The futures market is a good place for producers and operators to avoid risks. Since we need to avoid risks, we need to take risks. Speculators and hedgers are important participants. So, what's the difference between them? 1 Futures markets with different trading purposes are places for producers and operators to avoid production and operation risks, and also places for investors to transfer the risk of price fluctuations, so as to lock in costs or profits and control the risks arising from price fluctuations. Guess is different. Speculators participate in trading in order to take advantage of price fluctuations to earn income. 2 Operation methods Different hedgers' positions are based on spot, that is, the subject matter of futures contracts bought or sold by futures hedgers corresponds to the commodities or assets they hold (are willing to hold) in the spot market, and try to ensure the same quantity, the same holding time but the opposite direction. These speculators don't need to consider. Speculators participate in trading according to their own funds, risk tolerance and market forecast. 3 Hedgers who bear different risks only need to bear the risks brought by the change of basis, while speculators use the difference brought by price fluctuations to earn income. If the market trend deviates from the expected judgment, they often have to bear the risk of price fluctuation. Relatively speaking, the risk of hedging is small and the risk of speculation is high. Risks in the trading market are inevitable, but mainly the risks brought by price fluctuations. In addition, China's futures exchange implements the system of debt-free settlement and forced liquidation on the same day, so investors still don't have to worry about default.