{"id":1114753,"date":"2024-07-18T14:22:29","date_gmt":"2024-07-18T11:22:29","guid":{"rendered":"https:\/\/www.etoro.com\/investing\/understanding-behavioural-finance\/"},"modified":"2025-11-03T14:56:22","modified_gmt":"2025-11-03T12:56:22","slug":"understanding-behavioural-finance","status":"publish","type":"page","link":"https:\/\/www.etoro.com\/cs-cz\/investing\/understanding-behavioural-finance\/","title":{"rendered":"Pochopte behavior\u00e1ln\u00ed finance"},"content":{"rendered":"\n

Sezn\u00e1men\u00ed se s konceptem behavior\u00e1ln\u00edch financ\u00ed v\u00e1m pom\u016f\u017ee pochopit, jak se psychologie a investov\u00e1n\u00ed navz\u00e1jem prol\u00ednaj\u00ed. Z\u00edsk\u00e1te tak nov\u00fd pohled na chov\u00e1n\u00ed investor\u016f a dynamiku trhu.<\/p>\n\n\n\n\n\n\n

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Na mikro\u00farovni m\u016f\u017eete behavior\u00e1ln\u00ed finance vyu\u017e\u00edt k pochopen\u00ed toho, pro\u010d se investo\u0159i rozhoduj\u00ed tak, jak se rozhoduj\u00ed<\/strong>. Na makro\u00farovni v\u00e1m mohou koncepty behavior\u00e1ln\u00edch financ\u00ed nab\u00eddnout vhled do tr\u017en\u00edch anom\u00e1li\u00ed.<\/p>\n\n\n\n

Pokud se nebudeme zab\u00fdvat t\u00edm, co se d\u011bje, ale zam\u011b\u0159\u00edme se na to, pro\u010d se to d\u011bje, porozum\u00edme l\u00e9pe okolnostem, za jak\u00fdch se jednotlivci a trhy mohou chovat iracion\u00e1ln\u011b. Tyto poznatky jsou pro investory d\u016fle\u017eit\u00e9 z toho d\u016fvodu, \u017ee pokud jim porozum\u00ed, mohou jim pomoci pochopit, jak <\/strong>kognitivn\u00ed zkreslen\u00ed<\/strong><\/a> a emocion\u00e1ln\u00ed reakce formuj\u00ed investi\u010dn\u00ed rozhodnut\u00ed a jak ovliv\u0148uj\u00ed tr\u017en\u00ed trendy.<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Kdy vznikly z\u00e1klady behavior\u00e1ln\u00edch financ\u00ed?<\/h2>\n\n\n\n

Z\u00e1klady behavior\u00e1ln\u00edch financ\u00ed sahaj\u00ed a\u017e do roku 1912, kdy kniha George C. Seldena s n\u00e1zvem Psychologie akciov\u00e9ho trhu<\/em> odstartovala desetilet\u00ed v\u00fdzkumu tohoto konceptu. Brzy se vyvinul my\u0161lenkov\u00fd sm\u011br, kter\u00fd zkoumal d\u016fvody, pro\u010d jednotlivci a skupiny n\u011bkdy \u010din\u00ed nespr\u00e1vn\u00e1 investi\u010dn\u00ed rozhodnut\u00ed.<\/strong><\/p>\n\n\n\n

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Tip: <\/strong>Term\u00edn \u201ekognitivn\u00ed zkreslen\u00ed\u201c vysv\u011btluje zp\u016fsoby, jak\u00fdmi jsou jedinci podv\u011bdom\u011b naprogramov\u00e1ni k tomu, aby \u010dinili iracion\u00e1ln\u00ed rozhodnut\u00ed.<\/p>\n<\/div><\/div>\n\n\n\n

Jak\u00e9 jsou kl\u00ed\u010dov\u00e9 koncepty behavior\u00e1ln\u00edch financ\u00ed a jejich dopady?<\/h2>\n\n\n\n

