Is Rolling over Always Profitable for the Trader?

No, rolling over is not always profitable. The profitability depends entirely on the market condition, specifically whether the market is in contango or backwardation.

In contango, rolling a long position results in a loss (negative roll yield). Only in backwardation, where the expiring contract is more expensive, does rolling a long position result in a profit (positive roll yield).

What Is the Impact of a Futures-Based ETF on the Contango Curve?
What Is a “Futures-Based ETF” and How Is It Impacted by Contango?
How Do Contango and Backwardation Impact the Profitability of a Commodity ETF?
What Is the Term for the Price Difference between the Two Contracts When Rolling?
What Is the “Roll Yield” and How Does It Relate to Contango and Backwardation?
How Does Contango Affect the Decision to “Roll” a Long Futures Position?
What Is the Risk of “Roll Yield” When Rolling a Futures Contract?
What Is a ‘Roll Yield’ and How Does It Relate to Backwardation?

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