Starting with the concept of futures, this section comprehensively introduces the varieties and prices of futures. Investing in futures can be both risk-resistant and profitable.
At that time, only by truly understanding an industry can we do better. Only by understanding the characteristics of futures and seeing other people's trading mistakes can we make futures investment accurate.
Futures trading is a popular investment tool, and anyone can participate in it, but futures trading is a specialized business. It is necessary to skillfully use investment skills on the basis of full analysis and research, in accordance with the laws of the futures market, and strive for success more than failure, so as to achieve the purpose of maintaining value or obtaining income.
The so-called futures generally refers to futures contracts, which are standardized contracts made by futures exchanges and agreed to deliver a certain number of subject matter at a specific time and place in the future. This subject matter, also known as the underlying asset, can be a commodity, such as copper or crude oil, a financial instrument, such as foreign exchange and bonds, or a financial indicator, such as three-month interbank offered rate or stock index. It is completely different from the speculation that the society uses policy and management loopholes. Futures investment is a basic part of promoting the market and plays several important economic roles in the futures market.
There are many investment methods in the futures market, which are more complicated than hedging. Some people take advantage of the fluctuation of commodity prices to invest. Use the spread (basis) between spot and futures to carry out investment arbitrage; There are cross-exchange, cross-variety and cross-month investment methods. Because spot trading not only has a backlog of funds, but also pays storage fees, freight, insurance fees and other expenses, and the procedures are cumbersome, speculative trading does not need to deliver physical objects, as long as the position is closed before the contract expires and the profit and loss are settled, the transaction is completed.
For example, 100 September soybean contracts (each 10 ton) were bought by a businessman in Dalian Commodity Exchange in May, thinking that soybean prices would rise sharply in the short term through comprehensive analysis of national policies, climate and other factors, and the price was 2440 yuan/ton. In July, with the national grain policy and the flood, the soybean price really rose, and the futures price rose to 2700 yuan/ton. The businessman sold all futures contracts one after another, with an average selling price of 2690 yuan/ton. Merchant's profit: (2690-2440) ×100×10 = 250000 yuan. Commission deduction: 100×30=3000 yuan. Profits of businessmen: 250,000-3,000 yuan = 247,000 yuan. According to the regulations of Dalian Commodity Exchange, merchants only need1600×100 =160000 yuan. Profit rate: 247,000/160 (100×100% =154%).
Futures is an investment. Generally speaking, the initial capital for investing in futures needs 50,000 RMB.
1. Make money by investing in options.
Taking the euro against the US dollar as an example, assuming that the euro/US dollar quotation is 1.25, if it is predicted that the euro will rise, investors can buy euro call options. Take the individual option contract quotation of China Merchants Bank as an example, the exercise price is 1 lot (100 yuan is 1 lot), assuming the price. Then, if an investor buys 100 call options for $569, and the euro rises to 1.28 when the contract expires, the investor's income in the option contract is $7 15. After deducting the option fee of $569, the investor will get 146, with a profit rate of 20%.
If the euro is predicted to fall, investors can buy euro put options. If the investor buys 100 euro put options at the price of 1.2085, and the option price is 0.0527, then the investor pays the option fee of $5.27. Suppose that the euro falls to 1. 19 when the contract expires, and the investor gains 60 yuan in the option contract.
2. Use options to hedge
Still taking the euro against the US dollar as an example, investors buy 10000 euros at the exchange rate of 1.25 through foreign exchange firm, but they are worried that the euro will lose too much when it falls. Therefore, they can purchase individual foreign exchange option contracts through China Merchants Bank. If you buy a 1000 euro put option with an exercise price of 1.25 for $20, that is, the investor has the right to sell 10000 euro at the exchange rate of 1.5 when the contract expires. At that time, if the euro rises to 1.35, the euro held by investors will gain 1000 USD; If the euro falls to 65,438+0.65,438+05, the investor will lose $65,438+0,000 in the euro, but the buyer will get $65,438+0,000 in the foreign exchange option contract. After the merger, investors only lost $20, and the exchange rate risk of buying and selling foreign exchange was effectively controlled.
Futures can be roughly divided into two categories, commodity futures and financial futures. The main varieties of commodity futures can be divided into three categories: agricultural futures, metal futures (including base metals and precious metals futures) and energy futures; The main varieties of financial futures can be divided into foreign exchange futures, interest rate futures (including medium and long-term bond futures and short-term interest rate futures) and stock index futures. The so-called stock index futures are futures with the stock index as the subject matter. After a certain period of time, the two parties trade the price level of the stock index and make delivery by cash settlement of the price difference.
The so-called interest rate futures refer to futures contracts with bond securities as the subject matter, which can avoid the risk of securities price changes caused by bank interest rate fluctuations. There are many kinds of interest rate futures, and there are also many classification methods. Generally, according to the contract term, interest rate futures can be divided into short-term interest rate futures and long-term interest rate futures.
The so-called foreign exchange futures refer to futures contracts with exchange rate as the subject matter, which are used to avoid exchange rate risks. It is the earliest variety in financial futures. At present, the main varieties of forex futures trading are: US dollar, British pound, German mark, Japanese yen, Swiss franc, Canadian dollar, Australian dollar, French franc and Dutch guilder. Globally, the main market for foreign exchange futures is the United States.
The so-called stock index futures is a standardized futures contract based on a certain stock index. Buyers and sellers trade the stock index price level after a certain period of time. After the contract expires, the stock index futures will be delivered in the form of cash settlement.