Kl\u00ed\u010dov\u00e9 koncepty behavior\u00e1ln\u00edch financ\u00ed souvis\u00ed s jednotliv\u00fdmi kognitivn\u00edmi zkreslen\u00edmi, jako je sebed\u016fv\u011bra, ment\u00e1ln\u00ed \u00fa\u010detnictv\u00ed<\/a>, st\u00e1dn\u00ed chov\u00e1n\u00ed atd. Na jejich z\u00e1klad\u011b jednotlivci obchoduj\u00ed jinak, ne\u017e by podle dostupn\u00fdch informac\u00ed logicky m\u011bli<\/strong>.<\/p>\n\n\n\n

Behavior\u00e1ln\u00ed finance vych\u00e1zej\u00ed z psychologick\u00e9ho v\u00fdzkumu. P\u0159esto\u017ee se tento v\u00fdzkum zam\u011b\u0159uje na iracion\u00e1ln\u00ed chov\u00e1n\u00ed, m\u016f\u017eeme v n\u011bm naj\u00edt i ur\u010dit\u00e9 p\u0159edv\u00eddateln\u00e9 vzorce.<\/strong> Kl\u00ed\u010dov\u00e9 koncepty rozeb\u00edraj\u00ed tyto vzorce a pom\u00e1haj\u00ed vysv\u011btlit, pro\u010d investo\u0159i \u010din\u00ed takov\u00e1 rozhodnut\u00ed, jak\u00e1 \u010din\u00ed.<\/p>\n\n\n\n

<\/div><\/div>
<\/div><\/div>
Koncept<\/strong><\/th>Dopad<\/strong><\/th><\/tr><\/thead>
P\u0159\u00edli\u0161n\u00e1 sebed\u016fv\u011bra<\/td>K tomuto jevu doch\u00e1z\u00ed, kdy\u017e se jednotlivec domn\u00edv\u00e1, \u017ee situaci nebo sv\u00fdm schopnostem rozum\u00ed<\/strong> l\u00e9pe, ne\u017e tomu ve skute\u010dnosti je. Proto pak m\u016f\u017ee p\u0159ehnan\u011b riskovat.<\/td><\/tr>
Emocion\u00e1ln\u00ed propast<\/td>Tento pojem popisuje, jak<\/strong> mohou<\/strong> emoce, zejm\u00e9na <\/strong>strach a chamtivost,<\/strong> zatemnit n\u00e1\u0161 \u00fasudek<\/strong>. Zvl\u00e1d\u00e1n\u00ed t\u011bchto emoc\u00ed je n\u00e1ro\u010dn\u00e9 zvl\u00e1\u0161t\u011b pro jednotlivce, kte\u0159\u00ed obchoduj\u00ed na rychle se m\u011bn\u00edc\u00edch trz\u00edch.<\/td><\/tr>
Teorie perspektivy<\/td>Teorie perspektivy p\u0159edpokl\u00e1d\u00e1, \u017ee jednotlivci vn\u00edmaj\u00ed jinak zisky a jinak ztr\u00e1ty<\/strong> a \u017ee se rozhoduj\u00ed sp\u00ed\u0161e na z\u00e1klad\u011b vn\u00edman\u00fdch zisk\u016f ne\u017e na z\u00e1klad\u011b vn\u00edman\u00fdch ztr\u00e1t<\/a>.

