Futures and forwards
A ground-up introduction to futures and forward contracts, a different kind of derivative from options: what makes these contracts a binding obligation rather than a right, how margin, leverage, and daily mark-to-market actually work, and the real difference between hedging a genuine business risk and speculating purely on price.
What is a futures contract?
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Forwards vs futures
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Margin and leverage in futures
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Mark-to-market: daily settlement
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Hedging with futures
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Speculating with futures
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Contango and backwardation
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Common futures markets: a quick tour
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Rolling a futures position
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The real risks of futures trading
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