Because the stock is a fixed-price transaction, that is, the share capital is fixed. If there is a change in the share capital, ex-rights will be required. Therefore, at any time, the tradable amount of this stock is the maximum tradable amount of this stock. The number of stocks shown in the share capital can be traded (in China's non-full circulation era, there are tradable shares, which are tradable shares, and restricted shares, which are non-circulating shares. After a certain time and conditions are met, these restricted shares can be traded. It can be listed. This is called the listing of unblocked stocks. It does not require ex-rights. When the restricted shares cannot be traded, they can actually be regarded as a passive locked position. Sooner or later, the Chinese market will become fully circulated. This will not happen. Affects the total amount of equity), neither more nor less. For example, for a stock with a share capital of 30 million, as long as there is no change in share capital, the total holdings of this stock at any time are 30 million shares. For market participants to divide these 30 million shares, you can only open a position to buy or close a position to sell. The stock you bought must have been sold by someone else who closed the position, and the stock you sold after closing the position must have been opened and bought by someone else. The total number of 30 million shares will be neither more nor less. That's the deal.

Futures are not fixed orders. Futures do not have a circulation order. Theoretically, the upper limit of the circulation order of futures is infinite and the lower limit is zero. In futures trading, there are 4 orders placed, and the long position is open. Long (this is the same as stocks); open short and close short. If there are many participants, as long as you open a position, no matter long or short, as long as there is an order from the opponent's direction, the transaction can be completed. The maximum contract amount of this variety is not limited. For example, for a certain variety, let's use copper as an analogy. The total position is 30 million lots. That is to say, the open long positions are 15 million lots, and the open short positions are also 15 million lots. , when you start trading,

Let me tell you about the changes in positions in futures:

When opening a position:

1. If you buy To open a position (open a long position), that is, to open a long position:

1. Your opponent’s direction may be to close a long position (which is equivalent to closing a position and selling in the stock). In this case Next, the total position of this variety has not changed, because you have increased your position by 1 lot, while your opponent has reduced your position by 1 lot. The total positions of the varieties remain unchanged.

2. Your opponent may open a short position. In this case, the total position of this variety will increase. Because you increase the position by 1 lot, your opponent also increases the position by 1 lot. lot, the total position of this variety increases by 2 lots.

2. When opening a short position, that is, when opening a short position:

1. Your opponent's direction may be to close the short position. In this case, the total position of this variety The volume has not changed, because you have increased your position by 1 lot, while your opponent has reduced your position by 1 lot. The total positions of the varieties remain unchanged.

2. Your opponent may open a long position. In this case, the total position of this variety will increase. Because you increase the position by 1 lot, your opponent also increases the position by 1 lot. lot, the total position of this variety increases by 2 lots.

When closing a position:

3. When you sell to close a position, that is, when you close a long position:

1. Your opponent may open a long position. In this case, the total position of this variety has not changed, because you have reduced your position by 1 lot, while your opponent has increased your position by 1 lot. The total positions of the varieties remain unchanged.

2. Your opponent's direction may be to close short positions. In this case, the total position of this variety will be reduced because you are reducing your position by 1 lot, while your opponent's direction is to reduce your position by 1 lot. The total position of the variety decreased by 2 lots.

4. When you close a long position, that is, a short position:

1. Your opponent may open a short position. In this case, the total price of this variety There is no change in the position, because you are reducing your position by 1 lot, while your opponent is increasing your position by 1 lot. The total positions of the varieties remain unchanged.

2. Your opponent's direction may be to close long positions. In this case, the total position of this variety will be reduced because you are reducing your position by 1 lot, while your opponent's direction is to reduce your position by 1 lot. The total position of the variety decreased by 2 lots.

The opening of a long position is in the direction of the long position

The closing of a long position is in the direction of the short position

The opening of a short position is in the direction of the short position

The closing of a short position is in the direction of the short position Long direction

Since then, the total positions of futures varieties will change every day. Sometimes the total positions increase, and sometimes they may decrease.

When two orders are placed in different directions for matching transactions, there will be changes in the position. Sometimes changes in the position in futures represent trading popularity. Generally, when the position increases (called position expansion), the market price There is a tendency to continue. If the position decreases (called shrinking), the market may turn, and a sudden excessive increase in positions also indicates that the market may turn

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Positions in stocks and positions in futures are two completely different things. Different concepts.