There are generally two kinds of liquidation, hedging liquidation and forced liquidation. Hedging liquidation is like "free love", which is a completely independent behavior of investors. When the market trend is in line with expectations, investors can choose to sell the bullish contracts they have bought and make profits by "buying low and selling high", or buy the bearish contracts they have sold and earn the difference by "selling high and buying low". When the market trend does not meet the expectations of investors, timely liquidation can also effectively stop losses. In contrast, compulsory liquidation, like "arranged marriage", is a compulsory act. When investors lose too much, resulting in insufficient trading margin, whether you like it or not, futures companies and other institutions will force liquidation, while futures trading adopts leveraged trading system, and investors can play big transactions with small funds. Once encountering a "strong balance", investors are likely to suffer heavy losses under the amplification effect of leverage. For investors, opening and closing positions is a compulsory course. When opening or closing positions, we should not only seize the opportunity, be brave in making moves, but also know how to control risks, do what we can, and avoid blindly following the trend. Especially when losses occur, investors should always pay attention to the losses and avoid being "forced". If you are tied, you will lose more than the deposit.

For example (for the convenience of calculation, the contract price and margin ratio are fictitious).

The current price of a contract is 2,000 yuan a ton, the contract 10 ton, the deposit ratio of the exchange is 5%, and the deposit of the futures company is based on the exchange 10 yuan.

The deposit required by the buyer = 2000× 10× (5%+5%) = 2000 yuan.

An investor's account just has 30 10 yuan, and an empty order was opened at the contract price of 2000 yuan. Now, the handling fee has been deducted. Customer account equity is 3000 yuan, deposit is 2000 yuan, exchange deposit is 1 000 yuan, and available funds are 1 000 yuan.

What happens when the market rises to 2 100? At this point, the position loss = (2100-2000) ×10 =1000 yuan, the customer account equity = account equity at the time of account opening-loss = 3000- 1000 = 2000 yuan, and the position occupation margin = At this point, although the customer account has 2,000 yuan, it can no longer be withdrawn. This is not the worst, because at this time, the exchange margin = 2100×10× 5% =1050 yuan, and the customer account equity can cover the exchange margin and will not be forced to close the position.

What will happen if the market rises to 2200? At this time, the position loss = (2200-2000) ×/kloc-0 = 2000 yuan, the customer account equity = the account equity at the time of account opening-loss = 3000-2000 yuan =1000 yuan, and the position occupation margin = 2200×10.

Let's simulate the extreme market again. From 2 100, the daily limit was opened for two consecutive days, and it was still opened on the third day. The market suddenly rose to 23 10, and there was no way for futures companies to level off before that. At this time, the position loss = (2310-2000) ×10 = 3100 yuan, the customer account equity = account equity-loss at the time of account opening = 3000-3 100 yuan, and the position occupation margin = 2300 yuan. No matter how much margin the exchange has, the loss of positions has eaten up all the funds of investors and they have to return to the exchange. This is called a short position. At this time will be forced out = account equity-handling fee =-100-10 =-1/0 yuan. That is to say, after the liquidation, not only will there be no money left, but gold will be added, 1 10 yuan, otherwise personal credit will be affected.