風險偏好者很酷是吧？作為風險偏好者，你的生活為了刺激並渴望財富。可悲的事實是大多數投資著都進入了只能在少數時間享受成功的行列。也就是說，在另一方面，那些反對風險的投資者過於保守不把握機會。什麼是最好的呢？
答案相對很簡單。讓我們分析這兩種投資者。（更多請見：《複制巴菲特的投資策略是明智的嗎？》）
風險偏好者
風險偏好者可能說下面的話：“趁熱打鐵”、“把握現在”、“沒有風險就沒有回報”。
所有這些話都有意義和價值，但是有時候也可能成為不負責任行為的辯解。一個現實的例子是把賭註全部壓在一個等待第三期實驗結果的生物科技公司。如果實驗失敗或者實驗結果不是很積極會怎麼樣呢？一些風險持有人成功另一些則失敗，但是那些持續持有大風險的人最終會失敗。
風險偏好者最大的問題是沒有遊戲計劃。你打算怎樣持有那支股票呢？你的退出策略又是什麼？你這些投資的理由是什麼？你有足夠堅定的信念嗎？如果你想知道一些人是否是好的投資者，別單單看結果，為他為什麼。大多數時候，投資者都能會給你一個泛泛的答案。他們投資的最有可能原因是因為其他人也都在投資股票、ETF等。（更多請見《被動買入和持有策略的優點和缺點》）
讓我們回到那個生物科技的股票並假設三期實驗進展順利。讓我們假設那只股票在不到三個月的時間裡升值100%。現在呢？除了享受風險，許多風險偏好者因為貪婪想要更大的收益。在這個生物科技股票的例子中，它將在大多數時候選擇持有，即使大多數上升趨勢已經出現現在下跌的風險更高。試著記住下面的話：“如果你的計劃中沒有計劃，那你應該計劃虧損”。
發明一個計劃並不複雜。它可以平均成本，建立移動止損鎖定收益和減小下跌風險，基於參照公司事件的退出計劃，或者使用期權作為保險。
逃離風險
抗拒風險的投資者有相反的問題：他們計劃的太多。有計劃是件好事，但是你得把他們付諸於行動。一個抗拒風險的投資者更傾向於觀察投資升值的位置而不持倉，盡管他們知道接下來會有怎樣的走勢。這裡的心理學是通過計劃，這些投資者感覺比其他投資者準備的多，但是如果沒有行動計劃什麼都不是。
你可能認為投資僅在大型派息股票和讓他們從長遠來看會有利可圖。這可能是正確的，但是在短期内可能會有一些痛苦。最好的結果是反彈回去，如果你是成本平均，你就不會介意更便宜的價格。實施這一計劃可能適合尋找一定收入來源的退休人員，但是對其他投資者來說不能把潛力最大化。
完美的平衡
一個好的投資者能察覺趨勢並依據它投資。現在的幾大投資主題和相關的投資行為是：中央銀行目前正在反對通貨緊縮（做空大宗商品），美國購物中心的百貨商店正在慢慢的被健身中心和科技主題商店取代（賣出最弱的百貨商店），歐元區在一個非常長的陰雨暫停後進入第二季混亂（做空歐元），黑客行為頻繁（買入計算機安全），有健康意識的消費者人數正在增加（賣出傳統快餐店股票).
總結
承擔過多或者過少的風險都會限制你潛力最大化的機會。為了最大化你的投資潛力，你應該把你的投資帆佈看成灰色的，而不是黑或者白。你應該有適應趨勢調整的能力。如果你相信你的研究，應用邏輯——這個在投資界被嚴重低估——並計劃一個退出策略，那麼最終你將成為投資界的傑出人才。（更多請見《帶有階段性分析交易》）
How to Take The Right Amount of Investing Risk
By Dan Moskowitz | July 08, 2015
It’s cool to the risk-taker, right? As the risk-taker, you’re the person who lives for the thrill and goes for the gold. The unfortunate truth is that most investors who fall into this category only enjoy a limited time of success. That said, on the opposite side of the spectrum, the risk-averse investor can be too conservative and doesn’t take advantages of opportunities. What's best?
The answer is relatively simple. Let’s break down these two types of investors. (For more, see: Is it Wise to Copy Warren Buffett's Investment Strategy?)
The Risk Seekers
The risk-taker might utter the following phrases: “Strike while the iron is hot.” “Seize the day.” “There is no reward without risk.”
All of these phrases make sense and hold value, but they’re also sometimes used as justifications for irresponsible actions. An example is going all-in on a biotech company that’s still awaiting the results for a Phase III trial. What if the trial fails or turns out less-than-positive results? Some risk-takers will win and some will lose, but those who continuously take big risks will eventually lose.
The biggest problem with risk-takers is that they don’t have a game plan. How are you going to enter that stock? What’s your exit strategy? What are the reasons for the investment? Why do you have so much conviction? If you want to know if someone is a good investor, don’t just ask them what they’re invested in, ask them why. The vast majority of the time, that investor will give you a generic answer; he or she might even get defensive. The most likely reason for their investment is because everyone else is investing in that stock, ETF, etc. (For more, see: Pros and Cons of a Passive Buy and Hold Strategy.)
Let’s go back to that biotech stock and assume Phase III went well. Let’s assume that stock appreciated 100% in less than three months. Now what? Despite enjoying risk, many risk-takers will hold on to big winners because of greed. In this biotech stock example, he will most likely hold, even though the majority of the upside potential has already been recognized and now downside risk is higher. Try to keep the following phrase in mind: If the plan is not to have a plan, then you should plan on losing your money.
Devising a plan isn’t complicated. It can be dollar-cost averaging, setting up a trailing stop to lock in gains and minimize downside risk, basing an exit plan on company events, or using options as insurance.
Running Away From Risk
The risk-averse investor has the opposite problem: he or she plans too much. Plans are great, but not if you fail to put them into action. A risk-averse investor is more prone to watching an investment appreciate without having a position, even though he knew what was coming. The psychology here is that by planning, the investor feels more prepared than other investors, but, once again, planning means nothing without action. (For more, see: Strategies for Playing the Confirmation Trade.)
You could make a case that investing in large-cap dividend-paying stocks and leaving them alone will be profitable over the long haul. This is likely to be true, but there could be some pain in the near future. The best of the best will eventually bounce back, and if you're dollar-cost averaging, then you won't mind cheaper prices. Implementing this strategy might be good for a retiree looking for an income stream, but it's not going to maximize potential for other investors.
Perfectly Balanced
A good investor notices trends and invests accordingly. A few big themes and their related investing actions today are: central banks are currently fighting against deflation (short commodities), department stores in U.S. malls are slowly yet surely being replaced by fitness center and technology-themed stores (short the weakest department stores), the Eurozone is entering the second inning of chaos after a very long rain delay (short the euro), hacking is at an all-time high (go long on cyber security), and the health-conscious consumer is on the rise (traditional fast-food chains will continue to lose share to fast-casual).
The Bottom Line
Taking on too much or too little risk disallows for the opportunity to maximize your potential. To maximize your investing potential, you need to look at the investing canvas as gray, not black or white. You need to be capable of adjusting to trends. If you trust your research, apply logic—which is extremely underrated in the investing world — and plan an exit strategy, then you could end up with an investment masterpiece. (For more, see: Trading with Stage Analysis
本文翻譯由兄弟財經提供
文章來源：http://www.investopedia.com/articles/investing/070815/how-take-right-amount-investing-risk.asp#ixzz3fpJMZt00