Tento koncept, ozna\u010dovan\u00fd tak\u00e9 jako \u201eaverze ke ztr\u00e1t\u00e1m\u201c, p\u0159edpokl\u00e1d\u00e1, \u017ee pokud jsou jednotlivci p\u0159edlo\u017eeny dv\u011b stejn\u00e9 mo\u017enosti, p\u0159i\u010dem\u017e jedna z nich je prezentov\u00e1na z hlediska potenci\u00e1ln\u00edch<\/strong> zisk\u016f a druh\u00e1 z hlediska potenci\u00e1ln\u00edch ztr\u00e1t, vybere si tu prvn\u00ed.<\/strong><\/td><\/tr>
Ment\u00e1ln\u00ed \u00fa\u010detnictv\u00ed<\/td>Rozhodnut\u00ed o tom, jak nalo\u017e\u00edte s pen\u011bzi, m\u016f\u017ee b\u00fdt ovlivn\u011bno t\u00edm, jak jste tyto pen\u00edze z\u00edskali.<\/strong> Je pravd\u011bpodobn\u00e9, \u017ee budete m\u00edt men\u0161\u00ed sklon investovat pen\u00edze do spekulativn\u00edch investic, pokud jste je vyd\u011blali tvrdou prac\u00ed, ne\u017e kdybyste je vyhr\u00e1li v loterii.<\/td><\/tr>
Kotven\u00ed<\/td>Hluboce zako\u0159en\u011bn\u00e9 n\u00e1vyky je t\u011b\u017ek\u00e9 odbourat<\/strong>, i kdy\u017e by to bylo prosp\u011b\u0161n\u00e9. Pokud jste nap\u0159\u00edklad \u0159adu let na m\u011bs\u00ed\u010dn\u00ed b\u00e1zi investovali do akci\u00ed, m\u016f\u017eete se zdr\u00e1hat zm\u011bnit sv\u016fj p\u0159\u00edstup, i kdy\u017e se objev\u00ed atraktivn\u00ed alternativn\u00ed p\u0159\u00edle\u017eitost.<\/td><\/tr>
St\u00e1dn\u00ed chov\u00e1n\u00ed<\/td>Cenu v\u0161ech aktiv ur\u010duje nab\u00eddka a popt\u00e1vka. N\u011bkdy se v\u0161ak cenov\u00e9 pohyby mohou zacyklit a ovlivnit tyto dva faktory. Pokud k tomu dojde, m\u016f\u017ee to vyvolat \u201eiracion\u00e1ln\u00ed\u201c bubliny na trhu aktiv a <\/strong>krachy na burz\u00e1ch<\/strong><\/a>.<\/td><\/tr>
Behavior\u00e1ln\u00ed tendence<\/td>Je t\u0159eba vz\u00edt v \u00favahu i dal\u0161\u00ed my\u0161lenkov\u00e9 procesy, zejm\u00e9na tzv. biasy. Tyto podv\u011bdom\u00e9 tendence (sklony) jsou sou\u010d\u00e1st\u00ed z\u00e1kladn\u00edch lidsk\u00fdch vlastnost\u00ed<\/strong> a mohou ovlivnit va\u0161e investi\u010dn\u00ed rozhodov\u00e1n\u00ed.

N\u011bkter\u00e9 tendence se projevuj\u00ed v\u00edce ve f\u00e1zi pl\u00e1nov\u00e1n\u00ed<\/a> investi\u010dn\u00ed strategie, zat\u00edmco jin\u00e9 se projevuj\u00ed v\u00edce ve f\u00e1zi n\u00e1kupu a dr\u017een\u00ed investice.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/figure>\n\n\n\n

Jak vyu\u017e\u00edvat behavior\u00e1ln\u00ed finance v r\u00e1mci anal\u00fdzy trhu?<\/h2>\n\n\n\n

Behavior\u00e1ln\u00ed finance najdou vyu\u017eit\u00ed v r\u00e1mci tr\u017en\u00ed anal\u00fdzy, jeliko\u017e ur\u010dit\u00e9 sklony v chov\u00e1n\u00ed a rozhodov\u00e1n\u00ed zalo\u017een\u00e9 na emoc\u00edch neovliv\u0148uj\u00ed rozhodov\u00e1n\u00ed <\/strong>pouze jednotliv\u00fdch investor\u016f.<\/p>\n\n\n\n

Jestli\u017ee se toti\u017e u dostate\u010dn\u00e9ho po\u010dtu investor\u016f projev\u00ed behavior\u00e1ln\u00ed tendence a chov\u00e1n\u00ed \u0159\u00edzen\u00e9 emocemi sou\u010dasn\u011b, mohou se dopady tohoto jedn\u00e1n\u00ed roz\u0161\u00ed\u0159it a ovlivnit trh v \u0161ir\u0161\u00edm slova smyslu. <\/strong> <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Vysv\u011btlen\u00ed tr\u017en\u00edch anom\u00e1li\u00ed<\/h3>\n\n\n\n

