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1、Chapter 6Getting Started in Trading Futures国际期货市场运作6GettingStartedinTradingFutuTheRoleoftheBrokernManyoftheproblemsthatoccurbetweenbrokerandclientarisefromunrealisticclientexpectations.国际期货市场运作6GettingStartedinTradingFutuHowtoFindaGoodBrokernAbrokermakesmoneywhenyoucloseoutaposition.nThemoreaclientt
2、rades,themoreprofitforthebroker.nCommissionsarethelifebloodofthefuturesmarketandthebrokeragebusiness.国际期货市场运作6GettingStartedinTradingFutu1.Thenovice.2.Theexperiencedshort-termtrader3.Thelong-termtrader4.TheindependenttraderRulesforselectingaBroker国际期货市场运作6GettingStartedinTradingFutuAnswerthetelephon
3、equicklyandtakeyourorderpromptlyandprofessionally.Placeyourorderdirectlytothetradingfloor,andnotthroughanotherparty.Reportorderexecutionstoyoupromptly.Executeyourorderswithaminimumoferrors.AGoodBrokerShould国际期货市场运作6GettingStartedinTradingFutuEncourageyoutoovertrade.Talkyouintooroutoftrades.Urgeyouto
4、tradebasedonemotion,rumor,ortips.Addtoyourinsecurityoruncertainty.AGoodBrokerShouldNot:国际期货市场运作6GettingStartedinTradingFutuOpeninganAccountThepaperworkisfairlysimpleandstraightforward,andthebrokerwillbemorethanhappytohelpwithit.国际期货市场运作6GettingStartedinTradingFutunDifferentbrokeragefirmshavedifferen
5、tfinancialsuitabilityrequirementsandstandards.nSomeallowyoutoopenanaccountwithaslittleas$1,000whileothersrequire$5,000ormore.FinancialSuitability国际期货市场运作6GettingStartedinTradingFutuTheclosedmonthiscalledthefront,orthespotmonth,whereasthefurthermonthsarecalledthebackmonths.ContractMonths国际期货市场运作6Gett
6、ingStartedinTradingFutuFuturesCornPriceinDCEDOHLCPre-seseU/D07051538154615361539153115398070715881595158615941574159120070916551667165416651646166119071116601674166016701650166920080116681684166716781658167720080316771693167716891668168821国际期货市场运作6GettingStartedinTradingFutuTheTradingVolumeinChinaIn
7、Chinathehighestvolumeoftradingoccursinthemiddlemonths,creatingthemostliquidmarket.国际期货市场运作6GettingStartedinTradingFutuCntrct high low close volume Open-intCntrct high low close volume Open-int 0210 14780 14720 14780 -20 1954 15690 0210 14780 14720 14780 -20 1954 15690 0211 14810 14730 14810 -20 1544
8、 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 66226622 56750 56750 0302 14880 14810 14880 -40 0302 14880 14810 14880 -40 2043420434 79766 79766 0303 14950 14870 14940 -30
9、3022 12782 0303 14950 14870 14940 -30 3022 12782 0304 14970 14950 14970 -90 12 488 0304 14970 14950 14970 -90 12 488 FuturesCopperPricesinSHFE国际期货市场运作6GettingStartedinTradingFutu- Cntrct Open High Low Close Volume Open-intr Cntrct Open High Low Close Volume Open-intr 0210 14720 14760 14720 14750 203
10、8 12024 0210 14720 14760 14720 14750 2038 12024 0211 14550 14760 14550 14750 930 21266 0211 14550 14760 14550 14750 930 21266 0212 14630 14780 14630 14780 1302 35520 0212 14630 14780 14630 14780 1302 35520 0301 14790 14800 14760 14790 2264 51868 0301 14790 14800 14760 14790 2264 51868 0302 14820 148
11、30 14790 14820 0302 14820 14830 14790 14820 83368336 8443284432 0303 14840 14870 14820 14860 3610 22996 0303 14840 14870 14820 14860 3610 22996 0304 14900 14930 14900 14910 694 1658 0304 14900 14930 14900 14910 694 1658 - FuturesCopperPricesinSHFE国际期货市场运作6GettingStartedinTradingFutuAnotherCaseonthec
