专访对冲套利组第一名贺然 当贺然得知自己获得本届全国期货（期权）实盘交易大赛对冲套利组冠军时难掩激动，接受期货日报记 者采访时，他笑着回忆："第一反应是特别开心，差点直接发朋友圈分享。"这份喜悦的背后，是他用7 年时间在盈亏起伏中沉淀的交易哲学。 谈及在本届大赛中取得优异成绩的关键，贺然将答案归结为"坚持自己的策略"。"比赛中经历过利润大 幅回撤，也有近一个月没盈利，心态一度受到影响，甚至怀疑这次能不能取得好成绩，但最后想通了 ——过程正确比结果更重要，只要按策略执行，不要在意名次。"他透露，本次成绩由一笔笔小盈利累 积而成，没有"决定性的一笔交易"，但每一笔都是对交易系统和理念的严格执行。 在风险控制上，贺然有明确的规则："止损必须严格执行。"例如，股指期货单笔亏损超过0.5%必须止 损，单日回撤超过3%必须停止交易。"去年2月初股指连续下跌，如果没有严格执行单日止损线，可能 损失会更大。那次经历让我明白，保护本金是交易的基础，只有保住本金才有后续的机会。" 仓位管理上，他根据市场情况灵活调整："如果对某笔交易特别有把握，日内会用较高杠杆操作；如果 把握一般，只用较低杠杆。但隔夜仓位一定会严格控制，因为意外 ...

专访有色组第一名虞道焕 在第十九届全国期货（期权）实盘交易大赛中，虞道焕获得了有色组第一名。对于首次参赛获奖，虞道 焕难掩激动，这并非来自获奖本身，而是源于历经10年磨砺后，他终于获得与各路高手切磋的机会。 虞道焕表示，此次在大赛中获得优异成绩的关键在于严格执行了"狙击交易"体系：耐心等待高确定性机 会，机会出现后果断入场并让利润奔跑，同时将预设止损金额买入期权，既锁定了最大风险、避免了滑 点，又保留了博取非线性收益的可能。 大赛期间，他选择以氧化铝为主要交易品种，这一选择源于古老的兵法智慧——"先为不可胜，以待敌 之可胜"。于他而言，氧化铝是比较熟悉的品种，流动性好、趋势性强，能为交易系统搭建一个"不可 胜"的基础。在此之上，只需耐心等待符合体系的行情出现，然后精准出击。 他的"狙击交易"体系，核心是放弃基本面分析的"盲人摸象"与技术指标的"刻舟求剑"，完全以价格行为 作为决策依据。一方面，遵循"市场情绪联动"原则，顺势而为，不与趋势对抗；另一方面，运用"关键 要素法"，综合评估价格位置、量能变化与关键时间点，确保每一次入场都有高确定性支撑。 在具体操作中，他会用期权买方或小资金进行"战力侦察"，待方向明朗 ...

你是不是也遇到过这样的糟心事？想租个房，要么价格高得离谱，要么地段好的房子常年挂着"已出 租"的牌子，明明空着，就是不租出来。你是不是也在心里默默骂过："这房东真黑心，宁可空着浪费， 也不肯便宜点租给我！" 出租不是"躺赚"，而是"开盲盒"，风险你担不起 在很多人眼里，当房东就是"躺赚"的代名词。每个月等着收租金，然后就可以去旅游、去消费，日子过 得美滋滋。我告诉你，这都是童话故事。真实的房东生活，更像是每个月开一个"盲盒"，你永远不知道 如果我今天告诉你，他们选择让房子空着，背后藏着一把把辛酸泪和一笔笔算不明白的账，你信吗？别 急着反驳，今天，我就以一个"老房东"的身份，给你掰开了、揉碎了，算一笔最真实的账。看完你就明 白了，为什么"宁空不租"不是任性，而是当下最无奈、也最理性的选择。 最后算第三笔账：精力账。当房东，就是一份24小时待命的"兼职"！ 你以为收完租就没事了？不，你的"工作"才刚刚开始。半夜三点，你睡得正香，租客一个电话打过 来："房东，马桶堵了！""房东，没热水了！"你得立马爬起来，找师傅，或者自己上手解决。租客因为 噪音跟邻居吵架了，你得去当"金牌调解员"；租客之间有矛盾了，你还得去当"和 ...

