Trader institutional ten years investment experience: profit model is a casino

Poker Finance brand: the most trusted commodities and financial services industry think tank.
Cross-border, depth, professional – brings together the industry’s most worth sharing, the most knowledgeable information concentration.
Welcome to the venue and micro-channel public platform: puoketrader, Website: poker large investors and financial industry think tank platform

Source | Web Editor | poker investor, please indicate the source

REVIEW: so many years of ups and downs, countless examinations, operations countless hearts feel this decade as a dream.
But also left some market perception, there is a lot to see now called institutional investors daily market commentary, always feel they are still deceive themselves, I do not want to stock analysts for agencies more than words.
I still talk about this organization is how traders look at this market now.

profit model

profit model should mainly refers to the institutions, medium and small retail profit model does not matter, can only be called investment strategy.

profit model agency called Mr. Wu was right, this is a casino.
The market has been in a noisy so-called profit model, it means how the people’s money Taodao own pocket.
Who here is being taken advantage of?
Public opinion is overwhelmingly say retail investors, in fact, individual investors pocket the three melon two dates how to feed and were filled.
If individual investors own losses, they also inadvertent, did not mean to your calculations, to see so many people now want to appeal, claim, is really a bit ridiculous.

20 years of China’s reform process, is a state-owned assets continue to flow into private pockets, how can the stock market exception.
In fact, the so-called profit model is built Rat himself, playing up with public money, very simple.
That one firm daily limit, pull up darling, no shaking, which is what makes money so excited, is it good performance of listed companies, distribution generous, unique theme?
These are for others to see, really let them go forward is thought to follow their own coffers are expanding, Dream Car mansion just around the corner.

Later, the market saw a number of large-cap stocks have a large organization stay, hailed what “blue-chip era.”
In fact, because of several years of development, the scale of the Rat has been too big to fit in the small-cap stocks have been in favor of large-cap stocks doing the band, the idea gusto.

That is not good account deficit countries, ah, rest assured that the state will not lose, as long as the stock price high roof top, carrying a pile of floating on the win.
By the end do account when putting the chips down again, floating win real change to win, of course, is the technology on accounting, then next year and then the top, many people pay attention to see the end to pull the late, in fact, by the end of sudden heavy volume on the back is the main
, do not believe to see line k.
Many people see some large organizations high degree of control disk, but also for others to worry about how to ship.

Do not worry, over two years, Zhang boss soaring, Lee took over as boss, Zhang boss even shipped to the boss Lee, Lee executives work hard, as long as no basket, there will be an opportunity for the king boss
, is that simple.
But since last year, this profit model is not good to do, and why?
Market value caused by structural adjustment began to drop the center of gravity is the main reason, of course, but if you can still continue to do enough to cross.
Direct cause say we can not believe it.
Because the primary market is canceled, instead of IPO, did not return the primary market.

The management of most measures fail, to activate the market, did not expect to become a fuse leading to Yindie.
The reason only you in-depth understanding of the operation of institutions to be able to understand.
Although it can make a profit with the accounting approach, but many securities business has become the main source of profit state-owned enterprises.

bonus money every year waiting for it.
You have to give me some cash.
Previously well do ah, Kongpan pulled earn money while doing their own performance, with earnings as profits to the primary market.
Many fund is not doing it, pulling heavily loaded with market value, income primary market out dividends.
Now is not the primary market, where the end of the year to get cash to ah, stock control disk hand was so high, no way to dive right now is really difficult to get some ready cash back end.
Therefore, management must activate this market is actually very simple, either back to the previous era of new shares, the market value of placing an upper limit or cancel individual accounts.
Although this is only an expedient measure, but a hundred times stronger than what the stamp duty reduction.
Many also boast a degree of management control, in this matter point of view, they are yet to find a place on the boat beached.

Following the above say a few topics.
Accounting methods used by the agency will greatly affect the operation of the disk stocks.
Why do you say?
Each agency every year a certain profit targets, the completion of this year’s profit targets, we must do some reserves for next year’s profits.
But some stocks it must be part of a fall this year.
Such cash out profits would not allow over-year, and next year less reserves yet?
The reality is that many organizations to adopt measures excluding the proceeds sold directly offset costs.