Tradi\u010dn\u00ed ekonomick\u00e1 teorie p\u0159edpokl\u00e1d\u00e1, \u017ee trhy funguj\u00ed efektivn\u011b <\/strong>(tzv. hypot\u00e9za efektivn\u00edho trhu<\/a>). Tato hypot\u00e9za vych\u00e1z\u00ed z p\u0159edpokladu, \u017ee v\u0161ichni \u00fa\u010dastn\u00edci trhu maj\u00ed dokonalou znalost faktor\u016f, kter\u00e9 ovliv\u0148uj\u00ed cenu.<\/p>\n\n\n\n

Av\u0161ak ve<\/strong> skute\u010dnosti tomu tak nen\u00ed<\/strong>. Rychl\u00fd p\u0159ehled historick\u00fdch tr\u017en\u00edch trend\u016f ukazuje, jak \u010dasto mohou b\u00fdt ceny aktiv nesynchronizovan\u00e9 se standardn\u00edmi ukazateli ocen\u011bn\u00ed. Situace, kdy k tomuto doch\u00e1z\u00ed, se ozna\u010duj\u00ed jako tr\u017en\u00ed anom\u00e1lie.<\/p>\n\n\n\n

Mezi nej\u010dast\u011bj\u0161\u00ed d\u016fvody, pro\u010d doch\u00e1z\u00ed k tr\u017en\u00edm anom\u00e1li\u00edm, pat\u0159\u00ed nerovnom\u011brn\u00e9 informace. Cenov\u00e9 anom\u00e1lie \u010dasto vedou k <\/strong>volatilit\u011b trhu, co\u017e m\u016f\u017ee v\u00e9st k v\u00fdrazn\u00e9mu nadhodnocen\u00ed nebo podhodnocen\u00ed akci\u00ed a m\u016f\u017ee vytv\u00e1\u0159et cykly panick\u00e9ho chov\u00e1n\u00ed. To m\u016f\u017ee zahrnovat n\u00e1kupy za vysokou cenu v d\u016fsledku strachu z prome\u0161k\u00e1n\u00ed p\u0159\u00edle\u017eitosti (\u201eFOMO investov\u00e1n\u00ed\u201c) nebo reaktivn\u00ed a st\u00e1dn\u00ed (davov\u00e9) chov\u00e1n\u00ed, kter\u00e1 mohou vy\u00fastit v prodeje v panice za neoptim\u00e1ln\u00ed ceny.<\/p>\n\n\n\n

Psychologick\u00e9 spou\u0161t\u011b\u010de p\u0159i investi\u010dn\u00edm rozhodov\u00e1n\u00ed<\/h3>\n\n\n\n

N\u011bkter\u00e9 tr\u017en\u00ed anom\u00e1lie jsou pom\u011brn\u011b snadno p\u0159edv\u00eddateln\u00e9 \u2013 jin\u00e9 v\u0161ak mohou p\u0159ij\u00edt jako blesk z \u010dist\u00e9ho nebe<\/strong>. Nap\u0159\u00edklad je logick\u00e9, \u017ee nadch\u00e1zej\u00edc\u00ed ozn\u00e1men\u00ed v\u00fdsledk\u016f hospoda\u0159en\u00ed investory bu\u010f p\u0159\u00edjemn\u011b pot\u011b\u0161\u00ed, nebo zklame, a tak se trh obvykle p\u0159ipravuje na r\u016fzn\u00e9 mo\u017en\u00e9 cenov\u00e9 pohyby.<\/p>\n\n\n\n

Zve\u0159ej\u0148ov\u00e1n\u00ed hospod\u00e1\u0159sk\u00fdch v\u00fdsledk\u016f je mo\u017en\u00e9 sledovat prost\u0159ednictv\u00edm <\/strong>ekonomick\u00e9ho kalend\u00e1\u0159e<\/strong><\/a>. Z\u00e1rove\u0148 jsou detaily z t\u011bchto zpr\u00e1v n\u00e1sledn\u011b diskutov\u00e1ny v m\u00e9di\u00edch. Z toho vypl\u00fdv\u00e1, \u017ee zisky slou\u017e\u00ed jako psychologick\u00fd spou\u0161t\u011b\u010d, na kter\u00fd se investo\u0159i mohou p\u0159ipravit.<\/p>\n\n\n\n

