I. Comparison between settlement price and average price
Futures trading shall implement the debt-free settlement system of the day according to the settlement price of the day.
The settlement price of the day refers to the weighted average price of the transaction price of the futures contract on the day according to the volume; If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day.
Bulk steel electronic transactions are settled at the average price of the day.
The average price at any time in the daily trading session refers to the weighted average price of all transactions of an electronic trading contract (subject matter) in the center before that time on the trading day; If there is no transaction on that day, the average price of the previous trading day is the average price of that day.
That is, to a certain extent, we can think that the settlement price of the day in futures trading is equivalent to the average price in electronic trading.
Second, the comparison of trading time
The trading hours of futures trading are from Monday to Friday (except national holidays) from 9: 00 am-165438+0: 30 pm-1:30 pm.
The trading hours of forward transactions are from Monday to Friday at 9:15-1:30 in the morning and 13: 30- 15: 00 in the afternoon (except national holidays); Among them, 9: 0015-9: 25 am is the opening declaration time, and 9: 25-9: 30 am is the opening pricing time.
The trading hours of listed electronic transactions are from 9: 00 to 15: 00 every Monday to Friday (excluding national statutory holidays).
Third, the comparison of trading modes.
Futures trading refers to a trading method that generates futures prices through public bidding in trading places on the premise of standardizing the quantity, quality grade and delivery grade of the subject matter, premium standard of substitutes, delivery place and delivery month in futures contracts.
Bulk steel electronic transactions can be divided into forward transactions, special transactions and listed electronic transactions.
Forward transaction refers to the transaction in which the buyer and the seller bid and bid for auction respectively under the condition that some contract contents have been agreed. The electronic trading contract signed under the forward trading mode allows transfer.
Special transaction refers to a trading mode in which buyers and sellers sign electronic trading contracts for specific areas or specific commodities.
Listed electronic trading refers to a trading mode in which traders send out an offer (purchase and sale contract) through the listed electronic trading system of the center within the range of tradable steel products specified by the center. Once the offer is accepted (clinched), an irrevocable and irrevocable electronic contract is signed, and both buyers and sellers must make physical delivery according to the terms of the contract.
Four. Comparison of daily maximum price fluctuation limits
Futures trading: no more than 4% of the settlement price of the previous trading day.
Bulk steel trading: not exceeding the average price of 200 yuan/ton of the previous trading day.
Comparison of verb (abbreviation of verb) trading margin
Futures trading: 5% of the contract value, the futures company will increase the standard of the exchange by 2-3%, which is 8%.
Bulk steel transaction: 20% of the contract value.
It can be seen that compared with electronic trading, futures trading greatly increases the liquidity of funds because of the lower margin ratio and less capital occupation, which is more conducive to bulk steel trading and better highlights the leverage of futures trading.
Comparison of profit changes of intransitive verbs
Futures trading: taking copper, aluminum and zinc as examples
Standard for collecting trading margin when the positions of copper, aluminum and zinc futures contracts change.
From the first trading day of the third month before the delivery month, when the total position (X) reaches the following standards, the trading margin ratio of copper, aluminum and zinc.
x≤ 120000±5%
65438+200,000 yuan
65438+400,000
X> 1.6 million
Note: X represents the sum of bilateral positions in a certain month, and the unit is hand.
Standard for collecting trading margin at different stages of listing and operation of zinc futures contracts
Zinc trading margin ratio during the trading period
5% from the date of listing of the contract
7% from the tenth trading day of the second month before the delivery month.
From the first trading day of the first month before the delivery month 10%.
From the tenth trading day of the first month before the delivery month 15%.
20% from the first trading day of the delivery month.
Electronic trading of bulk steel products:
Installment payment by the buyer's dealer and warehouse receipt guarantee by the seller's dealer.
Payment standard and progress of the buyer's installment payment:
Pay 20% of the order amount when signing the contract;
If the average price is lower than the buyer's order price,
The dealer shall immediately make up the book price difference exceeding the above amount;
At the time of settlement on the penultimate trading day before the settlement date.
The Distributor shall pay the full order amount of the signed contract; After signing the contract, pay the full amount of the order;
The center can adjust the payment standard and schedule according to market changes, and the dealer must pay in full and on time according to the requirements of the center.
Payment standard and progress of the seller's warehouse receipt guarantee:
Pay 20% of the sales amount when signing the contract;
If the average price is higher than the seller's selling price,
The dealer shall immediately make up the book price difference exceeding the above amount;
At the time of settlement on the penultimate trading day before the settlement date.
The distributor must use warehouse receipts instead of warehouse receipt guarantee, otherwise the distributor will use all the sales amount as warehouse receipt guarantee when signing the contract, and then pay all the sales amount as warehouse receipt guarantee when signing the contract;
The center can adjust the payment standard and progress of the deposit according to frequent market changes, and the dealer must pay the deposit immediately according to the requirements of the center.
Seven. Transaction cost comparison
Futures trading: no more than two ten thousandths of the transaction amount (including risk reserve).
Bulk steel transaction: 1 yuan/ton.
