5 Tokoh Pelabur Yang Wajib Kita Kenal

Ramai orang ada salah faham mengenai pasaran saham.

Pasaran saham bukan sekadar untung turun naik harga. Ia sebenarnya adalah tempat di mana pemilikan sesuatu syarikat dijual beli dengan mudah. Disebalik saham-saham yang dijual beli ada bisnes yang sebenar.

Jadi pasaran saham bukan pasaran judi.
Pasaran saham bukan tempat untuk dapat untung besar dalam tempoh singkat.
Syarikat yang terlibat bisnes haram, maka sahamnya jadi tidak patuh Shariah.
Cara yang paling baik untuk buat untung secara konsisten adalah dengan memahami dunia bisnes itu sendiri.

5 Tokoh Besar Pelabur Saham

Saya ingin memperkenalkan 5 tokoh besar dalam dunia ini. Walaupun barangkali kita belum terlibat lagi dengan pasaran saham, namun apa yang mereka buat, tulis dan cakap banyak yang relevan kepada apa jua bentuk pasaran.

#5 – Peter Lynch
Peter Lynch menguruskan Magellan Fund dari 1977 – 1990. Secara purata pulangan dana tersebut memberikan pulangan 29.2% setahun.

Prinsip pelaburannya mudah,

“Melaburlah dalam sesuatu yang kita tahu.”

Beliau mempunyai 3 buah buku bertajuk:

1. One Up on Wall Street,
2. Beating the Street dan,
3. Learn to Earn.

#4 – John C Bogle
Beliau merupakan pengasas Vanguard Group yang terkenal dengan index fund yang berkos rendah.

Prinsip pelaburannya adalah:

“If you can’t beat the market, buy the market.”

Tuan Bogle menulis sebuah buku yang bertajuk Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor.
Strategi pelaburan indeks merupakan strategi paling sesuai bagi kebanyakan orang termasuklah di Malaysia kerana kita cuma perlu ‘buy the market’.


#3 – Philip A Fisher
Terkenal menerusi buku bertajuk Common Stocks and Uncommon Profits. Beliau mempunyai 15 kriteria untuk membeli sesuatu syarikat dan dikenali sebagai antara pengasas strategi growth investing.

Beliau membeli saham Motorola pada 1955 dan tidak menjualnya sehinggal meninggal dunia pada 2004.


#2 – Warren Buffett
Pelabur paling kaya di dunia hari ini, Beliau menggabungkan kaedah Philip A Fisher dan Benjamin Graham. Tuan Buffett tidak pernah menulis buku melainkan Letters to Shareholder kepada semua pemegang saham Berkhsire Hathaway.

Surat tersebut mengandungi banyak ilmu pelaburan dan ianya adalah percuma untuk kita baca menerusi laman web.

Hidupnya simpel. Walaupun mempunyai kekayaan sekitar USD45 billion, beliau cuma mengambil USD100,000 gaji setahun, masih tinggal di rumah 5 bilik yang dibelinya pada 1957 di Omaha, Nebraska dan selepas mati akan mendermakan 99% hartanya kepada Gates Foundation.


#1 – Benjamin Graham
Sifu kepada Warren Buffet. Buku beliau yang patut kita miliki adalah ‘The Intelligent Investor.” Sebuah lagi buku adalah ‘The Security Analysis’ tapi ia adalah lebih teknikal bahasanya.


Pengasas prinsip Value Investing. Memperkenalkan prinsip instrinsic value, margin of safety, Mr. Market dan perbezaan antara aktiviti pelaburan dengan aktiviti spekulasi.

“The stock investor is neither right nor wrong because others agreed or disagreed with him; he is right because his facts and analysis are right.”

Pakdi menyediakan 5 Tutorial Mudah Rancang Wang menerusi www.pakdi.my, dapatkannya sekarang.

Kredit gambar: (alexanderromero, economy.com, forbes.com, thebox.vn, justinterview, tamnhin.net)

Sumber: http://www.majalahniaga.com/5-tokoh-pelabur-yang-wajib-kita-kenal.html

Fahami Konsep Asas Forex

1) Dalam forex, anda hanya diberi 2 pilihan sahaja untuk melakukan buy dan sell.Tetapi anda juga diberi pilihan sama ada untuk memilih buy/sell utk trend panjang atau buy/sell untuk trend pendek. Tapi berapa jauh market berjalan? adakah anda tahu?
cuba lihat gambar di bawah

2) Tiada siapa yang tahu ke mana arah tuju market forex. Indicator hanya membantu tetapi ramai yang silap. Ramai yang menganggap indicator sebagai kunci untuk mendapatkan keuntungan. Bila indicator mendatangkan rugi, maka indicator pula yang di persalah. Saya percaya ramai di antara anda memiliki berpuluh indicator, malah tak kurang beratus. Sebab apa? sebab anda mencari indicator terbaik untuk mendapatkan profit yang maksimum. Tak salah anda menggunakan indicator..

