【国际期货市场运作】Chapter 6 Getting Started in Trading Futures.ppt

Chapter 6Getting Started in Trading Futures The Role of the Broker Many of the problems that occur between broker and client arise from unrealistic client expectations. How to Find a Good Broker A broker makes money when you close out a position. The more a client trades, the more profit for the broker. Commissions are the lifeblood of the futures market and the brokerage business. Rules for selecting a Broker The novice. The experienced short-term trader The long-term trader The independent trader A Good Broker Should ● Answer the telephone quickly and take your order promptly and professionally. ● Place your order directly 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 Not: ● 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 uncertainty. Opening an Account The paperwork is fairly simple and straightforward, and the broker will be more than happy to help with it. Financial Suitability Different brokerage firms have different financial suitability requirements and standards. Some allow you to open an account with as little as $1,000 while others require $5,000 or more. Contract Months The closed month is called the front, or the spot month, whereas the further months are called the back months. Futures Corn Price in DCE The Trading Volume in China In China the highest volume of trading occurs in the middle months ,creating the most liquid market. Cntrct high low close volume Open-int 0210 14780 14720 14780 -20 1954 15690 0211 14810 14730 14810 -20 1544 22688 0212 14830 14750 14830 -30 2184 38988 0301 14860 14760 14860 -40 6622 56750 0302 14880 14810 14880 -40 2043