[notouch]

The CFTC makes a very specific distinction between speculators and non-speculators (commercials). Going by that a speculator is just an entity (not necessarily a human being) without any commercial interest in the underlying instrument. The speculator's only interest is in making a profit from a favourable price movement. A hedger is the exact opposite and hopes to lock in profit regardless of the price movement. I think most people speculate at some stage in life, for example by buying a house in the hope that prices will increase. The difference is that traders speculate for a living.