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.
Futures trading is actually the trading of this kind of "contract symbol", which is the trading behavior of the majority of futures participants. They may have a huge price difference in the future, and then strive for profits according to their respective 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: "small and wide"
The basic feature of futures trading is that it can be used for bulk trading 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".
4. Futures trading can be understood as "short selling".
Futures trading is a "contract symbol", not buying and selling actual goods. Therefore, when buying and selling futures, traders do not need to consider whether they need or own the corresponding commodities, 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%. This can be simply described as "short selling".
Five, buy and sell.
It is precisely because it can be understood as "short selling" that futures trading can 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.
An example of intransitive verb futures trading
Suppose a customer thinks that the soybean price is going to fall, so he sells a futures contract at 3000 yuan/ton (each soybean 10 ton, and 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.
Gross profit: (3000-2900) ×10 =1000 (yuan)
The above transactions are all reflected in the bill, and the funds are about:
3000× 10×9% = 2700 yuan, and the transaction cost should be deducted about 10 yuan.
Seven. Brief introduction of futures contract content
The contract content of futures trading shall be approved by the State Securities Regulatory Commission and formulated by the Exchange. Except the price, other factors in the content are fixed. In futures contracts, some main contents related to transactions are as follows:
Contract unit: the smallest unit of each transaction is the first hand. At present, the domestic commodity futures metal quantity is 5 tons, and the agricultural products futures quantity is 10 tons.
1, contract value: the actual value of each contract. Take copper as the upside: 5 tons per lot multiplied by the current futures price is the contract value. In addition, the contract value multiplied by the margin ratio (usually a few percent) is the money to be used to buy or sell primary futures.
2. Minimum fluctuating price: What is the price per ton reflected in the futures market? At present, the lowest fluctuation price of domestic futures is: metal 10 yuan/ton, 5 tons per lot, with a point fluctuation value of 50 yuan. Agricultural product category 1 yuan/ton, each lot1ton, one point change 10 yuan.
3. Daily price limit: the maximum price limit fluctuates violently. The fluctuation range of the domestic period on a certain day is 3% of the daily limit.
4. Contract month: the metal is 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 12. Agricultural products are 1, 3, 5, 7, 9, 1 1 month contracts.
5. Last trading day: Futures contracts bought and sold by investors have a term, usually about one year, and the day of the term is the last trading day. At this time, the position must be closed, otherwise it will be delivered.
Although futures have this time limit, it does not actually affect trading. Because futures prices fluctuate frequently, opening positions will soon produce a large spread, thus having the opportunity to close positions. If a small number of customers are willing to do long-term, they can close their positions at maturity and establish corresponding positions on forward contracts, which can also achieve the purpose of doing long-term