The deposit generally accounts for 5-20% of the contract amount, so when the market fluctuates by 5-20%, one party's profit may double, while the other party has nothing in theory. Therefore, the important performance of futures speculation is "forced liquidation"-forcing one party to "liquidate" due to insufficient margin-commonly known as "lightening the position"-thus making a profit. Relatively speaking, because the speed of hoarding goods in a short period of time is generally slower than that of raising funds, the short position of futures is often manifested as "more short positions". The most intuitive performance is that when the spot market is weak and the futures market rises instead of falling, there will be forced liquidation in nine cases out of ten.
How is the deposit system specifically implemented?
If the futures margin is compared with the down payment for buying a house, it is only that the futures margin is not part of the "payment" for buying a house, but is used to balance the floating (and factual) profit and loss of both long and short (or buying/selling) parties at any time. Take natural rubber as an example: after the long and short (or buy/sell) parties clinch a deal at 13700 yuan, when the market price rises to 14 100 yuan, it means that many parties have the floating profit of 400 yuan/hand, and the empty party has the floating loss of 400 yuan/hand. The Exchange shall transfer the amount of loss from its margin account to the profit-making party at any time. ), the ownership of the transaction will be forced to close the position.
What is the daily marking system?
Because the futures market often fluctuates greatly in one day, if the "instantaneous" profit and loss results are taken as the act of "forcibly closing positions" on one side, it is likely to cause a lot of trading disputes on the one hand, and even the whole transaction can not be carried out normally at all on the other hand; Therefore, exchanges generally adopt "fund settlement" at some time before the closing of the market or at some time before the opening of the next trading day (the words here may be inappropriate and how to define them is not clear); If the party with insufficient margin fails to make up the margin in time within the specified time, the exchange will exercise the right of compulsory liquidation. This is the so-called daily marking system.
The demand side and the supply side of the hedging spot market need to sell/buy commodities at some point in the future, and they are willing to sell/buy the same number of futures contracts at the current futures market price to lock in the cost because they are worried that the price at that time is not conducive to their own requirements. This behavior is called hedging. Hedging can be divided into buying hedging and selling hedging. When selling hedging, you can apply to the exchange for registration of warehouse receipt pledge as a deposit, without having to prepare all the required deposits. If you are engaged in buying hedging, you can also apply to the exchange for using other securities as collateral without having to prepare all the required margin.
The biggest difference between the futures market and the wholesale market is that the futures market does not take physical delivery as the main purpose and means. In a sense, once there is a large-scale physical delivery, it means that there has actually been a forced liquidation. Therefore, in order to force the physical delivery volume to decrease, the exchange will take a series of restraining measures. It mainly includes: substantially increasing the margin ratio of monthly delivery contracts and substantially increasing delivery costs.
What do you mean "explosion"?
Because the market changes too fast, the deposit in the account is not enough to maintain the original contract, and investors can add the deposit; This kind of margin "zero" caused by forced liquidation due to insufficient margin is commonly known as "short position".
What is a membership seat?
Like stock trading, buying membership seats is a matter for brokers (securities companies) and has nothing to do with investors.
What is the smallest unit of futures trading? Like stock trading, it is also called "hand". Only for different varieties, the standard of "hand" is different: for example, natural rubber futures used to be 5 tons/hand.
Several steps to participate in futures trading
1. account opening: the process is the same as stock account opening;
2. Capital injection: generally, it is more than 10 times of the capital required to prepare the "minimum unit". For example, if the minimum unit needs 3000 yuan, then prepare 30000 yuan.
3. Understand and be familiar with various trading systems and related terms.
4. Learn and master how to calculate the floating profit and loss.
How is the transaction fee charged?
Half when opening the position, half when closing the position. There are different standards between different exchanges or varieties, which is equivalent to about 2 or 3 points.
What are the meanings of "February" and "August" in futures contracts?
Refers to the expiration month of the contract, also known as the delivery month.
