Futures Tutorials

期权、期货和永续合约的风险形态不同。选择工具前，应先明确是要固定权利金风险、线性敞口，还是连续杠杆。

Options, futures and perpetual swaps carry different risk shapes. The right choice depends on whether the trader wants defined premium risk, linear exposure or continuous leverage.

冰山委托能降低订单簿可见规模，但仍需要限价、成交计划和部分成交风险控制。

Iceberg orders can reduce visible size in the book, but they still require a limit price, a fill plan and awareness of partial-execution risk.

CFTC 暂停 CME 快速上市原油 24 小时期货合约，提醒交易者持续交易不等于持续流动性。

The CFTC moved to stay a fast-track CME crude contract, showing that round-the-clock futures access is also a question of liquidity, surveillance and weekend gap risk.

波动率产品可以用于对冲事件风险，但交易者在使用前必须理解 VIX 期货机制、期限结构和仓位大小。

Volatility products can hedge event risk, but traders must understand VIX futures mechanics, term structure and sizing before using them against stock exposure.

移动止损不是自动锁利工具，交易者在使用前仍要设定激活价格、回调比例、触发价格和仓位大小。

A trailing stop is not a magic profit lock; traders still need to choose activation price, callback rate, trigger type and position size before using it.