Refco FX's PHONE ETIQUETTE

My name is (Trader's Name), account ID number XXXX.

Example: Trader, "Hi, my name is Joe Smith, account number 5029."

Please give me a price on USD/JPY (or USD/CHF, or EUR/USD, or GBP/USD) for (number of lots you want to trade) lot(s).

Example: "Please give me a price on USD/JPY for 3 lots."

The dealer will respond with a 2-way price quote. For example, he may quote USD/JPY at: 125.10 - 125.15 (but he will probably just say 125.10 - 15).

Example: Dealer, "125.10-15"

So you can either buy USD/JPY at 125.15, or you may sell USD/JPY at 125.10.To buy USD/JPY you can say any of the following: "15", "I buy", "I buy at 15", "mine", or "mine at 15". To sell USD/JPY, you can say any of the following: "10", "I sell", "I sell at 10", "yours", or "yours at 10".

Example: Trader, "I buy at 15."

You would normally have 3-5 seconds to respond (sometimes more sometimes less) 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 this case you may ask for a price again. If you do respond with a buy or sell, the dealer will say, "done" or indicate to you that your trade is executed. You can also state to the dealer that you would like your stop-loss at ____, and a limit at ____.