The LME's trading rules are not a daily clearing system, and not all positions are cleared by the exchange, and some brokerage companies can also settle them, so the Carr Fund does not need to consider the issue of liquidation for the time being.

As a short seller, it is natural to hope that the higher your average price, the better, especially in the event of a loss. In the futures market, if there is a loss in a certain direction, then either stop loss immediately or continue to increase the position, so as to raise the average price and reduce the loss. The first method is suitable for customers with small amounts of funds, and the second method is suitable for customers with large amounts of funds and are ready to hold for a longer period of time.

Now that the Karl Fund has established a large position, in the situation of rising copper futures, Karl resolutely chose the second way, he let the trader enter a short position of 1,000 lots at $2,740 again, so that the average price was pulled up to $2,720. As a result, as soon as the price of copper futures falls to $2,720, their positions start to be profitable.

However, the current copper price has risen to $2,750, and ordinary traders from the top to the bottom of the Carr Fund believe that the copper price will fall in a certain period of time in the future, so most of them are not particularly concerned about the current loss situation.

However, Jerry also has his own considerations, he believes that even if the market will fall in the future, he must find a way to reverse the current loss situation. It's just that under the current circumstances, the fund does not reserve too much funds, because they also made 500 hedging orders, and the balance on the book can only be hundreds of thousands of dollars.

"We must close our short positions around $2,700 as soon as possible. The settled funds are then bought into a short position at a higher price, pulling up the overall price. Jerry said categorically.

"But...... "After a long hesitation, one trader finally voiced his doubts, "if we do what you say, then our positions will be smaller and smaller." Because every time we settle, we lose a part of our capital, and in turn we open fewer positions. ”

He's right, because at current prices, they would lose $750 for every contract they close. The original $10,125 turned into $9,375. It's no longer enough to open another short position.

"If you really can't do it, you can only raise money through a brokerage company." Jerry thought about it, but after a long time, he couldn't think of a suitable plan, and finally could only pin his hopes on the brokerage company that provided leverage.

Hear that the leverage is going to be raised again. Almost all traders couldn't sit still. They already feel that the current leverage is a bit too high. But calm down and think about it. I found that there was really no other way to go, and I couldn't help but fall silent one by one.

"Otherwise, we close our current short positions. Go long with a backhand, right? In the midst of the deathly silence, a weak voice suddenly sounded.

Everyone was stunned for a moment, and then they all looked at the person who spoke, and found that it was a junior trader who had just entered the company not long ago. They couldn't help but shake their heads, and didn't say much, sighed in twos and threes, and then went their separate ways.

"What, am I not right?" The trader named William saw that the traders who were still sitting around discussing had dispersed, and he didn't understand what was going on, so he walked up to Jerry in confusion and asked very puzzled.

Jerry looked at William with an expectant face, sighed deeply in his heart, and then patiently explained: "If we close all the short positions and go long in the opposite direction, then we will have to adjust the whole strategy, which requires a particularly convincing reason to convince Carl, that is, our big boss, senior partner." ”

"It's not simple, don't you see that we are losing money now, and the momentum of rising copper prices will not end for a while and a half?" William asked, a little puzzled, "Isn't that a good reason?" ”

"Didn't you attend the last strategy workshop?" Jerry suddenly felt a nameless fire rise in his heart, and his speech became unpolite, but then he remembered that a junior trader like William was not qualified to participate in this kind of seminar, so he couldn't help but soften his tone and continued to explain, "According to the results of our collective discussion, everyone agrees that at some point in the future, the price of copper futures will fall, which is an internal consensus, and we also operate according to this idea." This is an internal analysis, and you should never reveal it to the outside world! By the time he said this, Jerry was already a little nervous.

"But what if our analysis is wrong?" William's face couldn't help but become a little embarrassed, but it didn't take long for him to change the subject and ask about a huge heart problem that had been hidden in Jerry's heart.

Jerry's face immediately changed, and he changed his previous tone of gentle tone, and reprimanded him harshly: "You are just a little junior trader, just do your part." With that, he left the trading room without looking back, leaving only a bewildered William.

……

November 16th, the third Wednesday of the month, is the day when the November options are exercised, and the market usually does not have a flat market on this day and the next two or three trading days, and this day is no exception.

"Mr. Zhong, how do we do this?" Since yesterday's personal operation, several traders were completely convinced by Zhong Shi, and when they sat down, the first thing they did was to consult Zhong Shi's attitude.

"Of course, it is long, and this day will be greatly increased, the higher the better." Zhong Shi nodded to them and said without hesitation.

