Elemente de psihologie investitionala (I) - Kmarket.ro
Elemente de psihologie investitionala (I) - Kmarket.ro
Elemente de psihologie investitionala (I) - Kmarket.ro
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convingandu-se singur sa pastreze actiunile ca investitie pe termen<br />
lung. Greseala consta in faptul ca strategiile p<strong>ro</strong>prii <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> investitie si<br />
obiectivele personale nu ar trebui schimbate din mers ca reactie la<br />
evolutia pietei.<br />
Mai <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>parte actiunile scad in continuare, iar pozitia p<strong>ro</strong>aspatului<br />
investitor "pe termen lung" (fost speculator) <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>vine din ce in ce mai<br />
putin confortabila. Gandul ca va astepta oricat pana ce actiunile,<br />
p<strong>ro</strong>babil soli<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> din punct <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> ve<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re fundamental, isi vor reveni,<br />
furnizeaza confort doar la inceput. Sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rile continue ce e<strong>ro</strong><st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>aza<br />
valoarea portofoliului creaza nervozitate in crestere, pana cand se<br />
comite cea <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>-a treia greseala majora : <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>si auto-p<strong>ro</strong>clamat<br />
investitor pe termen lung, personajul acestei povesti nu mai rezista<br />
in fata sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rilor acumulate si vin<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>, ajustand din nou strategia din<br />
mers si revenind la p<strong>ro</strong>filul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> investitor pe termen scurt.<br />
Aceasta greseala este <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>terminata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> sentimentul opus lacomiei pe<br />
piata <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> capital : teama (<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> pier<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>ri), un sentiment la fel <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng><br />
raspandit. Tot teama duce pana la urma la comiterea celei <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>-a<br />
patra greseli : investitorul a vandut si si-a limitat pier<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>rile ;<br />
actiunile mai scad in continuare (sau nu), dar la un moment dat isi<br />
revin si incep si creasca. Amintirea recentelor pier<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>ri fiind inca vie<br />
in memorie, teama ia locul analizei rigu<strong>ro</strong>ase si investitorul rateaza<br />
momentul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> cumparare optim, amanandu-l in mod nejustificat si<br />
diminuandu-si potentialul <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> castig.<br />
Intr-un final investitorul reintra in piata (cam tarziu, dupa ce a<br />
pierdut multi bani, <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>si era mai castigat 1. daca vin<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>a actiunile la<br />
inceput, inainte <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> sca<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>re, sau 2. daca le pastra permanent in<br />
portofoliu) si, <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> cele mai multe ori, ciclul se reia. Astfel, teama si<br />
lacomia <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>termina investitorul fara o strategie clara <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> investitii si<br />
fara o abordare a investitiei bazata in primul rand pe analiza sa fie<br />
permanent in contratimp cu piata.<br />
Ce este <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> facut ? solutiile sunt doua : 1. stabilirea unei strategii<br />
p<strong>ro</strong>prii <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> investitie bazata pe obiectivele si caracteristicile p<strong>ro</strong>prii ;<br />
adaptarea permanenta a acestei strategii, dar fara abatere <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> la<br />
elementele ei esentiale (sau modificarea ei fundamentala numai in<br />
urma unei gandiri atente, nu ca reactie imediata la conditii punctuale<br />
din piata). 2. acordarea unei atentii mai mari analizei actiunilor si<br />
pietelor in <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>favoarea sentimentelor legate <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> investitii.<br />
O ultima precizare pe acest subiect : nu recomand prin aceasta<br />
ultima i<st<strong>ro</strong>ng>de</st<strong>ro</strong>ng>e negarea "instinctului" <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> investitor ; acesta este <st<strong>ro</strong>ng>de</st<strong>ro</strong>ng> fapt<br />
o manifestare nu chiar constienta a rezultatului p<strong>ro</strong>cesarii unor<br />
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