About "arbitrage":
For example, a company bought R308 (a natural rubber contract delivered in August 2003) for 13700 yuan, and plans to sell it on r3 1 1 day. If they are completed at the same time, how big is the difference between them (also called basis difference) to make a profit? There are some costs involved here:
Interest expenses of margin investment in the futures market engaged in arbitrage;
Interest expenses of funds occupied by the purchase price of natural rubber;
August-1 1 storage costs;
VAT: (selling price-buying price) x 0.17; ;
Assuming that the total content of the above items is 350 yuan, that is to say, when R308 is 13700 yuan/ton and r3 1 1 is greater than 14050 yuan/ton at the same time, theoretically, R308 is bought and r3 1 1 at the same time.
If you are not in a hurry to "cash out", during this period, as long as R3 12 is higher than R3 1 1 at a certain price, you can transfer R3 12 while drawing the original contract.
Let me introduce another extreme example (this is the arbitrage scheme I designed for the State Reserve Bureau at the end of 1996):
The Reserve Bureau has to hoard a certain amount of natural rubber all the year round. If it wants to arbitrage through the futures market, what kind of price difference will it gain at the same time?
The first is "near" high and "far" low, and the second is "throwing before buying" in operation behavior. There are some costs involved here:
Interest expenses of margin investment in the futures market engaged in arbitrage;
Interest income from the funds returned from the sale of natural rubber;
Storage costs saved in the process of arbitrage;
Underpayment of VAT income (selling price-buying price) X 0. 17.
Assuming that the above items are offset by positive and negative factors and add up to 250 yuan, it shows that there is an opportunity of "short arbitrage".
(To sum up, a perfect futures market is not prone to vicious short positions-because the existence of arbitrage often makes the "basis" in a very reasonable price comparison state. )
On the position of vicious coercion
The worst behavior of vicious forced warehouse is to abandon the warehouse, also known as abandoning the warehouse. When the main force of forced positions feels that the risk of forced positions has accumulated to the point where they cannot be released, they will quickly concentrate their contracts on several "new" seats (generally speaking, the owner of this seat is either afraid to provoke, or stupid, or willing to "steal the inside") (in fact, the whole process of forced positions has always been the process of throwing positions between seats). In this way, the "profit" and principal of the forced liquidation are dumped, and only the "initial deposit"-that is, the maintenance deposit-is retained on the "new" seat; Once the market reverses, there will be a phenomenon of insufficient margin immediately; At this time, the main force of "forcing positions" has vanished (like Saddam Hussein recently), so there will soon be a continuous "daily limit" caused by non-resistance. The exchange will soon find that these "new" seats have been "exploded", and the consequence of "exploded" seats is that the exchange will take over all the open positions in its hands. In order to protect itself, the exchange will inevitably ask the "opponent" to hang out the liquidation order; However, the "opponent" at this time is far from untied! !
As a result, the exchange is faced with such a mess: the agreement is closed, and both parties say that their contracts are still in a state of loss (the whole market suddenly can't find a seat to make money); If you don't agree to close the position, the market direction will continue to be unfavorable to the contracts that the exchange is forced to undertake. How can the exchange bear it? ...
Foreign exchange futures and index futures:
What we usually call foreign exchange futures is also called foreign exchange (spot) deposit transaction, which is a spot foreign exchange transaction between investors and banks. The so-called quotation is actually the quotation between "quotation lines": the buying price and the selling price; When investors "buy", banks "sell" accordingly. Only the bid-ask spread (generally 5-7 points, 10 points is normal; When the market changes quickly, it may be 30-50 points), and there is no handling fee. In addition, it may also involve "spreads"-the difference in deposit interest between investors buying and selling currencies.
For example, at the end of 200 1, 1, a company was optimistic about the exchange rate of the US dollar against the Japanese yen, so it threw out the Japanese yen to buy the US dollar (even if investors have the US dollar, this can be done because "the US dollar held by investors" is only a deposit); Suppose you buy dollars with 124 and buy back yen with 134, which is equivalent to a profit of 2 million yen-equivalent to RMB120,000 yuan. In general, what needs to be invested is the equivalent foreign currency of 50,000 yuan. (It takes about 3-6 months)
Index futures directly monetize the index. For example, let (that is, artificially stipulate) the value of each point of the Shanghai Composite Index be 200 yuan/hand. When the Shanghai Composite Index rises from 1.350 to 1.500, investors will have a chance to make a profit of 30,000 yuan (about1.500x200x0.05 =1.500 yuan).
I don't recommend you to play ... it's risky. ...