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Take yourself through a simple exercise。 Create a spreadsheet on your puter and write down the names of several futures markets that interest you in column A。 Write the value of their price units in column B。 Corn trades in cents； and the value of a cent is 50； S&P trades in points； and the value of a point is 250； so those values go into column B。 Write the latest closing price in column C。 Now plete the exercise by creating column D which multiplies B by C and shows how much each contract is worth。 How much more expensive is the richest contract pared to the cheapest contract？ Five times？ Ten？ Twenty？ Thirty？ Do the exercise and find out。
你要简单练习一下。在你的电脑上做一个电子表格，在A栏记下几个你喜欢的期货名字。在B栏写下他们的单价。玉米的价格用分表示，1分代表50元。标准普尔股指期货用点表示，1点是250元，B栏就这样表示价值。在C栏写下最近的收盘价。最后在D栏计算B栏和C栏的相乘的结果，看看一份合约价值多少。最贵的合约比最便宜的合约贵多少？5倍？10倍？20倍？30倍？自己做练习以找到答案。
Beginners are drawn to the S&P 500 futures； but few have accounts large enough for proper money management in this expensive market。 In North America； corn； sugar； and； in a slow year； copper are good markets for beginners； allowing you to learn in your own time zone。 They are liquid； reasonably volatile； and not too expensive。
新手喜欢做标注普尔500股指期货，但是在这个昂贵的市场，很少人的账户有足够的资金做好资金管理。在北美，玉米，白糖，铜都适合新手，方便你在自己的时区学习。它们流动性好，波动合理，也不贵。
Some very good books； listed on page ； have been written about futures。 Most technical analysis tools were originally developed for futures and only later migrated to the stock market。 Let us review a few aspects of futures that make them different from stocks。
一些好书，都谈了期货。很多技术分析工具本来是为期货发明的，后来才移植到股票。让我们来看看一些期货和股票不同的方面。
CONTANGO AND INVERSION All futures markets offer contracts for several delivery months at the same time。 For example； you can buy or sell wheat for delivery in September or December of this year； March of next year； and so on。 Normally； the nearby months are less expensive than the faraway months； and that relationship is called a contango market。
溢价和反转 所有的期货市场都提供不同交割期的合约。比如，你可以买卖9月交割的小麦，或买卖今年12月交割，明年3月交割的小麦，等等。通常，近期合约比远期合约便宜，这个关系叫溢价市场。
Higher prices for longer…term contracts reflect the so…called cost of carry； that is； the cost of financing； storing； and insuring a modity。 A futures buyer plunks down his 3％ margin and controls a contract without having to bring the rest of the money until the settlement date。 Meanwhile the seller has to store； finance； and insure the merchandise。
长期合约的价格高，反映了运输成本，也就是商品的财务成本，仓储成本和保险成本。期货买家用3％的保证金控制了合约，在交割期之前并不需要交其它的费用。同时，卖家需要支付仓储，财务，保险等费用。
The differences between delivery months are called premiums。 Hedgers and floor traders closely watch premiums because they reflect the degree of tightness in the market。 When the supply shrinks or the demand rises； people start paying up for the nearby months。 The premium for the faraway months begins to shrink。 As the demand grows； the front months bee pricier than faraway months … the market bees inverted！ This is one of the strongest fundamental signs of a bull market。 There is a real shortage out there； and people are paying extra to get their stuff sooner rather than later。
交割月之间的不同叫溢价。对冲者和场内交易者都关注溢价，因为它们反映了市场的紧张程度。当供应减少，需求上涨时，人们开始加钱买近期合约。远期的溢价开始下跌。当需求上涨，近期合约比远期合约贵——市场反转了！这是上涨市场基本面的强烈信号。有真实的库存在那里，人们愿意花高价快点得到它，而不是慢点得到。
Whenever you look at the modity page of a financial newspaper； move your finger down the column of closing prices and look for inversions。 They signal bull markets； and that’s when you want to use technical analysis to look for buying opportunities。
无论何时你看财经报纸上的商品期货，顺着收盘价那栏往下看，以寻找反转。他们是上涨的信号，你想用技术分析找买点的方法就是这个方法。
Serious hedgers do not wait for inversions。 They monitor premiums and get their signals from their narrowing or widening。 A good speculator can rattle off the latest prices； but a good hedger will quote you the latest premiums of faraway contracts over the nearby ones。
认真的对冲者不会等反转。它们通过溢价的高低变化来找到信号。优秀的投机者能背出市场的最新价，但是优秀的对冲者能背出最新的远期合约比近期合约溢价多少。
As you scan futures markets for inversions； keep in mind that there is one area in which inversion is the norm。 Interest rate futures are always inverted because those who hold cash positions keep collecting interest instead of paying finance and storage charges。
当你扫描期货市场找反转时，记住，在有些地方出现反转是正常的。利率期货经常反转，因为持有现金的人总是收利息，他不用支付财务和仓储费用。
SPREADS Hedgers tend to dominate the short side of the markets and most speculators are perpetual bulls； but floor traders love to trade spreads。 Spreading means buying one delivery month and selling another in the same market； or going long one market and short a related one。
价差 对冲者一般控制空头市场，大部分投机者则推动上涨，但场内交易者喜欢交易价差。价差意味着买入一个交割月，卖出另外一个；或者是在一个市场做多，在另外一个相关市场做空。
Futures are the basic building blocks of the economy； essential for society’s daily functioning。 Economic necessities tightly link modity markets and delivery months。 If the price of corn； a major animal feed； starts to rise faster than the price of wheat； at some point ranchers will start using wheat rather than corn。 They’ll reduce their purchases of corn while buying more wheat； pushing their spread back towards the norm。 A savvy modity trader knows his normal spreads by heart。 Spread traders bet against deviations and for a return to normalcy。 In this situation； a spreader will short corn and buy wheat； instead of taking a directional trade in either market。
期货是经济的基石，对社会每天的运转很重要。经济紧密地把商品市场和交割月联系起来。玉米是主要的动物食物，如果玉米开始涨的比小麦快，到了一定地步，农场主只要改喂小麦，而不是玉米。他们降低对玉米的购买，开始买更多的小麦，把它们的价差推回正常状态。聪明的商品交易者在心里就知道正常的价差是多少。价差交易者就是赌不正常的价差，让它回到正常。这样的话，价差交易者就会做空玉米，并做多小麦，而不是参与这2个市场的方向交易。
Spread trades are much safer than directional trades； with even lower margin requirements。 Amateurs do not understand spreads and have little interest in these reliable but slow…moving trades。 There are several books on spreads but not a single good one at the time of this writing； a sign of how well professionals have sewn up this area of knowledge and kept the amateurs out。 There is a handful of niches in the markets where professionals are making fortunes without the benefit of a single good how…to book。 It looks almost as if the insiders have posted a sign for the outsiders to keep out。
价差交易比方向交易安全多了，需要的保证金也低。业余选手不懂价差，对这种可靠但比较慢的交易没兴趣。市场