FUTURES Helping the Share Trader Understand. By Paul Ash Educator & Past Futures Broker TCT Australia Pty Ltd Phone
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1 FUTURES Helping the Share Trader Understand By Paul Ash Educator & Past Futures Broker TCT Australia Pty Ltd Phone
2 The information is provided for training purposes only and is not a substitute for obtaining financial advice. Past performance is not an indication of future performance and neither the information provided, nor any opinion expressed, constitutes a recommendation to purchase or sell a financial instrument, or to provide investment advice. Before deciding to trade, carefully consider your investment objectives, level of experience and risk appetite and seek independent financial advice from a qualified person.
3 What is a FUTURES CONTRACT? A legally binding agreement to buy or sell a stated and specific quantity or amount of a commodity, financial instrument or index at a fixed price some time in the future It has quantity quality delivery date therefore price is the only variable
4 FUTURES FUNDAMENTALS SFE 10 & 3 yr Bond futures contract based on the Australian Commonwealth Treasury Bond with a face value of $100k. SPI200 futures contract value is fixed at $25 x S&P SPI-200 Cash Index ie. About 3600 x $25 = $90,000
5 FUTURES FUNDAMENTALS The other months trading are Forward months. For SPI 200 Futures they are JUNE SEP DEC (illiquid)
6 FUTURES CONTRACTS
7 The price relies on supply and demand (Has similar characteristics to a share in that regard) The objective is to BUY LOW and SELL HIGH or SELL HIGH and BUY LOW Futures are a truly bi-directional market
8 PARTICIPANTS Sometimes hedgers speculate and vice versa.
9 FUTURES MARKET PARTICIPANTS Banks and Financial institutions Local traders Scalpers Day traders and position traders Market makers use futures to hedge temporary positions Spread traders Arbitrageurs OTC traders Corporates Managed futures and Hedge funds
10 INFORMATION BEFORE TRADING Initial Margin is the amount of cash you must have in your account in order to buy or sell a Futures contract. Different futures, different margins. SPI-200 requires $11,000 high at the moment due to volatility Wheat requires US$3,038 Gold requires US$1,500 Once a trade is open, at the end of day there is a process known as Mark to Market If your position is in profit this profit is credited to your account If your position is in a loss situation you will have to pay a Variation Margin to keep your position open Example SPI-200 closes at 3630 on Wednesday and then closes at 3590 on Thursday. The Variation margin is $25 x ( ) = $1000 to keep your position open
11 Once a transaction occurs the clearing house becomes the counterparty to the buyer AND the counterparty to the seller in a process known as NOVATION This ensures the security of the transaction Buying or selling traders are entering a legally binding contract and the clearing house ensures the market participants make good on their obligations. Futures markets are the most regulated market in the world.
12 Traders must understand the risk so do your homework. Never trade any market without a well defined plan. Nobody wants you to lose money except the trader on the other side of your position.
13 Opening a Futures Trading Account I am not going to talk about: Minimum account size Brokerage rates Broker services Risk Disclosure documents Client Agreement forms Contract notes
14 Finding a Futures Broker or Advisor Tricom Interactive Brokers Brokers.com MF Global Sonray sonray.com.au Bell Potter Securities Soloman Smith Barney Deutsche Bank Man Financial J P Morgan Macquarie Fortis Clearing Sydney
15 Order Types At market Limit order Stop Entry Stop Exit Market if touched Market on open OCO - One cancels another
16 Downtrend Chart Japanese Yen Futures
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19 Finally on Trading Futures A lot of people use Futures for excitement - by increasing their risk - over trading - entering high volatility markets Futures are risky markets - but only if you want them to be. There are ways to make Futures not risky.
20 Finally on Trading Futures Best to have low risk no excitement boring use a calm process
21 Finally on Trading Futures So trade with the odds stacked in your favour. Model your trading on the most successful trader or fund.
22 Paul Ash TCT Australia Pty Ltd We assist Traders learn to trade Futures and CFD s by providing a complete education and training service that includes: - An extensive on-line education course - 5 days in a live trading room - A working successful SPI trading system
23 ADVANTAGES OF FUTURES TRADING - Ease of short selling - so when the market is down the client makes a profit - Reversal of position (client has large portfolio of shares and believes market going down) They can either sell their shares, which is slow and expensive OR sell a SPI futures contract - Initial Margin - Leverage
24 THE TRADING PLAN Major requirement for effective and profitable speculation. A trading plan should be flexible but the speculator must have determination to follow it.
25 RULES 1) Learn about what you are doing. 2) Understand your motivation. 3) Have a plan. 4) Understand your psychology. 5) Use money management. 6) Don t t try and trade everything.
26 7) Trade to do it well; not for the money. 8) There will be losses... 9) Don t t trade for excitement. 10) Take responsibility. 11) Trade with the trend. 12) Stay out when you are in doubt. 13) Don t t buy a system. 14) Don t t day trade longer terms are better.
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