The difference is: the length of time is different; Pay attention to different interests; Different degrees of risk; Different levels of understanding. Because of the long investment cycle, investors can conduct diversified investment management during this period, which can reduce risks. Speculation is a concentrated high-risk investment behavior, and the possibility of loss is relatively large.

Extended data:

Speculation refers to the futures trading behavior in the futures market for the purpose of obtaining the spread income. Speculators make a decision to buy or sell according to their own judgment on the trend of futures prices. If this judgment is the same as the market price trend, speculators can get speculative profits after closing their positions. If the judgment is contrary to the price trend, the speculator will bear the speculative loss after closing the position.

Spread speculation refers to the activities that speculators buy when the price rises, sell when the price falls, and then sell or buy the original futures contract at a favorable opportunity to obtain profits through the expectation of the price. The key to spread speculation lies in the accuracy of analyzing and forecasting the price change trend of futures market. Because there are many factors that affect the price change in the futures market, especially accidental factors such as speculative psychology, it is difficult to judge correctly, so this kind of speculation is risky. Arbitrage trading is a special way of futures speculation, which uses the relative price difference between different months, different markets and different commodities in the futures market to buy and sell different kinds of futures contracts at the same time to obtain profits. Just as the spot price and futures price of a commodity are often different, so is the contract price change of the same commodity in different delivery months; There are also differences in the price changes of the same commodity in different futures exchanges. Because of these price differences, arbitrage trading in the futures market is possible.

Arbitrage enriches and develops the content of futures speculation, which makes futures speculation not only limited to the change of the absolute price level of futures contracts, but also turn to the change of the relative price level of futures contracts. Arbitrage trading is of positive significance to the stable development of the futures market. Specifically, the role of arbitrage is mainly manifested in two aspects: on the one hand, arbitrage provides opportunities for risk hedging; On the other hand, arbitrage helps to form a reasonable price level.