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Investing is an art and highly emotional and subjective.

When buying stocks, if your buying decisions are based on"insiders' information or rumours" and not sound analysis, then you are gambling. Many investors enter the market when stocks prices are high (lacking of confidence to enter beforehand when prices were low). Once the stocks market crash, they tend to sell out their shares out of fear and pessimism, swearing to "chop off their fingers" and never enter the stocks market again. If such situation happens, all their previous gains may be wiped out and suffered a loss.

Investing is an art and highly emotional and subjective. Subjectivity is largely controlled by our emotions. There are times when we are optimistic or pessimistic. If we are unable to control our emotional weakness, we are unlikely to become successful investors.

To be successful, you must first understand yourself, in particular your emotions and the degree of pressure you can tolerate.

The investors should also analyse the country's economic prospects together with the earnings outlook of the major listed companies.

It is imperative that you like Mathematics as the sound mathematical knowledge plays a key role in investment.


财富為了实现梦想;而非梦想拥有财富 .
美元对亚洲货币走势图


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Friday, July 25, 2008

过滤信息,相信自己[转]

这是一个信息爆炸的时代,也是有效信息永远不足的时代,股市投资者大多有这样的体会。而筛选每天接触的庞杂资讯,找出有价值的信息指导操作,常常是投资者的必修课。

一般投资者的资讯渠道大致有:朋友之间口耳相传,或者是从报刊、电视、互联网等媒体上获得。口耳相传的多是所谓“小道消息”,其特点是真伪难辨,也许偶尔能收立竿见影之效,但更多的时候是买进后解套无期,亏损累累。一些不负责任的媒体上发布的所谓“相马经”,大多与“小道消息”没太大区别,往往是不听还好,听后更糟。想避开“小道消息”,只有参照指定信息披露媒体发布的正规消息,美中不足的是,相关信息固然确切,但常常与股票走势没有直接的关联。笔者之见,便捷而有效的资讯渠道,应该是以指定信息披露媒体为主,同时不排斥其它资讯来源。由于上市公司有持续信息披露的义务,多研究权威媒体披露的其定期报告与临时公告,做到心中有数,是形成准确判断的基础。对于从其它渠道获取的消息,则应多一分警惕,可在初步分析之后分类处理:认为可能性较大的,可以作为投资参考;一时难以判定的存疑,留待进一步证实,不作投资参照;不合常理或耸人听闻之类的,立即删除,免得受其影响。掌握多种信息之后,正式入市之前还应结合股价走势再做分析。另外,上市公司数量众多,普通投资者不可能有精力关注所有股票,若选出几只或10几只股票进行重点研究,从行业景气度到具体公司的项目与计划都进行详细追踪,既便于积累相关信息,又便于了解股票的习性与走势规律,无疑可以增加投资的胜算。

  报刊等媒体上常常会有券商等机构的研究报告,内容涉及政策分析、行业与公司评判、投资策略等,颇为投资者看重。不过,同样不应盲从,一则与报告的时效性有关,另外,预测不可能没有偏差,即使是国际知名的大行也常有看走眼的时候。投资者要做的,应该是借鉴其思考方法或看问题的角度,最终印证自己的观点或得出自己的结论。投资者可以借鉴别人的思路,但肯定不能照搬别人的方法,因此形成自已的判断、培养充分的自信也很重要。如果真能做到以我为主、批判地吸收各类资讯,那么,即使从被人反感的商业股评中也能有所借鉴:首先是他认为热点扩散的方向有没有可能,再就是个股题材是不是真有其事。由于深沪股市仍有反复炒题材的习惯,某些题材股这一次追高风险很大,经过一段时间后,若再次由冷变热,可不可以早点介入呢?肯定值得考虑。

  在商海里,“不轻易相信别人”、“成功只能靠自己”是许多人的座右铭,在股海中遨游同样如此。这里同样涉及多空双方的切身利益,同样充斥着真真假假的各种消息,投资者惟有明察慎思,在不断总结经验的基础上形成自己的操作风格,才可能笑傲股海。

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