Futures trading must be conducted in the exchange, and only exchange members can conduct on-site trading. Therefore, if ordinary investors want to invest in futures, they must open an account in a futures brokerage company with membership in advance, sign a futures brokerage contract with the futures brokerage company, pay the deposit for opening an account, and entrust the company to conduct futures trading.

Second, place an order.

After you pay the deposit for opening an account, you can issue trading instructions to the futures brokerage company for trading. This process is called placing an order. There are several types of trading instructions. There are three kinds of trading orders stipulated by China Futures Exchange: one is the market order, the limit orders, and the other is the cancellation order. The futures brokerage company will send your instructions to the futures exchange, and the computer of the exchange will trade.

Third, settlement.

After the end of each trading day, the futures brokerage company shall settle accounts for ordinary investors, including the investors' profits and losses of the day, trading fees and trading deposits. If the investor's margin after settlement is less than the specified amount, the futures brokerage company will ask the investor to add margin. If the investor cannot add enough margin, the futures brokerage company can force the liquidation.

Fourth, delivery.

General commodity futures, treasury bonds futures and foreign exchange futures all choose physical delivery, while stock index futures and interest rate futures mostly use cash delivery. However, when the contract expires, investors can also choose not to deliver, hedge, sell the contract they bought first in advance, or buy the contract they sold first again, or end the futures trading and relieve the obligation of due delivery.

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