Review the entire process of this futures war.

Before New Year's Day, the main short sellers, namely Jingguoliu, led by Chen Beixuan, took advantage of the unclear macroeconomic trend, the sluggish national price index, and the passing of the peak mung bean consumption season, and inherited the inertia of the 1998 trend to aggressively suppress the market, driving the market.

Short popularity.

The main force of the bulls, the Yangnan Gang jointly formed by Yuezimen and Chunyangliu, believed that the pressure of inflation would increase in 1999 and the possibility of RMB depreciation would increase, so they bought large amounts of money on dips and actively protected the market.

However, because Jingguoliu was too strong, the market was blocked from rising higher many times, and the technology faced increasing upward pressure. On January 4, the first trading day after New Year's Day, futures prices began to fall sharply.

Although the main force of Yangnan Gang actively protected the market, the main force of Jingguoliu showed no mercy and suppressed the market with large sums of money. On January 5, gn003 fell by more than 100 points, and it followed closely in other months.

In the following trading days, the market fell by an average of fifty or sixty points per day.

The situation began to turn seriously unfavorable for the Yangnan Gang.

On January 12th, 13th, 14th, and 15th, the commercial exchanges issued intensive documents to reduce market risks by increasing margins, controlling the range of increases and decreases, and calling for margin payments for new positions.

However, both bulls still went their own way, and the mung bean war was completely out of control.

Therefore, on January 18, the Commodity Exchange hedged and closed all positions of 9903,9905,9907 at the settlement price of that day, that is, all positions in these three delivery months were cleared to zero.

The settlement price on the day is obviously unfavorable to short sellers and has a protective effect on long sellers.

This was a unilateral change of the rules, setting the worst precedent for flipping the table in the world's futures market. Jing Guoliu went from having a winning chance to suffering heavy losses.

It is roughly estimated that Jing Guoliu lost more than 400 million in cash in this duel. Adding in the interest that needs to be paid for fundraising and the gambling compensation signed with the fundraising agency, the total loss is about 560 million, which seriously damaged his vitality.

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As for the losses caused by the chain reaction to the personal goodwill of Jing Guoliu and Chen Beixuan and other impacts, they are completely incalculable.

Other institutional short sellers and small and medium-sized speculators who followed suit suffered even more heavy losses than Jing Guoliu.

The Yangnan Gang originally had to lose more than 1 billion, but in the end, the profits and losses were hedging, and the total loss was 200 million.

The reason why it is rare that both the bulls and the bears are losing money is because this duel lasted too long. It started in September last year and ended in late January this year. In nearly five months, the bulls and the bears traded in multiple markets.

There have been many identity swaps on forward contracts.

In the early stage, the Yangnan Gang suffered too much losses, and it was difficult to offset the early losses and the huge cost of raising and protecting the market by making hundreds of millions by relying on the last wave of life extensions.

In particular, the Yangnan Gang also did a lot of hedging and was unable to deliver the goods after overturning the table, which was one of the biggest losses.

But there was no choice in the situation at that time. We could only sink the boat and choose the lesser of two evils.

So who made the money?

There are always some lucky people in the long and short armies who are favored by God. They enter the market at the right time and leave the market at the right time. There is no cost pressure of large capital investment. They just follow the main force everywhere, but they are not too affected by the main force's battle.

Multiple impacts, and finally leave the field with a smooth blood gain.

For example, in November last year, the contract followed Jing Guoliu to buy more Lin Baiyao, which made more than 260 million, and then he washed his hands and watched the situation change.

For example, some old bulls who also made money following Jing Guoliu in the November contract, but because of greed, continued to be long with the Yangnan Gang. After the Commodity Exchange significantly increased the margin on January 11, they were unable to maintain their positions and could only

Cut off the flesh and leave, resulting in a total loss of hundreds of millions.

Another example is that some new bulls who were attracted into the market after January 11th foolishly gritted their teeth and persisted until the market closed on January 18th. As a result, these people were able to make hundreds of millions in profits.

The main reason why Yangnan Gang lost money was that the short-selling of the November contract last year failed and the loss was too much. When the long position of the January and March contracts of this year could not be sustained, the position could only be moved to the May and July contracts, which was

There is a mixture of short positions, old long positions and new long positions, so you still lose money after profit and loss hedging.

Relying on the advantage of rebirth, Lin Baiyao was lucky enough to make a profit at the beginning of the contract war in November last year. But the problem is that when Jing Guoliu and Yang Nan helped to kill, the futures prices of the January, March, May, and July contracts this year

The ups and downs are accurate to every hour, minute and second of every day, requiring frequent buying and selling. Knowing only the general trend is useless, because it is very likely that he will be liquidated before the 18th.

Those who can make money in the meat grinder of each major monthly contract this year are the real European emperors with full luck. Compared with others, the advantage of rebirth is negligible!

As Gorky said, compared with luck, talent, hard work and hysterical drilling are all toddler-like ridiculousness.

…

Now that the dust has settled, Mo Ranshi fully understands Lin Baiyao's painstaking efforts, but for a while he still can't accept his move of imprisoning her. Temporarily separating to calm down is a choice that is beneficial to both parties.

Lin Baiyao did not dare to expect that Mo Ran would be able to forgive himself immediately. Trust is hard to gain but easy to destroy, and it is even harder to rebuild after it is destroyed.

After Mo Ranshi finished speaking, there was nothing to deal with, so he stood up and left.

Sima Cuo winked at Lin Baiyao, telling him not to be impatient and to persuade him slowly after returning to Yuezhou.

Lin Bai said: "Wait!"

When Mo Ran suddenly turned around, his eyes were as cold as ice.

Lin Baiyao raised his hands in surrender and said: "I have no intention of keeping you, I just want to ask you a little question..."

