1, hedging and speculative trading can be conducted in the same trading account. Investors' trading positions are divided into speculative positions and hedging positions. Generally speaking, within the scope of risk control, the exchange does not restrict investors' speculative positions, but the exchange implements the examination and approval system for hedging positions, so in fact only legal person investors with a certain scale of spot background can obtain hedging positions. After obtaining the hedging position approved by the exchange, investors should choose whether the position is speculative or hedging when placing an order (the system generally defaults to speculation, and investors who have not obtained the hedging position of the exchange cannot trade through hedging). Similarly, if investors have both hedging positions and speculative positions, they must also choose which position to close when closing positions. 2. After obtaining the hedging position approved by the exchange, investors can still choose to use speculative positions instead of having to use them. However, if delivery is involved, it is recommended to use hedging positions first, because the closer the delivery month is, the exchange will limit the speculative positions of members and customers (that is, limit the number of speculative positions to be delivered), but after the delivery month, the exchange will not limit the approved hedging positions, and investors can completely deliver within the number of hedging positions given by the exchange.