There are many physical ah, such as: commodity futures soybean wheat cotton metal futures gold financial futures interest rates foreign exchange index futures See below
What are futures?
Futures in English for Futures, is the evolution of the word "future", its meaning is: the two sides do not have to buy and sell at the beginning of the occurrence of the delivery of real goods, but *** with the agreement to deliver real goods in the future at a certain time, so the Chinese people will call it "futures! "
What is a futures contract?
What are gold futures?
Gold futures are futures, as the stock investment to the securities company to open an account, gold futures trading to the futures company to open a futures account.
What are stock index futures?
The full name of stock index futures is stock price index futures, which can also be called stock price index futures, futures index, refers to the standardized futures contract with the stock price index as the underlying, the two sides agreed that on a specific date in the future, you can buy and sell the underlying index according to the size of the pre-determined stock price index. As a type of futures trading, stock index futures trading has essentially the same characteristics and processes as ordinary commodity futures trading.
What are metal futures?
There are 10 main types of non-ferrous metals listed and traded in the international futures market, namely copper, aluminum, lead, zinc, tin, nickel, palladium, platinum, gold and silver. Among them, gold, silver, platinum, palladium and other futures because of its high value is also known as precious metal futures.
What are agricultural futures?
Agricultural futures: Agricultural products were the first commodities to be traded in futures. Including
1, grain futures, mainly wheat futures, corn futures, soybean futures, soybean meal futures, red bean futures, rice futures, peanut kernel futures and so on;
2, cash crop futures, raw sugar, coffee, cocoa, orange juice, palm oil and canola futures;
3, livestock futures, mainly meat products and fur products futures of two major categories;
3, meat products and fur products futures;
4, agricultural futures: futures on agricultural products are the first commodity to be traded. /p>
4, forest products futures, mainly timber futures and natural rubber futures.
What are chemical futures?
Chemical futures is the speculation of chemical products, crude oil, fuel oil, toluene, etc.
What is gold investment?
Gold is one of the least taxing investments in the world. In contrast, many other investments have tax programs that investors can easily overlook. In particular, the inheritance tax, when you want to transfer the property to your next generation, the best way is to turn the property into gold, and then by your next generation will then turn the gold into other property, which will completely free from the high inheritance tax.
What is futures software
A trading platform for futures, which can also be described as a tool for trading futures.
What is a futures company?
Futures brokerage firms are companies established in accordance with national laws, rules and regulations to accept clients' commissions and conduct futures trading in their own names for the purpose of obtaining commissions.
What are copper futures?
The so-called Shanghai copper futures, generally China Shanghai refers to copper futures contracts, that is, the unified development of the futures trading on the provisions of a specific time and place in the future delivery of a certain amount of the underlying copper standardized contracts. This underlying copper, also known as copper underlying assets, is the spot copper corresponding to the futures contract.
What are Shanghai aluminum futures?
The so-called Shanghai aluminum futures, generally referred to as aluminum futures contracts in China, is to refer to the unified development of the futures trading on the provisions of a specific time and place in the future delivery of a certain number of standardized contracts of the underlying aluminum. This underlying aluminum, also known as aluminum underlying assets, is the spot aluminum corresponding to the futures contract.
What are zinc futures?
The so-called Shanghai zinc futures, generally referred to as zinc futures contracts in China, is a standardized contract for the delivery of a certain quantity of the underlying zinc at a specific time and place in the future, which is uniformly formulated by the Shanghai Futures Exchange. This underlying zinc, also known as zinc underlying assets, is the spot zinc corresponding to the futures contract.
What are rubber futures?
Natural rubber can be categorized into two main types according to its form: solid natural rubber (film and granular rubber) and concentrated latex. In daily use, solid natural rubber accounts for the vast majority.
Shanghai Futures Exchange natural rubber contract delivery grade for the domestic first-class standard rubber SCR5 and imported smoke sheet rubber RSS3, of which the domestic first-class standard rubber SCR5 is usually also known as the No. 5 standard rubber, the implementation of the State Bureau of Technical Supervision issued by the implementation of the natural rubber GB/T8081~1999 version of the quality indicators. Imported flake rubber RSS3 implementation of the International Rubber Quality and Packaging Conference to determine the "quality of natural rubber grades and packaging of international standards" (Green Book) (1979 edition).
