国际期货市场运作6GettingStartedinTradingFutures-课件.ppt

1、Chapter 6Getting Started in Trading FuturesThe Role of the BrokernMany of the problems that occur between broker and client arise from unrealistic client expectations.How to Find a Good BrokernA broker makes money when you close out a position.nThe more a client trades,the more profit for the broker

2、.nCommissions are the lifeblood of the futures market and the brokerage business.1.The novice.2.The experienced short-term trader3.The long-term trader4.The independent traderRules for selecting a Broker Answer the telephone quickly and take your order promptly and professionally.Place your order di

3、rectly to the trading floor,and not through another party.Report order executions to you promptly.Execute your orders with a minimum of errors.A Good Broker Should Encourage you to overtrade.Talk you into or out of trades.Urge you to trade based on emotion,rumor,or tips.Add to your insecurity or unc

4、ertainty.A Good Broker Should Not:Opening an Account The paperwork is fairly simple and straightforward,and the broker will be more than happy to help with it.nDifferent brokerage firms have different financial suitability requirements and standards.nSome allow you to open an account with as little

5、as$1,000 while others require$5,000 or more.Financial Suitability The closed month is called the front,or the spot month,whereas the further months are called the back months.Contract Months Futures Corn Price in DCEDOHLCPre-seseU/D07051538154615361539153115398070715881595158615941574159120070916551

6、667165416651646166119071116601674166016701650166920080116681684166716781658167720080316771693167716891668168821The Trading Volume in China In China the highest volume of trading occurs in the middle months,creating the most liquid market.Cntrct Cntrct high low high low close volume Open-int close vo

7、lume Open-int 0210 14780 0210 14780 14720 14780 -20 1954 15690 14720 14780 -20 1954 15690 0211 14810 14730 14810 -20 1544 22688 0211 14810 14730 14810 -20 1544 22688 0212 14830 14750 14830 -30 2184 38988 0212 14830 14750 14830 -30 2184 38988 0301 14860 14760 14860 -40 0301 14860 14760 14860 -40 6622

8、6622 56750 56750 0302 14880 0302 14880 14810 14880 -40 14810 14880 -40 2043420434 79766 79766 0303 14950 0303 14950 14870 14940 -30 3022 12782 14870 14940 -30 3022 12782 0304 14970 14950 14970 -90 12 488 0304 14970 14950 14970 -90 12 488 Futures Copper Prices in SHFEFutures Copper Prices in SHFE Ano

9、ther Case on the change of price in futures market In a long-tend-to-short market,the further a contract is from the spot month,the higher the price.Copper price in Shanghai Futures Exchange 交交割割月月前前结结算算今今开开盘盘最最高高价价最最低低价价收收盘盘价价结结算算价价涨涨跌跌1成成交交手手04103061031000315203100031490314808802582041129900303803

10、0790302803079030620890735404122918029510300502951030050299208703268205012852028870293702885029370292608502821205022804028060288802806028880288408403454050327650284202847028200284702844082013260504272902750028100275002810028010810416050527010277802778027600277202769071040 In the futures market,a spec

11、ified amount,also called margin,is deposited with the broker when a trade is made.This margin money does not purchase anything.It simply serves as earnest money.Margin and the“Margin Call”Short Selling In the futures market,the trader who originally took a short position liquidates that position by

12、taking an offsetting long position.Brokers commissions are usuallyquoted at a price per round.CommissionsnMany markets have similar contract sizes and calculation techniques.nThe following text shows some helpful hints on how to interpret prices in the newspaper as well as on your trading screen.HOW

13、 TO READ FUTURES PRICES (page76 to page102)CBOT WheatnContract size:5,000 bushels per contract.Minimum price fluctuation 1/4 cent.nEach1/4 cent move=5,000 bu.1/4 cent/bu.=$12.50 per ticknEach full penny move is 4,1/4 cent moves or($12.50 4)=$50/bu.nFirst limit move is 20 cents.($1000/bu.)n1 contract

