Take a longer expiry time to avoid the noise

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What Happens on Futures Expiration Day? One Tip to Avoid the Hassle.

The futures expiration day is when a futures contract will cease to exist. Holding a contract past this expiration date will trigger obligations for you to purchase the underlying asset.

Options provide you the option to exercise your rights. Futures do not. Long or short the futures contract into expiry you will be exercised.

S&P 500 (ES) Example

Your obligation varies on the type of futures contract you are trading.

The first step is to look up your futures contract on the CME website here.

Let’s look for an example of the SP500 index futures. The symbol is ES, and here are the contract specs.

When you look at the settlement method, it shows “financially settled”.

What does this mean?

It means that on the day of expiry the open position becomes crystallized.

If you had a profit of $500, on expiry day you will be paid that profit “financially” and your open position is closed.

Oil (CL) Example

If you trade the oil futures, you can find yourself in a little more trouble on expiry day.

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The first thing you notice is that each futures contract is for 1,000 barrels of oil.

Then you find out that the “settlement method” is “deliverable” and not financially settled.

In anticipation of a move higher, you are long 3 crude oil futures contracts.

On expiry day you are sent a delivery notice.

You officially own 1,000 barrels of West Texas crude oil for each contract. Since you have 3 contracts, that is a grand total of 3,000 barrels.

But does this mean that you will receive 3,000 barrels of oil in your front yard?

A delivery notice goes out and will tell you that you can pick up your crude oil at any pipeline or storage facility in Cushing, Oklahoma.

While you are the owner, you are also assessed storage and facility costs.

You will then have to sell those barrels, or short 3 crude oil contracts and hold into expiry once again to offset the position.

Talk to Your Broker

In the end, it is your responsibility as a trader to know what happens with your futures contracts on expiry.

You can call your broker and ask them the very same question.

Some brokers will sell your contracts on the final day to avoid the expiry scenario.

Other brokers will send you the delivery notice without any heads up.

This might sound scary to you.

To avoid these headaches there is one simple course of action.

How to Avoid the Headache

If you don’t want to go through the hassle of assignment, you can just make sure to close your positions before expiry.

Assuming you hold 3 contracts, you can sell them and take profit (or loss). If you are short 3, buy them back to cover.

The truth is that over 99% of futures contracts are actually offset before expiry.

Very few traders care to take possession of the asset because the profit or loss is realized regardless of asset ownership.

Only farmers and niche businesses take delivery as part of their business models.

Roll it Forward

Let’s assume you are long 3 oil contracts on expiry day but still think prices will increase.

You can sell the contracts expiring (called front month), take the cash proceeds and buy a further out expiration.

This extension of your trade is known as a roll.

All of this activity by traders, institutions, producers, and processors is what creates the insane volatility on the expiration date. Be careful.

Learn more about futures contract rollover and why it can get very volatile.

That’s it, expiry is not that scary – if you don’t let yourself experience it.

If you are going to trade futures, make sure you understand each contract and your obligations.

The best surprise is no surprise in trading.

Good luck and good trading.

You can also learn about our institutional-grade day trading package here, or learn to trade a more passive options strategy in our package here.

The information contained in this post is solely for educational purposes and does not constitute investment advice. The risk of trading in securities markets can be substantial. You should carefully consider if engaging in such activity is suitable for your own financial situation. TRADEPRO Academy is not responsible for any liabilities arising as a result of your market involvement or individual trade activities.

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Spotlight 9, Workbook, 7a

На данной странице находятся упражнения с ответами по английскому языку из рабочей тетради (Workbook) 9 класса УМК Spotlight. Упражнения из 7a.

• enclosed • irrational • teasing • triggered • screaming • lift

1) I wish you’d stop __ Jack about his fear of needles. Not everyone is as brave as you, you know!
2) I have a fear of __ spaces so I avoid flying as much as possible.
3) I realise my fear of birds is completely __ , but I can’t seem to get over it.
4) Even just thinking about going in a(n) __ makes Katie sweat.
5) Many people with a fear of dogs remember a childhood incident which they believe __ this fear.
6) Emma started __ loudly when the lights went out and the room was left in complete darkness.

