追高有理，殺低無罪

Abstract

中文摘要

此報告的主要目的是透過為期一個月的模擬投資競賽，使我們能整理出有效且理性的投資行為，藉由挑選幾檔有受到行為財務學影響的股票，進而修正在投資時容易陷入的偏誤，例如：可成（2474）即是由於在試玩期間績效良好，因此，競賽初期毫不猶豫地選擇買進，導致預測誤差及過度自信的心理因素，造成無法挽回的虧損。基於可成的前車之鑑，我們將投資策略轉換為更果決的操作邏輯，以積極買賣漲停股及更改停損停利點，來彌補先前的鉅額虧損。 最後，提出可完善之處，以免未來進行投資時再犯相同的錯誤，並繪製報 酬率曲線及夏普指數曲線，供讀者對我們的報酬及風險更一目瞭然。

Abstract

The main purpose of this report is to gaining the ability of sorting out effective and rational investment behaviors through a one-month investment simulation competition for us. By selecting several stocks that are affected by behavioral finance, we can correct the bias that is easy to fall into when investing. For example, because CATCHER (2474) performed well during the demo period, we chose to buy it without hesitating in the early. This decision led to irreparable losses and psychological factors, such as predictive errors and over confidence. Based on the experience of investing CATCHER, we had transformed our strategy into more decisive, actively trade up-and-down stocks and change the points of stop-loss and take-profit to compensate the huge losses. Finally, we figure out improvements to avoid making the same mistakes in the future. We also drew a rate of return curve and a Sharp Index curve for readers to understand our profits and risks more clearly.