forex life Zhang Wenjun: free forextradingbrokerwebsitevestor, MBA of Northeast University of Finance engaged in futures investment in 1993 to date, forextradingwebsiteonline even the bean futures forex trading site is known for short term speculators he is involved in futures while also concerned about other capital markets, participated in the 2000 B-share investment and later H cashback forexnvestment, because the timing is right, the harvest is rich Zhang Tianming: futures industry veteran entered the futures market in 1993, is now the manager of the Beijing business department of Baifu futures, in addition to carrying out market work, keen on futures investment concept research and market macro research, there are hundreds of futures articles in various newspapers A. A futures trader, in When you start doing futures, you will encounter some problems such as lack of experience and weak theoretical knowledge, among which, it is very important to choose the trading varieties carefully. When you start to do futures, you have to start from the simple, and then go to the big market to exercise to do futures need such a process, but this does not mean that I like small market, honestly I prefer the big market, the real money or big market, the big market can really play out your level of manipulation At that time I used the Japanese static plate - red soybean As the object of trading, the purpose is to learn manipulation skills static plate is a relatively primitive form of trading, it is not very liquid, the risk is relatively large, but in general, it is not as intense as the dynamic plate, price fluctuations are relatively mild in the dynamic plate trading, people can easily close positions or even cut positions, the risk is controllable, but in the static plate trading, once done wrong, even the opportunity to cut positions are not, the risk is very large II. Traders eyes, only the market price fluctuations, nothing else Then, what is the thing that makes the trader easily adapt to the consistency of different markets? Is the sense of the plate! Good disc sense is the key to the success of short-term speculators Zhang Tianming: It is said that once your account only 20,000 yuan, you do the Hang Seng Index, a day down to trade 36 round trips, 72 sheets, earned a few thousand dollars Hang Seng Index futures and the current Dalian soybean futures are very different, your trading behavior in the Hang Seng Index has no influence, but if you trade in the soybean futures market is very large, a short period of time Does it affect price fluctuations? Some people think that relying on trading behavior to influence the market can also fulfill his trading purpose So, do you think that trading in the domestic soybean market is very different from trading in the Hang Seng Index in terms of skills and judgment methods? Zhang Wenjun: From 1993 to today, I have never discontinued speculating in futures Today, I think I have benefited from my own sense of the market Zhang Tianming: Sense of the market is something that has consistently supported your success in the external and internal markets Zhang Wenjun: Yes! Before a wave of market appears, I can feel it at the first time, for example, in the process of falling may appear rally or rise, I will be the first time to kill in Zhang Tianming: the first time means you take the initiative to foresee and find out the market changes earlier than others, you are not relying on their own strength to influence the market? Zhang Wenjun: This is the case in the futures market, if others operate with large funds, and I through the plate feel to comply with the market operation will be very easy, on the contrary, if through the influence of the market to operate will be very tired, because that is a kind of imposition on the market rather than respond to the market behavior this I have deep feelings Three, "plate feel" is not Vague, it is the specific content of the market judgment, sometimes also represents a trader vital investment philosophy, revealing the relationship between the trader and the market Zhang Tianming: I noticed that you often say a sentence: "I feel that the opportunity is coming again" "feeling" The word "feeling" is well used, and this phrase well reflects your market philosophy, indicating that you are a market trend follower Now I have a new discovery about you, your first feeling found the market, the first time to enter the market, your "feeling" in my impression has become clearer, it is a feeling with foresight Zhang Wenjun. Some people say I rely on my senses to do futures, but thats not entirely accurate, for example, my common way of inter-period trading is not entirely based on my senses, it requires constant adjustments to fix spreads according to the actual situation. Is there a clear sense of direction required, like operating on a single month? Zhang Wenjun: I do inter-period trading is based on a judgment of the market: the difference between the price levels of two months contracts often appear unreasonable phenomenon, the spread is distorted under the capital speculation, but eventually the market will be repaired futures market price divergence in different months is a common phenomenon, such as some months belong to the long month, long-term bullish, some months belong to the short month, long-term bearish, in this case, buy long-term bullish month, in this case In this case, buy long-term bullish month, sell long-term bearish month, which is a good operation method Zhang Tianming: This is an important part of your investment philosophy? Zhang Wenjun: Yes Fourth, in a risky market for investment, safety issues should not be ignored in the premise of safety to find a winning model, some people emphasize the importance of character, some people believe that the pursuit of rationality in the mind is more important Zhang Tianming: I introduced to friends Zhang Wenjun cross-period operation characteristics, jokingly said: "Zhang Wenjun is a mouse in the market, he is long also eat, short also eat, is not eaten by themselves" In short, you are a very good self-protection investors, that is, in the market to find a gap that does not belong to the territory of the long and short sides, so that they are not hurt by either side Zhang Wenjun: I agree with you. In fact, you will find that this point is related to my character, that is, one must be sensible to make something may also depend on luck, but in