Some stocks such costs was rushed so low, we have a stock cost is zero, outsider indeed difficult to understand.
In this case, some of the usual market technical analysis tools simply useless, you feel as if all the chips are stuck disk, but still a steady stream of sell orders, because its cost is 0, unidentified people close to the situation you can
The reason now to talk about it publicly, because last year estimated that all the institutions regard the capital eaten, that accounting practices are not useful here.
Ha ha.

topic more pull more, it seems that the teacher taught previously written articles first proposed outline is necessary.
Profit model, in fact, refers to this market environment, everyone here is how the bread.

casino, mainstream institutions and non-mainstream revenue model

said it was a casino, very right, the casino made is positive or negative and the rules of the game.
Mentioned above, taken advantage of the country rather than retail.
But some people do not understand this, who is?
Is that these so-called private equity funds.
Take a look at the so-called private equity is how it appears.
There are so few people made money the stock market is doing, feel that they are great.
And so, if the speech offends some comrades, please forgive me.
So he began to finance others, I would like to use leverage multi-up money, maybe big money, it is easy to feel Zuozhuang, would like to make one.
Look, they have started to enter the misunderstanding.
In this casino, you have to make money, we should find that you lose money to the people, this is the profit model.

mainstream institutions profit model is very stable, is to win the state’s money thing.
So you follow these mainstream institutions persists in the form, earn some money, you’re badly mistaken for themselves, to go it alone, made a private placement, start your disaster struck.
You also have to find that lost money to you, you think he should be those retail.

retail dealer to eat, you do not they say it?
Oh, the national retail on so much money on so much, Okay, the sudden appearance of so many bookmakers to eat them, it is powerless, do not eat to feed ah.
Some private equity is quite clever, continue to follow persists in the form, 0048 (the Branch) and his ilk.
And those who want to go it alone, operating practices learned that mainstream institutions, and accumulation, pulled very smoothly, the ship, and how it seems not the same, to the Who?
Only a day in his list of knockout, retail it?
Where retail at?
So last year off so many private, do not know what they learn from their mistakes, do not want to understand, if they feel the market is not harm you, next time you still have to destroyed.

When you start to go it alone, and decided you will perish.
Many now see the so-called private equity fund spokesman, Gesanchaiwu write a review out there, how do we say private dynamic, ready to launch what the market, it seems stubborn, retail investors also want to eat?
So we pay attention, if you want to farm, first wants to see you in this part of the food chain, you are willing accomplice, persists in the form together, or are willing to do other people’s food.
Why do some individual investors make money, some lose money, not because of the level of the main level, they do not consciously stand on the different positions in the casino.

The talk about the fund.
We all know that the fund shady, shady what is the essence?
Played the role of the fund is being taken advantage of in the casino.
This role was originally by the state to act as, but then the nature of closed-end funds decide its own fate, 15, 20-year closure period, the money equivalent circle also do not, the market speculators will not let this piece of fat

Of course, some of the fund at the time of Lock behavior has done a lot of good things, at least the objective is also to act as a role persists in the form together.
And each year by playing the advantages of new shares can be divided into a lot of red.
But the fund this money and a huge national resources are far too small compared to, so he could not get a steady stream of supplements, which determines improve his net worth to a certain extent after a very difficult move.

At that time I joked to friends do fund to buy fund is actually very simple, the process of his position from light to heavy is the net value of the continuous improvement process, you pick a position light, nothing Awkwardness
buy into it, and then wait for him to re-position the out on the line.
We can recall, at the beginning of the fund star is “safe word line”, “Yu word line”, and later “with the word line”, and then later we position are heavy, and burst shady, and called Taihe buddies because
no shady positions particularly light, and he began to emerge, and generous constantly.
Explain, I said what the position is not an ordinary 50% position means there is no Awkwardness.

Later hair open, and this is definitely a milestone in China’s fund industry, can be considered a small milestone in the stock market.
Because open, fund companies began to seriously do a fund.
The open-end fund now exists in embryonic form future Chinese institutional investors, although the hope is still very small, but can not be ignored.
I do not know if you feel there is no fund has gone from being taken advantage of everyone is a disdain, gradually transformed into a character who can not be ignored.
Most of the rally, mainstream fund sector is dominant, and their ideas have been recognized by many institutions in transition.
I remember as a writer once cursed a private equity fund spokesman way to delay the development of the market.

This is already what kind of a state of mind, we can try to figure out what.
In the current fund company, I have studied several organic months doing data analysis, this specialization is, I feel hope.
At the same time fund company differentiation, we also notice the risk of open-end fund selection.
(Even if some fund managers do not look at the material, so he put the fund’s prospectus say again to you, it would be hard, because many funds are fool thing, research and development to come up with a bunch term, fund managers do not know him

technical analysis

I think of technical analysis is a useless to me, and second, if addicted to not do something.

