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+656 Part V: Index Options and Futures 
+gains and losses are taken into account as well as are realized ones. If his account 
+loses money, he must add cash into the account or sell out some of his Treasury bills 
+in order to cover the loss, on a daily basis. However, if he makes money, that unreal­
+ized profit is available to be withdrawn or used for another investment. 
+Example: The cotton speculator from the previous example sees the price of the 
+March cotton futures contract he owns fall from 60.00 to 59.20 on the first day he 
+owns it. This means there is a $400 unrealized loss in his account, since his holding 
+went down in price by 0.80 cents and a one-cent move is worth $500. He must add 
+$400 to his account, or sell out $400 worth of T-bills. 
+The next day, rumors of a drought in the growing areas send cotton prices much 
+higher. The March future closes at 60.90, up 1.70 from the previous day's close. That 
+represents a gain of $850 on the day. The entire $850 could be withdrawn, or used as 
+initial margin for another futures contract, or transferred to one's stock market 
+account to be used to purchase another investment there. 
+Without speculators, a futures contract would not be successful, for the specu­
+lators provide liquidity. Volatility attracts speculators. If the contract is not trading 
+and open interest is small, the contract may be delisted. The various futures 
+exchanges can delist futures just as stocks can be delisted by the New York Stock 
+Exchange. However, when stocks are delisted, they merely trade over-the-counter, 
+since the corporation itself still exists. When futures are delisted, they disappear -
+there is no over-the-counter futures market. Futures exchanges are generally more 
+aggressive in listing new products, and delisting them if necessary, than are stock 
+exchanges. 
+TERMS 
+Futures contracts have certain standardized terms associated with them. However, 
+trading in each separate commodity is like trading an entirely different product. The 
+standardized terms for soybeans are completely different from those for cocoa, for 
+example, as might well be expected. The size of the contract (50,000 pounds in the 
+cotton example) is often based on the historical size of a commodity delivered to 
+market; at other times it is merely a contrived number ($100,000 face amount of U.S. 
+Treasury bonds, for example). 
+Also, futures contracts have expiration dates. For some commodities (for exam­
+ple, crude oil and its products, heating oil and unleaded gasoline), there is a futures 
+contract for every month of the year. Other commodities may have expirations in only 
+5 or 6 calendar months of the year. These items are listed along with the quotes in a 
+good financial newspaper, so they are not difficult to discover.