Instructions for contract orders

This article will introduce how to place orders and the main types of MEME orders: market orders, limit orders, the differences and strategies used. MEME offers a variety of order types to meet the needs of traders.

What is a Delegated Order

A Delegated Order is an order placed by a client that specifies the type, quantity, price, etc. of a contract to be bought or sold by some means.

Types of trades

Buy/Long: A trader who is bullish or long on the future price trend and buys a new quantity of a contract; or a trader who is no longer bearish on the future price trend and buys and closes a position on a bearish direction contract held in his hand.

Sell/Short: A trader who is no longer bullish on the future price trend and sells a certain number of contracts to close his position in the long term; or a trader who is bearish or bearish on the future price trend and sells a certain number of contracts.

What is a market order

Market Order is an order where the trader can choose the number of leverage and the number of contracts to be purchased, but cannot set the price of the transaction. Its most important feature is that the order will be executed immediately, that is, at the latest market price or the best price in the market for the specified number of contracts (in the case of market depth can be met).

Market order is the extractor of market liquidity, market order and commission table limit pending order aggregation transaction, so the market order transaction price is based on the commission table pending order price and quantity, so its final transaction price has a certain degree of uncontrollability.

What is the advantage of the market order

The advantage of market order is that when the market moment comes, you can quickly enter or exit; however, it is recommended that market order traders pay more attention to the depth of the market and price fluctuations, so as to avoid the average price of the final transaction deviates from the desired price.

What is a limit order

A Limit Order is an order that allows the trader to choose the amount of leverage and the number of contracts to be purchased, and to set the price at which the order will be executed when the latest market price reaches the order price. The advantage of a limit order over a market order is that it provides certainty of the price at which the order will be filled.

Why are orders not filled immediately at the price specified in a limit order?

Limit orders allow traders to enter and exit the market at better prices, for example, by setting a limit buy order below the latest market price or a limit sell order above the latest market price, which will be entered into the order form to allow deeper market depth, and traders can view all active orders in the "Current Orders" area at any time. When an order is executed, it will act as a liquidity provider for the market, and a 0.05% commission will be charged for the execution of a limit order.

Special Uses and Advantages of Limit Orders

A limit order can also be used as a market order: a limit buy order above the latest market price, or a limit sell order below the latest market price. Such orders will be treated as market orders and will be executed immediately at the best market price (capped at the preset transaction price) (with a 0.05% commission charged to liquidity withdrawers for the portion of the market depth that can be met).

In addition, limit orders can also be used to partially or fully close out a stop limit order. The advantage of limit orders is to ensure that the order is executed at the desired price, but also needs to face the risk of uncontrolled speed or even non-executed orders.