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Day Order
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An order that if not executed expires automatically at the end of the trading session on the day it was entered. |
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Day Trader/Daytrading
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Commodity traders, generally members of the exchange active on the trading floor, who take positions in commodities, then liquidate them prior to the close of the trading day. |
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Default
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In the futures market, the failure to perform on a futures contract as required by exchange rules, such as a failure to meet a margin call or to make or take delivery. |
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Deferred
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Another term for "back months." |
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Delivery Month
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A calendar month during which a futures contract matures and becomes deliverable. |
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Delivery Price
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The official settlement price of the trading session during which the buyer of futures contracts receives through the clearinghouse a notice of the seller's intention to deliver and the price at which the buyer must pay for the commodities represented by the futures contract. |
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Directional Movement Index (DMI)
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Indicator that measures market trend. Developed by J. Welles Wilder. |
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Discount
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The futures price below the cash price. |
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Discretionary Account
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An arrangement by which the holder of the account gives written power of attorney to another, often a broker, to make buying and selling decisions without notification to the holder; often referred to as a managed account or controlled account. |
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Distribution
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Occurs when the demand for a security is less than the supply. |
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Divergence
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Divergence is the opposite of confirmation. It occurs when one indicator points in one direction (such as, up) and another indicator points in another direction (such as, down). |
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Downtrend
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When the price of a security or the overall market is declining. A sequence of lower highs and lower lows. A downtrend is considered intact until a previous high has been penetrated. |
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There
is a substantial risk of loss in futures trading.