When trading in the futures market, it may happen that the order is failed to be placed or the order is not filled, here are some possible reasons.
Reasons Why Failed to Place Orders:
- Insufficient margin balance: there are other open orders using the margin or the order amount exceeds the position amount. In this case, users will need an extra margin to open the position. The lower the leverage, the higher the required margin balance is. Therefore, altering the leverage could solve the insufficient balance issue.
- Limited position: only happens in Stop-limit orders while margin balance for the net position is not enough due to the exceeded amount of reverse position. The maximum notional amount the trader can open depends on the leverage he/she chooses.
- Failed to meet the minimum contract quantity: each concrete contract has a specific minimum contract quantity.
- A large gap between the set price and current market price: exceeding 15% of the market price when placing the order is not allowed.
Reasons for Unfilled Orders:
- No matching price: the market price does not meet the set price. In Stop-limit orders, when the market price hits the trigger price, the order will be added to the market depth pool, when it hits the set price, the order will be filled. In Stop Market orders, the trigger price could be set at the market price or the latest price based on various demands.
- Deviating hugely from the market price: there are no matching orders in the market depth pool at the set price. It could be partially filled if the position is very large.
- Not passing the Margin check (only for Stop Limit and Stop Market orders): trigger price and filled price are required to be filled in for both Stop Limit and Stop Market orders (In Stop Market orders, the trigger price could be set at the market price or latest price based on concrete requests.) and the system will execute double margin checks. One is before placing an order, and the other is before filling the order. Once the order is triggered, the second margin check will be conducted instantly, in this case, if there is any loss or some margin balance has been transferred out from the futures account, it may result in an inadequate margin balance, and the order status will be shown as expired.
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