he buys after the order is filled.
2. Order Type
Limit Order: Users need to specify the price and amount when placing an order. The Limit Order specifies the highest price that users are willing to buy or the lowest price that they are willing to sell. After users set the limit price, the market will prioritize the transaction at a price that is favorable to the user. Limit orders can be used to open and close positions. For Limit Order, three mechanisms are available to select, which are "Post only", "FOK (Fill or Kill)", "IOC (Immediate or Cancel)"; if no mechanism is selected, the limit order will be "always valid" in the market by default.
market price order ： if a user selects market price order to place an order, the user is only required to enter the amount, and the system will take the last price of an opponent at the moment receiving this order to place an order
Trigger Order: when using Trigger Order, users can set trigger price, price and amount in advance. When last price reaches the trigger price, the system will place an order by using the price and amount set in advance just like limit order.
Flash Close: Flash Close is a function that would help users to place a position-closing order and make it filled at the prices within Optimal 30 based on the market prices. And the unfilled parts will be converted to Limit Order automatically. The close price of Flash Close is predictable, which can avoid users’ losses due to unfilled orders when the market fluctuates violently.
Stop-Limit Order: A stop-limit order is a conditional trade combining the features of a stop loss order and those of a limit order to mitigate risk. Traders often use stop-limit orders to lock in profits or to limit downside losses. Users can set a stop price and a limit price of a stop-limit order. Once the stop price is triggered, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
Trailing Stop Order: help place a preset order on the condition that a larger callback occurs. When the market price of a contract meets both the activation price and the callback ratio set by users, the strategy will be triggered to place a limit order by using the preset price (Optimal N or Formula price). It is always used for buying when the market rebounds from the bottom or for selling when the market price pulls back from a high point.
3、Trading Rules
The system will summarize according to the principle of price first and time first.“Buy open long” and “buy close short” are buy order direction, sell open short and sell close long are sell order direction.
The highest price and the earliest time in the buy order direction is the first buy order sequence, and the lowest price and the earliest time in the sell order direction is the first sell order sequence. When the first price of the buy order sequence is greater than or equal to the first price of the sell order sequence, then the transaction can be summarized. The price of the aggregated transaction is the middle price of the previous transaction price, the bid price and the ask price in the order of magnitude of the three prices.
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