The goal of this assignment is for you to understand the trading of futures. Here are the key points we are trying to understand with this assignment:
- Leverage: the relatively small amount of money that is required to establish and hold a position in a futures contract.
- Margin: You have as much fake money as you need to carry out whatever strategy. You will have to tell me how much you would have to place in a brokerage account to support your initial margin.
- Daily Margin: Its important to calculate the daily margin changes and perhaps add to your account if it falls below the maintenance margin.
- How the Futures price changes with respect to the spot price.
- Trading Instructions: understanding the language of trading is important, so when you are giving me, your trader, instructions it has to be in the proper terms and use the correct ticker symbols.
For week one you must select a futures contract and decide how many contracts you are going to buy or sell. To help establish the sizing you must come up with a narrative – what your organization is and why you are using futures. NO CRYPTOCURRENCIES.
Trading: Each week you will have the opportunity to trade 3 times. After you establish your original position you do not have to trade. I limit trades so you are not doing day trading.
You will email me any trades and I will maintain my own spreadsheet and calculate margin changes.
You will have to maintain a daily record of futures price changes and the change on the margin. If the margin amount drops below maintenance, you must email me and tell me that youve deposited more fake money in the account.
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