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Tip:<\/strong> Nikdo se nedok\u00e1\u017ee p\u0159ipravit na v\u0161echny ne\u010dekan\u00e9 ud\u00e1losti, proto je dobr\u00e9 sestavit si takov\u00e9 portfolio, kter\u00e9 obstoj\u00ed i v nejist\u00fdch \u010dasech<\/a>.<\/p>\n<\/div><\/div>\n\n\n\n

Na druhou stranu sez\u00f3nnost a nep\u0159edv\u00eddateln\u00e9 zm\u011bny v n\u00e1lad\u011b investor\u016f mohou tak\u00e9 vyvolat chov\u00e1n\u00ed zalo\u017een\u00e9 na emoc\u00edch. Studie nap\u0159\u00edklad ukazuj\u00ed, \u017ee hlavn\u00ed indexy, jako je <\/strong>S&P 500<\/strong><\/a> (SPX500), \u010dasto klesaj\u00ed v pond\u011bl\u00ed po jarn\u00edm posunu na letn\u00ed \u010das<\/strong>, co\u017e je pravd\u011bpodobn\u011b zp\u016fsobeno negativn\u00ed n\u00e1ladou obchodn\u00edk\u016f, kte\u0159\u00ed p\u0159i\u0161li o hodinu sp\u00e1nku.<\/p>\n\n\n\n

Zat\u00edmco na toto datum se m\u016f\u017ee investor p\u0159ipravit pom\u011brn\u011b snadno \u2013 m\u016f\u017ee si ho ozna\u010dit v kalend\u00e1\u0159i a napl\u00e1novat si adekv\u00e1tn\u00ed reakci<\/strong>, p\u0159ipravit si reakci na negativn\u00ed n\u00e1ladu plynouc\u00ed z neo\u010dek\u00e1van\u00e9 glob\u00e1ln\u00ed ud\u00e1losti nebo zpr\u00e1vy je mnohem t\u011b\u017e\u0161\u00ed.<\/p>\n\n\n\n

Pochopen\u00ed povahy ud\u00e1lost\u00ed a jejich na\u010dasov\u00e1n\u00ed, stejn\u011b jako psychologick\u00fdch spou\u0161t\u011b\u010d\u016f, m\u016f\u017ee investor\u016fm pomoci p\u0159ipravit se na tr\u017en\u00ed anom\u00e1lie.<\/mark><\/p>\n\n\n\n

Jak uplatnit behavior\u00e1ln\u00ed finance v investi\u010dn\u00ed strategii?<\/h2>\n\n\n\n

Behavior\u00e1ln\u00ed finance maj\u00ed na trh r\u016fzn\u00e9 dopady<\/strong>, proto mohou investi\u010dn\u00ed strategie<\/a> ovlivnit r\u016fzn\u00fdmi zp\u016fsoby.<\/p>\n\n\n\n

Pokud v\u011bnujete \u010das lep\u0161\u00edmu porozum\u011bn\u00ed sv\u00fdch vlastn\u00edch behavior\u00e1ln\u00edch sklon\u016f a tendenc\u00ed, kter\u00e9 ovliv\u0148uj\u00ed va\u0161e investi\u010dn\u00ed rozhodnut\u00ed, a psychologick\u00fdm spou\u0161t\u011b\u010d\u016fm, kter\u00e9 mohou zap\u0159\u00ed\u010dinit vznik tr\u017en\u00edch anom\u00e1li\u00ed, m\u016f\u017ee v\u00e1m vyu\u017eit\u00ed koncept\u016f behavior\u00e1ln\u00edch financ\u00ed pomoci k lep\u0161\u00edmu pochopen\u00ed dynamiky trhu <\/strong>a sestaven\u00ed sv\u00e9 vlastn\u00ed investi\u010dn\u00ed strategie na z\u00e1klad\u011b podrobn\u011bj\u0161\u00edch informac\u00ed.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Identifikace a p\u0159ekon\u00e1v\u00e1n\u00ed behavior\u00e1ln\u00edch sklon\u016f<\/h3>\n\n\n\n

