[notouch]

I don't agree that any type of trading is speculative. Hedgers want to lock in profits by taking away the risk of price fluctuations. A corn farmer, for example, makes his money from selling corn and will enter the futures market to lock in profits of the corn he harvests. A Japanese exporter is an even clearer example. He has made profits by selling DVD players to Europe and now needs to change his Euros into Yen. He doesn't care what the exchange rate is, he simply needs to convert the money in time for end of quarter accounts.