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Zhang Wenjun three bankruptcies 25000 to a legendary trader worth more than 100 million


Zhang Wenjun: born rebateforex Dalian in 1966, graduated from Dalian Foreign Language Institute in 1988, first worked in Dalian Fulihua International Hotel in 1992 began to invest in bank bonds, t ForexRapidRebate first financial rebateforexfee smooth April 1993, was hired to Dalians first international futures company, became one of the first brokers in the Dalian futures industry, rebateforexbroker since then on the road to After serving as business manager, investment adv Forex Rapid Rebateor and trader of many companies, he started his personal futures investment in 1996, after which he earned the first 100,000 yuan of his personal account in the futures market with great difficulty to gain more than ten million yuan in just five years (19972001), and the volume of his personal account ranked first in the big trading houses for several years since 1999 (up to 3 million lots in 2001). He was the first person to eat crabs in the Dalian stock market after graduating from university in 1988, Zhang Wenjun first went to a hotel to do business promotion, and often felt that his major was cashback forex the same as the one he was engaged in. He felt the gap between the profession he studied and the occupation he was engaged in, so he was not at ease with the hotel work in the past five years, he learned a lot, and gradually developed the habit of summarizing, thinking, which is perhaps the most obvious feature of his psychological, also think that this is vital to his life 1992, Dalian City, five major banks launched five bank bonds at the same time, he thought this is the opportunity, actively subscribed two months after the bond listing, the return The success of this investment aroused his interest in investment and made him start to think about whether to choose a new career after that, he invested in Shandong Zibo, Shandong pesticide and other corporate bonds, the return was also very significant in early 1993, Dalian City Construction Bank began to launch the Shanghai stock exchange pilot, the quota is limited to 50 people, he felt that this is another opportunity, so he actively participated and became Dalian stock market, the earliest crab eaters at the time the Shanghai stock market fluctuations, the risk is very big in the next few months of trading, he also experienced the risks of the stock market, invested 50,000 a few months will lose more than 30,000 April 1993, Dalians first large international futures company Dalian Wanfa Futures Company was established, the company recruiting brokers, he resolutely resigned to apply, from then on the road to futures after rigorous training, he He had to talk to 20-30 customers a day and wore a suit and tie to endure the 30 degree heat every day, which was not easy. Japanese red small beans (static plate, sub-section quotes) and HSI operation after a period of time, to his customers earned 10% three times bankruptcy, indomitable Zhang Wenjuns trading history is not smooth sailing, it can be said that the future is bright, the road is winding, he has experienced many trials and tribulations, personal accounts have experienced three bankruptcy 1, the first taste of the cruelty of the futures market in July 1993, their companys new broker successfully developed The companys largest customer, the customer invested 10 million, but the operational performance is not very satisfactory, losing more than 2 million customers want to replace the broker, the general counsel in Hong Kong recommended to him two people, and Zhang Wenjun is one of those times, he 8:00 in the morning to do the day (this) plate, 10:30 to do the Hong Kong HSI to 16:00, 21:30 and then do the U.S. market even if only 3, 4 hours of sleep every day, but he is hard and fulfilling that customer like to do risky varieties, so he chose the SP500 at the time the greatest risk in the two brokers and the customers joint operation, after the account capital situation has turned around, earn back more than 1 million but the sky is not beautiful, September the whole market is extremely bullish, one day, the opening of the market up, but suddenly the plate dramatic changes, the original Reuters issued a message Russia happened Unrest, SP500 plunged more than 1500 points, they had to stop loss immediately then the Russian situation has stabilized, the day closed a strong rebound of nearly 1000 points, but their accounts lost a lot of money, a day loss of more than 3 million This transaction made his first real experience of this market risk so huge the same period he operated a small account, also due to improper strategy and serious losses at the time to do Japanese red soybeans, in a The companys settlement department finally notified the margin call, the customer said he could not afford to call, but he really did not want to let the customer die like this, he took out 30,000 to his account, but the market still did not improve; the settlement department notified a second time, he took out another 30,000; then the market suddenly plummeted, and finally he At that time, he expected the market to