Margin: refers to the funds paid by futures traders in accordance with the prescribed standards for settlement and performance guarantee.
Settlement: refers to the settlement of the trading gains and losses of both parties according to the settlement price announced by the futures exchange.
Delivery: refers to the process that when a futures contract expires, according to the rules and procedures of the futures exchange, both parties to the transaction end the expired open contract by transferring the ownership of the goods contained in the futures contract.
Open position: the trading behavior of starting to buy or sell futures contracts is called "opening positions" or "establishing trading positions".
Liquidation: refers to the behavior of futures traders to buy or sell futures contracts with the same variety, quantity and delivery month but with opposite trading directions, and to liquidate futures transactions.
Open position: refers to the number of open positions held by futures traders.
Warehouse receipt: refers to the standardized delivery certificate issued by the delivery warehouse and recognized by the futures exchange.
Matchmaking: refers to the process that the computer trading system of the futures exchange matches the trading orders of both parties.
Price limit: refers to that the trading price of futures contracts in a trading day shall not be higher than or lower than the prescribed price limit, and the quotation exceeding this price limit will be regarded as invalid and cannot be traded.
Compulsory liquidation system: refers to the system in which futures brokerage companies carry out compulsory liquidation to prevent further expansion of risks when customers' trading margin is insufficient and their positions exceed the prescribed position limit, and are punished for violating the rules, and should be forced to liquidate according to the emergency measures of the exchange, as well as other situations that should be forced to liquidate.
Position: market agreement. The buyer of the futures contract is in a long position, and the seller of the futures contract is in a short position.
Arbitrage: a trading technique that speculators or hedgers can use, that is, buying spot or futures commodities in one market and selling the same or similar commodities in another market in the hope of making a difference between the two transactions, thus making a profit.
Open positions, positions, positions: buying and selling in futures trading, as long as they are newly established positions, are called opening positions. A position held by a trader is called a position. Closing a position refers to the trading behavior of a trader, and the way to close a position is to hedge the position in the opposite direction.
Because of the different meanings of opening position and closing position, traders must specify whether to open position or close position when buying and selling futures contracts.
Example: An investor bought March Shanghai and Shenzhen 300 index futures 10 lots (sheets) and 1450 points on February 30th. At this time, he has 10 bulls. By 65438+ 10/0 next year, investors will see the futures price rise to 1500, so they will sell five closed March stock index futures at this price. After the transaction, the investor actually holds more than 5 orders. If an investor sells five open positions of March stock index futures (CSI IF 17 12+02, 4090.8, -0.67%, simulated trading) at the time of declaration, after the transaction, the actual position of the investor should be 15 lots, 10 lots.
Short position: indicates that the investor's account equity is negative. It shows that investors not only lost all the margin, but also owed debts to futures brokerage companies. Due to the daily liquidation system and the compulsory liquidation system in futures trading, there will be no short positions in general. However, in some special circumstances, such as the gap change in the market, accounts with heavy positions and opposite directions may explode.
When there is a short position, investors must make up the deficit in time, otherwise they will face legal recourse. In order to avoid this situation, it is necessary to control positions specially and avoid Man Cang operation like stock trading. And track the market in time, and you can't buy it like a stock market.
Long position and short position: futures trading adopts a two-way trading mechanism, and both buyers and sellers have it. In futures trading, buyers are called bulls and sellers are called bears. Although buyers are also called bulls in stock market transactions, sellers are called bears. But the seller in stock trading must be the person who holds the stock, and the person who does not have the stock cannot sell it.
Settlement price: refers to the weighted average price of the transaction price of the futures contract on the same day according to the volume. If there is no transaction on that day, the settlement price of the previous trading day is the settlement price of that day. The settlement price is the basis for the profit and loss settlement of the open contract on that day and the establishment of the price limit board on the next trading day.
Volume: refers to the bilateral quantity of all contracts traded in a futures contract on the same day.
Open position: refers to the bilateral number of open positions held by futures traders.
Total open position: refers to the total number of "open positions" of all investors in futures contracts. In the market information released by the exchange, there is a special "total position" column. Novices who don't understand can go to the ranger stock market to simulate futures, practice more and learn more, and then enter the market for actual combat after accumulating certain experience, so as to reduce the probability of losses after entering the market.
The change of total positions reflects investors' interest in contracts and is an important indicator for investors to participate in contract transactions. If the total positions keep increasing, it shows that both sides are building positions, investors' interest in contracts is increasing, and OTC funds are pouring into contract transactions; On the contrary, when the total position decreases, it shows that both parties are closing their positions and traders' interest in the contract is declining. On the other hand, when the trading volume increases, the total position changes little, indicating that the market is dominated by changing hands.
Hand-changing transactions: Hand-changing transactions include "multi-position hand-changing" and "short-position hand-changing". When a trader who originally held a long position sells and closes his position, but a new long position opens his position and buys it, it is called "multi-position hand-changing"; And "short change hands" means that the trader who originally held a short position is buying and closing the position, but the new short position is selling.
Trading orders: There are three orders for stock index futures trading: market order, limit orders and cancellation order. The trading order is valid on the same day. Before the order is closed, the customer can propose changes or cancel the order.