It is generally easy to understand how long futures are, but it is not easy to understand how short futures are. Let's take shorting wheat as an example (the seller may not have the goods in his hand when signing the selling contract) to explain the principle of shorting futures:
When the price of wheat is 2000 yuan per ton, it is estimated that the price of wheat will fall. You signed a (first-class) contract with the buyer in the futures market, for example, you agreed to sell him 10 ton of standard wheat at a price of 2000 yuan per ton at any time within six months. (the value is 2000× 10 = 20000 yuan, calculated in 600 yuan. )
Why should a buyer sign a contract with you? Because he's awesome.
When signing a contract, you must have wheat in your hand (usually you don't really want to sell wheat). You are observing the market. If the market drops to 1.800 yuan per ton as you wish, you can buy 10 tons of wheat at 1.800 yuan per ton and sell it to the buyer at 2000 yuan per ton. The contract has been fulfilled (you
(2000-1800) × 10 = 2000 (yuan) (the handling fee is generally10 yuan, which is ignored).
In practice, you only need to sell a hand of wheat in 2000 and buy a flat at 1800, which is very convenient.
If the price of wheat rises within half a year, you have no chance to buy low-priced wheat to close your position, you will be forced to buy high-priced wheat to close your position (the contract must be closed at the expiration), you will lose money, and the buyer who signed with you will make a profit.
If you close your position at 2200, you will lose money:
(2200-2000)× 10=2000 (yuan)+10 yuan handling fee.
Attach to futures account:
First go to a futures brokerage company (search online, preferably one with large scale, good reputation and top ranking) or a local sales department to open an account.
A. To open an account, a natural person must show his ID card and submit a copy to open an account in a bank designated by a futures brokerage company. In principle, a deposit of 50,000 yuan is required (not required by some companies), the account opening information registration form is filled in, the video materials and scanned ID cards are left, and the futures brokerage contract and all its attachments are signed.
B. A legal person shall submit the following documents when opening an account: ① a copy of the business license; (2) A copy of the tax registration certificate; (3) the name and account number of the bank; (4) A copy of the ID card of the legal representative; ⑤ A copy of the authorized person's ID card. Fill in the Registration Form of Legal Person Account Opening Information, and the legal representative shall personally sign or authorize the signing of the Futures Brokerage Contract and all its annexes, and affix the official seal of the unit.
C. The client shall designate 1-2 as the fund distributor and 1-2 as the issuer of the trading instruction in the futures brokerage contract document (the issuer of the instruction is regarded as the signatory of the settlement instruction). The designated fund distributor and the person issuing the transaction instruction must personally sign, provide the ID card and its copy, and reserve the seal.
Precautions for opening an account:
1. Please read the risk statement, customer information, contract text and other relevant texts carefully before entering the market.
2. Account opening information provided (business license, ID card, etc.). ) must be within the validity period.
3. The signatures involved in the contract must be signed by the relevant personnel themselves, and may not be signed on their behalf.
Opening an account is free, and the handling fee can be negotiated with the sales department.
5. If it is online trading, download the online trading software of the futures brokerage company (with market analysis software) and install it on the computer.
Enter the online trading system, and you can trade futures online.
Futures speculation is very similar to the stock market, but there are also obvious differences.
First, large-cap stocks are traded in full, that is, you can only buy as many shares as you have, while the futures system is a margin system, that is, you only need to pay 5% to 10% of the turnover to trade 100%. For example, if an investor has 1 10,000 yuan, he can buy 1000 shares if he buys1000 yuan, and he can clinch a commodity futures contract with110,000 yuan by investing in futures, that is, taking small bets and making big ones.
Second, the two-way trading of stocks is one-way. Only by buying stocks first can you sell them. Futures can be bought or sold first, which is a two-way transaction.
Third, time limit There is no time limit for stock trading. If the quilt cover can be closed for a long time, and the futures must be delivered at maturity, otherwise the exchange will force the liquidation or physical delivery.
Four. There are two kinds of actual returns on stock investment. & gt
Question 2: What does futures mean? 1. What is futures?
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, 500,000 yuan is used as a guarantee (that is, a deposit) for commodity price changes worth 6,543,800 yuan, and the profits and losses generated are borne by the trader's 500,000 yuan, which almost magnifies the funds 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 is: (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 change price: what is the price per ton reflected by the futures market, and the minimum change of domestic futures at present ..... >>
Question 3: What does futures mean? What is this for? Just like a built house is called an existing house, and an unfinished house is handed over to the auction house. The goods produced are naturally called spot, and the goods that are not produced are called futures. Simple, right?
