Cash Market: Cash Market is a place where people buy and sell the actual commodities (i.e., grain elevator, bank, etc.). The market for the cash commodity (as contrasted to a futures contract) taking the form of:
1) an organized, self-regulated central market (e.g., a commodity exchange);
2) a decentralized over-the-counter market;
3) a local organization, such as a grain elevator or meat processor, which provides a market for a small region.
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.
Futures: Futures (also called Futures Contract) is a legally binding agreement to buy or sell a commodity or financial instrument at a later date. Futures contracts are normally standardized according to the quality, quantity, delivery time and location for each commodity, with price as the only variable.
Futures Contract: Futures Contract is an agreement to purchase or sell a commodity for delivery in the future: (1) at a price that is determined at initiation of the contract; (2) that obligates each party to the contract to fulfill the contract at the specified price; (3) that is used to assume or shift price risk; and (4) that may be satisfied by delivery or offset.
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).
Mini: Mini (e-Mini) refers to a futures contract that has a smaller contract size than an otherwise identical futures contract.
Short: Short (shorting) is the selling side of an open futures contract.
Transaction: Transaction is an entry or liquidation of a trade.
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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.