The alternation of bulls and bears highlights the six major investment tragedies of small retail investors

Some investment strategies that sound like wise sayings are regarded as magic weapons for making money by investors, and the so-called investment bibles of some investment masters are regarded as golden rules by investors. Methods that are only suitable for institutional investors have been imitated by investors one by one... After a complete bull and bear cycle, ordinary retail investors have shown us with bloody lessons that investment misunderstandings not only prevent investors from making money in the bull market, but also cause Huge losses in a bear market. Through interviews and surveys of dozens of retail investors, Financial Weekly reporters discovered six common investment misunderstandings among new and old investors.

Borrowing chickens to lay eggs

The purpose of investing in the stock market is to make money. The more principal you invest, the more you earn. Just like this, many investors hope to invest more money in the stock market. , so the phenomenon of borrowing money to speculate in stocks emerged. It is smart to borrow chickens to lay eggs, but they forget that the greater the principal, the greater the risk.

The story of white-collar worker Xiao Liu is quite representative. At the beginning of 2006, when the Shanghai Composite Index was still hovering around 1,200 points, Xiao Zhao invested in the stock market at the encouragement of his friends. Xiao Liu, who has just graduated more than two years ago, although his monthly income is more than 5,000, he does not have much money on hand because he has no habit of saving. The first amount of money she invested in the stock market was only 3,200 yuan on hand at the time. Xiao Liu told the Financial Weekly reporter that he had no idea about stocks at that time, so he bought Jielong Industrial (13.82,0.16,1.17%, bar) (600836) in a daze. The price limit was raised for 5 times, and the cost price was 4.21 yuan. By March 23, the stock price reached a maximum of 7.48 yuan, an increase of nearly 80%. In just two weeks, there was an increase of more than 2,000 yuan in the book. I was so excited that I was overwhelmed! "At that time, Xiao Liu secretly made a calculation. If the initial investment was not 3,000 yuan, but 30,000 yuan or more, wouldn't it be possible to earn more? So, Xiao Liu borrowed money everywhere and promised 10% annual interest. I don’t know whether she believed in Xiao Liu’s character or valued the 10% that was far more than bank interest, but a classmate actually lent her 50,000 yuan. "As soon as I got the money, I quickly invested in the stock market. What I bought was Sichuan Changhong (5.42, -0.01, -0.18%, right) (600839)." However, this time the goddess of luck did not come again. Xiao Liu bought it on May 16 at a cost price of 3.80 yuan. After buying it, the stock price continued to fall. In mid-October, Xiao Liu cut off the meat and sold it at a price of 3.18 yuan on October 23 due to a demand for payment from his classmate's wedding. "Including expenses, he lost nearly 8,600 yuan, which did not include the 10% interest promised to his classmate. Think about it. I'm afraid, but fortunately I didn't borrow much, and the market conditions at that time were much better than this year. "

Believing in rumors

Many investors were unable to do so for various reasons. Or they are unwilling to learn the professional knowledge of investing in stocks in depth, and hope to trade stocks by listening to gossip from various channels. Little do you know that not only cannot you get something for nothing, but you often lose all your money.

Wei Qiang works as a corporate teller at a Shanghai branch of China Construction Bank. Due to his work, customers often reveal various inside information to him. In 2007, Xiao Wei really made a profit, and he looks forward to greater gains in 2008. In January this year, a customer recommended XD Hongdu Airlines (600316) to him, saying that this stock would have major benefits this year and its stock price would rise to 80 yuan. Therefore, the stocks recommended by people before have basically brought benefits to Xiao Wei, so Wei Qiang is convinced this time, "After hearing the news, I basically have no independent judgment on individual stocks and am completely subjective. Even if the market starts a new trend, "At that time, Xiao Wei invested all his and his girlfriend's assets in this stock. "It was 160,000 yuan when he entered, but now he only has 70,000 yuan left in his book. Not only has he lost all his profits from last year. , even lost his girlfriend's 30,000 yuan. "

I won't sell it even if I die

The popular online song "I won't sell it even if I die" accurately portrayed it. The mentality of retail investors in a bull market. In a rising market, any selling is regrettable, which is why this song became so popular last year. However, in a falling market, "don't sell until you die" will bring you the most profound pain. I believe many investors have experienced this deeply.