Eight. Comparison of Minimum Delivery Units
Futures trading: 25 tons, or 5 lots.
Bulk steel trading: 10 ton, or 2 lots.
Nine. Comparison of transfer profit and loss calculation
Futures trading: (opening price-closing price) × number of hands transferred × 5
Or (closing selling price-opening buying price) ××× number of hands changed × 5
Bulk steel transactions:
The transfer income that the buyer's distributor should get when transferring the contract is (negative payable):
(transfer price-buyer's order price) ÷ 1. 17 × transfer quantity (ton)
The transfer income that the seller's dealer should obtain when transferring the contract is (negative payable):
(Seller's order price-transfer price) ÷ 1. 17 × transfer quantity (ton)
Value-added tax should be paid when transferring the electronic disk contract; When the futures are transferred, because the futures price includes tax, there is no need to pay it again.
X. Standard warehouse receipt pledge business
Shanghai Futures Exchange provides standard warehouse receipt pledge business. According to the regulations of Shanghai Futures Exchange, if the standard warehouse receipt is used as the deposit, the market value of the futures contract in the delivery month of the variety shall be used as the benchmark price, and the amount as the deposit shall not be higher than 80% of the market value of the standard warehouse receipt.
There is no warehouse receipt pledge service in the bulk steel trading center for the time being.
XI。 Comparison of market participants
Futures market: natural person investors, legal person investors, etc.
Bulk steel center: only enterprise legal persons are allowed.
Twelve. Futures to spot business
Futures exchanges provide futures to cash business (hereinafter referred to as futures to cash). Spot-for-futures refers to members (investors) who hold contracts in the opposite direction in the same month and apply to the exchange through consultation. After obtaining the approval of the exchange, the exchange will close the position on its behalf at the price stipulated by the exchange, and exchange warehouse receipts with the same quantity, variety and direction as the subject matter of the futures contract at the agreed price. Its advantages are: saving transportation cost; Improve the utilization rate of funds; Conducive to hedging and risk locking.
The bulk steel trading center will temporarily be converted into spot business services.
In short, the futures market trades futures contracts, and investors can make physical delivery or liquidate the original transactions on the contract expiration date, which enhances the liquidity of funds; More importantly, futures trading implements the margin system and the debt-free day system, and the risk of default and compulsory performance is much lower than that of electronic trading. 1. Maintain the mid-line position for the promising varieties.
2. For the lightweight intraday inertia operation of the above varieties, generally do more after two consecutive waves, and close the position after one wave; Or the last two waves are short, and the next wave is closed. When there are unexpected situations, such as unilateral market, or stop loss, or reverse opening next month, we will choose the distance and long-short ratio according to the actual situation.
3. For varieties that may turn the trend, such as natural rubber, first choose to open the position with the trend, and close the position on the day of profit. If it is not profitable, change positions before closing positions.
4. For new varieties such as corn, do more on a small scale first, and add positions as soon as you have a sense of direction.
5. It's best to choose a short variety with a large price difference every other month, so as to lock the warehouse in the next month when the unfavorable situation occurs.
6. Pay attention to the traction effect of channels on varieties and the effectiveness and effectiveness of channels.
7. No matter whether the transaction is smooth or not, try to keep the margin below 2/3 before closing. If there are hedging positions, the margin excluding hedging factors should be controlled between 1/2-2/3.
8. you can't just stare at one variety, so you may lose your sense of integrity.
No matter what happens, you should adapt to the change of price and direction as soon as possible, and never hang yourself on a tree.
10. Generally speaking, we don't judge the short-term price fluctuation target subjectively, but follow the trend, but we don't rule out the understanding of the medium-term price.
1 1. Use the knowledge of K-line combination appropriately, but it is not the only basis for operation.
12. Stay away from non-trend varieties, especially those unrelated to industry and new energy industries.
13. Dare to immediately intervene in goods with clear directions.
14. Risks and benefits coexist. If you want to make a profit, you must dare to take risks, provided that you know as much as possible the fundamentals and technical characteristics of the varieties involved before operation.
15. Short-term trading can be combined with multi-cycle vibration to determine the buying and selling direction. For example, the 15 minute moving average is long, and the moving average is long. At this time, the short position is long, and then the position is not moved. /kloc-when the 0/5-minute moving average is short, close the position and take profit. 1. A comprehensive trading plan was not made before the transaction was executed.
If a detailed action plan is not made before the transaction is implemented, then traders have no clear and specific understanding of when and where to quit the transaction, how much they can lose or how much they can earn. This kind of transaction plays with the heartbeat, can only follow the feeling, and often leads to complete failure. A tutor once gave me the following investment motto: "All fools know how to enter the market, but only the real wise know how to exit the market."
2. Improper selection of trading varieties or improper fund management.
You don't need huge investment to succeed in the futures market. The sharp fluctuation of several months has prompted major futures exchanges to raise trading margins one after another. Mini futures contracts have become one of the most popular contracts for large and small traders in recent years because of their low margin requirements. The data shows that traders with capital accounts below $5,000 are more likely to succeed in futures trading, but customers with capital accounts above $50,000 are most likely to fail in desperate trading. Part of the reason for the success of the transaction can be attributed to proper fund management, rather than concentrating all chips on risky "family" transactions.
