Newbie Do's & Don'ts

[Capitalist]

Newbie DO

DO know the details of the market in which you're trading.

For instance, I don't know much about futures beyond the basics, so unless I learn a lot more I won't be touching them.

Can't futures contracts open "limit up" or "limit down" and stay locked like that? Also, is it possible to lose MORE than your initial investment on a long futures position? (My understanding is that you can, and this is why futures are not placed into the category of "securities" by the regulatory and licensing bodies).