Contract: Contract is a term of reference describing a unit of trading for a commodity future or option. At the same time contract is an agreement to buy or sell a specified commodity, detailing the amount and grade of the product and the date on which the contract will mature and become deliverable.
Corner: Corner is a securing such relative control of a commodity that its price can be manipulated, that is, can be controlled by the creator of the corner. Corner could be refer in the extreme situation as to obtain contracts requiring the delivery of more commodities than are available for delivery.
Cover: Cover is the purchasing futures to offset a short position (same as Short Covering or Covering Short Position). In some situation Cover is referred to as having in hand the physical commodity when a short futures sale is made, or to acquire the commodity that might be deliverable on a short sale.
High: High is the highest price of the day for a particular futures or options on futures contract.
Liquidate: Liquidate (also referred to as Offset) stands for selling a previously purchased futures or options contract or to buy back a previously sold futures or options position.
Long: Long Futures trader is a trader who has bought futures contracts or options on futures contracts or owns a cash commodity. Long position (long trading) is opposite to Short position (Short trading).
Short: Short (shorting) is the selling side of an open futures contract.
Squeeze: Squeeze is a market situation in which the lack of supplies tends to force shorts to cover their positions by offset at higher prices.
Technical Analysis: Technical Analysis (in opposite to fundamental analysis) is an approach to forecasting commodity prices that examines patterns of price change, rates of change, and changes in volume of trading and open interest, without regard to underlying fundamental market factors. Technical analysis can work consistently only if the theory that price movements are a random walk is incorrect.
Unable: All orders not filled by the end of a trading day are deemed "unable" and void, unless they are designated GTC (Good Until Cancelled) or open.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.