What are fuel futures?
What are soybean futures?
Soybean is an annual herbaceous plant of the legume family, also known as soybean. China is the origin of the soybean, has more than 4700 years of history of planting soybean. Europe and the United States cultivation of soybean history is very short, about the late 19th century only from China to pass. In the 30s of this century, soybean cultivation has spread throughout the world.
Based on the color and shape of the seed coat, soybeans can be divided into yellow soybeans, green soybeans, black soybeans, other colors of soybeans, feed beans (fodder beans) five categories. The seed coat of yellow soybeans is yellow, umbilical color is yellow-brown, light brown, dark brown, black or other colors, grain shape is generally round, oval or oblate. Dalian Commodity Exchange soybean futures contract subject matter is yellow soybean.
What are corn futures?
Corn and soybean meal are important feedstuffs, of which corn can account for about 60% of the proportion of compound feed, and its price fluctuations have a great impact on feed enterprises.
The United States is the world's corn production, consumption and trade of the first big country, to CBOT (Chicago Board of Trade) as a representative of the U.S. corn futures market with the spot market effectively in line with the formation of the corn futures prices to become the world's corn market price "wind vane", the market has a considerable market The market has a considerable market scale, and liquidity, price discovery, transfer of risk and other economic functions are also relatively perfect, its corn futures contracts and trading and delivery rules in the design and modification of the experience is to become the world futures market *** with the wealth of the many futures exchanges to learn from and adopt.
What are soybean meal futures?
Soybean meal is a by-product of soybeans after the extraction of soybean oil, according to the different methods of extraction, can be divided into a dip soybean meal and two dip soybean meal. One of the leaching method to extract soybean oil by-products for a dip soybean meal, and first to press the oil, and then after the dip extracted oil by-products known as two dip soybean meal. In the whole process, the control of temperature is extremely important, too high a temperature will affect the protein content, which is directly related to the quality and use of soybean meal; too low a temperature will increase the moisture content of soybean meal, and high moisture content will affect the quality of soybean meal during the storage period. A dip soybean meal production process is more advanced, high protein content, is the domestic spot market circulation of the main varieties.
In accordance with national standards, soybean meal is divided into three grades, a soybean meal, secondary soybean meal and tertiary soybean meal. From the current domestic soybean meal spot market situation, in 1999 the total domestic soybean meal processing (excluding imports of soybean meal) of about 10 million tons, of which about 20% of the first-class soybean meal, second-class soybean meal accounted for 75% of the third-class soybean meal accounted for about 5% of the three grades of soybean meal circulation of changes in the quality of soybeans are mainly related to. From the market demand for different grades of soybean meal, a small number of large-scale domestic feed mills with the strength to use a soybean meal, most feed mills are now mainly used in the second level of soybean meal (protein content of 43%), the second level of soybean meal is still the mainstream of the domestic soybean meal consumption market, three levels of soybean meal has been rarely used.
What are soybean oil futures?
Soybean oil is a general term for soybean oil products, soybean oil according to the degree of processing can be divided into soybean crude oil and finished soybean oil. In China, soybean crude oil (also known as gross oil) is mainly for the factory's intermediate products, at present, China's imports of soybean oil is also all soybean crude oil. Because soybean crude oil has the advantages of large trade volume, uniform quality, easy storage, and international spot and futures market convergence, so it is more suitable for futures trading varieties.
Soybean oil futures delivery quality standards to China's soybean oil national standard as a blueprint, the project settings, value selection is basically the same, at the same time with the development of the spot market does not match the individual indicators and values for fine-tuning. Such as the increase in the national standard in the absence of but spot enterprises commonly used in the phosphorus content indicators, and the design of phosphorus content ≤ 200mg / kg, the acid value from the national standard of ≤ 4.0mg KOH / g adjusted to ≤ 3.0mg KOH / g. In this way, the domestic soybean crude oil basically able to meet the delivery standards; imported soybean oil in the solvent residue and other indicators may not meet the standards. However, after simple processing, imported soybean oil can fully meet the futures delivery quality standards. At the same time to simplify the contract, soybean oil futures do not set the grade premium and discount.