improve, and even imagined that God would save him, but it was not what he wished for, and finally he was forced to close his position of $20,000 plus 100,000 yuan, leaving only 14,000 yuan, which was his first bankruptcy in futures trading. Important in the future international futures trading, he often put a stop-loss single at the same time to the field, always think of stop loss Second, when the good news is bad, never do buy; when the bad news is not bad, never chase to sell Third, always rely on themselves to save themselves, do not expect God to save you 2, re-enter the futures market second time to lose all experience after that failure, Zhang Wenjun and apply for a job to become the Dalian business department of Star Ocean International Futures Company Manager, the specific business is the morning training brokers, the afternoon with brokers to develop customers at this time he met its Hong Kong General Counsel Mr. Zhai, from him to learn a lot of trading skills, benefit greatly, which is reflected in his later Hong Kong HSI trading at that time, the Hong Kong HSI risk increased, from 6600 points jumped up to 12785 points, he thought there would be a wave of retracement, decisive short selling during one day of trading Record is very successful: 10,000 U.S. dollars account, a day under the 76 hands of the single (55,000 Hong Kong dollars / hand, a time can only do a hand), a net profit of 4,000 U.S. dollars This experience had a great impact on Zhang Wenjun later when the market risk, he was very careful to do a single, every single into the field with a stop-loss single at the same time, after that day, many customers want him to help them operate at that time his turnover accounted for the companys total turnover At that time, the domestic traders made very little real money doing foreign exchange, mainly because: firstly, the foreign counterparties were experienced and skilled, while the country was just starting out; secondly, the domestic news was seriously lagging behind and could not grasp the fundamentals at the first time; thirdly, the companys operations were not standardized and the foreign transactions caused a large loss of national and personal assets. The relevant state departments decided to stop overseas futures trading at the time for the cessation of overseas futures trading, Zhang Wenjun is strongly support the later with the standardization of Chinas futures market, the maturity of futures talent, Zhang Wenjun think should be opened in a step-by-step manner outside the investment value of the futures varieties of trading at this time the official operation of the big business, Zhang Wenjun found that the futures market is not active, but the stock market is unusually hot so, he did while the big business of rice At that time, he was trading in the large account room of Unicom Securities, the results were not very satisfactory, the stock market plunged with heavy losses, and futures did not follow the trend, the failure of the two sides of the operation, he was once again bankrupt at this time is the most gloomy low point in Zhang Wenjuns life, another failure caused family discord, his wife gave him an ultimatum: to her or to futures?3, the third time to lose all out of the game but How could Zhang Wenjun give up his favorite career? This is the most painful and heartbreaking time of his life. Once he had only 5 yuan in his coat pocket, thinking of buying something for his parents, but he took it out several times and put it back. He agreed to go to Hangzhou airline tickets were bought by his two sisters, before boarding the plane and each took out 1,000 yuan and stuffed it into his coat pocket, told him to take care of himself, when his tears were already in his eyes due to the disagreement of the companys partners, the companys operation is not ideal, the work is slow therefore, after the Spring Festival, he did not go back after that, the big business corn trading market is hot, he again entered the market to participate in trading, but because of the relatively high price of corn futures and spot price ratio, 1500 points, he decisively sold short, but the market did not fall instead Soaring, up to more than 2100 points, which made his third loss of light out of trading another failure, he conducted a thorough reflection: First, the market still lacks a comprehensive understanding, especially the fundamentals, policy grasp is not enough to find the direction of the market; Second, trading experience and skills are not mature enough, the lack of more hone; Third, there are problems with the management of funds the first bucket of gold, 25,000 to do the capital earned to ten million for the third time The failure even made Zhang Wenjun doubt the original choice but his luck is not always very bad, every time in a desperate situation have friends to pull him a hand at this time a friend let him help, he went after the customer account losses have improved, in order to thank him, he gave his mothers 20,000 futures account to Zhang Wenjun, he borrowed another 5,000 yuan from his sister to join the account, to 5,000 yuan as the risk ceiling he He knew that this might be his last chance, so he doubled his