1. Commission Types
WBFutures has implemented a number of different order types to help users implementing trading and hedging strategies, and will continue to improve.
There are 5 types of commissions, and their meanings are as follows:
Market orders will be executed immediately at the current market price. Traders who want urgent deal orders will choose this type. When choosing this type, please pay attention to the list of orders, otherwise, a large market order may “walk the book” and incur market-impact costs. User input: Quantity. In order to prevent an unexpected impact on the market, all market orders will only be allowed to consume 20 levels of liquidity. If your order will consume more than 20 levels of liquidity, the order will be rejected. When the counterparty does not have an order, it is prohibited to submit a market order.
Limit order is used to specify the highest / lowest price that a trader wants to buy/sell. Traders use this type to reduce their transaction costs. If the order price is far from the current market price, the order may not be executed. User input: quantity, limited price order to prevent unintended impact on the market, the limited price order will only be allowed to consume 100 levels of liquidity. If an order consumes more than 100 levels of liquidity, it will be rejected. When the Counter-party does not have an order, it is prohibited to submit a market order.
Post Only Orders
Post only orders are a limit order and are accepted only if they do not close immediately. That is, Post only orders never extract liquidity. User input: Quantity, Limit, Post only orders checkboxes are selected. Example of Post only orders quantity = 100 contracts limit price = 103Post only orders checkbox = selected direction = by current bid price = 101In this example, if the Post only orders checkbox is not selected, then this order may be completed at the current purchase price of 101 and pay a commission based on the liquidity consumer. If the passive delegate checkbox is selected, the order will not be executed and will be canceled. Only when the best selling price is higher than 103, this order will be submitted to the matching engine and the commission will be paid according to the liquidity provider.
There are three types of trigger prices for conditional orders: the latest market price/mark price/index price conditional orders do not take up margin until triggered. Conditional orders may not be triggered successfully. It may fail due to price restrictions, position restrictions, etc.
2. Three Types of Orders
Normal: The trader decides to close the position on his own initiative.
Liquidation: When the marked price of the contracts is lower than the liquidation price of the contracts (long), or higher than the liquidation price of the contracts (short), the system will begin to liquidate.
Auto Deleveraging: When a trader is forced to close a position if the liquidation order fails to close the position in the market and the market price reaches the bankruptcy price, the Auto Deleveraging System will be activated. According to the leveraged profit and loss level of the trader's position, the trader holding the position in the opposite direction is automatically selected to reduce the position.
March 23, 2020