The investment journey of Zhang Wenjun, the first trader of futures

Zhang Wenjun, who started investing in bank bonds in 1992, first got involved in financial marekt, started personal futures investment in 1996, went bankrupt three times, and made a comeback. After that, the yield reached more than 120% for eight consecutive years. At present, he has a net worth of tens of millions and is one of the few short-term trading experts. He is also known as the first trader in the futures industry. Let's take a look at the story of Zhang Wenjun, the first trader in the futures industry.

After graduating from university in 1988, Zhang Wenjun first went to a hotel to do business promotion. He often felt the gap between his major and his profession at work, so he was uneasy. After working for a year or two, in order to earn some extra money, he partnered with a friend to do business. At that time, the Dalian clothing market was very popular, and the profit margin was very large. They shipped clothing from Guangzhou to Dalian, earning tens of thousands of yuan a year.

In 1992, the five major banks in Dalian launched five bank bonds at the same time. He saw this as an opportunity and actively subscribed. Two months later, the bonds went public and he invested 50,000 yuan to earn 50,000 yuan. The success of this investment aroused his interest in investing and made him think about whether to choose a new career.

After that, he has invested in Shandong Zibo, Shandong pesticides and other corporate bonds, the return is also very impressive, in early 1993, Dalian Construction Bank began to launch Shanghai stock trading pilot, but at that time the Shanghai stock market ups and downs, the next few months of trading, he also experienced the risk of the stock market, invested in 50,000 a few months will lose more than 30,000, in April of the same year, Dalian's first large international futures company, Dalian Wanfa Futures Company was established, he resolutely resigned to apply for a job, become one of the first brokers in Dalian futures industry, and since then embarked on the road of futures, served as a number of companies business manager, investment consultant, trader.

In July 1993, their company's largest customer invested in 10 million, but the operation results were not ideal, losing more than 2 million, the customer wanted to change the broker, the general consultant of Hong Kong recommended two people to the customer, and Zhang Wenjun was one of them. During that time, he did the daily plate at 8:00 am, the Hong Kong Hang Seng Index at 10:30 am to 4:00 pm, and the US plate at 9:30 pm. Even if he only had three or four hours of sleep every day, it was hard and fulfilling for him. The customer likes to do riskier varieties, so he chose the most risky SP500 at that time. After the joint operation of the two brokers and the customer, the account funds turned around and earned back more than 1 million.

Unfortunately, the weather was not beautiful, and the entire market was extremely bullish in September of that year. When the market opened one day, the market rose, but suddenly the market changed dramatically. It turned out that Reuters issued a news that Russia was in turmoil, but the SP500 plummeted by more than 1,500 points. They had to stop their losses immediately, and then the situation stabilized. The day ended with a strong rebound of nearly 1,000 points, but their account suffered heavy losses, losing more than three million in one day. This transaction made him experience the risk of this market for the first time. At the same time, the small investors he operated also suffered serious losses due to improper strategies. At that time, he made Japanese beans and entered the market in a bullish market. Japan also continuously announced bullish news, but the market did not rise but fell, so the margin continued to shrink.

After that, the company's settlement department notified the additional margin, the customer said that he was unable to add, but for Zhang Wenjun, he really didn't want the customer to die like this, he took out 30,000 added to his account, but the market still did not change, the settlement department The second notice, he took out 30,000, after the market suddenly plummeted, and finally he added all the remaining 40,000 savings, at that time he expected the market to change, and even fantasized about God saving him, but it backfired, and finally was forced to position squaring, 20,000 dollars plus 100,000 yuan, leaving only more than 14,000 yuan, which is his first bankruptcy in futures trading.

After that failure, Zhang Wenjun applied to become the manager of the Dalian business department of Xinyang International Futures Company. He met the general consultant of the company in Hong Kong and learned a lot of trading skills from him. This was reflected in the trading of the Hong Kong Hang Seng Index after him. At that time, the risk of the Hong Kong Hang Seng Index increased, jumping from 6600 points to 12785 points. He believed that there would be a wave of correction and decisive short selling. During the period, one day's trading record was very successful. The account with 10,000 US dollars made 76 orders a day and netted 4,000 US dollars a day. This experience had a great impact on Zhang Wenjun later. After that, many customers hoped that he could help them operate. At that time, his trading volume accounted for more than 80% of the company's total trading volume. Until the company stopped operating, it has maintained such a record.