diligence, analyzing the market every night, summing up during the day, and formulating a trading plan At that time he was really a bit timid, not daring to lose again, making a little money to run after a period of account loss again, he had a feeling of the guillotine that day was Friday, he stopped trading, closed the door to think about Monday he suddenly had a feeling, three days of thinking he seemed to have an epiphany, the net profit that day 7000 yuan, within a day back from the dead, this weeks net income of more than 40,000 This is the beginning of 1995 Zhang Wenjun military 25,000 to do the capital, a few years later to earn 10 million during the first 100,000 yuan is very difficult, took him a full year and a half; after half a year to earn 1 million; and then after, the absolute value of the capital growth will accelerate in the middle of 1999, Zhang Wenjun opened an account in North Asia Futures, when the companys turnover ranked The companys turnover ranked outside the 100, six months later jumped to 16 in the country, in 2000 jumped to the second in the country, and his personal turnover is the first in the country, in 2001, personal turnover has exceeded 3 million lots 2000, Zhang Wenjun in the field of investment has been a certain formation of the foundation, but also found the opportunity of B shares he was using a month to exchange four or five million yuan used to buy B shares at that time also in doing futures, when Zhu Rongji made a speech: to protect farmers, before the market a short sound, suddenly due to 828 prompted by the agricultural burst that day B shares plummeted, just that day he played soccer led to fractures, leaving a large number of single, in the hospital can not look at the plate can only blindly do, the second and third day soon burst position at first pick up the phone to what price to report, has been reported to the closing, a day transaction of several tens of thousands of results when discharged from the hospital, from nearly negative to earn 500,000, almost half a month before and after the subsequent from 500,000 to the end of 10 million the second year B shares burst, the worst is also 5 times more than Zhang Wenjun real sense of the first bucket of gold is that time to earn to grasp the general trend, pay attention to the movement, capture the profit 2012, Zhang Wenjun established the Beijing Aohan Investment Company early 2013, the U.S. stock market continued to rise, but the domestic stock market oscillated down, the Dow Jones In March, after Beijing Aohan Investment Company established its position in the arbitrage of domestic and foreign stock indices, the arbitrage ratio continued to shrink, and both the domestic and foreign accounts were very profitable in 2014, Zhang Wenjun carried out cross-period and domestic and foreign arbitrage operations on crude oil, white sugar and other varieties, and achieved good results. He relied on his judgment of the world economic situation and the monetary policies of major regions, and gained a lot from trading in the U.S. dollar and the euro, and of course, he has been closely tracking these two varieties for many years. In the meantime, the eurozone GDP has been at record low, the market is gradually heating up the expectations of the ECB to cut interest rates, with the implementation of its interest rate reduction policy, the euro will be under pressure depreciation is a firm grasp of the macro trend, so he is confident in its operation in the foreign exchange market, firm now online information is complex, if not more distinguishable, indeed easy to be confused for a variety of Information, Zhang Wenjun will also pay attention to, but never blindly follow, one of his most important daily work is rational analysis and judgment of mixed information, however, only do information collection and reading homework, is far from enough, must invest a lot of time and energy, and constantly to learn, think and summarize Zhang Wenjun said, in the past few years he went to Europe and the United States every year, in order to obtain the most real and effective information, just like the inspection of the spot, to run the production area, the effect is better. To run the production area, the effect is better as these years many people asked him, why do foreign exchange? Zhang Wenjun explained that in recent years, he has done both inside and outside the plate, but the foreign market capital carrying capacity, more varieties, more opportunities, based on fundamental judgments easier to operate, so the foreign market to do more numerous foreign varieties can not focus on each variety, but if there are varieties of variation, they will give special attention to explore its causes, to find profit opportunities early in 2014, the coffee futures variation. In the process of looking for the reason, found some information, such as coffee drought in the main production areas, he realized that this is an unexpected opportunity, because such crops as coffee, production is very obvious by the weather, the late is likely to appear a wave of larger market, so they chose the opportunity to enter later, coffee futures performance is very eye-catching, can be said to be