"Don't be afraid of being stuck or delisted, stocks will have a future after all!" This is newspaper editor Lao Lin's favorite lyrics, but now Lao Lin can only use it to comfort his wounded heart. Lao Lin, who has been stock trading for one year, is actually born in the 1980s. "Because of the serious losses in the stock market, I am much older this year, so everyone calls me Lao Lin." Lao Lin, who entered the market in March last year, tasted the benefits soon after entering the market. On the stock Jiangsu Kaiyuan (600981) alone, it made nearly twice the profit. "This is entirely due to the stock cover." In November 2007, Lao Lin discovered a strong stock - Ping An of China (46.01, 0.07, 0.15%, right) (601318), so he bought all his positions near 110 yuan. During the subsequent decline, Lao Lin basically had no idea of ??selling. However, after the market fell below 3,000 points, he also wavered: "I originally had firm confidence in Ping An, but now that I have fallen, I have completely given up." Even doubling the current price will not reach my cost price. "

Blooming everywhere

To avoid risks, investment masters teach us: "Don't put all your eggs in the same basket. "So a considerable number of retail investors follow this investment rule, but often find that things are counterproductive. As everyone knows, the teachings of investment masters are aimed at funds of a considerable scale, and are not applicable to the small investment capital of retail investors.

It has been two years since Lao Chen retired early and took advantage of the booming stock market in the past two years to start his investment career. Lao Chen, who is cautious by nature, invested a small amount of capital, only 20,000 yuan. But every time I asked her, she said she had seven or eight stocks. In the hot market last year, Lao Chen only made a profit of 30% at most. "There are too many stocks in his hands. This one goes up and that one goes down. I keep going back and forth, but I don't make much money." "How is this year?" "This year?" What's worse, when I turn on the computer, everything is green, and all the stocks in my hand are falling. I don't know which one to sell, so I simply don't sell any, and the result is a huge loss. "

Xiao Wang Ze, who is currently studying in graduate school. Completely different. He only operates one stock at a time. "I don't have much money, so I can only concentrate on holding stocks. This way I have the energy to study it thoroughly and make correct judgments, so my performance is good. Even in this year's market, I only lost a lot of money." To 5%. "

Chase the rise and kill the fall

The most difficult thing to overcome in the stock market is human nature, and the biggest weaknesses in human nature are greed and fear. Greed kicks in when you see a stock price rising in the hope that you will make a profit by buying the stock. When the stock price falls, they are afraid that it will continue to fall, so they are eager to sell their chips. In the long run, these investors tend to have the lowest returns.

Animator Xiao Zhao suffered serious losses because he chased the rise and killed the fall. He tried his best to buy XD Chengde Vanadium (600357) on July 3 last year at a cost price of 9.97 yuan. He made a profit of more than 2 percentage points that day. After that, the stock price began to consolidate. On July 23, the stock rose 7.27% to close at 10.62 yuan. After rising and falling the next day, Xiao Zhao was worried that the profits he had received would disappear again, so he sold them all at 10.47 yuan. But a few days later, the stock began to skyrocket. In two months, the stock price rose from more than 10 yuan to the highest price of 25.12 yuan. "At that time, my intestines were filled with regret!" Xiao Zhao is still very excited when mentioning this matter. He was impatient and had trouble buying stocks from then on. On July 31, I bought Liaoning Chengda (25.12,0.16,0.64%, bar) (600739) when it rose by more than three points, but it fell to flat on the same day. The next day, the stock fell sharply due to the increase in deposit reserves. Xiao Zhao reluctantly cut his flesh when it fell by more than 6 points. On the third day, the stock began a new round of rise. On August 6, I bought Xinhecheng (49.77, 2.40, 5.07%, bar) (002001) at a cost price of 9.60 yuan, and sold it on August 7 at 9.40 yuan... Chasing the rise and killing the fall, this cycle continues until I enter the market. , Xiao Zhao’s principal loss has exceeded 60% within half a year. The frustrated Xiao Zhao finally decided to stay away from the stock market.

Full positions all year round

Excessively chasing the rise and killing the fall is actually a sign of impatience. Investors must be able to endure loneliness. When they cannot judge the trend of the market or have not found a suitable stock for investment, Taking a short position temporarily can also be a smart investment strategy. Unfortunately, many investors, especially new investors who have just entered the market, often do not let their funds idle for a moment and are busy buying and selling every day, thinking that this is "maximum use of funds."

The consequence of this operation is that securities companies and tax authorities become the biggest winners.

Xiao Ming realized this truth after losing 80,000 yuan. Xiao Ming, who works in the R&D department of SAIC Motor, had briefly been exposed to stocks when he was in college. He saw the boom in the stock market last year, so he invested all of his savings and that of his parents, totaling RMB 170,000, into the stock market. It was smooth sailing at first, and the 170,000 yuan soon turned into 220,000 yuan. But after the market peaked in October, Xiao Ming began his nightmare. Xiao Ming's investment philosophy is "have stocks in hand, don't panic", so Xiao Ming operates with a full position every day. However, this time he found that no matter what stocks he bought, he would eventually lose money. As the market hits new lows, the funds in Xiao Ming's account have been shrinking. 220,000 yuan, 200,000 yuan, 180,000 yuan, 150,000 yuan... 90,000 yuan! When the market finally fell below 3,000 points, the money in Xiao Ming's account also changed from 220,000 yuan to 90,000 yuan! "My year's salary is gone! I wish I had learned to short positions earlier." (Shi Xiaoyu)