3) Mari kita lihat keuntungan yang kita boleh dapat dari pergerakkan turun naik market.

244 + 169 + 148 + 59 + 72 + 95 + 176 + 245 + 95 = 1,303 pip
Wow, tentu banyak bukan? kalau 1 pip 1USD tentu anda dah dapat 1,303 USD. Banyak tu, makan sebulan pun tak habis. Kenapa kita tak dapat 1,303 pip? tetapi yang kita dapat -1,303 pip? Memang berkerut dahi kalau dapat -1,303 pip. Kalau banyak duit takpelah. Mungkin boleh hold sampai market turun. Tetapi bagaimana pula kalau margin call?

4) Disini timbul la perasaan tamak dalam diri kita. Kalau boleh kita nak dpt 1,303 pip. Sama la dengan perangai saya dulu, last-last yang saya dapat adalah margin call. Untung hari ni 30 pip, esok rugi 120 pip. Saya rasa ramai yang mengalami masalah yang serupa. Kadang rasa timbul perasaan nak berhenti sahaja dari main forex. Duit makin lama makin habis, untung cuma rasa 2-3 kali. Kenapa begitu?

5)Sekali pandang pada graf, bukan susah forex ni. Itulah tanggapan pertama bila mengenali dunia forex.

kat bawah buy, kat atas sell. Dah boleh dapat profit 1,303 pip. Tapi kenapa ramai yang dapat margin call? Kenapa 95% trader loss? Indicator ada beratus-ratus, kelas forex masuk dah berlambak, ada yang bayar, ada yang free. Tetapi kenapa masih lagi loss?

6)Sebab forex senang sangatlah akhir kita dapat hasil seperti ni

Senang kan? senang untuk dapat merah ( loss ). Rasa nak menangis pun ada. Nak berhenti forex pun ada. Salah indicator ke? atau salah cikgu yang mengajar ke?

Kalaulah saya dapat hasil macam yang bawah ni kan best.

Tapi kenapa tak dapat?

7) Itulah dunia forex, bila dah berkecimpung barulah saya tahu bahawa dunia forex indah khabar dari rupa. majorit 95% trader loss akan buat perkara yang sama seperti saya buat.

Bila tengok ss orang lain hijau ratus-ratus dan kelas dibuka, ramai lah yang berminat untuk mendapatkan hasil yang hijau. Padahal ada cikgu yang tak bertanggung jawab edit post-post supaya kelihatan hijau. Anak murid pun kena tipu. Masuk kelas pun bukan murah, kurang-kurang RM400. Tapi ada gak cikgu yang bagus. Tapi kerana nila setitik, rosak susu sebelanga.

8) Bila bercerita bab loss, ramai yang beri pendapat. Ada yang kata tamak, tak jaga margin, signal false, teknik lari, cikgu ajar salah. Kalau di ceritakan bab loss, rasanya tak habis sampai esok pun. Ramai yang suggest Money Management, main 10% dari modal. Tapi berapa ramai yang ikut?

contoh Money Management yang ada.
Tapi tak kan nak dapat 10 pip jer? Kalau 1 pip 1USD ok la jugak, Kalau 1 pip 1sen usd? Berapa lama saya nak kumpul?

Main 1 pip 1usd pun loss , main 1 pip 1sen usd pun loss jugak? macam mana pula?

Akhirnya loss jugak. Ada 10k usd pun habis gak, ada 10usd pun habis gak. Lama-lama sanggup berhutang sebab forex. Hari ni untung 200usd, esok terus margin call. Macam mana tu?

9) Banyak trader membuat kesilapan. 95% buat kesilapan yang sama, Antaranya

1. Ramai trader suka predict bila market akan berubah arah.

2. Ramai yang suka tanggung float pip merah yang banyak, tapi bila close pip hijau yang sedikit.

3. Tidak Berdisiplin bila trade

4. Bukak post trade melebihi 10% daripada margin

Siapakah anda untuk mengetahui market akan berubah arah? Kebanyakkan trader yang rugi adalah trader yang suka lawan arah market (Tapi mana trader tau market nak berubah arah). Satu persoalan juga..