12、hangeofpriceinfuturesmarketInalong-tend-to-shortmarket,thefurtheracontractisfromthespotmonth,thehighertheprice.国际期货市场运作6GettingStartedinTradingFutuCopperpriceinShanghaiFuturesExchange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0410306103100031520310003149031480880258204112990030380307903028
13、03079030620890735404122918029510300502951030050299208703268205012852028870293702885029370292608502821205022804028060288802806028880288408403454050327650284202847028200284702844082013260504272902750028100275002810028010810416050527010277802778027600277202769071040国际期货市场运作6GettingStartedinTradingFutuI
14、nthefuturesmarket,aspecifiedamount,alsocalledmargin,isdepositedwiththebrokerwhenatradeismade.Thismarginmoneydoesnotpurchaseanything.Itsimplyservesasearnestmoney.Marginandthe“MarginCall”国际期货市场运作6GettingStartedinTradingFutuShortSellingInthefuturesmarket,thetraderwhooriginallytookashortpositionliquidat
15、esthatpositionbytakinganoffsettinglongposition.国际期货市场运作6GettingStartedinTradingFutuBrokerscommissionsareusuallyquotedatapriceperround.Commissions国际期货市场运作6GettingStartedinTradingFutunMany markets have similar contract sizes andcalculationtechniques.nThe following text shows some helpful hints onhowto
16、interpretpricesinthenewspaperaswellasonyourtradingscreen.HOWTOREADFUTURESPRICES(page76topage102)国际期货市场运作6GettingStartedinTradingFutuCBOTWheatnContract size: 5,000 bushels per contract.Minimumpricefluctuation1/4cent.nEach1/4centmove=5,000bu.1/4cent/bu.=$12.50perticknEach full penny move is 4,1/4cent
17、moves or($12.504)=$50/bu.nFirstlimitmoveis20cents.($1000/bu.)n1contractmove=5000$1000=5,000,000国际期货市场运作6GettingStartedinTradingFutuTheUnitedStatesisalsotheworldslargestconsumer of copper, accounting for about25percentoftotalworldusage.CIPEC,atrade organization comprising major worldproducers,account
18、sforabout70percentofinternationaltradeincopper.CMXCopper国际期货市场运作6GettingStartedinTradingFutu_8105+581.05+.05$12.508110+1081.10+.10$25.00or8200+10082.00+1.00$250_ScreenNetChangePaperNetChangeValue国际期货市场运作6GettingStartedinTradingFutuHIGHGRADECOPPERDecember2004(COMEX)nDateOpenHighLowLastChangen09/28/04
19、137.75138.20137.10138.00+0.20n09/27/04137.40138.10135.40137.80+2.05n09/24/04135.50136.30134.50135.75-0.05n09/23/04134.90137.00134.70135.80-1.15n09/22/04134.00137.20133.40136.95+2.80Ifthecopperpriceis$1.38/pound,doyouknowthecopperpriceof$_/ton?$3042国际期货市场运作6GettingStartedinTradingFutuPLACINGANORDERnP
20、lacing the orderissimplyamatterofcallingthebrokerandgivinghimorhertheinstructions.nThetradermustinsistthatthepersonwhotakestheorderrepeattheorderbackbeforeendingthephonecall.国际期货市场运作6GettingStartedinTradingFutuTheMOCorder(alsoaffectionatelyreferredtoas“murderonclose”)isaspecializedtypeofmarketordert
21、hattellsthepitbrokertobuyorsellforyouatanypriceduringthelastminuteoftrading.MarketonClose(MOC)国际期货市场运作6GettingStartedinTradingFutuIneffect,itsaystothepitbroker,“Hereisamarketorder;pleaseuseyourbestjudgmentingettingmeapricefill.IwillnotholdyouliableifIgetabadfill.Youarenotrequiredtofillmeintheallotte