What are palm futures?
Palm oil futures is the first purely imported variety listed in China's futures market, marking the listing of Chinese futures market varieties are increasingly open and internationalized. Palm oil, soybean oil and rapeseed oil are currently the three major vegetable oils in the domestic consumer market. Palm oil futures yesterday in the Dashang listed, and the Dashang last January 9 listed for trading soybean oil futures and Zhengshang June 8 this year listed for trading rapeseed oil futures, the formation of a complete domestic oil futures market. Palm oil futures prices affect many factors, price volatility, frequent intra-day fluctuations, moderate transaction costs, and the special identity of the international oil market leading varieties, contains a multitude of investment and arbitrage opportunities, is conducive to investors to enrich their investment portfolio, is an excellent investment varieties.
What are polyethylene futures?
What are durum wheat futures?
What are Strong Wheat Futures?
What are sugar futures?
White sugar, also known as white granulated sugar, can be divided into vulcanized sugar and carbonized sugar depending on the sugar production process. Carbonized sugar has a longer shelf life, better quality and is relatively expensive. At present, most of the sugar factories in China produce vulcanized sugar. White sugar is almost composed of a single ingredient, sucrose, and the sucrose content of white sugar is generally more than 95%, so any plant with a high sucrose content can be a raw material for sugar production. Currently, the main raw materials for white sugar in the world are sugar cane and sugar beet.
What are Cotton One futures?
What are purified terephthalic acid futures?
PTA is the chemical name for PTA, which is synthesized with MEG (ethylene glycol) to produce PET (polyethylene terephthalate), commonly known as polyester, and mineral water bottles are produced from PET.PTA is also used in the production of polyester fibers, commonly known as polyester, which are used in textiles.
December 18, the world's first PTA futures listed on the Zhengzhou Commodity Exchange listing
What are PTA futures?
Precision terephthalic acid, abbreviated as "PTA", is mainly used in the production of polyethylene terephthalate (PET), polypropylene terephthalate (PTT) and polybutylene terephthalate (PBT). And PET is the main raw material of polyester, a synthetic fiber. Currently in the domestic production of polyester as raw material polyester fiber has been in the total production of synthetic fibers more than 80% of the proportion.
What are L Futures?
What are canola oil futures?
The futures varieties with canola oil as the underlying. It is another futures variety that has just been launched in China
China is the world's largest producer and consumer of rapeseed oil, with an annual production of 4 million tons to 4.7 million tons, an output value of more than 25 billion yuan, and an annual consumption of 4.3 million tons to 4.8 million tons. China's rapeseed oil processing and consumption areas are concentrated, which is conducive to investors to search for timely and accurate supply and demand information, correctly predict the price situation, but also conducive to the positioning of the futures delivery area, to facilitate the exchange of the futures delivery business supervision and management.
Introduction to futures trading
1. The concept of futures contracts:
Futures contracts are standardized contracts designed by the exchanges and approved for listing by the national regulatory agencies. A futures contract can be used to settle the spot or to carry out hedging transactions to fulfill or discharge the contractual obligations.
The futures contract can be used to settle the spot or to carry out hedging transactions to fulfill or discharge the contractual obligations.
2. Contract components:
A. Trading varieties
B. Trading volume and units
C. Minimum change in price, the offer must be a multiple of the minimum change in price.
D. Maximum daily price fluctuation limit, i.e. up and down stops, which acts as a brake on market price fluctuations. Market prices will not be pushed to inappropriate levels by sudden
"hysteria" and futures traders will have plenty of time to reassess their market positions.
When the market price rises to its maximum level, we call this the "stop" and vice versa. When the market price reaches the stop of the day
The market is not closed to trading, it only prohibits the market from trading at a price that exceeds the stop range. If traders
are willing to take futures positions in the opposite direction, i.e., if someone is willing to sell when it's up and buy when it's down, trading will still take place under this stop
. Of course, the day's price may also fall from the stop to the stop, or it may rise from the stop to the stop.
