The reason why the two have this expression is because the price of 7320 is very sensitive, which happens to be the closing price and the highest price of the bald and barefoot long white candle last Friday!

Xiaoqin didn't understand, but fortunately, she was humble, and if she didn't understand, she listened to the side and didn't interject easily.

As the two discussed, there were a large number of positions at the price of 7320, but the positions continued to decline, indicating that the price continued to reduce positions. As the number of existing positions was rapidly reduced, the price did not go up, but slowly fell: 7320 did not hold, the price became 7315, 7310, 7305, and then rebounded to 7310 and circled repeatedly......

"Open high and go low, good for shipment, the main force is going to bury people...... Chang Tianhao muttered, decisively hung up his position, and did not wait for Xiaoqin to react, yesterday's 50 hands of "Duang" were all closed at once, and the price was locked at 7305.

This set of software used in the new century is very distinctive: the success of opening a position is Ding, the success of closing a position is Duang, and the appearance of a scrapped order is a sullen "dong" and then popping up an exclamation mark.

"It's good! It's decisive!" Brother Chao praised from the bottom of his heart.

Before he could react, Chang Tianhao quickly hung up a new list with his hands and feet, Xiaoqin was stunned and listened to the sound of "Ding Ding Ding", and then saw that the backhand 60 empty order had been smashed, and the price was 7310.

Brother Chao said with heartfelt emotion: "Brother, you are fierce, lightning hand!"

"I'll play with the main force to see how many people he can bury today. ”

Stocks are different from futures, and the overall trading of stocks is a zero-sum game in the short term, and a positive-sum game in the medium and long term - as long as the company continues to grow and pay dividends, even if it is not traded, every shareholder can enjoy the return. But futures are different, no matter what the actual price of the delivered goods is, whether it rises or falls, the profit of one party must be the amount of loss of the other party, and the price is only a measurement number.

No matter how the stock is traded, there is a buy and a sell, most of the time (note that most of the time) turning around will not lead to a change in the number of shares, but the futures position is built together by the long and short sides because of the disagreement, the larger the divergence, the larger the position, when the delivery month is approaching, most of the positions will be reduced to a very small number, and the vast majority of the futures market list is speculation, not entering the delivery process.

Therefore, futures often have a daily trading volume, and the commodities represented behind the daily trading are far greater than the actual circulating materials in the market.

More than 99% of positions in futures trading are for speculation, and few people intend to hold them to the end, just as the vast majority of foreign exchange trading is speculation, and serious foreign exchange exchange does not require such a high volume.

In practice, we need to consider handling fees, commissions, stamp duty, and various regulatory fees, and futures also need to consider storage fees, delivery fees, etc., and there is no zero-sum as a whole, and they are usually negative-sum games.

With a large reduction in positions, the price plummeted, just barely stable at about 7300, and it has fallen to 7250 in less than 5 minutes.

Brother Chao pointed to the screen and pointed at Xiaoqin: "See, this is a typical good shipment, killing and burying people...... You know it's good news, and he knows it's good news, everyone rushes up to grab positions? The market can't catch so much and only falls. When you fall, you will have a sense of panic, and then the scene will be stampede, kill more...... This dealer is quite benevolent, if he doesn't open the number 7320 today, and continues to play up, hit 7400 what do you think?"

Xiaoqin thought for a while and said, "Chasing high?"

"That's right! Lure and chase high, and then kill under the avalanche, that is even more powerful, and more people will die. You always have to keep in mind that futures are leveraged trading, and a shock of about 4-5% is nothing for stocks, but it is enough for futures. If the position is high, is a drop of 2% enough to reach the level of margin call? and then a drop of 2%, I am afraid that your risk control department will not give the customer time, and directly start to reduce the position in the background. After reducing the position, even if the price pulls back to 7300 in the afternoon, does it still have anything to do with you?" Brother Chao said meaningfully, "The position is everything, without a position, the market rises and falls have nothing to do with you." ”

"Can you use less leverage to carry it over and wait for him to rebound?"

"Yes and no, it can't ......"

