The trading behavior of starting to buy or sell futures contracts is called "opening positions" or "establishing trading positions"; Traders holding contracts are called "positions"; The behavior of traders to close their positions for reverse trading is called "closing positions" or "hedging". If the contract in the hands of the trader is not hedged according to the delivery month, the short contract holder should prepare for physical delivery, and the long contract holder should prepare funds to accept physical delivery. Under normal circumstances, most contracts are settled by hedging before expiration, and only a few need physical delivery.