When the rebar futures were at 2,800 yuan per ton, Wang Nuo made a profit of nearly 10 million, and it rose to above 2,850 yuan at the close of trading on Monday, with a total of 11,000 contracts, which means that the profit figure was 5.5 million more. lā

The amount of funds in Wang Nuo's account is now about 26.3 million, and 11,000 contracts are based on the current price of 2,850 yuan per ton, and the minimum margin is less than 15.7 million yuan, just leaving more than 4% of the operating space.

You can eat another 7,000 contracts with a full position, but it can hardly fall on every trading day in the next trading day, and you will have to add margin after a fall and settlement.

If it is the middle line, Wang Nuo will not hesitate, he is bullish, but the short-term is likely to adjust, the probability of going down is at least one-third, and the probability of requiring a margin call is close to fifty percent.

"The spot market is a natural advantage for the bulls, and the next step should be the resonance of the spot price and the futures price, in order to digest the inflated price of the futures market, and then ......" Wang Nuo seems to have a data map in his mind: "The bears can only attack in the futures market." ”

"Assuming that there is a strong short-selling force in the futures market, what will the bullish capital do?" seems to be ......" Wang Nuo thought about it differently, and felt that he had faintly grasped the main point: "Tend to eat up the trading volume?"

"Therefore, the sharp increase in trading volume is an urgent need of the bulls, and the range of short selling is actually a bait?"

"But the outcome is not necessarily who loses and who wins, the volume is too large, and more gaps are also possible...... No, if you jump too much, there will be no continuous volume transaction. ”

"If you don't jump, is the support still there?"

"Sideways in the next few days?" Wang Nuo slowly leaned towards this view: "Before the trend is determined, there must be a hedge, so ...... Don't worry?"

"Don't increase your position for the time being!" Wang Nuo finally decided to wait a little longer.

The time also slowly came to 7 o'clock in the morning on the 9th, and the average temperature in Shanghai in October was about 20 degrees Celsius, and the sun rose at 6 o'clock in the morning, and the temperature in the morning was more than ten degrees.

Wang Nuo and Wu Xuan were both busy all night, their minds were full of data drifting, the difference was that the data in Wu Xuan's mind was full of variables, but Wang Nuo had a more certain direction in his heart.

It's also strange to stay up all night, some people feel very sleepy in the morning, and some people stay sleepy until noon and afternoon.

In particular, the strange creature "financial analyst" who is accustomed to working overtime late at night, every trading day, even if he stays up all night, he will be in a state of excitement and anticipation when the morning opens, and most of them will not be sleepy.

"Arnold, let's go, go for breakfast. Wu Xuan was really a little excited, and he was still interested in calling Wang Nuo to go to the vicinity of the institute for breakfast together, "I know that the family has breakfast, and the soup dumplings and potstickers are really good." ”

"Let's drink porridge. Wang Nuo said simply, he is a native of Guangdong Province, and he is used to drinking a bowl of porridge for breakfast, especially after an all-nighter, the food that warms his stomach is a bowl of white porridge.

Wang Nuo was not surprised by Wu Xuan's relaxation.

Wang Nuo knew very well that Wu Xuan was just thinking of making a research report and giving it to Ren Likun and other futures speculators to see, and now that the matter is completed, it is inevitable that there will be a period of relaxation.

Moreover, in the research report submitted in the past, the tone of the discussion is very ordinary, and the arguments are only inclined to be bullish, and only the arguments are used in a more definite way of elaboration, however...... The most definite argument or derivation process was provided by Wang Nuo.

If there is a mistake in the research report, Wu Xuan can completely throw the blame on Wang Nuo.

Who told Wang Nuo that you are so sure that the volume will explode?

If Wang Nuo is right, then the situation is completely different, with the current market, the trading volume can still be blown up as Wang Nuo expected, and the bias to rise is completely impossible to find fault with the argument.

It's really a bad fall, and Wu Xuan almost dared to pat his chest and say: It must be because of a new downside.

The winning side is big, and the pressure is all on Wang Nuo's side, Wu Xuan feels that the small life is beautiful, and his follow-up research business is almost all settled.

The only thing that made Wu Xuan feel weird was ...... He seems, as if, as if...... Helped Wang Nuo fight?

"Let's get started, this time you go ahead, and you run into my bad luck and lose a game first, next time I'll fight back." Wu Xuan quietly cheered himself up, but he also kept a smile and said, "Drink porridge, drink porridge, I still have a place to introduce." ”

At seven o'clock, the Shanghai market is like a person who has washed up in the morning, clean and refreshing, the temperature is not high or low, and the slight breeze blows, and the metropolis is very rare to give people a comfortable feeling.

The staff of the institute have not yet come to work, and the financial circle continues to sleep, but this is only an illusion, and many jobs actually start around seven o'clock.

Ren Likun got up before six o'clock, because he slept very lightly, he was woken up by Wang Nuo's email prompt, and read the documents while eating breakfast.

In the futures market alone, there are many public research reports published every day, and there are countless private research and formed research reports.

It is impossible for the relevant team to read all the research reports, because there is no time, generally speaking, ordinary research reports are read by information collectors, and when they find it useful, they are included in the reading of people above the assistant analyst.

The assistant analyst looks at the data screened by low-level workers such as information collectors, and the proportion of dry goods is directly proportional to the ability of information collectors.

As for the research reports given by investors...... It should be all dry goods.

For example, the "Steel and Iron Spot Market Research Report" found by Ren Likun and other investors revealed enough information for analysts to cut a lot of variables.

After the research of analysts, investment managers and persons in charge will determine their own direction and amplitude, and then discuss with traders the trading plan, when to cut, which area to absorb chips, whether there is a time and space for exit, or what arbitrage space and so on, are all considered.

After the plan is finalized, the person in charge will meet with the investor to finalize the plan and enter the market.

If the market is in a period of severe volatility, the person in charge and the investors, that is, the operators and the bosses, meet almost every day, and the plan will change at any time.

Ren Likun's funds for several people, a few days ago, were closed and wait-and-see, during which they went in to do some technical arbitrage, but the money earned was not even enough to cover the expenditure, yesterday the market experienced changes, and investors got the latest information, the team decided to go long.

But the gap between one's own money and the boss's money is aggressive and cautious, and for any investment team, as long as it is playing futures, the word full position is almost non-existent.

It is the advice that futures speculators like Ren Likun get are all ...... There is a chance for the trading volume to rise in the market outlook, so why hold a heavy position? Take an ordinary position or a light position, and wait until the market starts to follow up, although it is a little less profitable, but the risk plummets.

This is one of the reasons why the total position in the futures market is much smaller than the trading volume in the outbreak period, T+0 and risk control.

Driven by a similar investment psychology, it is very normal for the market to move sideways.