Chcete-li aplikovat koncepty behavior\u00e1ln\u00edch financ\u00ed na svoji vlastn\u00ed investi\u010dn\u00ed strategii, je t\u0159eba se nejprve zamyslet a uv\u011bdomit si sv\u00e9 vlastn\u00ed sklony a tendence<\/strong>, kter\u00e9 mohou ovliv\u0148ovat va\u0161e rozhodov\u00e1n\u00ed (a\u0165 u\u017e v\u011bdom\u011b \u010di podv\u011bdom\u011b).<\/p>\n\n\n\n

Dal\u0161\u00edm krokem je anal\u00fdza sv\u00fdch vlastn\u00edch obchodn\u00edch aktivit \u2013 zjist\u00edte tak, kter\u00e9 sklony ve va\u0161em chov\u00e1n\u00ed (a do jak\u00e9 m\u00edry)<\/strong> mohou ovliv\u0148ovat v\u00e1\u0161 rozhodovac\u00ed proces.<\/p>\n\n\n\n

Pro tento proces sebereflexe je kl\u00ed\u010dov\u00e9 v\u00e9st si podrobn\u00fd z\u00e1znam o sv\u00e9 obchodn\u00ed \u010dinnosti spolu s pozn\u00e1mkami o sv\u00e9m <\/strong>vlastn\u00edm procesu rozhodov\u00e1n\u00ed, v\u010detn\u011b zd\u016fvodn\u011bn\u00ed jednotliv\u00fdch krok\u016f \u2013 to v\u00e1m m\u016f\u017ee pomoci st\u00e1t se lep\u0161\u00edm investorem. <\/strong>Mo\u017en\u00e1 objev\u00edte vzorce, jako je vy\u0161\u0161\u00ed pom\u011br \u00fasp\u011b\u0161n\u00fdch obchod\u016f\/ztr\u00e1t v ur\u010ditou denn\u00ed dobu nebo p\u0159i otev\u00edr\u00e1n\u00ed \u010di zav\u00edr\u00e1n\u00ed trhu.<\/p>\n\n\n\n

Zva\u017ete tak\u00e9, jak reagujete na zpravodajsk\u00e9 ud\u00e1losti<\/a>, jak se v pr\u016fb\u011bhu trv\u00e1n\u00ed obchodu m\u011bn\u00ed va\u0161e ochota riskovat a jak\u00e9 alternativn\u00ed p\u0159\u00edle\u017eitosti jste mohli p\u0159ehl\u00e9dnout kv\u016fli sv\u00fdm zako\u0159en\u011bn\u00fdm n\u00e1vyk\u016fm. Z\u00e1kladem \u00fasp\u011b\u0161n\u00e9ho investov\u00e1n\u00ed je pe\u010dliv\u011b promy\u0161len\u00e1 strategie.<\/strong> A pokud za\u010dlen\u00edte anal\u00fdzu behavior\u00e1ln\u00edch tendenc\u00ed do sv\u00fdch vlastn\u00edch obchodn\u00edch o\u010dek\u00e1v\u00e1n\u00ed a investi\u010dn\u00ed strategie, budete m\u00edt \u0161anci zm\u00edrnit dopady sv\u00e9 behavior\u00e1ln\u00ed psychologie.  <\/p>\n\n\n\n

Efektivn\u011bj\u0161\u00ed rozhodov\u00e1n\u00ed d\u00edky behavior\u00e1ln\u00edm poznatk\u016fm<\/h3>\n\n\n\n