"What about the amplitude?"

"At what price?"

"What about the position?"

Zhong Shi looked at these people with anticipating faces, waved his hand to signal them to stop and ask questions first, and then said: "Gentlemen, you should also know that our options are going to be exercised today, and the party that sells long options will definitely open a counterparty in the market, because our position is a bit large, so the price of copper futures will inevitably rise." What we're doing now is adding another fire to that momentum. Do you understand? ”

"When 5,000 options contracts are converted into futures contracts, our overall position is 30,000 lots. Our goal today is to buy 10,000 long contracts and then close 10,000 lots in the process of pulling up, so that we can keep our position from going too big. As for the specific price level, it will be operated according to the current market price. ”

"Alright, gentlemen, it's about to be trading time, so let's take our places!"

Several traders were stupid when they heard the operational target of 10,000 lots, but time was running out for them to be shocked. Several people sat down in front of their seats with dazed heads. Struggling to digest this trade order that surprised them.

As soon as the market opened, copper opened higher at $2,778, which was obviously a positive sign, but then a large number of sell-offs appeared in the market. It took a few minutes to push the price to $2,770. On the disc shows a black candle that is neither long nor short.

"What's going on?" Several traders have not yet had time to get through to the broker. The changes in market conditions have made them less confident.

If the price of copper falls today, then it will be very difficult for them to pull up, and the strategy that Zhongshi has just decided will need to change.

"Leave it alone. You continue to operate on your own, which is the act of the bears to confuse the market. Zhong Shi didn't look at the changes on the computer screen, and said calmly.

In just a few minutes, the price of copper futures was suppressed to close to $10, which will inevitably cause a surge of followers to enter the market, and when the market buys more, they take the opportunity to close their positions at this price or lower. This is a trick of the long option seller, because they sell the long option, they must open a corresponding short position in the market, and now make this gesture, the purpose of which is to take the opportunity to close the position at a low position and stop loss.

As with Zhong Shi's judgment, a large number of buy orders suddenly emerged at the $2,770 position, and the price was nailed to the $2,770 position when the copper price was about to Xiangxia, and soon all the sell orders gathered here were cleared, and then the copper price Xiangshang attacked, and all the sell orders below 2,780 were also cleared.

It all happened within five minutes, and the sudden market made most investors not relieve. By the time they reacted, the bears had already taken out close to 1,000 lots of short positions, which reduced the positions of some of the bears quite a bit.

"Open 1,000 lots, push the price to $2,790, and let the followers see the situation clearly!" Zhong Shi watched this scene unusually calmly, and when the growth rate of trading volume began to slow down, he immediately ordered.

Several traders have just experienced this scene of sudden changes in the market, and their minds are still in shock, and they have not reacted for a while. Seeing this situation, Zhong Shi couldn't help frowning, and suddenly shouted: "Open 1,000 more lots, market order, now!" Immediately! ”

A loud bang immediately pulled the minds of several traders back, and they immediately picked up the phone, dialed the broker, and quickly placed a trading order.

At this time, it is the right time to enter the market, and the followers are still uncertain, and the trading volume of the market is shrinking rapidly. The 1,000 buy orders entered the market, and most of them were consumed near $2,780, blocking the bears' intention to suppress the copper again, and then immediately attacked. At this time, the power of market orders is revealed, and this kind of order method that changes with market price fluctuations will immediately sweep away the limit orders around here, and the price of copper futures has risen to around $2790 in one fell swoop, and there is even room to attack.

"The remaining order is limited to $2,790, so hold this line of defense first." After Zhong Shi saw that the price had risen to a predetermined position, he began to slow down the strength of the upward attack.

But before he finished speaking, there was another upward buy order in the market, almost in a minute to pull the price of copper futures to around $2,800, and what was even more surprising was that the short defense of the whole point only resisted for three minutes, and then it was completely declared lost, and the price of copper futures officially rose above $2,800.

"Zhongshi, what are we going to do?" On Ampet's side, the options have been completely converted into copper futures contracts, and I believe that other bullish options contracts have also been executed, and the current market changes are self-evident that this bullish pull.

"Close 1,500 lots, and stop closing the position when the price reaches $2,800. I'm going to see if the bulls can hold on to $2,800. As soon as Zhong Shi saw that the price exceeded $2,800, he quickly ordered in the next second. (To be continued......)

PS: Thank you very much for the wind waiting for the mooring and the two monthly passes of Beijing Fahai! At the same time, thank you for the reward that poisoned you thousands of times!