Example #1 — Winning "buy" trade
Trader A thinks the price of the S&P 500 market is going to rise. Trader A buys an emini S&P 500 stock index futures contract at a price of 1488.25. Trader A is now "long" one emini S&P. The price rises and Trader A sells an emini S&P 500 stock index futures contract at 1490.25. The investor is now flat (or 1 by 1). Trader A gross profit on the trade was 1490.25 - 1488.25 = $100 (1 point = $50). Assume for the purposes of illustration that transaction costs for this trade was $10 per round turn. Then the net profit for this trade is $100 - $10 = $90.

Example #2 — Losing "buy" trade
Trader B thinks the price of the S&P 500 market is going to rise. Trader B buys an emini S&P 500 stock index futures contract at a price of 1488.25. Trader B is now "long" one emini S&P. The price falls and Trader A sells an emini S&P 500 stock index futures contract at 1486.25. The investor is now flat (or 1 by 1). Trader B gross loss on the trade was 1488.25 - 1486.25 = -$100 (1 point = $50). Assume for the purposes of illustration that transaction costs for this trade was $10 per round turn. Then the net loss for this trade is -$100 - $10 = -$110.

Example #3 — Winning "sell" trade
Trader C thinks the price of the S&P 500 market is going to fall. Trader C sells an emini S&P 500 stock index futures contract at a price of 1488.25. Trader C is now "short" one emini S&P. The price falls and Trader C buys an emini S&P 500 stock index futures contract at 1486.25. The investor is now flat (or 1 by 1). Trader C gross profit on the trade was 1488.25 - 1486.25 = $100 (1 point = $50). Assume for the purposes of illustration that transaction costs for this trade was $10 per round turn. Then the net profit for this trade is $100 - $10 = $90.

Example #4 — Losing "sell" trade
Trader D thinks the price of the S&P 500 market is going to fall. Trader D sells an emini S&P 500 stock index futures contract at a price of 1488.25. Trader D is now "short" one emini S&P. The price rises and Trader D buys an emini S&P 500 stock index futures contract at 1490.25. The investor is now flat (or 1 by 1). Trader D gross loss on the trade was 1488.25 - 1490.25 = -$100 (1 point = $50). Assume for the purposes of illustration that transaction costs for this trade was $10 per round turn. Then the net loss for this trade is -$100 - $10 = -$110.