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futures contracts have a limited lifespan when you trade futures you need to be aware of expiration dates as this will influence the outcome of the trades and your exit strategy there are two expiration related terms that are particularly important first is expiration and the second is rollover a contracts expiration date is the last day that a trader can trade that contract this can occur on the third Friday of the expiration month but varies by contract prior to expiration a futures trader has three options offset the position to fully close out the trade role the contract from the current or forward month to a future expiration date or to let the contract expire and take delivery offsetting or liquidating a position is the simplest and most common method of exiting a trade when offsetting a position a trader is able to realize all profits or losses associated with that position without taking physical or cash delivery on the asset to offset a position a trader must make an opposite