terms of being a human being, one must be sensible. Zhang Tianming: In summarizing your experience, I linked your many experiences together with rationality as an important concept. The concept of five, futures trader is not a philosopher, he focuses on the actual battle, so in the summary of successful experience repeatedly stressed the importance of methods, experience, in the experience of looking for methods, in the process of using methods to form experience, these are very personal things, requiring each speculator must grovel for Zhang Wenjun: I do not like to rise and fall nothing regular market I like the commodity futures, its price fluctuations around the value I like commodity futures, whose prices fluctuate around the value, and the price goes up when it goes up and down when it goes down. For example, a very important feature is to have a sense of price level in mind, when to buy and when to sell, and which resistance levels cannot be shorted are very clear. Zhang Wenjun: Some people use technical analysis to do short term, with a lot of preconceived ideas, I entered the market without any preconceptions, my brain only a blank slate, I pay attention to some price levels, when the market breakthrough decided to buy or sell Zhang Tianming: you determine these price levels there is no feasible method? It is understood that you have put a lot of effort in doing foreign exchange futures, paying considerable attention to chart analysis Zhang Wenjun: I did sum up some methods over the years I look at the market price, for example, I have a unique understanding of the closing price, futures opening price is formed through the two sides of the collusion, but the closing price is the result of competition between the two sides of the market, is the long and short sides to reach a balance of a price level, the market breaks this balance will show a certain Directional Zhang Tianming: Concerned about the performance of the market today near the closing price of the day, when breaking through the balance reached by yesterdays closing price, the market will show a clear direction? Zhang Wenjun: Yes! Yesterdays high, the high of the year, etc. is also I look at the market price over the years I summarize things very real, some people in the market belongs to the technical analysis school, some people belong to the fundamental analysis school, while I focus on the actual battle Zhang Tianming: I think you belong to the value school although you focus on the actual battle, but you also think the price level is important, the price level itself represents a balance, you seek to destroy the balance after the performance, so your price level is the value This is a theoretical overview Zhang Wenjun: in the use of price level to guide the operation should also pay attention to a market is unilateral or oscillating six, a trader must understand and unmistakably express its basic views of the market, the right attitude and accurate grasp of the essence of the market are the components of the basic views of the market Zhang Wenjun: I have a few on the market The first basic point of view is that prices create news, such as the market rose to 2200 there are 2200 fundamentals, if it rose to 2400, it is bound to produce 2400 fundamentals, people will pursue why it will rise to 2400 Zhang Tianming: This shows that the rise and fall of the market has its intrinsic inevitability, some people call this a market expectation of self-fulfillment market rose to 2400 will certainly have its reasons, just About this reason, some people recognize it earlier, while some recognize it later Zhang Wenjun: the second point is: the market is not always impossible, only what has not happened in other words, all the possible will happen, there is no impossible, only what has not happened Zhang Tianming: this sentence reveals a very profound truth, if you are a philosopher, the expression may be better Soros The reality of the financial market is not circumscribed, said Soros, a prerequisite for the circumscription is that we can recognize it, the object is within our grasp; not circumscribed reality shows that the scope of our knowledge will always be smaller than the market changes Many people know the market wrong, the root cause is that they think the market is based on our knowledge, within the scope of my judgment, people who hold this view in the error of judgment, often think that it is not Zhang Wenjun: I agree with Soros said another sentence: the market is often wrong when the price is distorted under artificial speculation, when the market performance is wrong, will certainly be corrected for example, when the market at 2000 points no one sold, but the market at 1900 points when people rush to sell, the price is distorted under the pursuit of speculators problem is that the people who rush to sell and buy I also have a major point: the market is insurmountable if you look at the right, mainly by experience Zhang Tianming: all successful people have some common points, including the basic views of the market, your expressions have some consistency with Soros, for example, you just said that the market The market is not always right, of course, is not always wrong, the accurate expression is: the market is often wrong Seven, as a short term trader how to combine the general trend of judgment and frequent trading every day, so as not to lose the general direction, but also fully meet the desire to trade and active market sense? In this process, you will certainly encounter many problems, how do you deal with these problems? Zhang Tianming: You do a lot of trading every day based on important price tips, but how do you combine this trading with judgment of the general trend? Zhang Wenjun: Generally speaking, the two are not in conflict, when the market breaks through a certain price level is bound to your expected direction of development, of course, there are cases of misjudgment of the general trend, the method I use is to cut positions, to suspend the diffusion of wrong ideas without subtlety, I do futures cut the most positions, more than anyone cut positions I do a significant part of the daily volume is constantly correcting my views, to do the right, constantly buy. Do wrong, cut positions, backhand to do A successful futures investor is not different from others is not to do right when how to do, but to do wrong how to do many people do wrong when not cut positions or