I can not say that technical analysis is useless, so care is too big, big reason I do not want to say too much, just give an example, talk about the technical analysis of one of the main morphological analysis. I joined the line
time, and now most young people, feel the magic effective technical analysis, it is worth to learn, but also bored, hungry. later, once we’re talking about a stock, a point to be pulled from the point b, how a walk.
then I painted on paper many possibilities. painted painted, I feel that no matter how I paint, always paint the finishing touches to point b, and I drew a good look at several figures, what flag-type breakthrough,
breakthrough wedge, triangle finishing breakthrough, rising channel, Xiangxingzhengli break, or to be a double-dip and then break down, and so on, I have been drawn up.

how are classic textbook
graphic ah? At this point I understand the principle of speciation in various forms all right, all rising stock will come out one form. but what is this? what is the standard? not because it makes out this form
from a price point to point b, but because the share price is bound from a point to point b, then its trajectory appears classic form. form is a necessary but not sufficient condition. and want to morphological analysis, drawn from a stock price will
point to point b, the logic is wrong. in fact the effect is not good. effect is good because you happen to run into. in fact, many articles have talked evaluation of the technical analysis of this issue, I just say a real
examples of their own experiences. morphological analysis is so, then the wave theory of it, too deep, can not comment.

in fact, I want to tell some young friends, if you invest as a cause,
that is to indulge in the technical analysis of the amplifier can not. undergo a rigorous technical analysis training, I believe you will become sensitive to grasp the details very well, but no matter how you go k narrow line, or replaced weekly, monthly
, in line, you can not jump out of the ups and downs of them, with greater courage and vision to see the market.

you analyze, the more skillful use of technology, your knowledge of the investment itself closer
limitations, you can become a good “Carpenter,” but not as “teacher.” it is good to say, the worst case is you get involved after a few years, his head more and more confused, and ultimately out of the market
, lamenting your last issue is that I do not fit regular activity. so the most important thing is to learn, read, improve their self-cultivation, to see what books a day to see two, read on to throw, with the most macro perspective
to see the world, right, is to look at the universe, so you can start a real investment.


in recent years, individual investors by professional
Of education, I think it is the most popular of the word “stop.”
This word is constantly stressed the importance of increasing, and finally seems to have become the investment of paramount importance.
I once interviewed a student, he said, as long as good stop, for stocks to make money easily, I have a stop loss of 10 times, and once earned fill.
I think he poisoned too.
I do not deny the importance of stop-loss, but should always keep in mind, only an auxiliary means to stop.
If you buy a stock, let your peace of mind is a big deal I stop, then you better not move, you are giving the money to go.

is an example.
Once I gave a few traders 5 million per person limit, let them definitive answers.
Later, both lose out.
I looked at them to buy stocks, you should not be a loss ah.
The reason is that they stop the fluctuations in.
Ask why they stop, they said not sure, do not understand this stock, purely from a technical analysis point of view, broken bits should stop.
So, what investment is the most important thing, not stop, the election of a good stock.
To then talk about risk control in-depth understanding of the stock based on the talk stops.
Otherwise, only the more you will be more thin.
It’s strange, I thought to write back and front writing style does not seem like a little taste of the investment.
In a casino What do you want to talk about these?

nature of the market

return to this market.
Why is this the market will become a casino?
Much discussion in this regard, also said that most of the talking.
In fact, we all know, the biggest problem is that the equity market segmentation, equity 3/4 does not circulate.
Such a result is caused by major shareholders do not care market capitalization, which is the root of all problems.
Bill Gates will desperately scratch the ravages of company money?
No, because of his position in the world’s richest man and Microsoft’s stock price are closely related.
All market-oriented measures should be based on circulation, otherwise poles apart.

These problems we have seen.
But why the delay can not solve it?
In early 2002 had introduced a full circulation of the draft, the result of the market crash to be answered, the program taken away.
But the circulation of shareholders, you know, this is the only full circulation program may be beneficial shareholders of circulation, circulation is now a lot of mention of either impractical or clones of the program.
But the opportunity has been given up their own market.
Game theory there is a well-known “prisoner’s dilemma”, the current management and the market is a pair of prisoner, the game result is that the worst of the balance.
Tradable shareholders very difficult to have any compensation, the state-owned shares are flowing to the hands of the various interest groups.