10) Maka berlaku kes seperti Sell di bawah, Buy di atas. Cukup bulan terus margin call. Ramai trader buat kesilapan seperti di bawah ini. Saya percaya 95% buat kesilapan ini .

Konsep forex yang sebenar adalah Buy di Low, Sell di High. So salah siapa? signal ke? atau cikgu forex tak beritahu?

11) Trader juga selalu lakukan kesilapan yang seperti di bawah ini..

Akhirnya yang dapat adalah float yang banyak sehingga margin call. Kalau nasib baik float sikit tak mengapa. Bagaimana kalau float sampai -1000? last-last cari juga cikgu forex padahal diri sendiri yang salah.

12) Lagi satu kesalahan trader yang selalu berlaku

Selalu trader suka gatal tangan ( dalam erti kata lain tidak BERDISIPLIN ). Suka cari penyakit. Trader macam ni, kasi 1000 signal pun atau 1000 cikgu pun still akan loss sampai bila-bila. Bila dah loss, salahkan indicator. Indicator tak betul la. Yang pergi kelas, salahkan cikgu pulak. Padahal sendiri yang salah. Yang untung cikgu forex. 1 Kepala RM 400, 10 jenis anak murid degil dan selenga macam ni dah untung RM 4000. Sebab tu kelas forex tumbuh macam cendawan. So salah siapa?

13) Penyakit yang trade suka simpan. Tak tau nak kata macam mana. Mungkin ramai trader-trader malaysia ni kaya-kaya. Bak kata orang, alah kalau loss top up lagi. apa susah kan? Sanggup float sampai ratus-ratus, ribu-ribu. Bila dah nak margin call baru gelabah nak top up. Lepas tu rasa frust yang teramat sangat. Kalah orang putus cinta. Dalan hati rasa menyesal tak cut loss. Rasa nak bersara dari forex la, tak nak main forex lagi la. Tapi salah siapa? signal ke? cikgu ke?

14) Lagi satu kesilapan trader adalah TAMAK. Nak cerita bab tamak, saya pun tamak jugak. Kalau boleh nak dapat 100 pip jugak. Dah la float sampai ratus-ratus. Bila profit 20-50 pip je. Mana adil, betul tak? Dalam forex turun naik adalah duit. Siapa yang tak nak duit. Rugi ooo sapa tak nak duit. Tapi macam mana nak dapat duit? balik-balik yang dapat, duit kena telan lagi ada la...

15) So salah siapa sekarang? signal anda? atau cikgu forex anda? Saya pun bukan seorang yang hebat. Dalam trade saya , ada juga saya loss. Dalam forex loss adalah asam garam. Terima loss anda sebagai pengajaran. Mungkin pagi ni anda loss tapi petang anda profit. Saya tak harapkan anda ikut cakap saya tapi ubah persepsi cara trading anda. Maksimumkan profit anda dan kurang kan loss anda. Bagilah duit 5usd sekali pun, kalau konsep dan teknik anda betul, 5 usd akan jadi 5000usd. tapi kalah konsep dan teknik anda salah , 10k usd pun boleh habis sekejap sahaja.

16) Panjang jugak saya bercerita, harap lepas ni ramai yang tukar konsep dan cara trade. Jangan salah sesiapa kalau anda losss.. dalam forex sebab semua datang daripada anda sendiri. Benda dah ada depan mata anda tapi anda terlupa atau tidak perasan . Saya pun pernah lalui apa yang anda lalui sekarang. Memang pahit nak terima loss, macam-macam cara dah cuba, kelas pun dah banyak masuk. Tapi jawapan yang saya dapat hanya loss. Forex memang tiada belas kasihan. Dua tawaran sahaja diberikan. Anda rugi atau anda untung. Semua teknik adalah sama tapi apabila konsep anda salah maka anda sebenarnya yang salah..

