1. What is futures? Futures is a contract that must be fulfilled in the future, not a specific commodity. The content of the contract is unified and standardized, but the price of the contract will fluctuate in different sizes due to changes in various market factors. The "goods" corresponding to this contract are called the subject matter. Generally speaking, the "goods" to be speculated in futures are the subject matter, which is embodied by contract symbols. For example, CU0602 is a symbol of futures contract, which means a contract delivered in February 2006, and the subject matter is electrolytic copper. Second, futures trading is to earn the difference. In fact, futures trading is the trading of this "contract symbol", which is the trading behavior of the majority of futures participants. They may see that there may be a huge difference in futures contract prices in the future, and then make profits according to their own analysis. Judging from the purpose of most transactions, it is speculation to earn "price difference". Let's make it clear first that the current price of a futures contract is the price change that everyone hopes this contract will have in the future (usually a few days or months), so it is not necessarily equal to today's spot price. Third, the basic characteristics of futures trading: the basic characteristic of "small and wide" futures trading is that it can be used for large-scale transactions with less funds. For example, with a capital of 500,000 yuan, you can basically do a transaction of about 10 million yuan. That is to say, the trader uses 500,000 yuan as the guarantee (i.e. deposit) for the price change of goods worth 6,543,800 yuan, and the profit and loss generated is borne by the trader's 500,000 yuan, which almost enlarges the fund by 20 times. This is called "leverage effect" or "margin trading". This mechanism makes futures have the characteristics of "small and wide". Fourth, futures trading can be understood as "short selling". Futures trading is a kind of "contract symbol", not buying and selling actual goods. Therefore, when buying and selling futures, traders do not have to consider whether they need or own the corresponding goods, but only how to buy and sell to earn the difference. The result of buying and selling is only reflected in your own "account", and the price is a handling fee of several ten thousandths and a deposit of about 5%. 5. Trading can be understood as "short selling", which enables futures trading to enter two-way trading. That is, according to your own analysis of the future market ups and downs, you can buy first and then open a position, or you can sell first and then open a position. After the price difference comes out, you can sell the position in the opposite direction to offset your open position. In this way, only the difference between opening and closing positions is left on your own "bill", and the deposit occupied by opening positions is automatically returned, and a complete transaction is completed. Of course, futures contracts can also be actually delivered. Open procurement contracts have never been closed. After the deadline (usually several months), the trader must pay the full price of the corresponding commodity and get the corresponding commodity. If it is a sales contract, you have to hand over the corresponding goods to get the full amount. As a speculator, you should close your position before the contract expires. 6. The example of futures trading assumes that a customer thinks that the price of soybeans will fall, so he sells a futures contract at 3000 yuan/ton (each lot 10 ton of soybeans, the margin ratio is about 9%). Then, the price really fell to 2900 yuan/ton, and the customer bought a position and completed a transaction. The gross profit is (3,000-2,900) ×10 =10,000 yuan. All the above transactions are reflected in the bill. The capital investment is about 3000× 10×9% = 2700 yuan, and the transaction cost will be deducted by about 10 yuan.