E. Contract month
F. Trading hours
G. Last trading day
H. Delivery time
I. Delivery standards and grades
J. Place of delivery
K. Margin
L. Transaction fees
3. p>A. The terms of a futures contract, such as the variety, quantity, quality, grade, delivery time, and place of delivery of the commodity, are all established and standardized, and the only variable is the price. The first standardized futures contract was introduced by the CBOT in 1865.
B. Futures contracts are traded under the organization of futures exchanges, which are legally binding, and prices are generated through open bidding in the trading halls of the exchanges; most of the foreign countries use the open outcry method, while all of our country use computerized trading.
C. The fulfillment of futures contracts is guaranteed by the exchange, and private trading is not allowed.
D. Futures contracts can be closed out by hedging the fulfillment of responsibility.
4. The role of futures contracts:
One is to attract hedgers to use the futures market to buy and sell contracts to lock in costs and avoid possible losses due to the risk of fluctuations in commodity prices in the spot market.
The second is to attract speculators to trade in risky investments and increase market liquidity.
What is futures delivery?
There are generally two ways to close a commodity futures transaction, one is to hedge a position; the other is physical delivery. Physical delivery is the use of physical delivery to fulfill the responsibility of futures trading. Therefore, futures delivery refers to the futures trading buyers and sellers in the contract expiration, the expiration of their respective holdings of open positions in accordance with the provisions of the exchange to fulfill the physical delivery, the end of their futures trading behavior. Although physical delivery accounts for a very small percentage of the total number of futures contracts, it is physical delivery and this potential that makes futures price movements synchronized with the relevant spot price movements and gradually converge as the expiration date of the contract approaches. Physical delivery is by its nature a kind of spot trading behavior, but physical delivery in futures trading is the continuation of futures trading, it is at the intersection of futures market and spot market, is the bridge and link between the futures market and the spot market, so the physical delivery in futures trading is the basis of the existence of the futures market is the futures market is the basic premise of the two major economic functions of the futures market.
How to hedge your bets?
1. Definition of Hedging
Hedging refers to the trading behavior of futures market participants who take advantage of the difference in prices between different months, markets and commodities to buy and sell two different types of futures contracts at the same time in order to obtain risky profits from them. It is a special way of futures speculation, which enriches and develops the content of futures speculation, and makes futures speculation not only limited to the absolute price of futures contracts level changes, and more shifted to the relative price of futures contracts level changes. Often referred to as arbitrage, etc.
2. Types of arbitrage
(a) inter-period arbitrage: inter-period arbitrage belongs to the most commonly used in the arbitrage transaction, the actual operation is divided into bull arbitrage, bear arbitrage and butterfly arbitrage.
(ii) cross-market arbitrage;
(iii) cross-commodity arbitrage;
(iv) raw materials - commodity arbitrage.
How to recognize the definition of "investment" and "speculation"?
Benjamin Graham's definition of "investment" and "speculation". A significant feature of the theoretical system of securities analysis created by Benjamin Graham is that through the historical review and profound analysis of some important economic categories in the field of securities, it seeks to clarify the confused and confusing appearances that pervade them and reveal the essence of what is contained therein that has not yet been truly recognized by the people, so as to enable the securities investors to establish a scientific, rational, safe and effective concept of securities investment. Based on the extensive influence and prominent role of "investment" and "speculation" in the securities market, it becomes an important task for Graham to construct the theoretical system of securities analysis by comprehensively and thoroughly scrutinizing it and giving it a precise definition.
In the 1930s of the last century, Graham was in the capital market for the definition of "investment" and "speculation", there are often different views on the understanding. People from different perspectives, the concept, relationship, role and even differences between the two, there are inconsistent, or even very different understanding. For those who agree that there is a difference between the two, belonging to two different important economic concepts, the difference between investment and speculation is that it can be divided from the object of the purchase and sale of securities, the mode of payment, the length of time to hold the stock, and whether it is a safe return or the expected risk return and other characteristics. However, investment and speculation in the concept and the actual operation of the bond is so close, difficult to distinguish, so much so that many of the brainwashed market practitioners simply concluded that: "investment is a successful speculation, and speculation is an unsuccessful investment," the two are merged into one, as just the same behavior of the two different forms of expression or statements. Graham does not agree with the above superficial understanding. Through a lot of market analysis and theoretical research, he formed his own unique insights. He believes that the concept of equating investment and speculation as one is not desirable, because those who hold it only from the end result of the two activities to define them, rather than after a comprehensive analysis of their basic characteristics. He clearly pointed out that "investment" and "speculation" are two distinct economic categories, and that there is a significant and essential difference between them. This difference is not entirely manifested in such as the object of the purchase of bonds or stocks, to take the way of cash transactions or margin trading, holding stocks for a long time or short-term, the purpose of the investment is to realize the safety of the return or the risk of the return on the surface.
