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What is "simulated trading of treasury bonds futures"? What does simulation mean?
The simulated trading of treasury bonds futures is very close to the real trading in the overall operating environment, but compared with the real trading environment, there are still great differences in the future linkage and trading strategies of participants.

Judging from the trading strategies adopted by simulated trading participants, due to the lack of spot trading mechanism of futures and spot linkage, the investment strategy tools are less selective and can only be mainly speculative trading and inter-period arbitrage trading. However, in the initial stage of stock index futures trading, intraday market volatility is generally large, and the risk of single speculative trading is greater. In such a special market environment, traders should adjust their trading strategies in time, and look for opportunities for spot arbitrage and intertemporal arbitrage by observing the trends and changes of basis and spread.

Judging from the development experience of mature markets, the whole futures market is a multi-level organic whole composed of various trading methods. Traders are required to cultivate the ability to comprehensively use various trading strategies in different market environments.

There are great differences between simulated trading and real trading in futures-cash linkage and trading strategy, and traders' trading psychology is also fundamentally different. In the real trading environment, traders are obviously different from simulated trading in terms of market judgment, trading opportunities and trading risk control. Although simulated trading provides participants with a highly virtualized trading platform to adapt to the real trading environment, participants in simulated trading must make comprehensive adjustments in trading strategies and trading psychology in order to realize a smooth transition to real trading.