Customers can place their transaction/trading orders electronically (on-line) using the Meta Trader 4 Client (United Global Trader/UGAM Trader) after receiving a user ID (login) and password from United Global Asset Management. Asa a best practice, customers should change the initial password provided by the UGAM admin when logging in for the first time. UGAM will not be held responsible for any abuse/misuse of customer’s password. The trading system is configured to reject the order if the particular account does not meet the Margin Requirement of a new trade. The transaction/orders issued by customers are based on the available real-time prices, including bid price (sell) and ask/offer price (buy) per asset provided electronically via the ECN (Electronic Customer Network). The transaction/orders, oncecompleted in the system, cannot be canceled by customers. The various types of order within the system are :
MARKET EXECUTION (MARKET ORDER)
Market Execution is a market order transaction based on thecurrent market price immediately available in the system (UGAM Trader) at the point of trading time, prevailing bid price (sell) and/or ask/offer price (buy).
PENDING ORDER (STOP ORDER/LIMIT ORDER)
Stop Order (Stop Buy/Stop Sell) is a pending order only to cover a customer’s open position when a specific price meets a certain level in order to minimize losses. Astop order automatically becomes a market order when the specified price is touched/exceeded in the course of trading session.Stop Ordersare not permitted if the customer does not have any prior open positions or if execution of the stop order leads to the emergence of a new open position(s).
Limit Order (Limit Buy/Limit Sell) is a pending order to open or close any customer’s open position(s) at a certain price. Limit Order automatically becomes a market order when the specified price is touched/exceeded.
All Limit Order (LO) and Stop Orders (SO) may be canceled or modified by the customer if they have not been completed and are deemed valid Good Till Friday (GTF). The exception to this is for Index trading, where SO/LOs are valid only up to the end of each market close (one market session only). If any market holiday occurs on a trading weekday all open LOs and SOs for that respective market will be canceled/aborted automatically.