期货交易你了解多少？
Futures markets have several advantages over other markets, which make them the most popular day trading markets. Futures markets are available with a wide variety of underlying instruments, they have good range of price movement and liquidity, and some futures markets are available for day trading 24 hours per day.
和其他的市场相比，期货市场有几个优势，这也是它们成为最受欢迎的日交易市场的原因。它们有广泛的基本工具，优良的价格波动范围，稳定的流动性，有的期货市场甚至是24小时营业。
Futures markets are offered with three main underlying instruments, including currencies such as the Euro to US Dollar exchange rate, stock indexes such as the Dow Jones and DAX, and commodities such as Gold, Silver, and Oil. There are also some individual stock futures, but these are not as popular as the currency, index, and commodities futures.
期货市场有三种基本工具，包括外汇（如欧罗兑换美元的汇率），股指（如道琼斯股票指数和DAX指数），以及实物商品（如，金，银，油）。也有其他的个人股票期货，但是最受欢迎的还是外汇，股指和实物商品期货。
In general, futures markets are very actively traded markets, so there is usually a large daily price range, and large trading volume. Futures markets can also be day traded without any restrictions, which makes them preferable to US stocks which have day trading restrictions.
一般说来，期货市场是非常活跃的交易市场，所以每天的价格波动范围很大，交易容量也很大。期货市场每天的交易可以没有任何限制，这样就使得它们比有交易限制的US股票更受欢迎。
Futures Contracts
期货合约
Futures markets trade futures contracts, and the smallest unit that can be traded is one contract. Each futures market has its own contract specifications, which detail the market parameters, such as the symbol, and the tick size. For example, the EUR futures market has the following contract specifications:
期货市场交易的就是期货合约，最小的交易单位是一份合约。每个期货市场都有自己的合约规范，其中详细说明了市场参数，如，符号，价格变动单位等。比如，EUR期货市场的期货合约包括以下组成要素：
1）Symbol (IB / Sierra Chart Format): EUR
符号: EUR
2）Expiration date (as of February 2007): August 16 2009
最后交易日期：2009年8月16号
3）Exchange: GLOBEX
交易平台：全球期货交易系统
4）Currency: USD
外汇：USD
5）Multiplier / Contract value: $125,000
增值/合约价值：125，000美元
6）Tick size / Minimum price change: 0.0001
价格变动单位/最小变动价位：0.0001
7）Tick value / Minimum price value: $12.50
点值/最低价格值： 12.5美元
The contract specifications are specified for one contract, so the tick value shown above is the tick value per contract. If a trade is made with more than one contract, then the tick value is increased accordingly. For example, a trade made on the EUR futures market with five contracts would have an equivalent tick value of 5 X $12.50 = $62.50, which would mean that for every 0.0001 change in price, the trade's profit or loss would change by $62.50.
每份合约都有特别的规定，所以上面的点值是指每份合约的点值。如果一份交易不止一份合约的话，点值也会相应的增加。例如，在EUR期货市场的一份交易有五份合约的话，那么如果最小变动价位是0.0001的话，总的点值就是5 X $12.50 = $62.50，此次交易的收益或损失就会以62.5美元为单位变化。
Long and Short
长期和短期
Futures markets can be traded in both directions (up and down). If a trader expects the market to move upwards, they will make a long trade, which means that they will enter their trade by buying a contract, and exit their trade by selling a contract. Conversely, if a trader expects the market to move downwards, they will make a short trade, which means they will enter their trade by selling a contract, and exit their trade by buying a contract.
期货市场的交易可以说是双向的（卖空和买空）。如果一位卖家期望市场上涨，他们就会使交易日期延长，就是说他们以买一份合约开始交易，而以卖出合约来结束交易。相反，如果一位交易商期望商场下跌时，他们就会缩短交易时期，就是说他们从卖出一份合约开始交易，以买进一份合约终止交易。
The same process applies to trades made with multiple contracts, except that there can be several separate entries and exits. For example, a trade made with five contracts might be entered at three different prices, and exited at one price, or entered at one price, and exited at five different prices. The only requirement is that the same number of contracts must be entered and exited in order for the trade to be completely exited and completed.
相同的规则在多方合约时同样适用，但可以有独立的入口和出口。例如，一份由5个合约的交易可以用三种不同的价格进入交易，而以同一种价格退出交易。唯一的要求就是，为了交易顺利的完成，同一份交易的合约应该按一定的顺序买进和卖出。
Being able to trade in both directions allows traders to make a profit regardless of which direction the market is moving, which is why day traders usually only care that a market is moving a large distance, rather than which direction it is moving.
期货市场交易的双向性就意味着不管市场如何波动，交易者都可以赚到钱。这就是为什么日间交易者只关心市场波动的幅度，而不是波动的方向。
