Ira Epstein & Company
Accounts Section

Combination Orders

Stop Orders

The vast majority of orders below have something to do with Stop Orders. Stop Orders should be thought of as "get me out" orders. They must be written with a price limit defining how high or low you are willing to allow prices to move before you want a market order to be triggered to attempt to to get you in or out of the market, at any prevailing price. Buy Stops are placed above the market and Sell Stops under the market. Under certain market conditions it is possible that your stop could be elected, but not filled because of prevailing market conditions. And yes, Stop Orders can be used to initiate new market positions.

Market If Touched (MIT)

By adding an MIT to your Price Order it becomes a Market Order if the price you choose is reached or "touched".

Stop Limit Orders

This is a stop order written with a price limit defining how high or low you are willing to go with your buying or selling price, once your stop has been elected. Under certain market conditions it is possible that your stop will be elected but the floor broker was unable to execute your order because of the limit price you placed on the order.

Sell Stop Close Only

This is a stop order which can be executed only during the closing seconds of the trading session. It means the broker can fill the order only if it is selling at a price below your Stop Order Price within the official closing range for that specific futures or options on futures contract. There is no no universal method in which the fully electronic markets handle these types of orders. It imperative for each market and each exchange that you check your online instruction guide or ask your IECo representative about these types of orders, when attempting to place them.

Buy Stop Close Only

This is a stop order which can be executed only during the closing seconds of the trading session. It means the broker can fill the order only if it is selling at a price above your Stop Order Price within the official closing range for that specific futures contract or options on futures contract. There is no universal method in which the fully electronic markets handle these types of orders. It imperative for each market and each exchange that you check your online instruction guide or ask your IECo representative about these types of orders, when attempting to place them.

Spread Orders

A spread is an order to simultaneously buy and sell two different contract months of the same commodity(futures contract) or two different, but related commodities. This allows you to take advantage of the difference in prices, the spread in prices, from one month to the next of the same commodity.

Back to Table of Contents

Instant Chat

View Your Statements

Ira's Videos

Table of Contents

1. Responsibilites
2. Obtaining and Using Your Account Number
3. Order Placement
4. The Exchanges
5. Margin Calls
6. Margin Requirements
7. Bank Wiring Instructions
8. Trade Talk
9. Types of Market Orders
10. Price Orders
11. Combination Orders
12. T-Bill Policy
13. Account Maintenance Fee Policy
14. Service Charges

Printer Version

If you have any questions either contact your IECo representitive or call: 1-800-284-1007

^ Top | Copyright ©2008 Ira Epstein & Company All Rights Reserved | Home | SiteMap | Students | Accounts | Privacy Policy | Contact Us