the star species, of course, this wave of the market, Zhang Wenjun harvest a lot of money in addition to trend trading In addition, Zhang Wenjun also often carry out arbitrage operations live trading contest winning account, early September, there was a wave of rapid growth in yield, partly from the lean pork arbitrage trading he said, trading found that the lean pork futures near-future contract spread of up to more than 30%, so do sell near buy far arbitrage operations, and so the spread narrowed to 15% gradually close positions in 2014 international crude oil futures rampant, Zhang Wenjun He also noticed that every delivery month, the spread between near and forward contracts will widen, and the arbitrage space is relatively large, and the crude oil market is also very profitable. Sometimes, the spread is caused by a period of price distortion, we can take advantage of the price error to gain profit. So he opened the foreign raw sugar short orders, while the domestic market to do more, arbitrage because the domestic sugar prices are at a relatively low level, to a certain extent, pull the consumption, so that domestic sugar prices are supported and upward domestic and foreign sugar market trends diverge, the foreign market fell, the domestic market rose, so the two markets at the same time profit Chinas futures trading first traders trading concept 1, choose the direction is the key to success or failure of the transaction to be clear about the market is Only grasp the direction of the market, follow the trend to do, the possibility of making money is greater 2, grasp the stop loss even if you do not have trading experience, good stop loss can also control the risk if you are used to 20 points stop loss, and make money as much as possible to earn more points, according to the right and wrong ratio of 50% each, the final result you will also make money 3, learn to manage money which has important in futures investment The significance of this in futures investment, when you do not see the market, light position to strike, see accurate when the heavy position to kill but most investors are the more lost the more positions, but make money when the position is more 4, more market does not rise, never do more, and vice versa, never chase short 5, overbought can be more overbought, oversold can be more oversold some investors pay too much attention to technical indicators, do not dare to go with the market, but reverse open positions, the results did not make money but lost money 6, technical analysis, fundamental analysis are important, and fundamental analysis are important. Technical analysis, fundamental analysis are important, but the plate sense is more important technical surface is static, lagging, while the plate is the movement of change, more reflective of the dynamic things burst quotes coming, the chart is not informed in advance, this time the plate experience is more important burst quotes relatively large risk, but also large opportunities, more reflective of the level of manipulation, breaking news on how the market impact, the plate will tell everything 7, seek simple John Murphy said: keepitsimplystupid when the market breakthrough yesterday or last weeks high, do not easily sell short; on the contrary, do not easily go to buy, which is the simple truth 25,000 to 100 million short term operating skills 1, careful selection of trading varieties to start doing futures must do so, starting from the simple to do, and then to the big market to exercise to do futures need such a process, but this does not mean that Zhang Wenjun likes small quotes, he prefers big quotes, because the real money is big quotes, really play the level of manipulation is big quotes and static disk is a relatively primitive form of trading, liquidity is not strong, risky, price fluctuations are relatively mild dynamic disk trading, people can easily close positions or even cut positions, the risk is controllable, but in the static disk trading to do wrong, even the opportunity to cut positions No. 2, a good sense of plate is the key to success of short-term speculators today in the market to achieve some success, Zhang Wenjun think benefit from their own sense of the market plate in the futures market, if others operate with large capital, and he operates through the plate sense to comply with the market will be very easy, and conversely by influencing the market to operate will be very tired, because that is imposed on the market rather than comply with the market behavior plate sense is not nebulous It is a market judgment of specific content, and sometimes represents a traders vital investment philosophy, revealing the relationship between the trader and the market Some people say that Zhang Wenjun does futures by feeling, this statement is not entirely accurate, because he often cross-period trading method he does cross-period trading is based on a judgment of the market such as: two months contract price level gap often appears unreasonable phenomenon, under the capital speculation Spreads are distorted, but will eventually get the market to repair the price trend of different months in the futures market divergence is a common phenomenon, such