The "master contract" will change over time. After one delivery month, the main contract is transferred to the next delivery month. We will also move the warehouse in operation accordingly. Switch to the new main contract for operation. Therefore, the main contract does not refer to which contract, but should be understood as: "the most active contract."
One is the index compilation method, such as Wenhua Finance, which is based on the weighted average of the prices of various contracts with the volume as the weight. This method is also a way to record historical prices. In my personal experience, this method is more scientific. I have a trading rule: analyze with the index and trade with the main force. That is, analyze the trend, look at the index, operate, open the main position, set the stop loss and so on.
Of course, you can buy it, and you can only exchange it, unless you want to deliver it.
If there is enough margin, you can directly open a forward zhi contract.
If you don't have enough margin, tamp down the latest contract first.
Please note the following points:
1, try to choose the long-term second main contract, that is, the volume, and the position is second only to the current main contract.
2. Don't wait until the delivery month for the main contract, so the deposit will be higher and even become a victim of forced liquidation.
1. What are the main futures contracts this month?
The so-called "changing positions for the month" means closing the original futures contract near the delivery month and establishing a new futures contract position in the most active month (the month after delivery).
The picture shows the list of rebar futures contracts. The main rebar contract was moved from May to June 10.
Every futures contract has an expiration date. Before the contract expires, investors either choose to close their positions or choose futures delivery, but there are very few delivery investors. Basically, 97% investors will choose to close their positions. Therefore, as the expiration date of a certain variety of futures contracts approaches, the participation of this variety will be less and less. After most people close their positions, they will find a new contract to open positions, thus completing the move of futures for the month.
Usually, when the futures contract approaches the delivery date, there will be such a short period: the transaction volume of the forward contract with small position is greater than that of the main contract, and the forward contract increases its position and the main contract decreases its position. This phenomenon appeared when the warehouse moved.
Second, why should the futures main force change the moon and the skills and methods of changing the moon?
1. Every contract has the last trading day. With the approach of the last trading day, the trading volume and positions of contracts will decrease, and the liquidity is very bad. Therefore, investors can't wait until the last trading day to completely close their positions, so they will close their positions in advance.
2. As the exchange stipulates that the margin will be raised near the delivery month, it will also be raised when it enters the delivery month, which also has a great impact on the transaction cost of investors.
In view of this highly professional question, I try to answer it according to my personal understanding:
Cross-month operation of master contract. If there is enough margin, you can directly open a forward contract. If the margin is insufficient, you can level the recent contract first.
At the same time, we should pay attention to the following two points during the operation:
First, try to choose the long-term second main contract, that is, the volume, and the position is second only to the current main contract.
Second, don't wait until the main contract is paid for one month, so the margin will be higher and even become a victim of low positions.
The above is my superficial understanding. Please correct me if there are any shortcomings. Thank you!