Mo Ranshi stared at Lin Baiyao for a moment, then turned around again, with his back to Lin Baiyao, and said, "Say."

"How much do you know about Wei Xijiang?"

Mo Ranshi shook his head slightly and said: "Wei Xi Jiangduo is active in Jiangnan Province. I have met him once and have no friendship with him. However, it is said that this person acts arrogantly, is most greedy for money, and acts unscrupulously. He is the opposite extreme from Zhao Tieqiao."

Lin Baiyao secretly thought that Zhao Tieqiao dared to kill many people and annihilate the sky in the commercial exchange, and he didn't necessarily behave in a low-key manner. It was probably due to the feng shui of the Yuezi sect, as all the big guys in the sect had this temperament.

After Mo Ranshi finished answering the question, he raised his feet and took two steps when he heard Sima Cuo ask: "Mr. Lin, what's wrong with Wei Xijiang?"

Lin Baiyao explained: "I suspect that he was the mastermind behind the traffic accident that tried to harm me last time..."

Mo Ranshi paused, remained silent for a moment, and said coldly: "I will check this matter for you and I will give you an answer in a few days."

Lin Baiyao was so happy that she was not willing to help Mo Ranshi, but her statement showed that the relationship between the two had not completely fallen into the freezing point, but that there was hope for breaking the ice.

"I'll arrange a car to take you..."

"No!"

"It's too remote here, so we always have to take it to the city."

Lin Baiyao helped Mo Ranshi open the car door in a very stupid manner, and he smiled while running. He also knew how to annoy others, so he consciously sat in the passenger seat and gave up the back seat to Mo Ranshi and Sima Cuo.

Returning to the city, he randomly found a place to stop. With Sima Cuo's connections, it was easy to find a car back to Yuezhou. Lin Baiyao stopped making any noise and drove away with Tang Xiaoqi.

Sima Cuo was about to call a friend to arrange a vehicle when Mo Ran said: "Don't bother, we'll take a taxi to the train station..."

"TRAIN STATION?"

Sima mistakenly thought that she was going back to Yuezhou by train, and said: "The train is too slow, we have to wait for the next train..."

"If you don't go back to Yuezhou, go to Shangdu City. I want to see Zhao Tieqiao."

Sima Cuo was stunned, and finally sighed and said: "Xiaoran, now that the matter has come to this, Zhao Tieqiao will definitely bear the responsibility. If you go to see him now, it will only make him embarrassed..."

"I know, but I can't help but go."

Mo Ranshi's eyes were deep and he said: "We agreed at first that we would fight against Jing Guoliu together this time, but I broke my promise... If Zhao Tieqiao wins, it doesn't matter whether I see him or not. But if he loses, I won't go.

Not only is it a breach of trust, but it also appears to be cold and unreasonable..."

Sima Cuo couldn't help but said, "Okay, I'll go with you."

The two took a taxi to the train station and bought sleeper tickets for nine o'clock that night, so they could arrive at their destination at dawn.

While waiting in the waiting hall, there was a handsome man in a black formal suit, dressed like a cadre of a state-owned enterprise. Seeing the beauty of Mo Ran's face, he was amazed and took the initiative to strike up a conversation.

Mo Ranshi said calmly: "All your thoughts are clearly written in your eyes. Let's do this. Don't waste everyone's time. I have an enemy who is rich and powerful in the capital. If you are willing to kill him for me,

, I can fulfill one of your requests."

The handsome man was stunned and cursed: "Madman!" He immediately hid away with a black leather briefcase under his arm.

A bit of sarcasm escaped from the corners of his lips when he was dyeing the ink, but for some unknown reason, the shadow of Lin Baiyao suddenly appeared in his mind.

He was infinitely younger than this man, but his masculinity was far superior. Faced with the difficult and difficult situation before, his persuasion was useless, but he did not hesitate to use force to detain himself, and thus he escaped...

What are you thinking about!

Mo Ranshi decisively dismissed this thought, leaned back slightly on the cold iron chair, and closed his eyes.

There was a noisy crowd next to her, and she was among them, but also like a lonely soul wandering outside the fireworks.

After arriving in Shangdu City the next day, I met Zhao Tieqiao in a secluded mountain hut outside the suburbs.

He is forty-seven or eighteen years old, has an average appearance, and is not tall. If he were placed in a crowd, he probably wouldn't be able to see any bright spots even with an eight-power lens.

But the fact that such a person can become the boss of the Yuezi Sect may illustrate that sentence:

The eagle stands as if it is sleeping, the tiger moves as if it is sick, they are just means of biting people. Only when his intelligence is not revealed and his talent is not displayed, is the true nature of a husband.

"Xiaoran, luckily you had the foresight and didn't wade into the muddy waters this time... In the end, Chen Beixuan is the better player in our Taihang Mountains!"

Although he suffered a heavy defeat, Zhao Tieqiao still maintained his magnanimity and did not blame Mo Ranshi for escaping from the battle.

Facts are facts. Everyone involved in this battle has suffered heavy losses. You cannot use anger to excuse your own mistakes and stupidity because of the wisdom and intelligence of others.

That’s too much to underestimate him, Zhao Tieqiao!

When Mo Ran looked at Zhao Tieqiao, who seemed to have aged ten years overnight, Lin Baiyao's face appeared strangely in his mind.

If it weren't for him, I might not be as good as Zhao Tieqiao now.

Mo Ranshi comforted him: "Chen Beixuan was defeated by your final kill. How can you say that he was superior?"

Zhao Tieqiao smiled bitterly and said: "That was a helpless move to survive with a broken arm. Chen Beixuan only lost a few hundred million, but the Yangnan Gang will lose the root of its survival..."
To be continued...