1) I wish you’d stop teasing Jack about his fear of needles. Not everyone is as brave as you, you know! – Я бы желал, чтобы вы не дразнили Джека за его боязнь уколов (дословно: боязнь иголок). Знаете ли, не все такие смелые, как вы!
2) I have a fear of enclosed spaces so I avoid flying as much as possible. – Я боюсь замкнутых пространств, поэтому я летаю как можно меньше (дословно: избегаю летать так много как возможно).
3) I realise my fear of birds is completely irrational, but I can’t seem to get over it. – Я понимаю, что моя боязнь птиц совершенно иррациональна, но, кажется, я не могу преодолеть ее.
4) Even just thinking about going in a lift makes Katie sweat. – Даже мысль о том, чтобы зайти в лифт, заставляет Кэти потеть.
5) Many people with a fear of dogs remember a childhood incident which they believe triggered this fear. – Многие люди с боязнью собак помнят о происшествии в детстве, которое, как считается, дает толчок этому страху.
6) Emma started screaming loudly when the lights went out and the room was left in complete darkness. – Эмма с громким криком вздрогнула, когда свет погас и комната осталась в абсолютной темноте.

1) butterflies in one’s stomach
2) a long face
3) over the moon
4) go bright red
5) green with envy
6) through the roof

a) jealousy
b) pleasure/happiness
с) anger
d) nervousness
e) embarrassment
f) sadness

1) James is __ because his parents have just bought him a new computer.
2) Olivia’s __ that Jason has sold a painting and she hasn’t.
3) My parents will go __ when they find out I’ve failed Maths and Chemistry.
4) Just thinking about the singing competition next week gives her __ .
5) I know Sally’s upset about losing her purse, but how long is she going to walk around with that __ ?
6) I wish I didn’t always __ when I have to speak in public.

1) butterflies in one’s stomach = nervousness (нервозность)
2) a long face = sadness (печаль)
3) over the moon = pleasure/happiness (удовольствие/счастье)
4) go bright red = embarrassment (смущение)
5) green with envy = jealousy (зависть)
6) through the roof = anger (гнев)

1) James is over the moon because his parents have just bought him a new computer. – Джеймс на седьмом небе от счастья, потому что его родители только что купили ему новый компьютер.
2) Olivia’s green with envy that Jason has sold a painting and she hasn’t. – Оливия позеленела от зависти, потому что Джейсон продал картину, а она – нет.
3) My parents will go through the roof when they find out I’ve failed Maths and Chemistry. – Мои родители выйдут из себя, когда узнают, я завалил математику и химию.
4) Just thinking about the singing competition next week gives her butterflies in her stomach. – Только лишь мысли о конкурсе пения на следующей недели заставляет ее нервничать.
5) I know Sally’s upset about losing her purse, but how long is she going to walk around with that long face? – Я знаю, что Салли расстроена потерей кошелька, но сколько же еще она будет ходить с печальным лицом?
6) I wish I didn’t always go bright red when I have to speak in public. – Как бы я хотел не смущаться, когда говорю на публике.

1) It took Scott a long time to melt/fight his fear of the dark.
2) George’s worst fear went/came true when he was bitten by a dog.
3) Don’t you think it’s about time for you to face/activate your fear of heights?
4) As soon as Nathan entered the dentist’s office, his heart started pumping/beating faster.
5) Joy and anger are two tiny/basic human emotions.

1) It took Scott a long time to fight his fear of the dark. – У Скота ушло много времени на то, чтобы побороть свой страх темноты.
2) George’s worst fear came true when he was bitten by a dog. – Самый сильный страх Джорджа стал реальностью, когда его укусила собака.
3) Don’t you think it’s about time for you to face your fear of heights? – Не думаешь ли ты, что пора уже посмотреть в лицо своему страху высоты?
4) As soon as Nathan entered the dentist’s office, his heart started beating faster. – Как только Натан вошел в кабинет стоматолога, его сердце начало биться чаще.
5) Joy and anger are two basic human emotions. – Радость и гнев являются двумя основными человеческими эмоциями.

freeze | avoid | leaf | injection | fight | react

QUIZ
Do you have a needle phobia?