At this time, the big business began to officially run, Zhang Wenjun found that the futures market was not active, while the stock market was extremely hot, so he did the rice futures of the big business while investing in stocks, focusing his main energy on the Shanghai stock market. At that time, his Unicom Securities' big house did trading, and the results were not satisfactory. The stock market crashed and suffered heavy losses, and the futures did not take advantage of the trend. The failure of both operations made him go bankrupt again. This period of time was the most painful in his life. When he was most sad, he only had five yuan in his pocket, thinking of buying something for his parents, but he took it out several times and put it back.

At this moment, a Hong Kong friend of his called and said that he had invested in a futures company in Zhejiang and hoped that he would serve as the general manager of the business. He agreed that the plane tickets to Hangzhou were bought by two sisters, and they each took out a thousand yuan and stuffed it into his pocket. Later, due to the disagreement of the company's partners, the company's operation was not satisfactory, and the work progress was slow. After the Spring Festival, he never went back.

After that, the corn trading market of Dashang was hot, and he entered the market again to participate in the trading, but because the corn futures price was relatively high compared with the actual price at that time, he decisively sold short at 1500 points, but the market did not fall but skyrocketed, up to more than 2100 points. This was his third loss and exit. Three failures even made Zhang Wenjun doubt his original choice, but his luck was not always very bad. Every time he fell into a desperate situation, a friend pulled him.

A friend asked him to help, after he went, the customer's book loss has improved, in order to thank him, he put his mother's 20,000 futures account to Zhang Wenjun, he borrowed five thousand yuan from his sister, joined the account, with five thousand yuan as the risk limit, he knew that this may be his last chance, so double diligence, every night analysis of the market, summed up during the day, and make a trading plan, the day net earned 7,000 yuan, a week net 40,000 more, Zhang Wenjun 25,000, a few years later to earn ten million, during the first one hundred thousand yuan is very difficult, he used a year and a half, after half a year to earn one million, and then the absolute value of the growth of funds accelerated.

In mid-1999, Zhang Wenjun was in North Asia Futuresaccount openingAt that time, the company's turnover was 100, and after half a year, it jumped to 16 in the country. In 2000, it jumped to the second place in the country, and his personal turnover was the first in the country. In 2001, personal turnover has broken through 3 million hands. Zhang Wenjun has already formed a certain foundation in the field of investment, and also found the opportunity of B shares. He used a month to change 5 million RMB to buy B shares. At that time, he played football and caused fractures. He left a lot of orders, and he couldn't watch the market in the hospital. He could only do it blindly. The third day soon exploded, picked up the phone and quoted various quotations, and reported until the close. Tens of thousands of transactions a day. As a result, when he was discharged from the hospital, he changed from a net negative number to a positive 500,000. After almost half a month, he 10 million from 500,000 to the end of the year.

The second year, B shares skyrocketed, and the worst was more than five times. Zhang Wenjun's first real pot of gold was earned at that time. In 2012, Zhang Wenjun established Beijing Aohan Investment Company. At the beginning of 2013, US stocks continued to rise, but the domestic stock market fluctuated and fell. The ratio of the Dow Jones index to the Shanghai Composite Index gradually expanded, and cross-market arbitrage opportunities emerged. After Beijing Aohan Investment Company established a warehouse in March of that year, the arbitrage ratio continued to shrink, and both internal and external accounts were profitable.

In early 2014, there was a drought in the main coffee-producing areas. Zhang Wenjun seized the opportunity to make a fortune in coffee futures. In the same year, he also carried out inter-period, internal and external arbitrage operations on a number of varieties such as crude oil and sugar, and achieved good results. At the same time, he also participated in the first Global Futures Real Trading Contest of Futures Daily, and won the runner-up in the external market weight group in one month. At that time, international crude oil futures fell sharply. Zhang Wenjun naturally did not let go of this wave of market. He also noticed that every delivery month, the price difference between near-term and forward contracts will widen, and the arbitrage space is relatively large. It is also profitable in the crude oil market. Sometimes the price difference is caused by a distortion in the actual price. You can take advantage of the wrong price to obtain profits. It is worth mentioning that Zhang Wenjun is in sugar The transaction achieved a double harvest. From a fundamental perspective, the global sugar market was oversupplied, so he opened an empty order for raw sugar on the outer plate, while the inner plate was long and arbitraged. Due to the relatively low domestic sugar price, consumption was stimulated to a certain extent, and domestic sugar prices were supported and rose. The trend of the inner and outer sugar markets was differentiated, the outer plate fell, and the inner sugar rose instead. Therefore, the two markets profited at the same time. The longer the transaction accumulated, the more it reached the end, the more handy the market became!