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Describe how delta hedging works. Short answer, please. You have only six lines: 1- why do traders do it, 2- what is it that they

Describe how delta hedging works. Short answer, please. You have only six lines: 1- why do traders do it, 2- what is it that they are basically betting on (spot, forward points, volatility, the passage of time)? 3- what exacly do they do?

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