Futures is 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.

The "goods" corresponding to this contract are called the subject matter. Generally speaking, the "goods" to be speculated in futures are the subject matter, which is embodied by contract symbols. For example, CU0602 is a symbol of futures contract, which means a contract delivered in February 2006, and the subject matter is electrolytic copper.

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.

An example of intransitive verb futures trading

Suppose a customer thinks that the soybean price is going to fall, so he sells a futures contract at 3000 yuan/ton (each soybean 10 ton, and the margin ratio is about 9%). Then, the price really fell to 2900 yuan/ton, and the customer bought a position and completed a transaction.

Gross profit: (3000-2900) ×10 =1000 (yuan)

The above transactions are all reflected in the bill, and the funds are about:

3000× 10×9% = 2700 yuan, and the transaction cost should be deducted about 10 yuan.

Seven. Brief introduction of futures contract content

The contract content of futures trading shall be approved by the State Securities Regulatory Commission and formulated by the Exchange. Except the price, other factors in the content are fixed. In futures contracts, some main contents related to transactions are as follows:

Contract unit: the smallest unit of each transaction is the first hand. At present, the domestic commodity futures metal quantity is 5 tons, and the agricultural products futures quantity is 10 tons.

1, contract value: the actual value of each contract. Take copper as the upside: 5 tons per lot multiplied by the current futures price is the contract value. In addition, the contract value multiplied by the margin ratio (usually a few percent) is the money to be used to buy or sell primary futures.

2. Minimum fluctuating price: What is the price per ton reflected in the futures market? At present, the lowest fluctuation price of domestic futures is: metal 10 yuan/ton, 5 tons per lot, with a point fluctuation value of 50 yuan. Agricultural product category 1 yuan/ton, each lot1ton, one point change 10 yuan.

3. Daily price limit: the maximum price limit fluctuates violently. The fluctuation range of the domestic period on a certain day is 3% of the daily limit.

4. Contract month: the metal is 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 12. Agricultural products are 1, 3, 5, 7, 9, 1 1 month contracts.

5. Last trading day: Futures contracts bought and sold by investors have a term, usually about one year, and the day of the term is the last trading day. At this time, the position must be closed, otherwise it will be delivered.

Although futures have this time limit, it does not actually affect trading. Because futures prices fluctuate frequently, opening positions will soon produce a large spread, thus having the opportunity to close positions. If a small number of customers are willing to do long-term, they can close their positions at maturity and establish corresponding positions on forward contracts, which can also achieve the purpose of doing long-term.

VIII. Sources of Risks in Futures Trading

Risks and profits always exist at the same time, which is particularly fully reflected in futures trading. Due to the characteristics of this machine transaction itself, its risks mainly come from three aspects:

1, the most fundamental risk of commodity trading comes from "leverage matching"

"Leverage matching" is the original mechanism of futures trading, that is, the margin system. It is the biggest source of futures trading.

Suppose a trader conducts stock or spot business with a sum of 500,000 yuan, and the risk of the trader is only brought by stocks or commodities worth 500,000 yuan. If all the funds of 500,000 yuan are used for futures trading, the risks borne by traders are brought by futures or commodities with a value of about100,000 yuan, which magnifies the risks by about 20 times, and of course, the corresponding profits are also magnified by 20 times. It should be said that this is not only the fundamental source of risk, but also the charm of futures trading.

We often hear "futures will make you rich overnight" or "futures can make you bankrupt overnight". The theoretical basis of these statements is derived from the above reasons.

2. The risk of commodity trading comes from the uncertainty of price direction.

The "commodities" targeted by futures contracts are all "commodities" with large and frequent price changes.

The essence of futures price change is uncertainty, that is, it is impossible to absolutely determine the rise and fall by any method. this

The main points are similar to stocks and traditional businesses. Although the power of market ups and downs comes from the supply and demand relationship of this "commodity"

However, due to too many complicated influencing factors, it is impossible for anyone to fully grasp all the information, and futures prices have their own laws, so it is difficult to absolutely determine the direction of price changes, which means that traders may be right or wrong in every transaction.