3. Expect too much and act too quickly
If traders expect to get rid of the basic work in the initial stage and fly to the sky by a few very successful transactions, usually the cruel reality will crush their wishes. Just like doctors, lawyers or company bosses, traders without years of training can't be successful traders. In all research fields, success requires hard work, extraordinary perseverance and talent, and futures trading is no exception. Investing in futures is not easy. The so-called futures trading is a shortcut to get rich overnight, but it is a beautiful lie woven by people with ulterior motives. Before becoming a successful full-time trader in your dream, you should try to become a successful part-time trader.
4. No stop loss measures were taken.
The use of stop-loss measures in futures trading can ensure that investors can clearly control the risk limit of funds in specific transactions and confirm the loss of transactions. Protective stop loss is a good trading tool, but it is not perfect. The price fluctuation limit may just exceed the protective stop loss point. The large fluctuation of commodity market highlights the importance of using protective stop-loss measures. Price fluctuation is a fact that all futures traders must face and consider. All investors must understand that not every protective stop loss action is correct, and plans should be made in the opposite direction accordingly. Remember, there is no perfect way to trade futures.
5. Lack of patience and principle
Failed transactions often have the same characteristics, and the importance of patience and principle to successful transactions has almost become a cliche in futures trading. A typical trend trader will trade according to the trend and observe the market patiently to see if it will last. They often have unexpectedly huge profits. Don't trade for the sake of trading, and don't trade for the sake of change-wait patiently for an excellent trading opportunity, then act cautiously and seize the opportunity to make a profit-the market is the market, which can't be replaced by anyone, and no one can force it.
6. Go against the trend or try to be the ultimate.
Human nature likes to buy low and sell high or sell high and buy low. Unfortunately, the futures market has proved that this is not a means of profit at all. Investors trying to find the top and bottom often go against the trend, making buying high and selling low a harmful habit. In the rebound of 20 10 precious metal market, the prices of gold futures and silver futures hit a record high in the past 30 years, which is a good proof that although the prices are in the stratosphere, the market still keeps rising. Investors who think they are safe at the top have encountered unprecedented waterloo in the 20 10 precious metal market.
7. Stubborn, against the market
Most successful traders don't stay in the loss position for long and spend too much money. They will set a strict protective stop loss, once they touch that point, they will immediately cut the meat (the loss is usually small at this time), and then transfer the funds to another transaction that may be profitable. Investors who stay in the loss position for a long time and hope to turn losses into profits in an instant are often doomed to failure. Usually, people like to average the benefits or costs and increase their positions when the price falls (long time). Market experience has proved that this is a bad idea and very dangerous.
8. The transaction frequency is too high
It is also wrong to conduct multiple transactions at the same time, especially when there is a large-scale loss. If trading losses accumulate, it's time to clear the position, even if you think that doing other new transactions can make up for the losses caused by previous transactions. Being a successful futures trader requires concentration and sensitivity. It is absolutely wrong to do too many things at the same time.
9. Don't blame yourself, blame others.
Don't blame your broker or others when you make a loss-making transaction or keep losing money. You are the one who decides whether your transaction is successful or not. If you feel that you can't strictly control your trading, you might as well find out the reasons for this feeling. You should change immediately and strictly control the fate of your transaction.
10. Incomplete market analysis-including technology and fundamentals.
You can know the short-term trend of the market through the daily chart, but the long-term weekly chart and monthly chart of the same market can provide completely different perspectives. When planning a transaction, we need to carefully get a more comprehensive perspective from the long-term trend chart. From a fundamental point of view, observing long-term trends can also ensure you have a more comprehensive understanding of what is happening in the market. Failure to understand and track the key basic knowledge and information in the market will lead investors to become frogs in the well. The necessary conditions for a customer's futures account.
1. Eligibility to enter the market in line with national laws, regulations and policies (China nationality is required, and compatriots from Hong Kong, Macao and Taiwan cannot trade domestic futures temporarily);
2. It is necessary to trade funds or assets (the minimum capital limit for trading stock index futures is RMB 500,000, and the minimum capital limit for trading commodity futures is RMB 1 10,000);
3. The account holder and the transaction executor must be 18 years old and have full capacity for civil conduct.
Documents or materials required for the customer's futures account.
1. Opening an account by a natural person (ordinary investor): original ID card and bank card; The account holder himself must open an account on site.
2. Opening an account by a legal person (institutional investor): a copy of the business license of the account opening unit, the legal representative, the order issuer, the ID card of the fund distributor and the tax registration certificate. 1. Strong funds and good reputation.
2. The communication tools are fast and advanced, and the service quality is good.
3. Be able to provide customers with various detailed market information on their own initiative.
4. Proactively introduce favorable trading opportunities to customers, have online guidance from a certain team of experts, and have a good business image and background.
5. Collect reasonable performance bond.
6. Set a reasonable and transparent trading commission.
7. Can provide customers with ideal brokers and high-end services.