Futures: opening and closing positions. The whole process of futures trading can be summarized as opening positions, holding positions, closing positions or physical delivery. Opening a position, also known as opening a position, refers to the new purchase or sale of a certain number of futures contracts by traders. In the futures market, buying and selling a futures contract is equivalent to signing a forward delivery contract. If traders keep futures contracts until the end of the last trading day, they must settle futures transactions by physical delivery or cash settlement. However, only a few people make physical delivery, and most speculators and hedgers generally choose to sell their futures contracts or buy back their futures contracts before the end of the last trading day. That is to say, the original futures contract is written off by a futures transaction with the same amount and opposite direction, thus ending the futures transaction and relieving the obligation of physical delivery at maturity. This behavior of buying back a sold contract or selling a bought contract is called liquidation. An open contract after opening a position is called an open contract or an open contract, also known as a position. After opening the position, traders can choose two ways to close the futures contract: either choose the timing of closing the position or reserve it for physical delivery on the last trading day. For example, cf100113240 buys 4 lots, and this transaction is called opening a position. Position: price 13240, quantity 4, closing position: current price 13300, input 13300, quantity 4, selling and closing position. Some spot matching transactions are called transactions and transfers. Then the conclusion is equivalent to (opening a position) and the transfer is equivalent to (closing a position).