14、 move=5000$1000=5,000,000 The United States is also the worlds largest consumer of copper,accounting for about 25 percent of total world usage.CIPEC,a trade organization comprising major world producers,accounts for about 70 percent of international trade in copper.CMX Copper _ 8105 +5 81.05 +.05$12

15、.50 8110 +10 81.10 +.10$25.00 or 8200 +100 82.00 +1.00$250 _Screen Net Change Paper Net Change ValueHIGH GRADE COPPER December 2004(COMEX)n Date Open High Low Last Changen09/28/04 137.75 138.20 137.10 138.00 +0.20n09/27/04 137.40 138.10 135.40 137.80 +2.05n09/24/04 135.50 136.30 134.50 135.75 -0.05n

16、09/23/04 134.90 137.00 134.70 135.80 -1.15n09/22/04 134.00 137.20 133.40 136.95 +2.80If the copper price is$1.38/pound,do you know the copper price of$_/ton?$3042PLACING AN ORDERnPlacing the order is simply a matter of calling the broker and giving him or her the instructions.nThe trader must insist

17、 that the person who takes the order repeat the order back before ending the phone call.The MOC order(also affectionately referred to as“murder on close”)is a specialized type of market order that tells the pit broker to buy or sell for you at any price during the last minute of trading.Market on Cl

18、ose(MOC)In effect,it says to the pit broker,“Here is a market order;please use your best judgment in getting me a price fill.I will not hold you liable if I get a bad fill.You are not required to fill me in the allotted 3 minutes.”Disregard Tape(DRT)or Market Not Held It is used either to stop you o

19、ut of a short position or to get you into a long position as the market rallies and shows its strength.Buy Stop 购买平出 This is a buy stop order that is executed in the last minute of tradingBuy Stop Close Only(SCO)This is stop order that specifies to the broker that you will only accept a fill at the

20、limit of your price order.Buy or Sell Stop Limit An MIT order to buy is placed below the current price.When the market hits the buy price,the floor broker will buy the given commodity at the market for you.Market if Touched(MIT)The pit broker will attempt to fill your order three times.In other word

21、s,the pit broker will bid or try to buy three times.If it is not filled then,your order will be“killed,”that is,canceled,and you will be told that your order has been“killed.”Fill or Kill (立即执行指令）Spreads 套利nAs you know,a spread involves two markets traded at the same time.When a spread order is plac

22、ed,there are two sides to the order,unless the spread sides(or“legs”)are placed separately.At times you may wish to place a contingency order.One Cancels the Other(OCO)Cancel Replace When you have an existing order that needs to be canceled and replaced with a new order in the same market,you simply

23、 advise your broker that you have a“cancel replace”order.Tips for Order PlacementnUse stop limit orders instead of stop orders.nFill or Kill orders can be used to your advantage in several ways.nUse FOK orders to test a market.nMIT orders are acceptable but not always efficient.nOCO orders,where acc

24、epted,are very helpful.nUse First Open Only orders when appropriate.nInsist on prompt reporting back of order fills.Tips for Order PlacementTips for Order PlacementnKnow which exchanges will accept certain orders.nFind out how your broker places your orders.Day Trading,Short-term Trading,And Positio

25、n TradingnA day trade is a trade that you are into and out of the same day.nA short-term trade is one that is ten days or less in duration but longer than one day.The Pros of Day TradingnIt can force you to take your losses quickly.nA good day trader can maximize results with little initial margin.n

26、Feedback comes quickly,within minutes.The Cons of Day TradingnDay trading requires full attention.nDay trading profits tend to be smaller on a per-trade basis than position trading profits.The Cons of Day TradingnDay traders generate higher overall cost for a smaller return.nIntraday moves are unpre

27、dictable.nFloor traders have an advantage over the public in filling trades quickly.Review the definitionn A put optionnOption buyernA call optionnOut-of-the-moneynIn-the-moneynMarginnMarket ordernMargin callnAt-the-moneyQuestionsnHow do you select a good broker?nExplain what is short sell?nIf the copper price is$1.86/pound,do you know the copper price of$_/ton?nWhat are the pros and cons of day trading?