Futures main contracts generally refer to contracts with the largest monthly holdings. Generally, most speculators trade main contracts to ensure liquidity and reduce slippage. Price continuity of main contracts is generally better, so it is recommended to use main contracts to trade.
1, try not to affect the original trading strategy position. Prioritize clearing rb1501 when clearing and rb1505 when opening a new position.
2 Try to change the month when the price is stable to avoid rapid market losses.
3⁄4 Reduced trading during the month, after all, the pattern of market behaviour changes.
The change in the main force of the moon also has some effect on the retrograde measurement: Since most of the main sequential contracts offered by the futures software are splices of the main contracts from month to month, the direct splicing at the time of the change of month creates a large gap. This gap for the strategy of having a one-night stand creates the risk of inaccurate spelling at the time of retesting, which requires separate attention. So if the profit or loss of a trade in our retesting results is very large, and the mean deviation is very far, then the problem of continuous contract data splicing can be considered.
These two points are not only unfamiliar to stock market investors, but also extremely unfamiliar. For institutional investors, their investments are carefully planned, and prior to investing, there is an in-depth study of the rules of the stock index futures market and the securities market, so institutional investors' positions must be raised and lowered in accordance with the rules of the market. But for general investors, the concept of the principal contract and the characteristics of the principal move are still worth taking some pen and ink for introduction and explanation. The so-called main contract refers to the contract with the largest volume of holdings. In general, the contract with the largest volume of holdings also has the largest volume of transactions. However, industrial futures will appear every month in such a brief phase that the volume of transactions of long-term contracts with a smaller volume of holdings is greater than the volume of transactions of the main contract, and presents the phenomenon of long-term contract overpricing, main contract underpricing. The main reason for this is that the futures contract exists on the last trading day, and all non-delivery holdings must be gradually flattened before the last trading day. Secondly, the collateral of the exchange is gradually increased as the last trading day approaches, mainly based on the operational efficiency of the funds, preferring to gradually adjust the funds to lower collateral long-term contracts. The institutional client has a maximum holding of 7500 hands if the total holdings of a contract do not exceed 150,000 hands before the month of delivery, and the holding limit drops sharply to 3,000 hands from the first trading day of the month before the month of delivery. This forces the institution to consider the issue of stock reduction when there is still a month before the month of delivery. If the time is too short, the stock reduction process has too much impact on the price, which leads to an increase in relocation costs. In the main shift phase, there is often a phenomenon of rising long-term contract prices and stagnation of the main contract prices. This is because the main contract actively opens more positions in the long-term contract, retailers because only staring at the main contract, seeing the price rise, but the price is fluctuating in a small range and stagnated. Until the retailers turn to the long-term contract buy, the long-term contract and the short-term main contract unreasonable price difference begins to return to the reasonable price difference, either the long-term decreased, or the short-term compensation, the retailers' mood becomes worse, while the frequent buyers of the main seller with the help of the retailers completed the purpose of their strategic move. Stock index futures do not gradually adjust the maximum holdings as of the last trading day, because the cash delivery system of stock index futures does not involve possible delivery default issues in commodity futures, and the large demand for hedging of stock index futures also requires speculative holdings to be held until the last trading day, otherwise it cannot meet the hedging needs of the hedge fund of the last trading day.