A Division of Commodity Futures & Options Service, Inc.
   FOREX BROKER  /  COMMODITY FUTURES BROKER  /  OTC METALS BROKER
    Investment Opportunities in Global Commodity Markets Since 1988

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We broker commodity futures, broker forex spot, broker forex options and broker OTC metals. For all of your online forex broker, online forex options broker, online OTC spot gold broker, online OTC spot silver broker and online commodity futures broker needs you only need one broker - CFOS/FX.  All of the professional brokers at CFOS/FX are licensed by the National Futures Association and are qualified to provide you with the following services: forex broker, forex options broker, commodity futures broker, commodity options on futures broker, OTC spot metals broker, OTC spot metals options broker and forex and futures consulting.  Commodity Futures and Options Service, Inc. is located in Houston, Texas. CFOS/FX provides both online and telephone brokerage services to retail and commercial clients.  Customer satisfaction is our top priority and we look forward to having you as our client.

PHONE ETIQUETTE

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Forex Phone Etiquette for Order Placement

Commodity Futures Phone Etiquette for Order Placement

FOREX PHONE ETIQUETTE 

Forex trading desks can get very busy, especially during fast markets, so please be concise with your order.  Virtually every forex trading desk follows the standard industry procedure for placing a forex order, as follows: 

You call the dealing desk and say:

"Hello, my name is (Trader's Name), account ID number XXXXX.  (If required, give your trading account password).  Please give me a price on (Currency Pair or Option) for X lots."

Example (Spot):  "Hello, My name is Joe Smith, account number 64371 and password "Invest."
"Please give me a price on U.S. Dollar/Jap Yen for 2 lots."

Example (Options):  "Hello, My name is Joe Smith, account number 64371 and password "Invest."
"Please give me an option price on Euro/U.S. Dollar March 200x 1.2550 call for 5 lots."

The dealer will respond with a 2-way price quote.

Example (Spot):  Dealer responds:  "105.10-13"  (This means you can sell at 105.10 or buy at 105.13)
Example (Options):  Dealer responds:  "125-140"  (This means you can sell for 125 pip premium or buy for 140 pip premium)

To buy the spot, you can say any one of the following: "13", "I buy", "I buy at 13", "mine", or "mine at 13".
To sell the spot, you can say any one of the following: "10", "I sell", "I sell at 10", "yours", or "yours at 10".

To buy the option, you can say any one of the following: "140", "I buy", "I buy at 140", "mine", or "mine at 140".
To sell the option, you can say any one of the following: "125", "I sell", "I sell at 125", "yours", or "yours at 125".

You will normally have 3-5 seconds to respond prior to a price change, depending on market volatility. 

If no response is given and the price changes, the dealer will say "change," "price change," "off," or "your risk," in which case you may ask for the updated price.

If you do respond with a buy or sell order, the dealer will say "done" or otherwise indicate that your trade has been executed.  It is a good habit to re-confirm the order by immediately repeating the order back to the dealer.

Example (Spot):  You confirm:  "Account #64371 bought 2 U.S. Dollar/Jap Yen at 13"
Example (Options):  You confirm:  "Account #64371 sold 5 Euro/U.S. Dollar March 200x 1.2550 calls at 125"

If you choose, you may then set a stop-loss and/or a limit on your order.  Once the dealer says "done" be sure to quickly let the dealer know you would like to place another order as follows:

Trader:  "Place a stop-loss at 104.80 and a limit at 106.00"
Dealer:  "Got it." (The dealer will then hang up)

*Please note that foreign currency orders placed via telephone will not show up on the system immediately because they must be entered manually by the staff.  Your foreign currency trade(s) may not appear on your system for several minutes.

*If you would simply like a forex quote: please make sure and state "I would like a quote on..." prior to stating the contract details.  This way your broker will know that you are not placing an actual order, but you would simply like an indication where a particular contract is trading at the time.

COMMODITY FUTURES PHONE ETIQUETTE 

Forex trading desks can get very busy, especially during fast markets, so please be concise with your order.  Virtually every forex trading desk follows the standard industry procedure for placing a forex order, as follows: 

You call the brokerage desk and say:

For Commodity Futures:  "Hello, my name is (Trader's Name), (FCM) account number XXXXX.  I want to buy (# of contracts)(contract month)(contract) at ("market" or state price and order type)"

Example (Futures):  "Hello, my name is Joe Smith, Man account number 64371."
"I want to buy 3 November Crude Oil @ market" or
"I want to buy 3 November Crude Oil @ 63.25 GTC"

For Options on Futures:  "Hello, my name is (Trader's Name), (FCM) account number XXXXX.  Options order.  I want to sell (# of contracts)(contract month)(contract)(strike price)(option type) at ("market" or state price and order type)"

Example (Options on Futures):  "Hello, My name is Joe Smith, account number 64371."
"I want to sell 2 December EuroFX 1.25 calls at market" or
"I want to sell 2 December EuroFX 1.25 calls at 35 or better"

*Disclaimer: Foreign exchange trading, foreign exchange investments and commodity futures trading and investments are not suitable for everyone.  Forex trading and commodity futures trading carry a high level of risk and the possibility exists that you could sustain a loss of all or more of your currency trading or commodity futures trading investment.  Before you decide to trade foreign currency options, trade foreign currency spot markets or trade commodity futures you should be aware of all risks associated with currency trading and futures trading.  If you would like more information about the risks of forex trading, commodity futures trading and of online forex trading and online futures trading, please contact a CFOS/FX futures and forex broker to discuss online foreign currency trading risks and/or commodity futures trading risks in detail. 

CFOS/FX is a futures and forex broker offering online forex trading platforms in both spot forex and forex option trading markets as wells as OTC spot gold, OTC spot silver and commodity futures.  The professionals at CFOS/FX broker forex spot contracts and broker forex option trading for both individual and commercial futures and forex clientele.  CFOS/FX, as an entity, acts only as a futures and forex brokerage and does not actively manage futures or foreign currency trading accounts for clients.  Regarding forex markets, CFOS/FX is a forex option broker and a spot forex broker acting an the Introducing Broker; CFOS/FX does not act as counter-party for client forex trading or forex option trading.