Asset Classes6 分钟阅读

What Are Futures — Margin and Leverage

Futures may seem intimidating, but the core is 'agreeing now to buy or sell at this price in the future.' The catch is that 'leverage' gets attached to that agreement.

Futures = a Contract That Agrees a Future Price in Advance

Futures are standardized contracts to buy or sell a specific asset at a pre-set price on a set future date.

For example, if you contract now to 'buy one barrel of crude oil at $80 in three months,' you trade at $80 in three months regardless of the actual price then. If the actual price is $90, the buyer gains; if $70, the seller gains.

Futures exist on a variety of underlying assets — commodities (crude oil, gold, agricultural products), stock indexes, currencies, interest rates, and more. They trade in standardized form on exchanges, with a clearinghouse guaranteeing settlement in the middle.

Margin — Collateral, Not a Loan

The core of futures is margin. This is not 'borrowing money' but 'collateral' that shows you can bear losses.

Initial margin is roughly 3–12% of the contract's notional value, varying by product. In other words, you can hold a contract with a notional value of about $74,000 with a few thousand dollars of margin.

Maintenance margin is roughly 50–75% of the initial margin; if your account balance falls below this, a margin call (a demand for additional margin) occurs. If you cannot meet it, you are forcibly liquidated.

Margin is a 'good-faith deposit'; initial margin is roughly 3–12% of notional value by product, and maintenance margin is roughly 50–75% of initial margin, per explanations from SimTrade, Britannica, and others. Exact figures differ by exchange, product, and point in time.

Daily Settlement and Leverage — Gains and Losses Amplify Every Day

Futures settle gains and losses every day based on the closing price. This is called daily settlement (mark-to-market). If you gain, it goes into your account; if you lose, it goes out.

Because you move a large notional value with small margin, even a small price move makes your gain or loss several times larger relative to your margin. This is the leverage effect.

For example, if margin is 10% of notional value, a 5% move in the underlying becomes about a 50% gain or loss relative to your margin. If the direction is right, you gain big, but if it's wrong, the margin melts in an instant, leading to a margin call and forced liquidation.

Leverage Is a Double-Edged Sword

Both the appeal and the danger of futures come from leverage. Being able to hold a large position with a small amount of money means losses can grow just as fast.

In particular, if you get the direction wrong, losses can exceed your margin, and it is possible to end up owing more than your principal.

Futures are the exact opposite in character to the long-term recurring and lump-sum investing this service emphasizes. The first step is to clearly understand that futures are a tool that requires a short horizon, high risk, and precise risk management.

常见问题

Q. How high can futures leverage go?

It varies by product and exchange, but if initial margin is roughly 3–12% of notional value, leverage is about 8–30 times. The higher the multiple, the faster margin melts or grows on small price moves. It is safer to understand high leverage as 'amplified risk,' not 'opportunity.'

Q. What happens if I can't meet a margin call?

If your account balance falls below the maintenance margin, the broker demands additional margin (a margin call). If you cannot meet it within the set time, the position is forcibly liquidated. In a crashing market, such forced liquidations can occur in a chain, and losses can exceed your principal.