2. The whole process of futures trading can be summarized as opening positions, holding positions, closing positions or physical delivery. Opening a position, also known as opening a position, refers to the new purchase or sale of a certain number of futures contracts by traders. Buying and selling a futures contract in the futures market is equivalent to signing a forward delivery contract. If traders keep futures contracts until the end of the last trading day, they must settle futures transactions by physical delivery or cash settlement. However, only a few people make physical delivery, and most speculators and hedgers generally choose to sell their futures contracts or buy back their futures contracts before the end of the last trading day. That is to say, the original futures contract is written off by a futures transaction with the same amount and opposite direction, thus ending the futures transaction and relieving the obligation of physical delivery at maturity. This behavior of buying back a sold contract or selling a bought contract is called liquidation.
Closing position refers to the behavior of futures investors to buy or sell stock index futures contracts with the same variety, quantity and delivery month, but in the opposite direction, in order to close the stock index futures trading. It can also be understood as: liquidation refers to the trading behavior of traders, and the way of liquidation is to hedge the position direction.
Closing a position in futures trading is equivalent to selling in stock trading. Because futures trading has a two-way trading mechanism, there are two kinds of closing positions: buying and closing positions (corresponding to selling and opening positions) and selling and closing positions (corresponding to buying and opening positions).
3. For example, an investor opened his position in 65438+February 15, and bought the Shanghai and Shenzhen 300 Index Futures 10 lot (up) in June 65438+ 10, and the transaction price was 1400 points. At this time, he has a long position of 10. By 65438+February 17, investors saw that the futures price had gone up, so they sold six lots of 65438+ 10/0 stock index futures at the price of15. After the transaction, the actual position of the investor is only 4 lots. If the investor sells six open contracts of 65438+ 10 month stock index futures at the time of declaration, after the transaction, the actual position of the investor is not the original four hands, but the long position of 10 hand and the short position of 6 hands.