Trader: Trader is a merchant involved in cash commodities or a professional speculator who trades for his own account and who typically holds exchange trading privileges.
Exchange: A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options contracts or securities. Exchanges include designated contract markets and derivatives transaction execution facilities.
Speculator: Speculator is a market participant who tries to profit from buying and selling futures and options contracts by anticipating future price movements. In commodity futures, Speculator is an individual who does not hedge, but who trades with the objective of achieving profits through the successful anticipation of price movements. Speculators assume market price risk and add liquidity and capital to the futures markets.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.