If a speculator has information or analysis, which forecasts an upturn in price, then she can go long on the forward market instead of the cash market. A speculator would go long on the forward, wait for the price to rise and then reverse a transaction. The use of forward markets here supplies leverage to the speculator. Freeze Orders entered into the system with price outside the Operational range and orders with quantity greater than the Order Quantity Freeze percentage is sent to the Exchange for approval. Such orders are not reflected in the books and are 'frozen' till the Exchange approves them.
Futures markets are like the forward markets in terms of basic economics.
However, contracts are standardized and trading is centralized, so that futures markets are highly liquid. In futures markets, unlike in forward markets, increasing the time to expiration does not increase the counterparty risk. If any quantity of a GTC order is left untraded, the order is not cancelled by the system until it is cancelled by the dealer or after a parameterized number of days. If any quantity of a GTD order is left untraded, the order is not cancelled by the system until the Good Till Date mentioned in the order. When a IOC order is entered, the system will immediately try to match this order as much as possible and cancel the remaining quantity, if any at all.