as some months belong to the long months, long-term bullish, some months belong to the short months, long-term bearish, in this case buy long-term bullish months, sell long-term bearish months, which is a good method of operation 3, security issues should not be ignored in the premise of security to find a winning model, the Some people emphasize the importance of character, some people believe that the pursuit of rationality in thought is more important Zhang Wenjun believes that people must be sensible, make something may depend on luck, but people must be sensible 4, futures traders are not philosophers, focusing on practical experience in summing up the success of the repeatedly stressed the importance of the method, experience, looking for methods in experience, in the process of using methods to form experience, these are very personal Something that requires each speculator to be sure to grovel for Zhang Wenjun does not like to rise and fall nothing regular market, he prefers commodity futures, its prices fluctuate around the value, the rise on the rise, the fall on the fall he hedged on the foreign market a contract while in the domestic soybean but two contracts on the hedge, do futures more about the method, such as a very important feature is to have a sense of price level in mind, when to buy when to Some people use technical analysis to do short term, with many preconceived ideas, he entered the market without any preconceptions, the brain only a blank slate, he is concerned about some price levels, when the market breakthrough decided to buy or sell he looks at the market price, for example, he has a unique understanding of the closing price, futures opening price is formed through the two sides of the collusion, while the closing price is The market breaks this balance will show a certain direction yesterdays high, the high point of the year, etc. is also the market price he values these years he summed up something very real, some people in the market belong to the technical analysis school, some belong to the fundamental analysis school, while he focuses on the practical use of price level guidance operation also pay attention to, a market is unilateral or oscillating, and how much volume and other issues 5, a trader must understand and unambiguously express its basic views of the market the right attitude and accurate grasp of the essence of the market are the components of the basic views of the market Zhang Wenjun has several basic views on the market: the first is the price to create news, such as the market rose to 2200 there are 2200 fundamentals, if it rose to 2400, it is bound to produce 2400 of the fundamentals, people will pursue why it will rise to 2400 second is that there is no eternal impossibility in the market, only what has not happened he agrees with Soros said another sentence: the market is often wrong when the price is distorted under artificial speculation, this is when the market performance is wrong, is bound to be corrected for example, when the market is at 2000 points when no one is selling, but in 1900 point when the rush to sell, the price is distorted under the pursuit of speculators The problem is that the rush to sell the rush to buy people are not focused on judging the right and wrong of the market, but a coaxing, this behavior determines the market is bound to go to the right opposite He also has a major point: the market is insurmountable if you look at the right, relying mainly on experience 6, short term traders will be trading and the general trend of the combination of trading and the general trend of judgment The two are not in conflict, when the market breaks through a certain price level is bound to the expected direction, of course, there is also a big potential judgment error, the method used by Zhang Wenjun is to cut positions, to suspend the spread of wrong ideas without subtlety, he did the most futures cut positions, more than anyone cut positions he made a significant part of the daily volume is constantly correcting his views, do the right, keep buying; do the wrong, cut positions, backhand Go to do some do long term investors tend to first conceptualize the market up or down, a clear judgment of the reasons for the rise and fall, and then only to enter the market, even if there will be some risk in the middle, he still adhere to their views in general, when the market breakthrough up a key price level, Zhang Wenjun first look up a stage, is a step by step look, rather than a one-time to see the market through do futures mainly rely on technology, when you have a clear When you have a clear judgment perhaps the market has come to an end Zhang Wenjun do short term one of the purposes is to constantly improve technology to adapt to market changes 7, overcome the fear of the market now Zhang Wenjun has already overcome the fear of the market, a day down earn more earn less do not care, if the market rises very violently, he will boldly put short, so do not follow the trend, but have experience to support perhaps some people will say, do long term money will be more, in fact, do short term make money is also a lot of

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