在本周的达沃斯论坛上，上海金融办主任方星海提出了个问题：中国作为一个高速增长的经济体，股票投资或者说股权投资应该很赚钱，可这十几年来私募的PE在中国投资赚得盆满钵满，唯独投资二级股票市场没有赚钱。

In this week's davos in the BBS,Shanghai financial do director Mr Fang puts forward a question:China as a high-speed growth of the economy,Stock investment or equity investment should make a lot of money,Can this ten years private PE investment in China earn piles,But the investment secondary stock market did not earn money.

　　没有赚钱的最主要原因当然是中国股市的长期低迷，这又涉及到经济、制度、投资者结构等各种复杂方面，一时恐难改变。

No money, of course, is the most main reason for China's stock market's long-term downturn,It involves economic/system/Investors in the structure of all kinds of complicated,The fear of difficult to change.

　　我在想，在这样的市场环境中，普通个人投资者是否还有机会赚到钱？

I think,In such a market environment,Ordinary individual investors have opportunity to earn money?

　　股市有周期，但个人投资经验积累却是可以一路向上的。投资者既然选择仍留在股市，就应当充分认识自己的优劣势，在投资方法层面找到自己的套路。

The stock market has a cycle,But individual investment experience is all the way up.Investors since choice remained in the stock market,Should fully understand their own advantages and disadvantages,In the investment method level find their own routines.

　　在我看来，普通个人投资者有几个特点：

In my opinion,Ordinary individual investors have several characteristics:

　　一、投资决策的主观性强。个人投资者多数是个人作战。在计划性不强、思考不够的时候，个人作战难免陷入主观，时常凭个人的喜好甚至是心情好坏而做出决策。主观决策的优势是决策快，但缺点也很明显，推敲不够，胜利率低。多和朋友交流以及制定操作计划，将每项投资决定的理由和预期都做记录，不断推敲改进，不求多但求准，或许可以让你的投资结果改观。

a/The investment decision of the strong subjectivity.Individual investors is most combat.In the planning is not strong/Thinking not enough time,Personal combat unavoidably in subjective,Often the be fond of by the individual even mood good or bad decisions.Subjective decision is the advantage of quick decision,But the shortcoming is also very obvious,Weigh enough,- interest rates low.Friends and more communication and make operation plan,Each item investment decision reason and expected do the record,Constantly hash improvement,Not much but beg quasi,Perhaps can let your investment results change.

　　二、灵活性高。资金量小和交易的限制少，使得个人投资者的操作可以很灵活。资金量小，让投资者在买卖时根本不必考虑流动性的问题。对于一些看好的小盘股，也可以无顾忌地买。交易限制少，是和机构相对的。比如，基金等在极度看空市场的时候，也必须保留一定仓位，而个人完全可以空仓。再比如，对于股票的选择，机构一般必须在所研究的股票池中选，个人则无此限制。善用灵活度高的优势，不是要多做短线，而是多在成长性强、弹性大的品种上下工夫。

two/High flexibility.There is little and trade restrictions less,Make the operation of the individual investors can be very flexible.Financing volume small,Let investors in when buying and didn't have to consider the problem of liquidity.For some promising the small dish stock,Can also no scruple to buy.Trading limit less,Is and institutions relative.For example,Funds in extreme look empty market,Must also keep a certain location,And people can completely empty bin.For another example,For stock selection,Institutions in general must research the stock pool,Personal, no this limitation.Make the best use of the advantages of high flexibility,Not to do more short term,But many in the growth is strong/Flexibility of the upper and lower time of varieties.

　　三、投资工具相对少。机构对市场不看好时，可以利用股指期货等工具做对冲。机构可以利用资金规模的优势、专业的优势做各种套利。但个人投资者因为专业能力和资金量等限制，只对一些基本的投资品种熟悉，交易模式也多限制在买卖赚取差价的方式。

three/Relatively few investment tools.The market mechanism has not when,Can use tools such as stock index futures to hedge.Institutions can use capital size advantage/Professional advantage to do all kinds of arbitrage.But individual investors for professional ability and there is restricted,Only for some basic investment varieties familiar with,Trading mode and constraints in the sales way of earn price difference.

　　四、信息的单一性。个人投资者绝大多数有自己的职业，获取的投资信息多数都是公开报道的，而机构等专业投资者，则有自己的信息渠道，或者调研，或者圈内交流。个人投资者最熟悉的还是自己工作所在的行业，所以，化繁为简，只交易自己熟悉领域的公司，按常识投资，则可能取得化劣势为优势的效果。

four/Unity of information.The vast majority of individual investors have their own career,For most of the investment information are publicly reported,And institutions, and other professional investors,Have their own information channel,Or research,Or loop communication.Individual investors most familiar or their work in the industry,so,Change numerous for brief,Trading only their familiar fields,According to the common sense investment,May be get change disadvantages to advantages effect.