Question: What is the difference between speculating and hedging? Speculating is less risky than hedging. Speculators have no cash position. Hedgers don't have to post margin

What is the difference between speculating and hedging?
Speculating is less risky than hedging.
Speculators have no cash position.
Hedgers don't have to post margin with a broker.
Hedged futures positions are never offset.

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