Futures trading-popularly speaking, it is speculative futures (a trading method of buying and selling standardized contracts of various commodities on the futures exchange based on margin).
Examples of profits and losses
Suppose: open a position to buy 1 hand corn contract. Buy 1 corn futures contract for delivery next year 10 at the price of 2000 yuan/ton.
When the corn futures price is favorable to you (for example, 2 100 yuan/ton), close your position (that is, sell 1 hand corn futures and deliver them in 65438+ next year1October)-or it can be understood as: if the futures expire, it means that you have to fulfill the contract to pick up the spot. If you don't mention the spot, you already bought the goods. As long as you sell them, you don't have to pick up the goods. After closing the position, your profit is 1000 yuan (1 0 ton in the corn contract, earning 100 yuan per ton * 100 ton = 1000 yuan-excluding the handling fee); If the closing price is 1900 yuan, you will lose 1000 yuan (per ton 100 yuan, per ton 100 yuan).
There are several processes in futures trading: delivery or opening, holding and closing.
Opening a position, also known as opening a position, refers to investors buying or selling a certain number of futures contracts.
There are two ways to open a position, one is bullish (buyer) and the other is bearish (seller). Whether you are long or short, placing an order is called "opening a position". (For example, if you buy 10 corn futures contract for the first time and 10 corn futures contract for the second time, then both transactions are open positions. )
Closing position refers to the behavior of futures investors to buy or sell futures contracts with the same variety, quantity and delivery month but opposite trading direction, and close the futures trading. (Investors must select the "Close Position" button when issuing the close position instruction, otherwise it may default to "Open Position")
Open position contract, also known as open position contract (or open position contract), refers to the futures contract that has not been opened before the physical delivery expires and after the opening of the position.
There are two ways of futures delivery: physical delivery and cash delivery.
Physical delivery refers to the behavior of the buyers and sellers of futures contracts to close the positions of the expired open contracts by transferring the ownership of the subject matter of futures contracts in accordance with the rules and procedures formulated by the exchange. Commodity futures trading generally adopts the way of physical delivery. After entering the delivery period, the seller submits the standard warehouse receipt, and the buyer submits the full amount, and goes through the delivery formalities at the exchange.
About 98% of the participants took the opportunity to close the futures contracts they bought (or sold) on the last trading day one month before the expiration of the contracts, thus releasing the obligation of physical delivery at maturity. For example, if you bought 10 lot of corn in the contract of 65438+ 10 in 2009, you should sell 65438 on or before February 65438+in 2008-otherwise, the exchange will automatically close the position for you (of course, if you are a hedging company, a trader or a farmer, the exchange will not). Just like financial accounting, loans are equal and accounts are even.
Cash delivery means that when futures contracts are closed at the end of the period, the profit and loss of open contracts are calculated at the settlement price, and futures contracts are finally settled by cash payment. This delivery method is mainly used for financial futures and other futures contracts that cannot be delivered in kind, such as stock index futures contracts. China's commodity futures market does not allow cash delivery.
The adoption rate of primary answers: 52.3% in 2008-12-0716: 53.
Futures refers to futures contracts, which are standardized contracts made by futures exchanges and agreed to deliver a certain number of subject matter at a specific time and place in the future.
Futures trading is a contract of sale.
For example:
The current price of pork is 12 yuan per catty. You expect the price of pork to rise to 13 yuan a catty in three months, so you sign an agreement with farmers: after three months, you buy 1 ton of pork at the price of 12.5 yuan a catty. At the same time, you pay the farmers a certain margin, such as 5000 yuan. Then, this ton of pork becomes futures, and the agreement you signed with the farmers is a futures contract. After 3 months, if the pork price is higher than 12.5 yuan (ignoring the time value of deposits), you will earn, and if it is lower than 12.5 yuan, you will lose; Of course, if the price of pork is too low after 3 months, then you can breach the contract and the loss is a deposit of 5,000 yuan. The futures contract in your hand can also be traded and will change at any time. Of course, there is also a trading market.
Adoption rate of Tong Guan futures: 33.5% 2008- 12-08 09:28.
First, futures is a contract, a contract that must be fulfilled in the future, not a specific commodity. The content of the contract is unified and standardized, but the price of the contract will fluctuate in different sizes due to changes in various market factors.
Second, futures trading is to earn the difference.
Futures trading is actually the trading of this kind of "contract symbol", which is the trading behavior of the majority of futures participants. They may have a huge price difference in the future, and then strive for profits according to their respective analysis. Judging from the purpose of most transactions, it is speculation to earn "price difference".
Let's make it clear first that the current price of a futures contract is the price change that everyone hopes this contract will have in the future (usually a few days or months), so it is not necessarily equal to today's spot price.
Third, the basic characteristics of futures trading: "small and wide"
The basic feature of futures trading is that it can be used for bulk trading with less funds.
For example, with a capital of 500,000 yuan, you can basically do a transaction of about 10 million yuan. That is to say, the trader uses 500,000 yuan as the guarantee (i.e. deposit) for the price change of goods worth 6,543,800 yuan, and the profit and loss generated is borne by the trader's 500,000 yuan, which almost enlarges the fund by 20 times. This is called "leverage effect" or "margin trading". This mechanism makes futures have the characteristics of "small and wide".
4. Futures trading can be understood as "short selling".
Futures trading is a "contract symbol", not buying and selling actual goods. Therefore, when buying and selling futures, traders do not need to consider whether they need or own the corresponding commodities, but only how to buy and sell to earn the difference. The result of buying and selling is only reflected in your own "account", and the price is a handling fee of several ten thousandths and a deposit of about 5%. This can be simply described as "short selling".
Five, buy and sell.
It is precisely because it can be understood as "short selling" that futures trading can enter two-way trading. That is, according to your own analysis of the future market ups and downs, you can buy first and then open a position, or you can sell first and then open a position. After the price difference comes out, you can sell the position in the opposite direction to offset your open position. In this way, only the difference between opening and closing positions is left on your own "bill", and the deposit occupied by opening positions is automatically returned, and a complete transaction is completed.
Of course, futures contracts can also be actually delivered. Open procurement contracts have never been closed. After the deadline (usually several months), the trader must pay the full price of the corresponding commodity and get the corresponding commodity. If it is a sales contract, you have to hand over the corresponding goods to get the full amount. As a speculator, you should close your position before the contract expires.