17) Dalam forex, TREND adalah sahabat sejati anda. Anda gagal mengenalpasti trend beerti anda gagal mengusai forex. Dalam forex hanya 2 trend sahaja anda perlu tahu iaitu Naik atau Turun. Tetapi anda tidak tahu berapa panjang trend itu naik atau turun. Begitu juga dengan saya. Saya pun tidak tahu sejauh mana trend akan pergi. Ramai yang berkata kalau nak tengok trend, lihat pada Timeframe D1 (Daily). Itu sebenarnya bergantung pada diri anda dan cara anda trading. Dalam forex, tiada batasan untuk anda menggunakan TimeFrame. Trend akan muncul di mana-mana TimeFrame sekali pun. Anda akan jumpa trend naik/turun di Time Frame 15, 30, 1 jam malah weekly sekalipun.

Tanpa trend , anda seperti kehilangan arah. Macam-macam cara anda boleh ukur trend. Contoh indicator trendline, rsi, macd. Tapi anda peningkan kepala anda dengn pelbagai indi.

18)Trend hanya menawarkan Trend panjang atau trend pendek. Anda bukan tidak kenal indicator rsi, trendline atau macd. Tetapi sebenarnya anda gagal menguasai indicator tersebut. Disitu sebenarnya anda perlu lihat kesilapan anda

19) Anda boleh ukur trend menggunakan rsi jugak. Begitu juga macd. cuba lihat gambar di bawah

20) Trend memang sahabat sejati anda. Anda telah tahu trend tetapi anda masih loss atau margin call. Kenapa? Kalau setakat loss mungkin boleh dimaafkan juga tetapi kalau margin call? Tentu anda susah hati dan mula menyalahkan trend. Hati anda akan berkata "Alah dah tahu trend pun kena margin call jugak". Kalau anda telah tahu trend tetapi anda loss, bermakna anda masih selamat. Tetapi jika anda tahu trend tetapi anda kena margin call beerti anda memang tidak memahami trend tersebut.

21) Saya pun tidak tahu sejauh mana trend pergi dan saya pun ada loss jugak. Tetapi profit saya melebihi loss yang saya dapat. Sebab apa? sebab saya faham bagaimana trend berfungsi. Saya hanya menggunakan salah satu daripada 3 indicator sahaja. Mari saya tunjukkan contoh

Ini adalah contoh penggunaan trendline indicator. Jumlah pip tersebut adalah anggaran profit yang anda perolehi. Banyak bukan? tetapi kena masih ada yang margin call?

22) Bila anda mengetahui sesuatu trend, jangan sesekali anda memikirkan bilakan trend akan berubah. Kebanyakkan trader loss disebabkan mereka memikirkan bilakah akan berlakunya reversal. Tanamkan dalam hati anda "Anda tidak tahu sejauh mana market akan pergi" atau "Lebih baik saya ikut sahaja arah market yang ada".

Kebanyakkan trader loss sebab mereka menjangkakan market akan berubah bila nampak sebarang reversal berlaku. Apabila mereka nampak bayangan reversal akan berlaku, dengan senang hati mereka akan bukak satu post yang berlawanan arah. Bila market tidak mengikut seperti apa yang dijangkakan maka dengan sendirinya anda telah menetapkan satu post dalam keadaan loss. Disini silap anda, sebab apa? sebab anda inginkan profit yang maksimum tetapi anda lupa bahawa "tiada siapa yang tahu ke mana market akan pergi".

23)Walaupun anda mengetahui trend bukan beerti anda berhak membuat keputusan sesuka hati anda. Kebanyakkan trader loss disebab mereka terpengaruh dengan pengaruh market. Mereka akan mula berasa tamak dan ingin mendapat keuntungan lebih. Disinilah terletaknya kekuatan mental /disiplin seseorang trader. Kalau yang lemah, mereka akan masuk kali kedua post. Tetapi mereka lupa bahawa sebenarnya mereka hanya menempah kerugian.

Anda perlu ingat "Market boleh berubah bila-bila masa sahaja". Mungkin anda bernasib baik untung bila untung kali kedua. Tetapi tanya pada diri anda, berapa kali peluang kedua anda mendatangkan keuntungan?

24) Walaupun anda tahu trend, tidak beerti anda tidak boleh memasuki market sesuka hati anda. Trader selalu melakukan kesilapan ini kerana ingin mendapatkan keuntungan. Trader lupa pada "Market boleh berubah bila-bila masa sahaja". Jangan kerana keuntungan 20 pip, anda kehilangan 20K

25) Cuba tanya balik dalam diri anda, siapa sebenarnya silap? signal ke? cikgu ke? market ke? Saya tak nafikan ramai yang loss beribu-ribu, ada yang dah setahun main forex pun masih loss lagi. Dah bermacam-macam teknik cuba tapi masih gagal. Tapi kenapa kita gagal? Anda keluarkan duit beratus dan beribu untuk masuk kelas forex, beli signal semata-mata untuk mendapatkan keuntungan tapi anda terlepas pandang apa yang ada di depan mata anda.