Core Insights - The article discusses the structure and key themes of "The Stock Wizard" series, emphasizing the importance of a comprehensive investment system rather than focusing solely on technical analysis or timing strategies [1] Group 1: First Volume Overview - The first volume begins with the author's personal journey, highlighting a six-year struggle before embracing a specific investment philosophy [1] - It covers speculative frameworks, the SEPA model, and trend templates, providing foundational knowledge for investors [1] - The volume also discusses fundamental analysis, characteristics of growth companies, financial metrics, and stock selection [1] - Additionally, it addresses chart analysis, patterns, and timing techniques, culminating in a focus on risk management [1] Group 2: Second Volume Overview - The second volume continues from the first, starting with the author's mindset and personal experiences [1] - It delves deeper into risk and position control, which is intricately linked to timing strategies, making it a complex topic [1] - The volume revisits chart analysis, patterns, and timing techniques, reinforcing the importance of these skills [1] - It concludes with an interview that further explores the author's mindset, emphasizing the significance of belief in the investment system [1]

大赛期间，焦煤期货价格5月底创年内新低，随后反弹站上10日均线，此时他开仓买入了1手多头合约， 并且设之前的最低价为止损价。随着行情上涨，他并未急于重仓，而是一手一手地加仓。即便加仓导致 持仓成本上升，他也会同步调整止损点。"加仓后虽然持仓成本增加，但我会把止损点抬升到我的成本 线之上，这样就能确保不亏。至于能赚多少，就看后面的行情走势了。"通过这种步步为营的操作，他 稳稳抓住了此轮大涨行情。 "巴菲特有两条投资准则：第一条，不要亏钱；第二条，永远不要忘记第一条。"为了践行这一理念，他 为期货投资设定了严格的资金边界：每年在期货账户里投入的资金，必须小于持有债券每年产生的利 息。这意味着，即便期货投资出现亏损，也不会影响整体资产的安全性，从根源上守住了"不亏钱"的底 线。 在期货操作中，贺金宝同样将安全准则贯彻到底。"每次开仓买入某个品种之前，我要寻找到安全边 际，要在更低的价格买入。"为了实现这一目标，他摸索出了独特的操作方式："我会去卖出该品种近期 的虚值认沽期权。这样一来，如果该品种跌下来了，我就可以以低价行权买入；如果该品种一直涨，我 也不亏，最起码能挣到期权的保证金收入。在期货市场，首先要保证不亏， ...

Core Insights - The article highlights the success of Wang Zhini in the competitive futures trading market, emphasizing her unique trading philosophy of ensuring she remains "invincible" while navigating market complexities [1] Background and Experience - Wang Zhini comes from a financial family and initially faced significant losses in commodity futures trading, which led to a transformation in her trading system [2] - A pivotal change occurred in 2021 when she shifted her focus from commodity futures to stock index futures, benefiting from the real-time updates and historical data available for analysis [2] Trading Strategy and Philosophy - Wang Zhini's trading style is characterized by a focus on stock index futures, relying on pure technical analysis and favoring one-sided trades with daily wave operations [3] - She identifies that bear markets tend to be smoother due to passive declines, while bull markets require more careful navigation due to their inherent volatility [3] - Risk management is a cornerstone of her strategy, with an emphasis on strict stop-loss controls to mitigate potential losses [3] Emotional Management and Execution - Wang Zhini has developed a core trading philosophy that prioritizes remaining "invincible" before seeking profits, emphasizing the importance of recognizing identifiable opportunities [4] - She avoids emotional trading by not constantly monitoring the market, instead focusing on post-trade analysis to maintain a clear perspective on market trends [4] - Her understanding of human emotions in trading allows her to separate execution issues from technical problems, thereby minimizing emotional interference [4] Market Understanding and Adaptability - Wang Zhini believes that market prices are the result of competitive dynamics and that higher participation levels enhance the significance of support and resistance levels [4] - She asserts that market predictions are not feasible; instead, traders should adapt to ongoing market changes through continuous analysis of price movements [4]

当市场的不确定性成为新常态，那些能够与之共舞、及时调整步伐的交易模式，便自然成为了投资者目光汇聚 的焦点。其中，现货黄金T+0即时交易机制凭借其高效灵活的特点，为投资者在现代黄金市场中把握机会、管 理风险提供了强有力的工具。 2025-11-11 17:30:17 作者：狼叫兽 在当前全球金融市场联动性持续增强的背景下，现货黄金价格的波动频率与幅度显著提升，传统的交易机制因 其滞后性已难以完全适应快速变化的市场节奏。 这种"资金不闲置、风险可把控"的特性，让短线博弈者能灵活切换交易标的，长线布局者也可通过部分仓位的 日内调整优化持仓结构，实现不同投资策略的高效落地。 在现货黄金投资领域，对T+0机制的娴熟运用，已不仅仅是交易技巧的体现，更是一种关于资金调度与风险控 制的大智慧。 万洲金业通过T+0即时交易机制，为投资者提供了兼具灵活性与安全性的交易解决方案，无论是追求短期价差 的短线交易者，还是着眼长期配置的长线投资者，都能在波动市场中从容调整策略，稳步推进投资目标。选择 合规平台与高效交易机制相结合的投资方式，已成为现货黄金市场的理性选择。 现货黄金的T+0交易机制，其核心魅力在于赋予投资者高度的操作自主性 ...