This is so because the criteria for holding these stocks are themselves difficult to determine and are always in a state of flux or uncertainty. Therefore, the above differences do not touch on the essential characteristics of the two, and cannot be used as a basis for a precise definition. For example, it has been stubbornly argued that bonds are an extremely safe investment, whereas stocks carry a great deal of risk. Therefore, the purchase of bonds is an investment, while the purchase of stocks should be considered speculation. In reality, not all bonds are investments. If a bond does not have a safe intrinsic value, its purchase is undoubtedly equivalent to a complete speculation, and is a dangerous speculation; and if a stock with security, its operation is an investment, and is a safe and secure, can get an effective return on investment. Nor, for example, can the purchase of a stock in full cash be regarded as an investment, since most of the most speculative stocks are required to be purchased in full cash, etc. In short, "buying stocks can be an investment, trading on margin can be an investment, and trading with the intent to make a quick profit can be an investment". So what is the exact definition of "investment" and "speculation"? In Graham's view, the exact definition of investment should contain three important factors that are interrelated and inseparable. First, investment must be based on "detailed analysis". By exhaustive analysis, we mean the study of an investment object by means of established standards of safety and value. Secondly, the investment should have the guarantee of "safety". Of course, investment in the securities market is always full of and accompanied by a variety of risks, and there is never absolute safety. But after exhaustive analysis of the selected investment object should have investment "intrinsic value", there should be a relatively safe value space, and this is to ensure that it is usually and probably not a greater risk, but also to avoid accidental loss of the security of the embodiment. Third, the result of the investment must be able to get a "satisfactory return". This satisfactory return to a rational investor has a broader meaning, i.e., it includes not only interest and dividends, but also capital appreciation and profits. As a result, Graham came to the definition: "investment is the operation of the principal security and satisfactory return after detailed analysis". On the contrary, what does not fit with it is speculation. "Investment" and "speculation" is a basic form of securities market trading activities, the most basic difference between the two or the core, lies in the ability to obtain security income. Graham on the definition of investment is different, he stressed that "investment" deliberately emphasized the security of this security can not be built on the market false information, unfounded assumptions, the dissemination of inside gossip or even full of gambling on top of; "Investment The security of "investment" must depend on whether the investment object has a real intrinsic value or the existence of a value change space, and to grasp this key point or to achieve the "marginal security", only through the use of objective criteria for the information available to carry out an exhaustive analysis. Graham believes that, reflecting on the overheating of the U.S. stock market before 1929 and the ensuing crash, one of the important reasons lies in the concept of investment and speculation with investors can not correctly distinguish between the two distinct concepts to be confused, the lack of rational guidance for the investment operation, which ultimately not only led to significant losses on the investor's money, but also contributed to the overall collapse of the market in fact. Thus, learning from history and truly recognizing the essential difference between investment and speculation is crucial for investors to establish a scientific, rational, safe and effective investment philosophy.
How do I avoid making the same mistakes that newbies make?
Practice makes perfect. But unfortunately we don't get many opportunities to practice.
For adults, it may take 60 to 70 years of their lives to manage their money. That sounds like a lot of time, and the truth is that we do have more than enough opportunities to become proficient at the things we do regularly, like paying bills and balancing expenses and so on.
But when it comes to many important financial decisions, we have little or no opportunity to improve our skills. I'm afraid this is usually reflected in your financial returns, too.
Once in a lifetime
Take, for example, the question of when you should apply for a pension from the federal Social Security Administration. For seniors 65 and older, Social Security payments are the most important source of daily expenses, accounting for 39 percent of their total income, according to the Social Security Administration.
