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First of all, most domestic and foreign commodity spot transactions are market makers. Stocks are matched transactions. Of course, the new third edition is also a market maker.

The biggest difference between market makers and matching is that matching requires someone to sell a certain amount of something before you can buy the same amount of something. The simplest example is a person selling paper. He currently has 50 pieces of paper, but if he only sells 20 pieces of paper, then there are only 20 pieces of paper available for purchase in the market. If he doesn't sell it, you don't have to

buy it.

Market makers are different. Market makers are made by companies with relatively strong funds and strong backgrounds. They are the counterparties of all their customers. They

You can’t choose who you trade with or who you don’t trade with. As long as someone is selling, he must take it. Even if the other party does not have spot goods and is just selling contracts, the market maker must accept it.

We often see leverage in spot commodities. This leverage is a percentage of the contract value. For example, crude oil ranges from 3% to 20%. This contract is a default transfer contract in the market maker's transaction. As mentioned earlier, the market maker must accept the buying and selling of all underlying customers. ?

This trading model is actually very good, but it changes when it comes to China. What does it mean? In the early days, when everyone started to operate as a market maker, they discovered something called a position. The meaning of position is that I now have a short order of 1 million and a long order of 2 million. The 1 million more long orders than short orders is a long position, which can also be called a long position. Net position. But as I mentioned before, the counterparty of all customers is the market maker themselves. So if the market price drops at this time, then doesn’t the money lost by the customer belong to him? ~~So this is why the market was in chaos for a long time from 2008 to 2014

Customers and member units affiliated to the exchange have become a type of gambling. That is to say, the money earned by customers is lost by member units, and the money earned by member units is lost by customers. I'll tell you later if there's any improvement. ?

Next, let’s talk about handling fees. The handling fees of normal, legal and compliant commodity trading centers (exchanges) range from 40,000 to 80,000. For more exchange fee information, please refer to Aibaoban. If you haven’t been in contact with it, you may think it’s okay ~ it’s a little more expensive than stocks, but that’s not the actual calculation. First of all, this is a unilateral handling fee, that is, buying

or selling There is a handling fee, but you are buying and selling, so it is actually charged twice, that is, 80,000 to 16,000. Some exchanges charge it all at once when you buy.

, some buy and sell twice. You may think that 16,000 is not bad, but please note that his handling fee is 16,000 of the contract value. What does that mean? The spot price is leveraged. For example, if crude oil is 500 barrels, the leverage is 33 times. The current price is about 300. So for the first-hand price, you only need to pay

500*300*0.03. Why is there leverage? Because you haven’t gotten the spot yet, you just made a reservation now, and all you paid is a deposit. If You want these 500 barrels of crude oil. Okay, please pay the remaining 97%. But the contract value is not 500*300*0.03, the contract value is directly

500*300=150,000. So what is 16/100,000 of 150,000? 240. That is, you actually spent 4,500. The handling fee is 240. So what is the spread. Simply put, the spread is the difference between buying and selling. For example, if you buy crude oil at 301 and sell at 300, the spread is 1 yuan. This point refers to

is the base point.

The key point is why the market maker’s handling fee is so high and there is still a difference. Because he took the risk, my friend~ He will accept all your orders unconditionally. If he can't digest the position, then he is done~ This risk is no joke, of course, this risk It can also be avoided selectively

by relying on hedging and hedging the net position with other market makers. To put it bluntly, he provides you with goods and accepts all orders, so he has to charge a part of the commission.

Going back to the first part, is there any improvement in the country now? The answer is yes. Based on what I know about the situation at various exchanges, the first point, part of it

The exchanges have begun to withdraw their positions, that is, the exchanges will not release the positions. The exchanges will take the positions to the international market or other exchanges to hedge them. Once there is no temptation to hold positions, you will I found that the membership units below will work hard to make you money. But there are really not many such exchanges. I don’t want to advertise here, so I won’t mention it.

Finally, let’s talk about whether domestic commodity spot prices can make money, and how does it compare with stocks?

What I can say with certainty here is that the profit returns of spot stocks are unmatched

by stocks. Let me give you an example. Everyone should know that crude oil rose sharply a few days ago, and a person I know is One day, the total *** invested 600,000 and earned more than 3.4 million.

If you invest 600,000 in stocks with ten times leverage, that is, 6 million, how long will it take you to earn 340? 5 daily limit boards. I believe there was still a bull market before, but now in this market, if you can do it, I believe you will make more money by doing commodities. Many people would say that the risk is huge! Yes, the risk is high, but you can't compare spot stocks with

stocks. You have to compare spot stocks with capital allocation. For example, if you allocate capital with 10 times leverage, if your 1 million capital is allocated to 10 million, if the first It dropped 5 points one day and hit the limit the next day.

You didn’t increase your position in time. Sorry, you lost your position. Not only did you lose 1 million, but you also owed 500,000 to others. If you allocate stock capital with a leverage of ten times and the limit drops, you will lose all your money

. But what I have learned so far about spot commodities is that there is no liquidation limit when the price is lower than 50%. What does it mean? If you lose the most, you will lose half

and there is no cap on your profit. ?

I personally think that the spot commodity itself is a very good thing, but it has been made notorious by some domestic cancers. However, the good news has begun to be standardized after the 315 party last year. My personal wish is This transaction will gain more people's trust after this transaction. Any investment has risks. Investment is not gambling. If you don't even have the ability and judgment to bear risks, then you are not suitable for investment, any investment.