Jangan salahkan orang lain. Salahkan diri anda sendiri.

26) Jangan sesekali anda mencari perubahan trend. Setiap perubahan trend akan datang dengan sendiri. Setiap trader hanya perlu mempunyai kesabaran. Tidak salah kalau anda bersabar. Setiap trend yang akan datang adalah peluang untuk anda menjana keuntungan. Market bergerak 24 jam sehari selama 5 hari. Setiap saat adalah peluang untuk anda. Apa anda perlu lakukan adalah sabar. Market sentiasa memberi peluang kepada anda mencari keuntungan. Tetapi anda sendiri yang menutup peluang tersebut.

27) Walaupun trade ikut trend tetapi 3 kesilapan tersebut perlu anda hindari. Ramai juga yang tahu trade ikut trend tapi berapa ramai yang berjaya? Ramai yang trade ikut trend tersebut tapi masih gagal juga? Sebab apa? sebab mereka memandang mudah. Dalam erti kata lain "Trade jer ikut trend, mesti selamat".

Cuba lihat gambar di bawah

Bukan tidak boleh entry di kawasan tersebut, tetapi risikonya adalah tinggi.

28) Jangan ambil mudah sesuatu perkara walaupun ianya nampak mudah. Bak kata orang, kalau mudah tentu yang main forex ni ramai yang dah kaya. Tetapi kenapa ramai yang gagal? Mencari Overbaught/Oversold sama juga anda mencari reversal. Nah tanda disedari anda telah melakukan salah satu kesalahan tersebut. Mudahkan nak buat silap? Salah siapa? Anda juga bukan?

Cara yang betul adalah tunggu di permulaan market. Dalam ertikata lain, tunggu perubahan trend. Indicator akan memberitahu anda setiap perubahan trend yang berlaku. Apa yang anda perlu lakukan hanya tunggu dengan sabar.

Sekiranya anda terlepas trend, tunggu sahaja trend berikutnya. Kalau dah tak tahan sangat, main la demo/virtual sahaja. Saya pun selalu buat begitu. Demo pun demo la, janji seronok. Untuk live saya tunggu di setiap permulaan trend.

Kerugian anda adalah minimum jika masuk di permulaan trend.

29) Setiap trader inginkan keuntungan. Jumlah keuntungan adalah bergantung pada setiap trader tersendiri. Ada yang cukup dengan 10 pip sahaja, ada yang 100 pip. Saya cuma membantu bagaimana teknik exit boleh digunakan untuk menentukan keuntungan anda. Biasanya indikator pivot atau fibo boleh digunakan untuk sebagai target untuk keuntungan anda.

garisan-garisan tersebut adalah target untuk setiap keuntungan anda.

30) Di dalam forex, kerugian adalah sesuatu yang tidak boleh di elakkan. Saya pun ada loss dalam trade. Tetapi apa yang kita perlu buat adalah meminima kan setiap kerugian. Jangan sesekali kita cuba menahan kerugian (float) sehingga beratus-ratus pip. Di sini ramai trader melakukan kesilapan. Menahan kerugian beerti akan membenarkan modal anda di ambil sedikit demi sedikit. Lama-lama margin call yang menanti anda.

Di dalam setiap trend akan berlaku trend pendek dan trend panjang. Adakalanya trend pendek akan menyebabkan anda kerugian. Tetapi anda terlupa bahawa trend panjang menyediakan pulangan yang cukup lumayan.

Kerugian Trend Pendek

Keuntungan Trend Panjang

Tentu seronok bukan kalau dapat profit macam ini? Belajarlah terima kerugian tetapi jangan sesekali menahan kerugian dalam trading anda.

32) Anda tentu mengenali indicator trendline, rsi, macd dan banyak lagi. Semuanya ada depan anda. Saya tidak menyuruh anda menggunakan trendline sebagai kaedah mengukur trend. Anda boleh mencuba apa-apa sahaja yang boleh mengukur keadaan trend. Yang pasti anda mengetahui sama ada trend tersebut adalah naik atau turun.

