Step 1: In the Position Name text box, type the appropriate name of your commodity forward instrument.
Step 2: In the Comment text box, type any additional notes about the transaction.
Step 3: In the Counterparty menu, type in the Counterparty with whom you are entering the commodity forward agreement. You can also click from the list if a counterparty entry already exists.
Step 4: In the Seniority Level menu, click the appropriate Seniority Level, or order of commodity forward payments.
Step 5: In the Commodity menu, click the commodity that will by the underlying of your commodity forward instrument.
Step 6: In the Settlement Date menu, click through the online calendar to set the date by which the commodity forward must be settled. This is a required command.
Step 7: In the Strike Rate menu, type the strike rate for the commodity forward. The text box automatically extends your entry to six decimal places.
Step 8: In the Contract Size text box, type the dollar amount in your position's currency that represents the contract size of the commodity forward. This is a required command.
Step 9: In the Business Day Rule menu, click the rule being observed for the commodity forward agreement. This is a required command.
Step 10: In the Futures Interpolation menu, click the day rule you will use to interpolate the futures prices of the contract.
Step 11: In the Long/Short menu, click to define whether you long or short on the contract. This is a required command.
Step 12: In the Term menu, click through the online calendar to set the length of the contract.
Step 13: In the Average So Far text box, type in the contract's average settlement price up to the current date, if the contract's averaging period has started.