Futures Trading

Ira Epstein & Company
Accounts Section

 

Obtaining and Using Your Account Number

Obtaining and Using Your Account Number and Access Codes ID's

Let us start off by thanking you for choosing IECo as your futures broker. Our order takers, help departments, software products and staff here eagerly await the opportunity to serve you. We believe you'll find we provide you with fast, courteous, efficient service along with up-to-the-minute market information. The type we think you'll need to make better informed trading decisions.

To trade effectively, it is important the you understand the language of trading. This Trading Manual is designed to get provide you with the trading terminology and procedures on how to work and obtain information within our company. This manual is intended to serve as a handy reference guide. Refer to it when you have questions or call any of our specialized help desks.

All customers are issued Account Numbers and User ID's, that you will use to access our many products. You will be sent by e-mail and called with a Password and ID that allows you to access Commodity-Fone, IraCharts and Online Trading. If you do not receive these access codes, please call our Commodity-Fone Help Desk at 1-800-284-1090 during normal business hours, 8-4 Monday through Friday CDT.

You'll find that one of our most used services is Commodity-Fone. It provides you with access to obtain live oral quotes, access to your assigned Trade Desk and phone access to our many Help Departments. You will be issued specific Passwords and ID's for Commodity-Fone and all of our software products as well.

Quotes are available 24 hours a day, seven days a week either online or via Commodity-Fone. Night and Day session orders can be placed orally or via our online trading platforms, practically 24-hours a day. Our trading hours begin on Sunday Evenings at 5:00 P.M. CST and last until 4:00 P.M. the following Friday Afternoon. Check with us for Holiday Trading Hours as they vary from Holiday to Holiday, depending on the different exchanges trading schedules.

OBTAINING YOUR ACCOUNT NUMBER, USER ID AND PASSWORDS

After you open your account with IECo, you will be assigned an eight digit account number like this example: 123-45678. When calling in to speak with our staff, please include your Name and Account Number whenever you make a transaction or inquiry. This will make the process faster, easier and more accurate.

HOW TO ORALLY PLACE TRADING ORDERS

We ask that you place trade orders in the following sequence and STATE the following:

  1. Start off by stating your Name and Account Number.
  2. Next, state, whether you have a "FUTURES" order or an "OPTIONS" order;
  3. State the type of order: Market Order; Price Limit Order; Spread Orders, Stop Order or whatever type of order you wish placed;
  4. State whether your wish to BUY or SELL;
  5. State the QUANTITY;
  6. State the TRADING MONTH;
  7. On Futures Orders, state the FUTURES CONTRACT;
  8. On Futures Orders, state the PRICE at which you wish to BUY or SELL;
  9. On Options Orders, state the underlying FUTURES CONTRACT and CONTRACT MONTH along with whether its'a PUT or a CALL, the STRIKE PRICE and the PREMIUM;
  10. On Option Orders, state whether you're OPENING or CLOSING a position: and
  11. Next, provide your Phone Number and how you wish to be contacted with your fill. Many use Commodity-Fone for fill reporting, since it is programmed to play a recording for you of fills we've received up to the moment you call in. You can also program Commodity-Fone to call you with a fill. The instructions for that are provided in the Commodity-Fone Brochure which you can view on this website.
  12. MAKE SURE THAT THE PERSON YOU PLACE YOUR ORDER WITH REPEATS BACK THE ORDER TO YOU TO ENSURE THE ORDER IS BEING TAKEN CORRECTLY. PLEASE LISTEN CAREFULLY! IF WE REPEAT YOUR ORDER INCORRECTLY, IT IS YOUR RESPONSIBILITY TO CORRECT THE ORDER CLERK OR THE TRADE WILL BE YOURS.

ALL ORAL ORDERS WILL BE TAKEN AS DAY ORDERS, UNLESS YOU SPECIFY IT AS GOOD UNTIL CANCELED ORDER, MAKING IT AN "OPEN ORDER".

DAY SESSION, EVENING SESSION AND GLOBEX STOPS AND OTHER ORDERS:

Orders that mix different sessions do NOT automatically move from one type of session to another. There are specific order entry procedures that you must follow. Check with the person taking your order concerning orders that are placed in days sessions that may not be taken, moved or executed in the evening or Globex sessions.

Electronic Order Entry has its own specific set of order instructions. Help commands are built into the the order entry system. If you are going to use our electronic order entry systems, it is your responsibility to read those instructions. Our Help Department stands ready to answer your questions on electronic order entry, Monday through Friday, 8:00 A.M until 4:00 P.M. CST.

If you have any questions contact your IECo representative.

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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

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

 

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