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Common pitfalls of investors-mistakes investors tend to make
Stock prices have fallen considerably during the current economic malaise. Although there is the risk that stock markets may not have bottomed， the current low stock prices offer an opportunity for retail investors to gradually invest in selected blue chip stocks that may have previously been out of reach. In the event that you decide to invest， here is a list of pitfalls you should avoid:
Inadequate Asset Allocation-- Asset allocation is the process of dividing your pool of money among different asset classes， e.g. between income investments such as fixed deposits and bond funds， and growth investments which will include riskier investments such as stocks or physical property. The former is considered the safer option， however bond funds are riskier than fixed deposits although they may offer a higher return in the long run. Growth investments are more volatile and have been very popular in Singapore because they offer the potential for higher returns. The mistake most investors make is to put most of their money in one form of investment， say stocks or properties. As a result， when the property and stock markets decline， these investors are in an extremely vulnerable position. It is always prudent to keep aside at least enough cash to provide a cushion of about 6 months' monthly income as a safeguard against sharp declines in the stock and property markets or in the event that you need cash urgently. Lack of Diversification--Having decided that you want to put aside some moneyin an investment portfolio comprising say equities， you should always aim to diversify the stocks within your portfolio so as to minimise your risk exposure to any one stock. Not only should you diversify between stocks， you should also diversify between different industry sectors， and if resources permit， within different geographical regions. This would reduce your risk exposure should any one company or sector or region suddenly experience a sharp decline. If you are a first-time investor， you may not have much funds at your disposal. The purchase of one stock alone could utilise the bulk of your investible savings. One way to diversify is to invest in unit trusts which usually cost about $1 per unit when launched. These unit trusts are investment portfolios managed by a professional fund manager. As the fund manager pools the funds from many investors， he can invest in a diversified portfolio that offers lower risk. Unit trusts may also enable investors to diversify across regions， e.g. a European fund paired with an Asia Pacific Fund， or between assets， e.g. investing under an umbrella fund in an equity fund， a bond fund and a money market fund. Market timing--Some investors try to "time" the
market， i.e. waiting for the market peak to sell and bottom to buy. Such strategies are difficult to implement even for the professional fund managers. You may also incur higher transaction costs as a result of such a strategy. Investments should be made with a long-term view. The ups and downs in the market can be made to work in your favour. If you think a stock is good， you can pick it up in small amounts so that you average out the cost of the investment over time. For example， buying 1 lot of stock each month over a 4-month period at say $0.70， $0.80 and $0.90 and $1.00 would result in an average cost of $0.85. Letting Go--If you have made a bad investment decision， do consider selling the stock even if it results in a loss. The mistake some investors make is in trying to average down their losses by buying the stock again at a lower price without analysing the cause of the decline. The price of the stock may have fallen due to the deterioration of the company"s financial position， poor business prospects， or potential law suits. If the stock is not good， you are essentially throwing good money after bad. Herd Instinct--Some investors buy shares when they see hectic buying in the market by other investors， i.e. chasing the price of the stock up. Huge price fluctuations can occur and fade very quickly leaving naive investors stranded and holding on to stocks purchased at high prices. Inadequate Research --Before you invest in anything， you should familiarise yourself with the instruments and their risks. Such information can be obtained from newspapers， financial magazines or even on the Internet. For example， in the case of stocks you may wish to ask yourself the following questions: Does the company have a good management? What type of business is the company in? Does the business have growth potential? Does the company have a good profit track record? What are its prospects? How volatile isthe company's stock price? If the price of the stock is volatile， will you be able to tolerate the risk if the price of the stock rise or decline sharply?
投资者常犯的错
股票价格因为当前的金融危机已大幅度下跌。虽然目前还不肯定 是否已见底，但小投资者还是可考虑趁目前的低价买进一些从前遥不 可及的蓝筹股。