When trading in the futures market, it may appear that the order is failed to be placed or the order is not filled, here are some possible reasons.
Reasons for failure to place orders:
1. Insufficient margin balance: there are other open orders using the margin or the order amount exceeds the position amount, needs extra margin to open the position. The lower the leverage, the higher the required margin balance is. Altering the leverage could solve the insufficient balance issue.
2. Limited position: only involves Stop-limit orders, margin balance for the net position is not enough due to the exceeded amount of reverse position. Different maximum notional size the trader can open depends on diverse leverage.
3. Not meet the minimum contract quantity: it has the specific minimum contact quantity in a concrete contract.
4. Post-only: User cannot place the post-only order if there is no reverse position.
Reasons for unfilled orders:
1. No matching price: the market price does not meet the set price. In Stop-limit order, when the market price hits the trigger price, the order will be added to the market depth pool, when hits the set price, the order will be filled. In Stop Market orders, the trigger price could be set at the market price or the latest price based on various demands.
2. Deviating hugely from the market price: no matching orders in the market depth pool at the set price. Should the position be very large, it could be partially filled.
3. Not passing the Margin check(aiming at Stop Limit and Stop Market orders): it requires to fill in trigger price and filled price in Stop Limit and Stop Market orders(In Stop Market orders, the trigger price could be set at the market price or latest price based on concrete requests.) and the system will execute double margin checks, one is before placing an order, the other before filling the order. Once the order is triggered, the second margin check will be conducted instantly, in this case, if there is any loss or some margin balance has been transferred out from the futures account, resulting in an inadequate margin balance, the order status will be shown as expired.
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