1) You’re at the doctor’s and you’re told you need a(n) 1)__ . How do you 2) __ ?
A. I roll up my sleeve.
В. I become a bit worried and ask the doctor if it’s necessary.
С. I 3)__ and begin to have a panic attack.

2) Have you ever avoided medical treatment because you knew a needle would be involved?
A. No, never.
В. Once or twice. But I usually try to 4)__ my fear and go.
С. Many times. I always try to 5)__ going to the doctor when a needle is involved.

3) How do you feel when you see a picture of a needle?
A. Nothing. It doesn’t bother me at all.
В. I find it a bit disturbing.
С. I start shaking like a 6)__ !

Mostly A’s: Lucky you! You have no problems with needles.
Mostly B’s: Congratulations. You don’t like needles, but you don’t let your fear get the better of you.
Mostly C’s: It’s possible you may have belonephobia. Don’t worry! Talk to your doctor. He/She can help!

QUIZ
Do you have a needle phobia?

ТЕСТ
Боишься ли ты уколов?

1) You’re at the doctor’s and you’re told you need an injection. How do you react? – Ты в кабинете врача, и тебе говорят, что тебе необходим укол. Как ты отреагируешь?
A. I roll up my sleeve. – Закатаю рукав.
В. I become a bit worried and ask the doctor if it’s necessary. – Я немного обеспокоюсь и спрошу врача, нужно ли это.
С. I freeze and begin to have a panic attack. – Я онемею и почувствую приступ паники.

2) Have you ever avoided medical treatment because you knew a needle would be involved? – Ты когда-нибудь избегал медицинского лечения, потому что знал, что надо будет делать укол?
A. No, never. – Нет, никогда.
В. Once or twice. But I usually try to fight my fear and go. – Один или два раза. Но я всегда старался побороть страх и идти.
С. Many times. I always try to avoid going to the doctor when a needle is involved. – Много раз. Я всегда стараюсь избежать похода к врачу, если надо будет делать укол.

3) How do you feel when you see a picture of a needle? – Как ты себя чувствуешь, когда видишь изображение укола (иглы)?
A. Nothing. It doesn’t bother me at all. – Ничего. Это меня вообще не беспокоит.
В. I find it a bit disturbing. – Меня это немного выводит из равновесия.
С. I start shaking like a leaf! – Я начинаю дрожать, как лист!

Mostly A’s: Lucky you! You have no problems with needles.
Большинство ответов A: Тебе повезло! У тебя нет проблем с уколами.

Mostly B’s: Congratulations. You don’t like needles, but you don’t let your fear get the better of you.
Большинство ответов B: Поздравляю. Тебе не нравятся уколы, но ты не позволяешь своему страху завладеть собой.

Mostly C’s: It’s possible you may have belonephobia. Don’t worry! Talk to your doctor. He/She can help!
Большинство ответов C: Возможно, у тебя белонофобия (боязнь острых предметов). Не беспокойся! Поговори с врачом. Он сможет помочь.

The 3-Day Fix for Energy

These days, it seems like productivity has been misnamed as a virtue, and how little sleep you get is almost a badge of honor. But there’s no hiding how tired we all are.

More than one-third of us sleep less than the recommended seven to nine hours a night, says the Centers for Disease Control and Prevention, and it’s having real consequences.

The good news is that you can make up for lost time — quickly. Recent studies have shown that just three to four nights of more sleeping in (yes, sleeping in) can make up for sleep debt and reduce our tired sighs.

Have you ever had an energy guide that recommends you sleep, eat, and exercise without compromising your weekend? Well, ours does. Follow this flexible three-day guide to reset your energy.

As tempting as it is, avoid staying out late on Friday and hit the bed at 11 p.m. Before you fall asleep, set a timer to go off in 10 to 11 hours.