22、d3minutes.”DisregardTape(DRT)orMarketNotHeld国际期货市场运作6GettingStartedinTradingFutuItisusedeithertostopyououtofashortpositionortogetyouintoalongpositionasthemarketralliesandshowsitsstrength.BuyStop购买平出国际期货市场运作6GettingStartedinTradingFutuThisisabuystoporderthatisexecutedinthelastminuteoftradingBuyStopCl
23、oseOnly(SCO)国际期货市场运作6GettingStartedinTradingFutuThisisstoporderthatspecifiestothebrokerthatyouwillonlyacceptafillatthelimitofyourpriceorder.BuyorSellStopLimit国际期货市场运作6GettingStartedinTradingFutuAnMITordertobuyisplacedbelowthecurrentprice.Whenthemarkethitsthebuyprice,thefloorbrokerwillbuythegivencomm
24、odityatthemarketforyou.MarketifTouched(MIT)国际期货市场运作6GettingStartedinTradingFutuThepitbrokerwillattempttofillyourorderthreetimes.Inotherwords,thepitbrokerwillbidortrytobuythreetimes.Ifitisnotfilledthen,yourorderwillbe“killed,”thatis,canceled,andyouwillbetoldthatyourorderhasbeen“killed.”FillorKill(立即执
25、行指令）国际期货市场运作6GettingStartedinTradingFutuSpreads套利nAsyouknow,aspreadinvolvestwomarketstradedatthesametime.Whenaspreadorderisplaced,therearetwosidestotheorder,unlessthespreadsides(or“legs”)areplacedseparately.国际期货市场运作6GettingStartedinTradingFutuAttimesyoumaywishtoplaceacontingencyorder.OneCancelstheOt
26、her(OCO)国际期货市场运作6GettingStartedinTradingFutuCancelReplaceWhenyouhaveanexistingorderthatneedstobecanceledandreplacedwithaneworderinthesamemarket,yousimplyadviseyourbrokerthatyouhavea“cancelreplace”order.国际期货市场运作6GettingStartedinTradingFutuTipsforOrderPlacementnUsestoplimitordersinsteadofstoporders.nF
27、illorKillorderscanbeusedtoyouradvantageinseveralways.nUseFOKorderstotestamarket.nMITordersareacceptablebutnotalwaysefficient.国际期货市场运作6GettingStartedinTradingFutunOCOorders,whereaccepted,areveryhelpful.nUseFirstOpenOnlyorderswhenappropriate.nInsistonpromptreportingbackoforderfills.TipsforOrderPlaceme
28、nt国际期货市场运作6GettingStartedinTradingFutuTipsforOrderPlacementnKnowwhichexchangeswillacceptcertainorders.nFindouthowyourbrokerplacesyourorders.国际期货市场运作6GettingStartedinTradingFutuDayTrading,Short-termTrading,AndPositionTradingnAdaytradeisatradethatyouareintoandoutofthesameday.nAshort-termtradeisonethat
29、istendaysorlessindurationbutlongerthanoneday.国际期货市场运作6GettingStartedinTradingFutuTheProsofDayTradingnItcanforceyoutotakeyourlossesquickly.nAgooddaytradercanmaximizeresultswithlittleinitialmargin.nFeedbackcomesquickly,withinminutes.国际期货市场运作6GettingStartedinTradingFutuTheConsofDayTradingnDaytradingreq
30、uiresfullattention.nDaytradingprofitstendtobesmalleronaper-tradebasisthanpositiontradingprofits.国际期货市场运作6GettingStartedinTradingFutuTheConsofDayTradingnDaytradersgeneratehigheroverallcostforasmallerreturn.nIntradaymovesareunpredictable.nFloortradershaveanadvantageoverthepublicinfillingtradesquickly.
31、国际期货市场运作6GettingStartedinTradingFutuReviewthedefinitionnAputoptionnOptionbuyernAcalloptionnOut-of-the-moneynIn-the-moneynMarginnMarketordernMargincallnAt-the-money国际期货市场运作6GettingStartedinTradingFutuQuestionsnHowdoyouselectagoodbroker?nExplainwhatisshortsell?nIfthecopperpriceis$1.86/pound,doyouknowthecopperpriceof$_/ton?nWhataretheprosandconsofdaytrading?国际期货市场运作6GettingStartedinTradingFutu
