Locking refers to holding the same number of long and short future positions at the same time. For example, an investor buys 1 soybean meal futures contract and sells 1 soybean meal futures contract at the same time. At this point, the investor's account holds both long and short futures contracts, which is called locking. Liquidation refers to the liquidation of an existing futures contract by an investor, that is, the investor no longer holds any futures contract in his account, which is called liquidation. The difference between locking positions and closing positions is that locking positions can reduce the procedural cost of investors' futures trading, and the handling fee for closing positions on the day of futures trading is often higher than that for closing positions overnight. Second, when investors lose money, they can temporarily lock their losses by locking positions, so that the losses will not change, because investors hold the same number of multiple orders and empty orders at the same time, so no matter which direction the futures trend changes, the investors' profits and losses will offset each other. However, the locked position also has disadvantages. Locking the warehouse has a great influence on investors' trading psychology, and the psychological burden is great when unlocking. Investors need to make a better judgment on the further trend of futures, otherwise the losses will increase, and this psychological impact can be avoided by closing the position. Because investors have closed their earlier losses and can completely accept a new transaction, they will not intervene in a new transaction with the original loss mentality, and investors may face a new transaction better.