In fact, the hardest thing to buy a fund is not to buy it, but to sell it. On the issue of fund redemption, many investors' behaviors show great convergence. Individuals may not know it at that time, but when it comes to statistics, it can often be clearly expressed. Today, Bian Xiao will share with you the most common mistakes in fund redemption for your reference only!

Misunderstandings in fund redemption;

1 the curse of redemption. -10% to 10%

When the basic people make a small profit or lose money, they are most likely to choose redemption under the floating of people's hearts.

There is an old fund company in the industry, which once investigated a fund with good long-term returns, and then found that the returns of most customers of this star fund were between-10%- 10%.

After analyzing the investors of one of his own funds, Xiao Bo got a similar result. We find that when the net value of the fund reaches 1.4, less than 20% of the people get more than 40% of the income, and more than 50% get the actual income in the range of-10% to 10%. Similarly, more than half of the initial investors missed the next 30% or even 40% profit opportunities.

There are two reasons behind this operation: the objective reason is that there are too many funds, and ordinary investors can't deeply understand each fund product; The more subjective reason is that the fund is regarded as a tool for short-term speculation, and only when the market fluctuates greatly (such as the profit word-of-mouth effect of surrounding friends) do you pay attention to and buy.

In both cases, the holders lack confidence in the future operation of the fund, or hold the mentality of "small" earning and leaving. As everyone knows, what he missed may be both "long" and "long" income.

2. The redemption psychology of "winning or losing"

Suppose you have two funds, one with a profit of 5% and the other with a loss of 10%. Now if you wanted to sell one of them, which one would you choose?

Not surprisingly, most people's first reaction is to sell the fund and earn 5%. This is the so-called "disposition effect" of investment, that is, when investors dispose of stocks, they tend to sell profitable stocks and continue to hold losses, which is the so-called "win-win" effect.

This often happens at the position marked 2 in the figure (stop loss after repeated plunge). That is, when the market slowly began to repair the rebound after a long-term shock or bottoming out, some funds with excellent performance also began to get out of the low net worth in the previous period and gradually began to make profits. Unfortunately, these funds are easily "killed by mistake" in this misunderstanding.

From the fund's point of view, the funds that are profitable on the books or take the lead in getting out of the trough are more likely to be high-quality varieties, and their long-term performance may have just begun. Unfortunately, they were "killed" early when their performance began to appear. And PK lost, but the result was still mired in the quagmire and did not come out from the loss-making competitors. Is it unfair?

So, think about the same problem calmly again. Is it to sell money-making funds or money-losing funds? The answer is to sell funds with "low potential for making money in the future".

3. "Profit" according to the fund's high net worth.

Some old citizens who have been in the market for many years will set a hard profit-taking line and stop-loss line for themselves, such as +20%.

Of course, in the stock market, taking profit is one of the effective ways to overcome greed.

But this profit-taking operation is relative to the valuation level of the whole market, not to the net value of a single fund. In real life, what we often see is that when the net value of the fund reaches a new high, there will be another redemption misunderstanding marked with 3 on this map, which is interpreted as "fund taking profit" in many people's concepts.

The fund is a basket of stocks. The net value of the fund reflects the portfolio management level of the fund manager. At the same market valuation level, the higher the fund net value, the higher the fund manager's stock selection ability and portfolio management ability. For the stocks held by the fund, professional fund managers will dynamically adjust the variety of positions according to the position valuation, which has actually replaced you in taking profit.

In other words, when the net value of the fund hits a new high, what you should do is to applaud the excellent operation of the fund manager instead of blindly taking profits.

The above are some mistakes that are easy to occur in fund investment. So, what is the correct standard to guide us to choose the right redemption time?

When you have the idea of redeeming the fund, ask yourself a few questions first:

1. What happened to the market?

See if the market has undergone major changes and whether the market valuation is at a high level. Is the long-term trend of the market getting worse? If so, then redemption may be needed to hedge. If the market is only hit by short-term events, there is no need to panic.

2. What happened to the fund products you held?

Check whether there are any major events that change the original operation of the fund and whether it is worth continuing to hold. For example, whether the fund manager changes, whether the fund investment strategy changes, and whether the fund scale grows too fast will substantially affect the future performance of the product.

3. What happened to your own asset allocation portfolio?

For investment funds, how the market goes is really important, but what is more important is your own situation.

If your partial stock position is really high, even if we think the stock market will strengthen later, we should consider redeeming some stock bases. Because our prediction of the stock market may be wrong, and the allocation of large-scale assets and the healthy proportion of various assets are the most important investment, and the situation of "you" itself is the core.

4. Think about a better way to invest after redemption?

If there is no better place for you to redeem the fund's funds, and you will eventually return to the market, it is recommended to make a long-term investment plan.

Some people may ask, since the known short-term risks have been anticipated, why not temporarily withdraw and then enter the market after recovery? In fact, when you are ready to quit, the market probability is already falling, and when you re-enter, the market probability has stabilized and is rising. This is actually a typical "chasing up and killing down". More importantly, the market will not develop in the way we expected. When you choose to leave to avoid market fluctuations, you will inevitably hesitate to enter the market next time.

According to the classification of funds, if you invest in index funds or index enhancement funds, you can use the fixed investment strategy as a tool for long-term investment; However, if you invest in actively managed funds, fund managers will adjust their positions independently according to the market environment, and every decline may be a layout opportunity for them.

Short-term fluctuations in the stock market are inevitable. In fact, investors should not care too much about short-term profits and losses. In the face of sudden market risks, if there is no pressure to spend money in the short term, you might as well be a patient person, and even make appropriate reverse layout when the market is irrational.

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