When to wake up: 10 a.m.

Even though you’re waking up at 10 a.m., getting 10 to 11 hours of shut-eye is still sleeping in! A 2020 study found that one hour of sleep debt requires almost four hours of sleep for recovery. So, sleep in — but not too long. You’ve got food to eat and a body to move!

What to eat today

  • Add vegetables to your meals. Start the weekend with a veggie-filled meal. One of the best ways to improve your diet is to add vegetables to every meal, according to Leah Groppo, a clinical dietitian at Stanford Health Care. Groppo also recommends letting go of any strict diets. “It’s important to fuel your body. Any kind of diet that restricts calories aggressively is not a sustainable plan, and it’s not good for energy,” she says.
  • Take a water bottle with you. Or keep a glass of water next to you all day. Proper hydration helps improve your energy and your metabolism. Even mild dehydration can impact your mood and leave you feeling fatigued .
  • Stick to one glass. You may fall asleep easier with a few drinks. However, alcohol disrupts your sleep pattern and can leave you struggling to fall back asleep in the middle of the night. A glass (or two for men) is all right. Just make sure you polish it off a couple of hours before bed.

What to do today

  • Don’t check your email. Take the weekend completely off to help decrease stress and recover from physical and emotional exhaustion. Research has shown that you’ll catch up faster and bounce back better if you fully disconnect from work.
  • Hit the gym. Try walking, a gentle bike ride, or yoga for low-intensity exercise. If you’re looking for something that gets your heart rate up a bit more, cardio at a conversational pace (where you can hold a conversation while exercising) or strength training is a good place to start. Just a little bit of exercise will help you feel more energized throughout the day, fall asleep faster, and sleep longer.
  • Clean your bedroom. Your sleep space matters. A messy room can leave you feeling stressed and anxious, which isn’t ideal for restful sleep. But it’s more than what you can see. Dust can reduce your sleep quality and cause headaches, congestion, and itchy eyes or throat come morning. Give your room a quick tidying up.

Clean sleep

  • Wash your sheets once every one to two weeks to reduce dust mites and other allergens.
  • Vacuum your drapes and carpet to remove built-up dirt and dust.
  • Clean your pillows and mattress.

When to sleep today: 11 p.m.

Set a timer to wake you up in 9 to 10 hours. You’ll still be sleeping in on Sunday. It’s just a little less so that you can get used to waking up with only seven hours of sleep later on.

When to wake up: 8 a.m.

With nearly 10 hours of sleep for two days, you should already feel more energetic, but don’t take it as a sign of full recovery. Research shows it takes at least three days to totally go back to normal. Stick to our guide for two more days!

What to eat today

Choose veggies and whole foods today. Also really focus on limiting foods with added sugar and artificial ingredients.

  • Go easy on the caffeine. You don’t have to go cold turkey. Limit yourself to 1 to 2 cups and switch to caffeine-free herbal tea after 2 p.m. to prevent interrupting your sleep tonight.
  • Eat to beat fatigue. Refuel with foods that beat fatigue, like whole fruits, nuts and seeds, and sweet potatoes. High-protein snacks like jerky, trail mix, and hummus are also a great place to start.
  • Meal plan for the rest of the week. Save yourself time and brain power by sketching out what you’ll eat this week to avoid skipping meals or grabbing takeout. It can be helpful to buy everything you need for the first few days and pack your lunch the day before. By doing this, you’re all set to go.

What to do today

  • Avoid the temptation to nap. Naps can disrupt your circadian rhythm, or your internal clock. If you just can’t keep your eyes open any longer, Rachel Salas, MD, an associate professor of neurology specializing in sleep medicine at Johns Hopkins Medicine shared some tips. She recommends keeping your nap to 20 to 30 minutes maximum and only indulging before 3 p.m.
  • Stretch or go for a walk. Gentle exercises, like stretching or walking, can help you sleep better and fully relax. Yoga in particular can help you de-stress, relieve anxiety, improve your mood, and feel less tired. You can do yoga in the comfort of your own home!