Although the risk of price direction uncertainty has always existed, it is not inevitable. All the futures winners we see are experts in avoiding this risk.

In the futures market, the "labor" of traders is to find relative certainty in uncertainty and regularity in irregularity.

3. The risk of futures trading comes from "self"

Every move in the futures market has huge benefits, which can best reflect all aspects of traders' humanity.

Everyone has weaknesses, so we must be soberly aware that human weaknesses will be magnified dozens of times in futures trading! This will be a great harm to the safety of funds and another source of risk that traders must face.

Greed, fear, impatience and other common human problems must attract everyone's attention. It can be said that engaging in futures trading is also a kind of cultivation.

It must be pointed out here that the weakness of human nature should be "attracting everyone's attention" rather than forcibly overcoming it, otherwise it will be counterproductive. The meaning of "attracting everyone's attention" here is to understand your own shortcomings, foster strengths and avoid weaknesses, and avoid your own shortcomings when you are strong.

I hope everyone has a clear understanding of the risks of futures trading. Futures trading is the dialectical relationship between risk avoidance and risk utilization. At the same time, I hope everyone can see the fun of climbing the futures "Jinshan". Futures can "make countless heroes bow to their knees". At the same time, futures don't care how humble you are. As long as you embrace the opportunity, you can "count the romantic figures and look at the present".

Nine, the structure of the futures market

1, futures market structure

The futures market is an "open, just and fair" strict market.

The futures market in China is directly supervised by the State Securities Regulatory Commission.

Futures trading can only be conducted in futures exchanges, and investors can only participate in and complete futures trading through futures brokerage companies. Futures companies are the bridge between exchanges and investors.

2. Futures exchanges, futures companies and investors

Generally speaking, the futures exchange is the place where futures trading rules are formulated and every transaction is reached. Investors' funds and every transaction are stored and recorded here.

The core work of futures companies is to implement and maintain trading rules, accept and transmit trading information, and complete trading settlement for each investor. Considering their own operations, futures companies can also take all reasonable ways to carry out marketing activities.

Investors are legal natural persons or legal persons. Investors are specific buyers and sellers of futures contracts. From the nature of transactions, they are mainly speculation and hedging, of which speculation accounts for the vast majority. This is also the development direction of futures.

X introduction of domestic futures market

1, the Shanghai Stock Exchange, which is dominated by gold and yellow. The main varieties are: copper, aluminum, natural rubber and fuel oil.

2, Dalian Stock Exchange, mainly agricultural products. The main varieties are: soybean, soybean meal, corn and soybean oil.

3. Zhengzhou Exchange, which focuses on agricultural products. The main varieties are: hard winter wheat, strong gluten wheat and cotton.

4. As the main body of the futures market, there are more than 100 futures companies in China at present. After years of efforts and market tests, most companies have formed a perfect service system, which is worthy of investors' trust.

Investors, we don't have to care about the exact definition of "investment" or "investment" here. In short, investors are the ultimate buyers and sellers of contracts in the futures market. Investors are the foundation of the whole market. At present, there are tens of millions of people in this group in China, and the amount of funds in the whole market is generally in the order of tens of billions. The trading volume generated by the "leverage effect" of futures is amazing. In this sense, futures has formed a very huge market in China.

B. How to participate in futures trading

Basic conditions for participating in futures trading

1. Any natural person and legal person permitted by national laws and regulations.

Second, have the ability to take risks and psychological preparation.

There are certain risks in the futures market. Before expecting high returns, you should consider whether you have risk tolerance.

Force. The funds to participate in futures should be your own "affordable" money, and it is forbidden to borrow money for futures. As for the amount of funds involved in futures trading, generally, more than100000 yuan can be opened for trading.

Third, choose a legitimate and regular futures company. First of all, a legitimate futures company should hold a business license issued by the State Administration for Industry and Commerce and a futures brokerage license issued by the China Securities Regulatory Commission. Secondly, the company's standardized operation, strong strength and good reputation are also important factors to be considered.

Fourth, choose a good intermediary (various funds)

The so-called "middleman" is a person who helps investors collect relevant information and provide trading advice. They pay by way of profit commission and so on.