Core Insights - Liu Lin achieved the fifth place in the lightweight group of the 19th National Futures (Options) Live Trading Competition, showcasing a unique trading style and robust risk management [1] Group 1: Trading Strategy - Liu Lin focuses on popular trading products such as polysilicon, CSI 1000, and gold, believing that identifying leading products and trends increases the probability of profit [2] - His trading strategy is primarily based on market volatility, emphasizing that as long as there is market fluctuation, there is room for options trading [2] - Liu Lin employs an intraday short-term strategy, primarily engaging in buying positions and avoiding overnight trades, aligning his strategy with his personal trading style [2][3] Group 2: Risk Management - Liu Lin's trading career began with ETF options, and he transitioned to commodity options after experiencing a lack of market activity, accumulating about one year of trading experience [3] - He emphasizes the importance of strict position management and timely stop-loss measures to control drawdowns, which he views as essential for long-term success [3] - His trading philosophy includes a short holding period and profiting from volatility, with a strong focus on the necessity of stop-loss strategies to prevent significant losses [3] Group 3: Future Outlook - Liu Lin views his competition results as a new starting point and plans to further optimize his intraday short-term strategy while monitoring potential market opportunities from 2025 to 2026 [4] - He highlights the significance of policy changes and market sentiment fluctuations as key factors that will create more trading opportunities [4] - Liu Lin advises traders to experiment with various strategies to find their personal trading style and to prioritize profit-taking to build trading confidence [4]

Core Insights - The article highlights the success of Xia Hui, who secured the fifth position in the 12th Global Derivatives Trading Competition, emphasizing his strategic focus on silver market trends and macroeconomic factors [1][2] Group 1: Trading Strategy - Xia Hui's key to success was his ability to identify the upward trend in silver prices, driven by the continued loose monetary policies of major global economies [1] - He employs a "subjective long-term trend trading" strategy, relying on in-depth research and long-term tracking of the fundamentals of the commodities he trades [1] - The philosophy of "only investing in what one truly understands" is central to his trading approach, which helps in managing emotions and controlling risks effectively [1] Group 2: Risk Management - Strict adherence to risk control principles is emphasized, including immediate stop-loss actions upon recognizing errors in analysis and exiting positions when losses threaten account viability [2] - Preserving capital is deemed essential for seizing future opportunities in trading [2] Group 3: Future Outlook - Xia Hui views the recent competition as a new starting point, with plans to launch private equity products aimed at achieving long-term stable returns [2] - He anticipates potential systemic risks in the global macroeconomic landscape by 2026, suggesting that risk assets may present good short-selling opportunities [2] - A message to novice traders stresses the importance of continuous learning and systematic research to enhance success in the futures market [2]

Core Insights - The 19th National Futures (Options) Live Trading Competition and the 12th Global Derivatives Live Trading Competition award ceremony will take place on November 15 in Xi'an, attracting participants eager to learn and network in a volatile market environment [1][2] - The event serves as a platform for knowledge sharing, experience transmission, and recognition of outstanding traders, highlighting the importance of professional knowledge and practical experience in achieving success in futures trading [2] Group 1 - The award ceremony is expected to gather top talents from the futures industry, providing opportunities for participants to learn strategies and risk management techniques amidst significant market fluctuations [1][2] - Participants express a desire to connect with like-minded individuals and gain insights from experts regarding future market trends and profitable trading strategies [1][2] Group 2 - Industry experts emphasize the need for personal investors to focus on strategy optimization and risk control, while companies should deepen the integration of finance and industry, and private equity institutions should enhance competitiveness through technology [2] - The growing complexity of the market environment by 2025 necessitates a mindset of "risk awareness and continuous evolution" for investors to seize certain opportunities amidst volatility [2] - The increasing success of participants with professional backgrounds and practical experience in the competition underscores the importance of integrating knowledge and experience in futures trading [2]