There are two purposes:
1: This thing is similar to an insurance policy of a manufacturer who produces goods. What is insured is the price. For example, I bought this "insurance policy", that is, futures, for 1000 yuan in March next year, but the spot price rose to 2000 yuan in March next year? It doesn't matter what we do, because I have this insurance policy, and I can still buy these goods for 1000 yuan.
Futures have only one purpose for most people, that is speculation, just like speculating on buildings and stocks.
You got it? That's basically what it means. Interested in understanding, or want to futures account, you can add me to chat. My Q number is: 8964604
Question 4: What do you mean by "futures" and "spot"? Futures are mainly not commodities, but standardized tradable contracts with some bulk products such as cotton, soybeans and oil and financial assets such as stocks and bonds as the targets. Therefore, the subject matter can be commodities (such as gold, crude oil and agricultural products) or financial instruments.
Spot, also known as physical objects, refers to physical objects that can be shipped, stored and manufactured. The spot available for delivery can be converted into cash in short-term or long-term, or the payment can be made in advance, and the buyer pays in a very short time. Symmetry of futures.
Investors can invest or speculate in futures. Most people think that improper speculation in futures, such as short selling without goods, will lead to financial market turmoil, which is not correct. Going long and shorting at the same time is a healthy and normal trading market.
Futures contract:
The standardized contract made by the futures exchange stipulates that a certain quantity and quality of the subject matter will be delivered at a specific time and place in the future.
Futures Committee:
Equivalent to the commission in the stock. For stocks, the expenses of stock trading include stamp duty, commission and transfer fees. Relatively speaking, the cost of engaging in futures trading is only the handling fee. Futures commission refers to the fees paid by futures traders according to a certain proportion of the total contract value after the transaction.
Question 5: What does commodity futures mean? Commodity futures refer to futures contracts with physical goods as the subject matter. Commodity futures have a long history and a wide variety, mainly including agricultural and sideline products, metal products and energy products. It is a standardized agreement about the buyers and sellers buying and selling a certain number of physical goods on an agreed date in the future at the price agreed at the time of signing the contract. Commodity futures trading is a standardized contract trading method for buying and selling specific commodities on futures exchanges.
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1. Futures varieties
Specifically, there are about 20 kinds of agricultural and sideline products, including corn, soybeans, wheat, rice, oats, barley, rye, pork belly, pigs, live cattle, calves, soybean meal, soybean oil, cocoa, coffee, cotton, wool, sugar, orange juice, rapeseed oil and so on. In the cartoon of commodity futures, soybean, corn and wheat are called three major agricultural futures: metal products. 5 kinds of chemical products, including crude oil, heating oil, unleaded gasoline, propane and natural rubber; There are two kinds of forest products, including wood and plywood.
2. Listed commodity futures varieties
As of 20 14, 10 and 18, with the approval of China Securities Regulatory Commission, the following types of futures commodities can be listed and traded in China:
(1) Shanghai Futures Exchange: thread, hot coil, wire rod, copper, aluminum, zinc, lead, natural rubber, fuel oil, gold, steel, silver, hot-rolled coil and asphalt.
(2) Dalian Commodity Exchange: soybeans, soybean meal, soybean oil, plastics, palm oil, corn, PVC, coke, coking coal, iron ore, fiberboard, polypropylene, eggs, rubber sheets and japonica rice.
(3) Zhengzhou Commodity Exchange: wheat, cotton, sugar, PTA, rapeseed oil, early indica rice, methanol, glass, rapeseed, rapeseed meal, thermal coal, ferromanganese and ferrosilicon.
Question 6: What do you mean by short futures? The essence of futures is to sign contracts with others to buy and sell commodities (or stock indexes, foreign exchange and interest rates) in the future, so as to achieve the purpose of preserving value or making money.
If you think the futures price will go up, go long (buy and open positions), go up (sell) and close positions, and earn: price difference = close positions-open positions.
If you think the futures price will fall, short (sell the position), fall (buy) and close the position, and earn: price difference = opening price-closing price.
Let's take shorting wheat as an example (the seller may not have the goods in his hand when signing the selling contract) to explain the principle of shorting futures:
When the price of wheat is 2000 yuan per ton, it is estimated that the price of wheat will fall. You signed a (first-class) contract with the buyer in the futures market, for example, you agreed to sell him 10 ton of standard wheat at a price of 2000 yuan per ton at any time within six months. (the value is 2000× 10 = 20000 yuan, calculated in 600 yuan. )
This is short selling (selling open positions). In practice, you are selling open wheat futures contracts.
Why should a buyer sign a contract with you? Because he's awesome.
