"King of Shanghai Copper" Feng: A small victory depends on wisdom, and a big victory depends on virtue.

When I first met Feng, the northwest man in front of me felt very real. Modest handshake makes the atmosphere relaxed, and you can feel the charm and energy deposited on the "King of Shanghai Copper".

"The trading concept of' small wins are big wins' is what I admire now. Of course, this is not done overnight. " Feng spoke quickly and told his own investment story. Similar to many first-generation futures traders in China, he also experienced ups and downs in the early days of entering the market.

1993 when he first entered the futures market, Feng's style was operation, floating profits and adding positions, and pursuing huge profits in the trend market. By 1996, he earned the first sum of his life1000000, but he soon lost it all. By 1998, when I was 27 years old, I earned the first sum of100000, and finally I almost returned to the original point because of my youth and frivolous.

"At that time, the market was not as standardized as it is now, and it was more a game of funds. At that time, I thought I would lose because of insufficient funds. After earning100000, all of them are put into the market. As a result, only 300 thousand was left after making a wrong wave of market positions. This experience made me really reflect on my investment philosophy. My father also suggested that I should complete the accumulation strategically, planned and step by step. The concept of' a small victory is a big victory' was actually formed at that time. " Feng said to him.

Trading depends on internal habits to determine success or failure.

Feng has been focusing on the research of copper for many years and has been praised as "the king of Shanghai copper" by the industry. In his view, it is very important to cultivate good trading habits and practice basic skills. "I still only do copper in the future. Of course, my trading mentality and rhythm have been improving in recent years. I don't like to predict medium and long-term trends. Many times it is in vain. I regard every day as a point and do every day well. " He said.

It is Feng's unique skill to look at the quotation without looking at the K-line. Behind this is the hard work day after day and year after year. "In the past, I put the K-line chart of copper price on the bed, read it repeatedly every day, read many books on technical analysis, and look for inspiration. I am as obsessed with technical analysis as anyone else. But then I gradually found that charts represent the past, while trading is to predict the future. Paying too much attention to charts may mislead the transaction. So, I started staring at the disk every day and gradually realized my own method. "

While speaking, he took out his mobile phone, and the information was full of uninterrupted quotations of various varieties. "Copper, zinc, gold and exchange rate quotations are all my concerns, even if I have dinner and chat, I will double it."

"Futures is a concentrated life, and being a person is the foundation of futures. We must maintain a humble heart and guard against arrogance and rashness. " This is Feng's creed. Because of this, although he is already the market leader in the eyes of others, he still dares not slack off and is still treading on thin ice.

The withdrawal of QE has had a positive impact.

After telling his own investment story, Feng also talked about some hot issues in the current market. He believes that after more than a year of market digestion, the formal withdrawal of QE is benign to the development of the whole market.

"There are several aspects worth noting. After QE exits, the dollar will definitely appreciate sharply for a long time; It is bad for precious metals in the medium and long term, because its hedging function will be greatly reduced; The performance of commodities needs to be observed. QE exit is in the context of American economic recovery. Although commodities may have pain in the short term, they are relatively optimistic in the medium and long term. " Feng said to him.

Under the expectation of the Fed's interest rate hike and domestic interest rate cut, the spread at home and abroad is expected to narrow in the future, and the industry is worried that this will have a greater impact on the demand for financing copper. However, Feng believes that this part of the impact will not be too great. "After the accident in the warehouse of Qingdao Free Trade Zone, banks have been very strict in financing bulk commodities, and the financing scale dropped sharply in the third and fourth quarters. The future impact of financing will not be great. " He said.

Some changes have taken place in the domestic copper futures market after the listing at night. "Colored traders rarely go to work at night, so the domestic copper futures night trading volume is limited and the volatility is reduced. Due to the simultaneous trading in the internal and external markets at night, some arbitrage funds chose to leave because of insufficient arbitrage space. " He said.

From unique deception to willingness to share.

During Feng's investment career of more than 20 years, his investment mentality has changed greatly. Feng said: "When I first succeeded in futures, I refused to communicate with anyone." I believe these experiences and opinions are my intellectual property rights. If I communicate with others, it is equivalent to letting others take money from my pocket. "

Now, although Feng rarely appears in social activities, he is willing to open his heart to communicate with investors. After 20 12, he began to teach in the practical futures class of Tsinghua University Shenzhen Research Institute. He likes to use his personal experience to answer questions for other futures investors. "This kind of teaching has really helped many people, at least reminding them to take less detours. Many investors can't find a way because they didn't form good trading habits. " He said.