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1 car = 1 lot = 1 contract
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1 car = 1 lot = 1 contract

  #11 (permalink)
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Massive l View Post
So what does this mean?

"Still short copper, in 3 lots, with 5 contacts each lot."

If 1 lot = 1 contract then...ummm IDK.

I wouldn't consider myself "definitive" but I have not used lots in reference to futures.

For me 1 car = 1 contract. Futures: CME, CBOT, NYMEX, etc.

Lots used more commonly in stocks. Round lot is divisible by 100 (100, 500, 1600). Odd lot not divisible by 100 (64, 50, 34). Mixed lot is an odd + round (198, 521, 256).

Lots are also just groups of things. So if the trader initiated a trade with 4 lots of 5 contracts (20 contracts total) and covered 1 lot, he could still be short 3 lots, with 5 cars each, which he may scale out of at different points of the trade?

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  #12 (permalink)
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Massive l View Post
So what does this mean?

"Still short copper, in 3 lots, with 5 contacts each lot."

If 1 lot = 1 contract then...ummm IDK.

Does not make sense. You would just say short 15.

Most of the time you would add the contract month, but that is about it.

Math. A gateway drug to reality.
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  #13 (permalink)
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Massive l View Post
So what does this mean?

"Still short copper, in 3 lots, with 5 contacts each lot."

If 1 lot = 1 contract then...ummm IDK.

A lot is a contract. 1 lot = 1 contract.

"Still short copper, 3 positions, 5 contracts per".

"Still short copper, 3 trades, 5 lots per"

"Still short copper, 15 lots"

"Still short copper, 15 cars"

@MultiCharts keeps calling a tick a point, and it bugs the hell out of me. All throughout the UI it wants me to enter "Points", when really it means Ticks. For some instruments 1 point = 1 tick, like for YM as example. But for many others, say Euro, ES, CL, etc then that is not the case and is very confusing terminology.

1 tick is the smallest increment the instrument can trade. 1 point may be equal to 1 tick, but for example with ES, 1 point is 4 ticks. For oil, 1 point is equal to 100 ticks. So forth.

I think long story short, just know you are right about the terminology and grin.

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  #14 (permalink)
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ticks vs points would bug the heck out of me too.
tick tick tick...boom!

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  #15 (permalink)
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Haha, I've only done a trial of Multicharts, but the points instead of ticks really got to me, too.

I'm curious, Massive l; who are these people you are talking to?

I think the previous guy tried to say CLIP. One can trade multiple contracts/lots/cars a clip. The term is frequently used when scaling/legging in/out. One would still say short 15, but that one will exit in clips of 5.


Last edited by Lornz; March 14th, 2012 at 06:14 AM.
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  #16 (permalink)
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It's just one person and any time I make live trades where I use 'lots', he bashes.
Sort of annoying so I wanted some clarification from the best futures trading site on the internets, futures.io (formerly BMT)!

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  #17 (permalink)
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Massive l View Post
It's just one person and any time I make live trades where I use 'lots', he bashes.
Sort of annoying so I wanted some clarification from the best futures trading site on the internets, futures.io (formerly BMT)!

Put him on your ignore if possible, and if not, let your good trades speak for themselves. If he's an awesome trading god, then just let him do his thing. No worries mate.

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