Commodity Trading Online by FarrDirect Commodities Futures Brokers
Commodity trading by Farr Financial

Commodity Futures Brokers, Farr Financial



Firetip Trading Demo

Firetip Order Entry: How to Login

1. When you are inside the customer website, click the "Trade" heading and then click the "Firetip Entry" subheading. This will bring up the Firetip Order Entry Platform. Firetip is a Java based applet. So the first time you launch the program, it may take one or two minutes to load into your computer. Firetip requires no software -- everything you need is downloaded to your computer upon Launch.

After launching the Firetip platform, you may be required to enter your Account Number and Password. After entering your correct account number and password you will be presented with two trading screens. The upper screen (which we will refer to as the Orders screen) is used to watch the market and initially place orders. The bottom screen (the Status screen) is where your orders and trades are displayed and this is where you can modify and cancel existing orders.

The Orders Screen

From the orders screen, you can select the markets you wish to watch (and trade) by clicking the appropriate contract in the pull-down menu at the top-left of the Orders window. From the top left, pull down and select with your mouse the markets you are interested in. The markets will be displayed and their respective quotes will update. To remove a contract in your Orders window, highlight the contract by clicking the leftmost column of the contract you wish to remove (this is the 'Contract' column) and then click the 'Remove Contract' button. At the bottom is the default quantity selection. Please select an appropriate default quantity by clicking the arrows to the right of the Quantity field (Up/Down Arrows).

In the snapshot above, we have set our default quantity to '5', and have selected three contracts to watch. The prices would update for us automatically. We are provided with the Last price traded, the Bid Price (the highest price traders are willing to pay), the Bid Size (the number of contracts wanting to be purchased at the bid price), the Ask Price (the lowest price traders are willing to sell at), and the Ask Size (the number of contracts for sale at the ask price).

How to Trade

The foundation of the Firetip platform is the ability to enter your orders quickly while minimizing the risk of order entry error. Active day traders realize the importance of being able to enter orders as quick as possible without making a costly error. To bring up an order dialog box, you would click ONE of the following fields: To BUY at the MARKET, click the 'ASK SIZE' column of the market you are interested in trading. To BUY at a LIMIT or STOP price, click the 'ASK' field of the market you wish to trade. To SELL at the MARKET, click the 'BID SIZE' field of the market you are interested in trading. To SELL at a LIMIT or STOP price, click the 'BID' field. When you click a field, an Order Entry Dialog window will pop-up confirming the order. In this window, you will be able to adjust the order quantity, trade price, and order type. When the Firetip system is up and running, feel free to click the various fields in the Orders screen of the markets you are interested in to get a feel for how the system works. Don't worry, you will NOT execute an order by simply clicking a field. You will be required to confirm the order before it is placed! (EXCEPTION: The two buttons at bottom of the ORDERS screen labeled "Buy MKT" and "Sell MKT" allow you to instantly buy and sell with a single mouse click. Do not press these buttons until you read about them below. Firetip does incorporate an 'active contract' feature to prevent you from accidentally hitting these buttons.)

The snapshot above shows the order dialog box. This dialog box appeared after clicking the Ask Field of the E-Mini S&P 500 (The field with the price '1153.50').

Using the Action Buttons / One-Click Trading

As a futures trader, you realize the importance of being able to enter and exit a position as fast as possible. This is where our Action Buttons come into play. You can BUY or SELL at the market by clicking one button! Your orders are submitted immediately (no need to confirm the order). At the bottom of the ORDERS screen are two buttons: "BUY @ MKT" and "SELL @ MKT". These are action buttons that allow you to enter market orders with one click of your mouse.

To use the action buttons, highligh the contract you wish to trade (click the left-most column of the market you wish to trade, this would be the contract name/description). By doing this, the contract you are interested in will highlight blue. Now you can utilize the action buttons to BUY or SELL at the market. Please note that part of the security of this One-Click system is that you must highlight/select a contract to trade. If you do not have an active contract highlighted, then the action buttons will result in no trading activity.

The Status Screen

After an order is placed, it will show up in the Status window. In the status window, you can review your working orders, your fills, or get a summary of your positions. Simply click on Orders, Fills, or Positions to get the appropriate status information. In this window if you have selected Orders, you will be able to cancel orders by clicking the 'CXL' button or modify/change orders by clicking the 'MOD' button. Please note that Fills are confirmed to you via a pop-up window and also by changing the status of the orders to Filled. Filled orders can be reviewed at anytime during the session by clicking the 'Fills' button on the Status Window.

In the snapshot above, you can see there are currently three working orders in the Status screen. One of them is in the process of being modified by the trader after having hit the MOD button for order #84077

Free Training

We offer free, no charge training on using the Firetip Order Entry and Farr Online trading platforms. The training usually runs about 20 minutes. It is best done over the telephone while you are at your computer and logged into our trading platform. This training will go over all of the features of the platform and will include the placement of orders. We encourage all traders to take advantage of the training, particularly after having opened a new account.

Legal Disclosures and Full Disclaimers
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Futures and Options trading involves a substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The information and data in this web site’s reports were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. FarrDirect, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this web site’s reports will be the full responsibility of the person authorizing such transaction. FarrDirect is a dba of Ironbeam, Inc.