Yes, because there is no market that only rises and does not fall, and there is no market that only falls but does not rise, as long as the time is enough, the price will definitely return to the mean, and patience will definitely come back. Futures and stocks are different, futures represent real bulk materials, stocks represent the ownership of the company, if the company's prospects deteriorate, on the verge of bankruptcy, the ownership will be worthless, followed by a bull market, the bankrupt company basically can't turn over, but futures do not have such unfavorable factors.

I say no, because futures are short-term contracts, which are always under delivery pressure, and need to constantly move positions to month, and there will be basis losses in the process of changing months. More importantly, futures trading is leverage, how many people can withstand the temptation not to leverage? It is simple to remove leverage, a hand of 5 tons of Tianjiao, according to 7300 yuan is 36,500, you have 36,500 yuan for each hand of the book to open a position is equivalent to the leverage is completely removed, but the actual hand of Tianjiao margin is less than 3,000 yuan, 36,500 funds only use 03,000, and 33,000 is not a waste of idle funds?

This is the paradox of what can be theoretically and what cannot be done in practice.

"Sister Qin, you actually have to listen to the news the other way around yesterday......" Chang Tianhao said with a smile, "After reading the official statement, you must dig out the logic behind it." ”

Xiaoqin looked confused: "Behind?"

"You think, the news uses the word "phenomenon rising", which means that there are so many situations that need to be cracked down more intensively, right?"

"Yes!"

"The official language is often whitewashed...... If the news statement is raised, it is not a slight increase in the superficial sense, but basically a large number of huge amounts. ”

"Uh, even if that is understood, then?"

"Then?" Chang Tianhao spread his hands, "This shows that a large amount of rubber was smuggled in the first half of the year, which has affected the country...... In other words, even if the crackdown is intensified from today, all the smuggling in the first half of the year will already exist and enter the production field. Do you think that as soon as the blow increases, even the smuggling part of the first half of the year will disappear quickly? There must be a process...... What's more, the goods that are still halfway, still in the hands of criminals, or in the channel warehouse will also speed up the shipment because of this statement, rather than feeling that the strange goods are habitable - the risk has increased, and it is too dangerous to continue to keep their hands. ”

"Got it, got it...... You mean it's going to go up, but not anytime soon?"

"That's pretty much it, I'll find a low snack in the afternoon...... On the whole, I agree with Brother Chao's operating logic, he is right, Tianjiao should rise. At the end of the words, Chang Tianhao patted the other party's ass without leaving a trace, and he was favored, why not?

Brother Chao laughed and said modestly: "Xiao Chang is much better than me, this lightning kung fu is really needed, Xiaoqin, don't you help him calculate how much money he has made?"

Xiaoqin hurriedly took out the calculator:

Yesterday afternoon, Chang Tianhao opened a long position, 7040 a total of 50 hands totaling 250 tons, just closed on 7305, earning 265 yuan per ton, 250 tons of total profit of 66250 yuan, deducting two transaction fees totaling 824.84 yuan, the actual net profit of 65425.16 yuan. At the close of trading yesterday, Chang Tianhao's book assets exceeded 176,400 yuan, and today's good cash has reached 241,800 yuan.

But Xiaoqin looked at the numbers on the screen and found that it had exceeded 260,000, and it was still in the process of rising, and after a little thought, he understood: Chang Tianhao just opened 60 hands with a total of 300 tons of short positions, and the price was locked at 7310, and now the price has fallen below 7250, with a floating profit of 60 yuan per ton and a total floating profit of 18,000 yuan, and the floating profit is reflected in the accounts.

She covered her mouth in surprise: "Turn ...... Doubled...... More than doubled!"

She clearly remembered the funds deposited by Chang Tianhao on the day she opened the account: 124,800 yuan, and now it has exceeded 260,000, how can she not be surprised.

On the afternoon of the 10th, the account was opened, and the morning of the 15th doubled, and then the middle of the 11th, 12th two non-trading weekends, equal to Chang Tianhao in 3 days to achieve a double, when she was really surprised speechless, at noon stoppage, due to the continuous decline in the price of Tianjiao, Chang Tianhao's account has exceeded 270,000 yuan, and is still expanding.

Chang Tianhao himself was also in high spirits, and took the two of them to Tianxianglou humming a small tune......