风险偏好者很酷是吧？作为风险偏好者，你的生活为了刺激并渴望财富。可悲的事实是大多数投资着都进入了只能在少数时间享受成功的行列。也就是说，在另一方面，那些反对风险的投资者过于保守不把握机会。什么是最好的呢？
答案相对很简单。让我们分析这两种投资者。（更多请见：《复制巴菲特的投资策略是明智的吗？》）
风险偏好者
风险偏好者可能说下面的话：“趁热打铁”、“把握现在”、“没有风险就没有回报”。
所有这些话都有意义和价值，但是有时候也可能成为不负责任行为的辩解。一个现实的例子是把赌注全部压在一个等待第三期实验结果的生物科技公司。如果实验失败或者实验结果不是很积极会怎么样呢？一些风险持有人成功另一些则失败，但是那些持续持有大风险的人最终会失败。
风险偏好者最大的问题是没有游戏计划。你打算怎样持有那支股票呢？你的退出策略又是什么？你这些投资的理由是什么？你有足够坚定的信念吗？如果你想知道一些人是否是好的投资者，别单单看结果，为他为什么。大多数时候，投资者都能会给你一个泛泛的答案。他们投资的最有可能原因是因为其他人也都在投资股票、ETF等。（更多请见《被动买入和持有策略的优点和缺点》）
让我们回到那个生物科技的股票并假设三期实验进展顺利。让我们假设那只股票在不到三个月的时间里升值100%。现在呢？除了享受风险，许多风险偏好者因为贪婪想要更大的收益。在这个生物科技股票的例子中，它将在大多数时候选择持有，即使大多数上升趋势已经出现现在下跌的风险更高。试着记住下面的话：“如果你的计划中没有计划，那你应该计划亏损”。
发明一个计划并不复杂。它可以平均成本，建立移动止损锁定收益和减小下跌风险，基于参照公司事件的退出计划，或者使用期权作为保险。
逃离风险
抗拒风险的投资者有相反的问题：他们计划的太多。有计划是件好事，但是你得把他们付诸于行动。一个抗拒风险的投资者更倾向于观察投资升值的位置而不持仓，尽管他们知道接下来会有怎样的走势。这里的心理学是通过计划，这些投资者感觉比其他投资者准备的多，但是如果没有行动计划什么都不是。
你可能认为投资仅在大型派息股票和让他们从长远来看会有利可图。这可能是正确的，但是在短期内可能会有一些痛苦。最好的结果是反弹回去，如果你是成本平均，你就不会介意更便宜的价格。实施这一计划可能适合寻找一定收入来源的退休人员，但是对其他投资者来说不能把潜力最大化。
完美的平衡
一个好的投资者能察觉趋势并依据它投资。现在的几大投资主题和相关的投资行为是：中央银行目前正在反对通货紧缩（做空大宗商品），美国购物中心的百货商店正在慢慢的被健身中心和科技主题商店取代（卖出最弱的百货商店），欧元区在一个非常长的阴雨暂停后进入第二季混乱（做空欧元），黑客行为频繁（买入计算机安全），有健康意识的消费者人数正在增加（卖出传统快餐店股票).
总结
承担过多或者过少的风险都会限制你潜力最大化的机会。为了最大化你的投资潜力，你应该把你的投资帆布看成灰色的，而不是黑或者白。你应该有适应趋势调整的能力。如果你相信你的研究，应用逻辑——这个在投资界被严重低估——并计划一个退出策略，那么最终你将成为投资界的杰出人才。（更多请见《带有阶段性分析交易》）
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
本文翻译由兄弟财经提供
文章来源：http://www.investopedia.com/articles/investing/070815/how-take-right-amount-investing-risk.asp#ixzz3fpJMZt00