A futures contract can be bought or sold at any time prior to its last day of trading. The first step in futures trading is to determine what kind of trader you will be.
Speculators are individuals that seek profit from price changes.
Hedgers are mills, wholesalers, retailers, or home builders that seek to avoid risks associated with their cash position from these same changes in price. In the hope of making a profit, speculators gladly take on the price change risk that hedgers wish to avoid. For the speculator, whenever there is a chance for profit, there is also the risk of loss. Before you start trading there are some terms you need to know. In the CME OSB futures market, leverage means you only need to commit a little money to control a lot of product.