国际期货市场运作1TheJourneyAhea.ppt

Chapter 1 The Journey Ahead,Zhengming Li,The Differences,Investor Investors come from all walks of life,all levels of education,all races,both sexes,and virtually every age group.,Many individuals suspect that the“speculator”seeks to capitalize on the misfortunes of others,taking advantage of short-term imbalances in the equilibrium of the markets.In reality,it doesnt fit.,Speculator,The common misconception is that it takes skill and intelligence to invest,intuition and brawn to speculate,and greed to gamble.In fact,none of that is necessarily true.,Gambler,Gambler,If what you have learned is not based in truth or reality,then you will be prone to make decisions that can have a significant impact on your career and financial future.,COMPARISONS AND CONTRASTS,Gambling is what the public doesSpeculating is what professionals do,REALITIES&NECESSITIES OF RISK&REWARD,The greater the potential for profit,the greater the possibility of loss.,REALITIES&NECESSITIES OF RISK&REWARD,The ultimate intent and purpose of futures trading is to provide a marketplace where buyers and sellers can come together to either protect their existing assets,attempt to increase their profits.,Keeping The Following Points in Mind,Futures trading is a solitary endeavor.Futures trading is most difficult undertakingFutures trading will be a challenge to anyone who attempts it.,Keeping The Following Points in Mind,Trading commodities can be a gamble or it can be speculation.It all depends on how one approaches trading.,Keeping The Following Points in Mind,Success in futures trading rests upon only a handful of time-tested,validated methods that are not difficult to learn,not costly to obtain,but extremely difficult to implement due to limitations inherent in the human psyche.,