Penggunaan margin juga perlu dijaga. Setiap trader ada perasaan tamak, tapi biarlah tamak bertempat. Nak hilang duit memang senang. Nak kumpul duit, hanya diri sendiri sahaja yang tahu. Biarlah kita untung hari ini seringgit tetapi akhir bulan kita dapat 1000 ringgit.

Anda membayar Beratus-ratus ringgit ke kelas forex untuk mendapatkan keuntungan. Ada yang berjaya dan ada yang gagal. Tidak salah anda pergi ke kelas forex tapi jangan lah terlepas peluang yang ada di depan mata. Kelas hanya untuk memantapkan sahaja teknik trading kita. Memaksimumkan profit dan meminimumkan loss adalah tujuan untuk kita pergi kelas.

Cuba tanya pada diri kita. Salah siapakah selama ini? semua ada di depan mata. hari-hari kita tengok.

Ingatlah pesanan

1. Jangan sesekali cuba cari perubahan trend. Biarkan trend berubah sendiri.

2. Jangan sesekali masuk apabila trend sudah tinggi/jauh dari permulaan trend. Tunggu sahaja trend yang berikutnya.

3. Jangan masuk market buat kali kedua di dalam sesuatu trend

4. Jaga margin anda. Biar untung 1usd sehari tapi akhir bulan untung 1000usd

5. Terima kerugian anda (cut loss) tetapi jangan simpan kerugian anda (float)

6. Masuk market hanya dipermulaan trend sahaja.

7. Mainlah 10% daripada margin anda (Rasanya dah berbuih mulut orang kasi tahu, tapi tak nak dengar jugak). Kalau loss, salahkan diri sendiri. minta maaf kalau ada salah dan silap atau terkasar bahasa.

Saya hanya menyampai ilmu yang sekecil ikan bilis. Siapalah saya kalau nak dibandingkan dengan cikgu-cikgu forex yang hebat-hebat.. Sekian

Sumber: http://jkingfx.blogspot.com/p/fahami-konsep-asas-forex.html

What Type Of Trader Are You?

You know that the stock market provides an opportunity to make money, but you aren’t quite sure how investors know when to buy and sell. Or maybe you’ve heard some terms like “noise trader” or “arbitrage trader” and you want to know more about them. Either way, an exploration of a few of the many types of trading strategies will provide some insight into the terminology and strategies used by various investors as they seek to build wealth by investing in the stock market. Understanding these strategies can help you find one that best matches your personality.

Fundamental Trader
Fundamental trading is a method by which a trader focuses on company-specific events to determine which stock to buy and when to buy it. To put this in perspective, consider a hypothetical trip to a shopping mall. In the mall, a fundamental analyst would go to each store, study the product that was being sold, and then decide whether to buy it or not.

While trading on fundamentals can be viewed from both short-term and long-term perspectives, fundamental analysis is often more closely associated with the buy-and-hold strategy of investing than it is with short-term trading. That noted, the definition of “short term” is an important consideration.

While some trading strategies are based on split-second decisions and others are based on trends or factors that play out over the course of a day, the fundamentals may not change for months or even years. At the shorter end of the spectrum, for example, the release of a firm’s quarterly financial statement can provide insight into whether or not the firm is improving its financial health or position in the marketplace. Changes (or lack of changes) can serve as signals to trade. Of course, a press release announcing bad news could change the fundamentals in an instant.

Fundamental trading has a real appeal to many investors because it is based on logic and facts. Of course, unearthing and interpreting those facts is a time consuming, research-intensive effort. Another challenge comes in the form of the financial markets themselves, which do not always behave in logical ways (especially in the short term) despite reams of data suggesting that they should.

Noise Trader
Noise trading refers to a style of investing in which decisions to buy and sell are made without the use of fundamental data specific to the company that issued the securities that are being bought or sold. Noise traders generally make short-term trades in an effort to profit from various economic trends.

While technical analysis of statistics generated by market activity, such as past prices and volume provides some insight into patterns that can suggest future market activity and direction, noise traders often have poor timing and over-react to both good and bad news.
While that description may not sound very flattering, in reality, most people are considered to be noise traders, as very few actually make investment decisions solely using fundamental analysis. To put this style in perspective, let’s revisit our earlier analogy about a trip to the mall. Unlike the fundamental analyst, a technical analyst would sit on a bench in the mall and watch people go into the stores. Disregarding the intrinsic value of the products in the store, the technical analyst's decision would be based on the patterns or activity of people going into each store. Technical analysis, like other strategies that involve data analysis, can be time consuming and may require quick reactions to take advantage of perceived opportunities.

