Question: A trader is interested in closing out a position in a futures market.What is meant by the phrase closing out?Why can a trader unilaterally close

A trader is interested in "closing out" a position in a futures market.What is meant by the phrase "closing out"?Why can a trader unilaterally close out position in a futures market while a trader cannot unilaterally close out a position in a forward agreement?Provide examples which illustrate the points you are trying to make.

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