backhand, but continue to add code to do wrong when it is to add code to buy and then die, or cut positions backhand, need experience Zhang Tianming: the conclusion in your mind and your market operation are two parallel lines, the operation follows the highest principle is to comply with the market, so the ideological understanding is often subject to correction from the market Zhang Wenjun: before entering the market you may have a judgment on the market, but enter the market, you must operate according to the market to correct the original view Zhang Tianming: some investors who do long term tend to first conceive of the market up or down in the mind, a clear judgment of the reasons for the rise and fall of the market, and then enter the transaction, even if in which there will be some Risk, he still adhere to their own views you are also this approach? Zhang Wenjun: Maybe before I will appear this situation, but now I have a great improvement market is uncertain, the fundamentals are often changing in general, when the market breakthrough up a key price level, I first look up a stage, is a step by step look, rather than a one-time to see the market through to do futures mainly rely on technology, when you have a clear judgment perhaps the market has gone to the The end, according to this understanding into the market, you will be unaware of the market, completely in a state of loss of control I do short term one of the purposes is to constantly improve technology, constantly improve the level of technology to adapt to market changes, and how much volume and other issues Eight, short term speculation is indeed very addictive, but need to be able to make money, need to overcome the fear of the market and have the appropriate state of life support Zhang Tianming: Have you ever thought that Looking for a light and easy way to operate - see the right direction, find a suitable time to enter, and then keep the position unchanged? Zhang Wenjun: Maybe in the future I will try, but at least now I like to do short term this kind of operation a day to earn a few million is very normal, loss of a few million is also very normal, this practice is very addictive now I have overcome the fear of the market, a day down to earn more or less do not care, if the market rises very violently, I will boldly put short, so do not follow the trend, but have experience to support perhaps some people will say, do long term money will be more, in fact Do short term money is also a lot of Zhang Tianming: what sports do you usually like? Zhang Wenjun: Tennis, soccer Zhang Tianming: You are a sportsman, doing short term may be more suitable for sportsmen, for them, doing short term on the one hand can meet the desire to make money, on the other hand, in the process of continuous trading can also taste the joy of life I think, in another ten years you will still have such a state of mind, in the daily speculation to find fun? Zhang Wenjun: Maybe I will change, but now it makes sense to do so I like to live a full life, if you do a few thousand sheets and throw away regardless, a day doing nothing, very uncomfortable Zhang Tianming: one day you will become a public figure, people are very concerned about your views on the market, you are also happy to public this view, like Soros did in fact, in the media to express their views, is also very meaningful Now, your operating methods firmly bind you to the plate, if in the future your trading style or method of judging the market changes, your activity space and content will also undergo new changes, you will feel that it is also very meaningful to engage in other activities Zhang Wenjun: It is not difficult to do this Zhang Tianming: You take the trading process as an experience, a pleasure, a fulfilling life, of course this This experience is also related to the state of ones life, such as the freedom of mind and body, energy, once these life conditions change, it will be difficult to have such an experience and fun, so your trading style change in the future is a kind of inevitable, you should be prepared for this early Peter Lynch is a very successful stock trader. His trading style is very similar to yours, for example, he can buy many kinds of stocks at the same time and speculate frequently to adjust different stock positions, while others may only buy a few stocks in a long position He exited the market earlier and he needs to invest a lot of energy in trading Nine, with the continuous acceleration of Chinas financial market opening process, domestic futures As the opening up of Chinas financial markets continues to accelerate, domestic futures traders will face new competitive pressures Not only will changes in market size and investor structure affect their profit models, but changes in the competitive environment will also make traders think differently, which will prompt them to look for a new path of development. Zhang Tianming: Some people say you dont want to do funds or help others manage money now but helping others manage money will make your career enter a broad stage of development many large institutions including foreign institutions will gradually enter the future of the Chinese futures market, these institutions carry a lot of money management funds, the number is large, the volume of transactions will also be large, such competitive pressure on you is obvious so you are afraid that it is also very difficult to avoid for The future, on the one hand, is determined by the full use of your successful experience, on the other hand, is determined by the new competitive pressure brought about by the choice of, for example, now you operate tens of millions of dollars feel very satisfied, when the larger funds appear, you will feel a sense of talent to play inadequate Zhang Wenjun: people must be content, there is no need to compare with others Zhang Tianming: this is not a climbing problem if you yourself If you simulate trading in the futures market and do it successfully, you will definitely not be able to find the fun you are talking about today precisely because the market you are participating in is not simulated, and you are not the only one trading, but many people are participating, so you can feel the fun, including a sense of accomplishment. In essence, personal fulfillment cannot be separated from a certain social environment Zhang Wenjun: You are right, maybe in less than three to five years this situation will occur