Sentiment Trader
Sentiment traders seek to identify and participate in trends. They do not attempt to outguess the market by finding great securities; instead, they attempt to identify securities that are moving with the momentum of the market
Sentiment traders combine aspects of both fundamental and technical analysis in an effort to identify and participate in market movements. There are a variety of sentiment trading approaches, including swing traders that seek to catch momentous price movements while avoiding idle times and contrarian traders that try to use indicators of excessive positive or negative sentiment as indications of a potential reversal in sentiment.
Trading costs, market volatility and difficulty in accurately predicting market sentiment are some of the key challenges facing sentiment traders. While professional traders have more experience, leverage, information and lower commissions, their trading strategies are restricted by the specific securities they are trading. For this reason, large financial institutions and professional traders may choose to trade currencies or other financial instruments rather than stocks.
Success in this endeavor often requires early mornings studying trends and identifying potential securities for purchase or sale. Again, analysis of this nature can be time consuming and trading strategies may require quick timing.

Market Timer
Market timers try to guess which direction (up or down) a security will move in order to profit from that movement. They generally look to technical indicators or economic data in order to predict the direction of the movement. Some investors, especially academics, do not believe that it is possible to accurately predict the direction of market movements. Others, particularly those engaged in short-term trading, take the exact opposite stance.
The long-term track record of market timers suggests that achieving success is a challenge. Most investors will find that they are not able to dedicate enough time to this endeavor to achieve a reliable level of success. For these investors, long-term strategies are often more satisfying and lucrative.
Of course, day traders would argue that market timing could be a profitable strategy, such as when trading technology shares in a bull market. Investors who purchased and flipped real estate during a market boom would also argue the market timing could be profitable. Just keep in mind that it’s not always easy to tell when to get out of the market, as investors that got burned in the tech wreck crash and real estate bust can attest. While short-term profits are certainly possible, over the long term, there is little evidence to suggest that this strategy has merit.

Arbitrage Trader
Arbitrage traders simultaneously purchase and sell assets in an effort to profit from price differences of identical or similar financial instruments, on different markets or in different forms. Arbitrage exists as a result of market inefficiencies; it provides a mechanism to ensure prices do not deviate substantially from fair value for long periods of time. This type of trading is often associated with hedge funds, and it can be a fairly easy way to make money when it works. For example, if a security trades on multiple exchanges and is less expensive on one exchange, it can be bought on the first exchange at the lower prices and sold on the other exchange at the higher price.
It sounds simple enough, but given the advancement in technology, it has become extremely difficult to profit from mispricing in the market. Many traders have computerized trading systems set to monitor fluctuations in similar financial instruments. Any inefficient pricing setups are usually acted upon quickly and the opportunity is often eliminated in a matter of seconds.

Bottom Line
So maybe none of these trading strategies seem to be a good fit for your personality? There are a host of other strategies to consider, and with just a little research you may be able to find a strategy that is a perfect fit for you. Or perhaps proximity to your investment goals rather than company-specific factors or market indicators is the primary factor driving your buy/sell decisions. That’s okay. Some people engage in trading in an effort to achieve their goals. Others just buy, hold and wait for time to pass and asset values to rise. Either way, knowing your personal style and strategy will help give you the peace of mind and fortitude to remain comfortable with your chosen path when market volatility or hot trends make headlines and cause investors to question their investment decisions.

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The Key To High Returns Is A Disciplined Strategy

Having a disciplined investment strategy differentiates the professional from the do-it-yourself investor. An investment strategy does not have to be complicated. If you were to sum up Warren Buffett's investing strategy it might be to "buy good businesses at a fair price with the intention of holding them forever." An investment strategy helps provide focus and ensures emotions are held in check when making decisions. Having an investment strategy for both asset mix and security will provide discipline to be a successful investor over the long term. In this article, we will look at different investment strategies and how you can pick the right one for you.
See also: 4 Steps To Creating A Better Investment Strategy