When signing a contract, you don't necessarily have wheat in your hand (generally you don't really want to sell wheat). If you observe the market, as you wish, it drops to 1800 yuan per ton, you buy 100 tons of wheat per ton/800 yuan, and sell it to the buyer at 2000 yuan per ton, and the contract is fulfilled (yours
(2000-1800) × 10 = 2000 (yuan) (the handling fee is generally10 yuan, which is ignored).
This is profit liquidation. In fact, you are buying a futures contract to liquidate primary wheat.
The buyer (not specified) who signed the contract with you lost 2000 yuan (the handling fee was ignored).
In the whole operation, you only need to sell a hand of wheat in 2000 and buy a flat at 1800, which is very convenient.
After the futures are opened, they can be closed at any time before the delivery date, or they can be bought and sold multiple times on the same day (generally, there is no handling fee for closing positions on the same day). If the price of wheat rises within half a year, you have no chance to buy low-priced wheat to close your position. You will be forced to buy high-priced wheat to close your position (you must close your position when the contract expires), you will lose money, and the buyer who signed with you will make a profit.
If you close your position at 2200, you will lose money:
(2200-2000)× 10=2000 (yuan)+10 yuan handling fee.
The buyer (not specified) who signed the contract with you earned 2000 yuan (the handling fee was ignored).
Question 7: What does a futures car mean? It means to pay the deposit first and pick up the car later.
Which means it's not a car.
Question 8: What is futures? Futures are relative to spot. They are delivered in different ways. Spot is cash spot, and futures are contract transactions, that is, mutual transfer of contracts. There is a time limit for futures delivery. Before the expiration, it is a contract transaction, but the expiration date is to cash the contract for spot delivery. Therefore, large futures institutions often do both spot and futures, which can be used for hedging and speculation. Ordinary investors often can't deliver in time, so they have to speculate purely, and the speculative value of commodities is often related to factors such as spot trend and duration of commodities.
Opening an account is very simple. You can open an account with a futures company, sign a contract and pay a certain deposit.
Futures trading is a kind of contract trading, and you only need to pay a deposit-deposit for each transaction. The specific margin ratio is determined by the futures exchange according to market conditions, and the futures company will also make adjustments.
For example, if you buy the futures of commodity A, his margin ratio is 1: 10, and his trading price is 10000 yuan per unit. Then you only need to pay 1000 yuan to buy a unit of goods. If the price of commodity A goes up by 10%, then you double it, and your 1000 becomes 2000. If the price of commodity A drops by 65,438+00%, you will lose everything. If you close your position at this time, your 1000 will become zero. If you want to continue holding positions, you must add margin. Many people often add margin because they refuse to accept the market, and finally their families are ruined.
Question 9: What do you mean by futures hanging? A pending order means to appoint buyers and sellers at a specified price and pay commissions to the exchange.
Pending orders are orders to buy or sell financial products at a fixed price in the future. This order type is used to establish a trading position when the future price is equal to the set price level. The earliest futures trading is that traders hang a list on a board with price, quantity and buying and selling direction. When someone sees that your bid is suitable, they will take it down and find you to make a deal.
Question 10: What does futures trading mean? Futures trading is a centralized trading form of standardized forward contracts. That is, the trading behavior of both parties in the futures exchange to buy and sell a certain quantity and quality of goods at a certain price at a certain time and place in the future according to the terms stipulated in the contract. The ultimate goal of futures trading is not the transfer of commodity ownership, but to avoid spot price risk by buying and selling futures contracts.
From the historical process, futures trading is developed from spot trading. In Antwerp, Belgium in the13rd century, Amsterdam, the Netherlands in the17th century and Osaka, Japan in the18th century, the embryonic form of futures trading has appeared. Modern organized futures trading originated in Chicago, USA. From 65438 to 0848, Chicago Board of Trade (CBOT) began to engage in traders and processors of agricultural products. From the beginning, it used spot forward contracts to trade commodities, so as to stabilize supply and marketing and reduce the risk of price fluctuation. With the expansion of trading scale, spot forward contracts have no unified content and are non-standardized contracts. Every transaction requires both parties to re-sign the contract, which increases the transaction cost and reduces the transaction efficiency. Second, due to the variety of contents and terms of forward contracts, a specific contract cannot be widely recognized, which makes it difficult to transfer the contract smoothly and reduces the liquidity of the contract. Third, the performance of forward contracts is based on the credit of both parties to the transaction, which is prone to default. Fourth, the price of forward contracts is not widely representative and is not a reasonable expected price recognized by the market. Therefore, the early Chicago Board of Trade often had trading disputes and defaults, which greatly restricted commodity trading and restricted market development. In order to reduce trading disputes, simplify trading procedures, enhance contract liquidity and improve market efficiency, Chicago Board of Trade introduced standardized futures contract trading at 1865, replacing the original spot forward contract trading, and then introduced performance bond system and unified settlement system.