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Round turn

One complete futures trade — entry and exit — and the standard unit for quoting futures costs.

Futures commissions are almost always quoted per round turn, or occasionally per side (half a round turn). Comparing brokers means checking which convention they use and whether exchange and clearing fees are included or extra.

Because futures costs are fixed per contract rather than a percentage, they fall as a share of the trade when you use larger contracts and rise when you scalp micros.

Example: $4 per round turn on ES with a 10-point average winner ($500) is 0.8% of the gross. The same $4 charged against a 10-point MES winner ($50) is 8%.

Related: exchange-fee, micro-futures, scalping, slippage, expectancy

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