Strategic Asset MixCentral to any investment plan is the strategic or long-term asset mix. In general, its purpose is to capture the benefits of diversification and the advantages of investing in assets that have a low correlation to each other. The strategic asset mix is essentially the link between your long-term investment goals and the capital markets.
Many investors want to keep the current asset mix of their portfolios close to their strategic asset mix. A simple rebalancing strategy is all that is required. Typically, as each asset class will perform differently over time, the asset mix will deviate from the strategic asset mix. (For related reading, see Diversification: It's All About (Asset) Class.)
For example, a balanced portfolio of 60% equity and 40% fixed income could become 70% equity and 30% fixed income after a strong stock market. Rebalancing would require selling equities and using the proceeds to buy fixed-income assets, so the asset mix then will get back to the long-term asset mix. The rebalancing could be done on a regular basis, semiannually, annually or when an asset class deviates by a set percentage.
A rebalancing strategy is effectively a sell high, buy low strategy, because it will always sell the assets that have been the best relative performers and buy the assets with relatively weak performance. (For more insight, read 6 Asset Allocation Strategies That Work .)

Tactical Asset AllocationA tactical asset mix strategy attempts to add value by overweighting the asset classes that are expected to outperform, and underweighting those asset classes that are expected to underperform.
As an example, if an investor believes that over the next year the U.S. equities market will be weak, the investor might decide to underweight his exposure to equities and overweight cash or bonds. Unlike a rebalancing strategy, which is mechanical, tactical asset allocation requires some forecasting ability to make the correct decisions. (To learn more about asset allocation, read Achieving Optimal 
 Asset Allocation.)

Security Selection StrategiesThere is no shortage of strategies to choose from when buying and selling stocks. Countless books have been written describing many strategies in detail. Strategies range from growth, to value and momentum. There are fundamentally based strategies, as well as technical or quantitative strategies. There are also top-down and bottom-up strategies. (For related reading, see A Top-Down Approach To Investing.)
Each type of strategy will have its proponents, but any logical, rational strategy that is followed consistently is always better than no strategy at all. The value is in the disciplined approach a strategy provides.

Developing Your StrategyThe value of an investing strategy is not in the strategy itself, but in how it is followed and implemented.
In investing, there are two different approaches: a top-down or a bottom-up approach. In a top-down approach, the investor analyzes the major factors that will influence the capital market and the companies in it. The main factors will be the overall economy, monetary and fiscal policy, demographic changes, inflation, industrial sector trends and interest rates. Other investors will take a bottom-up approach, analyzing individual companies, their financial statements, growth prospects and industry trends.
One approach is not necessarily better than the other. However, depending on your own interests, knowledge and experience, one approach might be more appropriate for you. As an example, an economist will likely take a top-down approach to investing and an accountant might feel more comfortable with a bottom-up approach. Your orientation to analyzing investments will determine the types of investment strategies to follow.(For more insight, see Where Top Down Meets Bottoms Up.)
In addition, the amount of time you are able to commit to your investment program determines the type of strategies to use and how much of the investment decision-making you will delegate. For example, with limited time, an investor might build a portfolio using a few exchanged-traded funds (ETFs) and then rebalance once a year. Similarly, the investor might have all of their investments in a couple of balanced funds or have their funds managed by a discretionary money manager.
Information and knowledge are important to the success of any investment strategy. One should identify the sources of data, investment commentary or investment research. The biggest challenge as an investor is to be able to filter out truly useful information from the needless noise. A disciplined investment strategy forces you to focus on the information that is important for your decision-making process.

Delegating Decision MakingRecognize the fact that it is difficult to do it all when it comes to investing. If you have a well-diversified portfolio and you invest in the major assets classes - and maybe some of the sub-asset classes as well - you are not likely to be able to actively manage all your investments effectively, unless you have a lot of time to allocate. The question then becomes, what to do yourself and what to delegate to others. It is important to stick to your strengths and interests and delegate out the asset classes in which you have a limited expertise.
As an example, an investor might feel confident trading large cap value stocks. As such, this person should concentrate their efforts on that asset class and delegate the investment management of other asset classes to someone else. Investors have several choices here, including active or passive management of the funds or assets they are looking to delegate. From the passive management side, you can find an advisor to handle the areas that you have little time to manage or research; you could also purchase a mutual fund or an ETF that provides exposure to these areas.


The Bottom LineHaving an investment strategy for both asset mix and security selection is important to ensure consistent success as an investor. Having the discipline to follow an investment strategy is more important than the actual strategy chosen. Equally important to any strategy, is determining what to manage yourself and what to delegate to others.For more insight on developing a strategy, read Investing With A Purpose.

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