In June 2001 began to fall soon after, around 2100, out of five known economist Wu Jinglian to shelling, the market rebounded a bit.
Later, the market had fallen by nearly a point, you have seen them so much Zhang Shi it?
Interest dictates.
At that time the situation is too urgent, too late to have a lot of people, so will angrily say, “If you let succeed Wu Jinglian, China’s stock market would be a disaster” was in fact some pockets of disaster.

According to this example to illustrate that all public services are for the benefit of the group.
I wonder if you do not see now the power of non-tradable shares tradable shares and interest groups is changing.
A lot of money out of the outstanding shares of the market, buying up state-owned shares and legal person shares.
Before long, you will find all the one-sided public opinion began to tell you how circulation is necessary that?
(Which is true), tradable shareholders should not have compensation, should be immediately tradable and so on.
This day is about to come.
Still, we eagerly look forward to the arrival of circulation.
Although I am not versed in the wave theory, but I think it used to explain the problem it is a good tool.

I think so, a full wave form can be seen as a bigger wave form of the wave 1 and wave 2.
So I’m simply type the number of the Chinese market wave.
June 2001 are considered before a wave, the creation of China’s stock market during this period, development, and establish a position in economic life.
Followed by two waves, the stock market issue this time exposure, people began to think of the pain the necessary institutional reform.
Then is the Chinese stock market’s big three waves.
20 years of rapid economic growth is the foundation, more importantly, this time the implementation of circulation, the stock market recovered original appearance, is no longer a casino, it may reflect the outlook of the economy.

What is the nature of the stock market?
What is the nature of the stock?
Why the stock is bound from a point to point b?
When the stock price fluctuations of how can you decide whether to stop?
In the chase sell, many people have been reluctant to admit [to buy stocks is to invest in companies, the value of the stock is the value of the business] This simple truth is there so much controversy, it can only be human nature.
The basis of long-term stable earnings growth must be the enterprise value.
Looking for a good stock is to find good business.
Such simple truth do not need to have more discussion.

do anything, the most important is to have a firm belief that the policy followed in this belief, then is something more specific.
For example, you first have Chinese stock market adjustment is inevitable conviction, the city will have to do a rebound strategy; the first thing you are investing in stocks is to invest in companies of faith, will have high-quality companies continue to bargain hunting, long-term holding strategy
The conviction came from, where and how the firm \? Do you think it will come from your analysis of some of the technical indicators of addition, subtraction, some of the form, or the number of waves?
Perhaps you think so, but I do not think so.
I think it should come from some of the broader, more profound things.
And we should come from hard efforts.
Why do you say that?
Here again I do not intend to belittle the efforts and enthusiasm of many technical analysts.
But for myself, I feel satisfied with the technical analysis is a lazy approach.
And a serious effort to examine some fundamental things much more difficult.

Many people have studied technical analysis is quite thorough, savvy high.
So far this market, technical analysis may give the opportunity to those who are a little more, but it is slowly changing, and I believe this is an inevitable trend.
If you feel that you want to invest in a cause, I suggest you to your wisdom, sweat into the study of the economy, the industry, the enterprise in the past.
More atmosphere, some of the more majestic.
This market will gradually maturing, space value of the investment will be more and more, this is my belief.
But do not forget that the market is you and I make up the ten million, the market is changing you and me, you and I are changing the market.

would want to write something so.
We see a lot of enthusiasm because young people are taking us through the road.
“It was Lou Ye catch the examination room, someone resign owned hometown.”
They were always talking about how how organizations, also saw the last time a young man asked if any organization willing to him.
Perhaps the so-called “Happy Plumbing ducks,” I want to use my experiences and what I came to realize, to tell these enthusiastic young people, do not put your wisdom and youth to things that are essentially worthless to go
If you want to do this line, you first have to use it as a career, a career, and other needs, like hard work and investment will have a solid career achievements.
Indulge in those lines and indicators are of absolutely can not do something.

About Actions

Having said that, there are stubborn people, then how does it work retail, in addition to the above mentioned first of all you need to know
you’re picking up some of their disposable clip did not take the rest of the money in the middle of institutions, so you never shall “overcome banker”, the stock market is not yet determined, but their decisions (say a little white), or send
on my four sentences and encourage one another:

1 in the market tend to despair when we produced.!
—- Now we have hope!

2. Insist, insist, insist people —– 92 years and now still stocks, most of the stock market has become a celebrity, Warren!

3. Realistic, be secured —- never to win the biggest benefits of the idea.

4. Rely on short-term probability, midline rely on technology, relying on long-term vision.
—– make money is the last word.

No tags for this post.