Fund management is the problem of how to allocate funds when trading. Among the conventional risk management methods, fund management and timely stop loss are the two most important risk management methods. The importance of fund management to the success of futures trading can be illustrated by one thing: through the statistics of the success or failure of most winners in the futures market, the number of losses in the whole year is often greater than the number of gains, but why did it succeed? The reason lies in the proper management of funds. Many investors' investment failures are due to poor fund management and failure to stop losses in time when investment decisions are proved to be wrong. The transactions of these investors are always accompanied by extremely high risks, and they may stumble in the sudden market at any time. It is no exaggeration to say that the quality of fund management is related to the life and death of speculators in stock index futures market. Scientific fund management not only increases the chances of survival in adversity, but also increases the chances of winning in the end. Therefore, we must fully understand the significance of fund management in stock index futures trading. Poor fund management, even if there is a probability of more than 60%, will eventually lead to losses. If the funds are properly managed, even if the probability is only 40%, you can get good returns.

situation

A futures company launched the national stock index futures simulation trading competition in July, and injected virtual capital of 6,543,800 yuan into each contestant's futures account at one time, with no additional funds, and the margin rate was set at 654.38+05%. A and B sign up at the same time. After the game started, because everyone was bearish on the stock index, they decided to short it.

On July 17, both of them sold the futures contract of June 12 for 4500 points. The difference is that they adopt different fund management models: A belongs to the stable trading style, and B belongs to the aggressive trading style. See table 1 for the bill results of the two people after the closing (the handling fee is omitted).

On July 18, the futures price first fell and then rose, and both parties decided to hold it for a long time, but no deal was made. See table 1 for the results of their bills after the market closed.

July 19 and 20 are weekends and closed.

On July 2 1 day, the futures price continued to rise, and neither Party A nor Party B traded. See table 1 for the results of their bills after the market closed. Since the available funds of Party B are less than 0, and it is impossible for Party B to add margin, at least 3 lots must be drawn the next day to make the available funds of Party B greater than 0.

As soon as the market opened on July 22, B was forced to close 3 lots by the futures company at the opening price of 4935 points. Futures prices continued to rise that day, and neither of them made a deal. See table 1 for their bills after the market closes. The available funds of Party B on that day are still less than 0, and it is still necessary to draw 1 hand on the next trading day.

Table 1 Transaction Schedule of Party A and Party B

On July 23rd, when the market opened, B closed its position at the opening price of 5 104/lot, and the futures index continued to rise, but neither of them was traded. See table 1 for their bills after the market closes. The available funds of Party B on that day are still less than 0, and it is still necessary to draw 1 hand on the next trading day.

On July 24th, B was forced to close its position at the opening price of 5200 points 1 lot. At this time, B's 5-hand position was gradually closed, and it was out with a loss of nearly 800,000, and it was unable to do it again. The futures index continued to soar that day, and now only A is left. See table 1 for Party A's bill after closing. Imagine what will happen if B is not forced to draw?

On September 12, the contest was drawing to a close, and A finally ushered in the joy of harvest. In the end, it won the prize with a total profit of 6 1%.

Of course, A's operation is not perfect, and it is a bit rigid in operation, especially it is not advisable to take the "dead shoulder" method, but at least he is better than B in fund management. It is precisely because of his prudent operation that he did not trade in Man Cang that he had enough funds to survive the crisis of strong peace, thus turning defeat into victory.

For B, although he correctly saw the general trend, due to unscientific fund management and short-term fluctuations in futures prices, he "died before he could conquer, and heroes died in boots" and failed to wait for the day of victory.

Figure 65438+ February Stock Index Futures 0 Contract Day Trend, 65438+

Summing up the experience and lessons of the above investors, when determining the investment scale of trading funds, the futures industry has some generally recognized fund management models:

(1) The capital invested is usually limited to 30% of the total book capital, that is, at most 1/3 of the trader's capital can be used to open positions in stock index futures, and the rest can be used as reserve funds. What is clear here is that the greater the capital, the smaller the amount of each transaction. This principle is considered from the perspective of risk prevention.

(2) The maximum total loss of any single market must be limited to less than 5% of the total capital. This is the biggest loss that speculators will bear in the case of trading losses, which directly determines how many futures contracts speculators can hold and where to set the stop loss point.

(3) The total margin for speculators to invest in highly relevant stock index futures products must be limited to 20%~25% of the total capital. This principle is based on the consideration of diversifying investment risks to prevent speculators from falling into too much principal in a certain market. Markets with strong correlation tend to have similar trends, such as Hong Kong's Hang Seng Index futures and mini Hang Seng Index futures.

(4) Set the critical point of protective stop loss. Speculators in stock index futures must take protective stop-loss measures, but the setting of critical stop-loss position is indeed a combination of art and technology.

situation

A speculator decided to buy the Shanghai and Shenzhen 300 index futures near 4000 points. He has always had 6.5438+0 million yuan, so he can use 20%~30% of it as a margin for trading, that is, he can use 200 ~ 300 thousand yuan.

Assuming that the margin ratio of stock index futures contracts is 10%, he can buy two stock index futures contracts and need 240,000 yuan (4000×300× 10%×2). The maximum risk limit is 5% of the total funds, that is, 50,000 yuan. Therefore, traders need to set a protective stop-loss condition: if the transaction fails, the total loss cannot exceed 50,000 yuan. The stop loss point corresponding to a loss of 50,000 yuan is about 39 17 points (4,000 points-50,000 yuan ÷2 300 yuan/point).

Usually, the setting of stop loss point needs to be verified by combining basic analysis and technical analysis, which is more important in futures market than in stock market. For example, assuming that the reduction of 160 can be supported through analysis, the risk amount of each contract will reach 48,000 yuan. In order to ensure that the possible loss of the whole transaction is within the limit of 50,000 yuan, only 1 hand stock index futures contract can be bought, instead of the original 2 hands. If you think that a 50-point decline can support it, then traders can buy three contracts without exceeding the risk limit of 50,000 yuan (300× 50× 3 = 45,000 yuan). Of course, buying a third-hand stock index futures contract does not conform to the principle of Article 3, but it can also be adapted appropriately within the scope of risk control.