The relationship between investors and intermediaries stipulates that investors should choose the moral level, professional ability and trading style of intermediaries. Conversely, you should let the middleman know your risk preference and tolerance, so that the middleman can achieve the best working condition. In the futures market, more than 84% of the trading volume is completed by intermediaries. Some excellent professional intermediaries have created huge profits for investors and made long-term contributions to the development of futures.

Verb (abbreviation of verb) is the basic procedure of participating in futures trading.

1, open an account

Read and understand the risk statement of futures trading carefully and understand the risks of futures trading. Sign the futures brokerage contract and the registration form for investors to open accounts in the futures market, and establish the brokerage relationship between customers and futures companies. The futures brokerage company applies to the exchange for the customer transaction code (similar to the shareholder code in stock trading) and the uniformly distributed customer fund account number.

The two most important points in a futures brokerage contract are to specify the designated person (intermediary) of the transaction, and to agree on the seal and the method of withdrawal.

2. Access to gold

The method for customers to pay the futures trading margin to the futures company's margin closed operation account: go to the futures company or its business department for on-site handling; Remittance from the bank to the account designated by the futures company (please indicate the customer name and customer fund account number); Self-service through bank transfer or futures voucher transfer system.

When making payment, the customer must provide the seal and ID card agreed in the futures brokerage contract before handling it, and pay the customer in the way agreed in the contract. Customers in different places can remit money to designated accounts through agreements.

3. Trading method

Domestic futures trading entrustment methods include: written entrustment to place orders (written entrustment to intermediaries) and telephone entrustment.

The bidding method of futures trading is computer-generated bidding, which, like stocks, follows the principle of price priority and time priority. In the case of price limit, the principle of liquidation priority should be followed.

4. After the daily trading, the futures company will settle the futures account of the customer without debt, that is, according to the trading results of the day, it will mainly calculate and allocate the trading margin, profit and loss, handover fee, deposit and withdrawal, delivery payment and other related funds.

5. Bill confirmation

If the customer has any objection to the items recorded in the trading account on the same day (customers in different places can inquire by phone or online), they shall submit a written objection to the futures brokerage company before the market opens on the next trading day; If the customer has no objection to the transaction account record, it is deemed that the transaction settlement is automatically confirmed.

6. Cancel the account

When the customer doesn't need to keep his capital account, he can cancel the account by filling in the account cancellation application form after confirming that all transactions and funds in and out of his capital account are correct and there are no funds and positions in the capital account. Customers in different places can handle it in different places through the agreed way.

C. Legal protection of futures investors

I. Futures Brokerage Contract

The futures brokerage contract signed by investors and futures brokerage companies clearly defines the rights and obligations that futures investors should have. It is within the framework of the Provisional Regulations on the Management of Futures Trading, and it is the basic regulation of the futures industry, which can provide protection for investors.

Second, the transaction code

The futures trading code shall be formulated by the futures exchange under the guidance of the Regulations, and the system of one code per household shall be implemented. Each investor has an independent trading code in each futures exchange, and all investors' transactions are under their own codes. This ensures the authenticity and reliability of the transaction.

Three, according to the requirements of the "Regulations", investors' funds are transferred to the futures exchange through the futures brokerage company in a "closed operation" way.

The regulation of "closed margin operation" required by the CSRC eliminates all abnormal factors and fundamentally ensures the safety of investors' funds.

Through the above aspects, the most important rights and interests of investors can be fully guaranteed.

Conversely, if investors have doubts about the above three points, they can ask their futures companies to explain clearly. The procedures for futures investors to solve problems are: negotiation, mediation, arbitration and even litigation.

The explanation basis of doubt must conform to the Provisional Regulations on Futures Trading promulgated by the State Council, which is the basic legal basis of futures industry. Accordingly, the State Securities Regulatory Commission also promulgated the Measures for the Administration of the Qualifications of Futures Exchanges, Futures Brokerage Companies, Futures Practitioners and Senior Managers of Futures Brokerage Companies. The details can be found in many places such as the website of the CSRC. With these legal foundations, we can trade freely in this standardized market and create our own wealth.