When to sleep today: 11 p.m.

  • Make time to unwind. Prep for bedtime with an unwinding activity like gentle stretching, reading a book for a few minutes, or taking a bath or shower. You have to let your brain know that bedtime is coming, according to Salas. A consistent bedtime routine that starts 15 to 60 minutes before bed can cue your brain it’s bedtime.
  • Try a white noise machine or ear plugs. If you’re still having trouble falling asleep, even simply turning on a fan can help. (Parents, you’ll have to be careful to ensure that you can still hear your kids.) Blackout curtains or a sleep mask can also make a big difference in how well and deeply you sleep.

When to wake up: 6 a.m.

Depending on when you need to get up for work, waking up at 6 or 7 a.m. will still provide you with the much-needed seven to eight hours of sleep. Don’t hit the snooze button! If you need a little help, get out of bed and start making your morning coffee. Just be careful not to overdo it. Caffeine can’t fix a bad night’s sleep.

What to eat today

  • Have breakfast — don’t skip meals. While it’s important to only eat when you’re hungry, skipping meals can leave you exhausted (and perhaps unpleasant to be around). Follow the meal plan you worked out on Saturday. Be sure to keep your body fueled throughout the day, even if you’re busy.
  • Opt for a lighter lunch. People who eat a lot at lunch tend to have a more noticeable dip in energy in the afternoon. Avoid fatty foods like french fries, chips, and ice cream. Studies have found that people who sleep less tend to eat more calories, especially from fat, and feel less alert in the afternoon.

What to do today

Other than work, there are a few things you learned over the weekend that you can add to your daily routine, including:

  • Going for an afternoon walk or getting a workout in. Exercise can reduce fatigue from an overworked brain, according to a 2020 study . If you can, schedule the day’s workout around lunch or in the afternoon to get the brain-boosting benefits when they matter the most. It also doesn’t really matter what time you exercise, as long as you do it. Studies have found that evening exercise won’t ruin your sleep.
  • Prioritizing sleep over hitting the gym. Most researchers also agree that how well you sleep is healthier than making the time to exercise. If you don’t have time for the gym, rest. (Don’t binge Netflix past your bedtime, though.) Improving your sleep tonight may help you hit the gym tomorrow .

When to sleep: 11 p.m.

Most people’s circadian rhythm is set to go to bed around 11 p.m. and wake up around 7 a.m. “Even if you’re getting enough sleep,” says Salas, “if it’s not in line with your circadian rhythm, you can actually function like a sleep-deprived person.” To help set your sleep patterns:

  • Hit the hay a bit sooner. If you had a hard time waking up today, you may want to get to sleep a little earlier. Set your alarm to make sure you’re getting at least seven hours of sleep.
  • Don’t use screens an hour before bed. The bright, blue-hued lights that come from smartphones, TVs, and even lamps signal to the brain that it’s daytime and time to wake up. If you’re having trouble falling asleep, try dimming the lights 15 or 30 minutes before going to bed.

When you wake up, remember that you spent the last three days recovering. Third time’s a charm. Now’s the time to start living.

For the rest of the week

  • Get at least seven hours of sleep each night.
  • Eat balanced foods throughout the day.
  • Incorporate exercise into your routine.
  • Limit alcoholic drinks and sugary foods.

Sleeping is charging yourself with energy

There are a lot of habits you can change to have more energy throughout the entire day. In general, you’ll know if you’re getting enough sleep when you:

  • wake up easily without an alarm clock (or someone acting like one)
  • don’t feel tired or sleepy during the day
  • don’t sleep longer on the weekends than you do on weekdays

If you’re still feeling tired or having difficulty sleeping well, it’s time to talk to your doctor. Waking up tired after several full nights of sleep can be a red flag that you may have a sleep disorder or something else going on, according to Salas.

Food or caffeine can’t make up for missing much-needed rest. If your low energy levels are because of a lack of sleep, sleep in! It’s better to catch up on your Zzz’s than force a fatigued you to take on a new routine without the necessary energy and motivation.

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