Think you'll live to be 82 or 83 or older? In that case, you're better off waiting until you're 65 or 66 to collect your pension, which gives you a larger monthly amount. But the fact is that many old people don't think this through themselves and start collecting their pensions from age 62, only to receive less money each month thereafter.
It's probably not surprising that people make mistakes on this issue. After all, we don't have any experience with it. Instead, we make these kinds of decisions only once in our lives, and usually based on hearsay and instinctive reactions.
Social Security pensions are the most important source of income in our retirement years, and our homes are usually our largest possessions. But unfortunately, like the pension issue, most of us are inexperienced when it comes to real estate. Over the course of a lifetime, we may buy a house four or five times. The result is that we lack extensive experience in evaluating real estate, picking the right mortgage, and dealing with real estate brokers and home inspectors. This makes mistakes inevitable.
Never reviewing previous decisions
Lack of experience is commonplace with other important investment decisions, such as how much should one put into an employer's 401(k) or 403(b) plan? What percentage of one's portfolio should be in stocks and bonds? When should you start withdrawing your retirement savings? And so on.
Guaranteeing that we can constantly revise our decisions, in reality we usually let them go once we've made them. For example, after determining the percentage to put into a 401(k) plan and selecting the **** same funds to buy, employees hardly ever revisit those decisions, and therefore never learn from their mistakes and become more experienced investors.
Julie? Julie Agnew, a finance professor at the College of William and Mary in Williamsburg, Va. She says 65 percent of the participants in a large investment program she examined did not engage in any trading in the four years she conducted the study. That's a clear sign of inertia.
It is also worth giving a good deal of thought to experience when choosing a fund manager. I am always skeptical of fund managers who claim to be able to exceed average stock market returns.
I am even more suspicious when they make such claims based on one or two investment decisions. For example, a market speculator can make a killing by selling stocks before they fall and then buying them at the bottom of the market. But making a fortune on the basis of just two decisions is really a matter of luck. In contrast, if a fund manager has made higher long-term returns through stock picking, then I'm not as skeptical. Why? Because to achieve higher fund returns, a fund manager might have to pick hundreds of money-making stocks, suggesting that it is still investment skill that is at work.
Advisers 'look but don't ask'
Hiring a broker or financial adviser may seem like a smart move given our lack of financial expertise. But because of our lack of expertise, we can run into some trouble.
Do we really know how to find a good financial adviser? This is something that most people lack experience in. If someone does have some experience, it means that they have learned from their mistakes before they have learned from their mistakes. And, when we use an advisor, we are at a distinct disadvantage. Brokers or financial advisors are supposed to know more about personal finance than we do, but the problem is that this also makes it difficult to gauge advice - are we getting sound advice? Or is the advisor recommending investments that will give him a great return on his own money? And so on.
In the end, even if we find a good financial adviser, we won't be able to get a lot of help with some of the really critical issues, like when to apply for Social Security retirement benefits? How to handle the next home sale? Indeed, these are important issues for most Americans. But since Wall Street has no direct financial risk in it, we don't see a lot of good studies in this area. Getting wise
Experience is the best teacher. As a result, people over 50 are usually smart investors. They have a deeper understanding of tolerating risk and market history, which makes them more resilient to sticking to the right investments and wiser to avoiding the pitfalls of the wrong ones.
Of course, by that time, there will be very little time for them to utilize their wisdom. What can we do to bring forward the wisdom of then? Try to improve insights by talking to family, friends and coworkers.
But don't ask them about their successes. People often brag about decisions they think are smart, but after much thought, you'll often realize they're nothing more than mediocre insights. Instead, you should ask them what mistakes they've made. If someone is willing to admit that they've made a mistake, it's likely that the mistake will become a valuable lesson. Needless to say, I also think it helps to read widely. People often ask me to recommend books. While I've written a few books myself, I don't think sitting down and trying to digest a 60,000 word tome is the best way to get an education.
When you have a moment, look through personal finance magazines, investment newsletters, financial Web sites and the business section of your local newspaper. At least half of what you see is probably junk, but if you're persistent, you'll eventually become a knowledgeable investor. You will improve by learning from the lessons of others without having to pay a high price yourself.