Pochopen\u00ed sv\u00fdch vlastn\u00edch behavior\u00e1ln\u00edch tendenc\u00ed a sklon\u016f m\u016f\u017ee zv\u00fd\u0161it va\u0161i sebed\u016fv\u011bru b\u011bhem obchodov\u00e1n\u00ed nebo investov\u00e1n\u00ed. Nicm\u00e9n\u011b i p\u0159i d\u016fkladn\u00e9m porozum\u011bn\u00ed zp\u016fsobu, jak\u00fdm mohou va\u0161e vlastnosti ovliv\u0148ovat va\u0161e rozhodov\u00e1n\u00ed, budou va\u0161e rozhodnut\u00ed st\u00e1le ovliv\u0148ovat vn\u011bj\u0161\u00ed faktory chov\u00e1n\u00ed, kter\u00e9 se t\u00fdkaj\u00ed \u0161ir\u0161\u00edho trhu<\/strong>.<\/p>\n\n\n\n

<\/span>
\n

Tip:<\/strong> Investo\u0159i by m\u011bli vytv\u00e1\u0159et strategie, kter\u00e9 po\u010d\u00edtaj\u00ed s nep\u0159edv\u00eddateln\u00fdmi zm\u011bnami tr\u017en\u00edch podm\u00ednek, a obchodovat na z\u00e1klad\u011b aktu\u00e1ln\u00edch tr\u017en\u00edch trend\u016f<\/a> a v\u00fdvoje.<\/p>\n<\/div><\/div>\n\n\n\n

Prudce rostouc\u00ed b\u00fd\u010d\u00ed trhy, cenov\u00e9 bubliny a krachy na akciov\u00e9m trhu jsou nevyhnutelnou sou\u010d\u00e1st\u00ed investov\u00e1n\u00ed<\/strong>. Pou\u017eit\u00ed osv\u011bd\u010den\u00fdch technik oce\u0148ov\u00e1n\u00ed<\/a> m\u016f\u017ee investor\u016fm pomoci identifikovat obdob\u00ed, kdy je hnac\u00ed silou cenov\u00e9ho pohybu sp\u00ed\u0161e sentiment ne\u017e fundamenty.<\/p>\n\n\n\n

Jedn\u00edm z \u00fa\u010dinn\u00fdch rozhodnut\u00ed, kter\u00e9 m\u016f\u017eete ud\u011blat, je ponechat si ur\u010dit\u00e9 procento kapit\u00e1lu v hotovosti<\/strong>. To v\u00e1m umo\u017en\u00ed investovat v p\u0159\u00edpad\u011b, \u017ee medv\u011bd\u00ed sentiment<\/a> zp\u016fsob\u00ed n\u00e1hl\u00fd nebo mimo\u0159\u00e1dn\u00fd pokles cen.<\/p>\n\n\n\n

Z\u00e1sadn\u00ed je tak\u00e9 \u0159\u00edzen\u00ed rizik<\/a>. Sn\u00ed\u017een\u00ed velikosti pozice b\u011bhem medv\u011bd\u00edho trhu sice m\u016f\u017ee v\u00e9st k realizaci ztr\u00e1ty, av\u0161ak vyhnete-li se t\u00edm je\u0161t\u011b v\u011bt\u0161\u00edm ztr\u00e1t\u00e1m, m\u016f\u017eete ovlivnit m\u00edru emotivn\u00edho rozhodov\u00e1n\u00ed. Tento p\u0159\u00edstup zachov\u00e1v\u00e1 kapit\u00e1l pro p\u0159\u00edpadnou reinvestici p\u0159i ni\u017e\u0161\u00edch cen\u00e1ch, \u010d\u00edm\u017e br\u00e1n\u00ed kritick\u00fdm \u0161kod\u00e1m<\/strong> na va\u0161em portfoliu.<\/p>\n\n\n\n

\n

\u201eTrh m\u016f\u017ee klidn\u011b z\u016fstat iracion\u00e1ln\u00ed d\u00e9le, ne\u017e vy vydr\u017e\u00edte b\u00fdt solventn\u00ed.\u201c<\/p>\nJohn Maynard Keynes<\/a><\/cite><\/blockquote>\n\n\n\n

Shrnut\u00ed<\/h2>\n\n\n\n

Behavior\u00e1ln\u00ed finance v\u00e1m pomohou l\u00e9pe porozum\u011bt tomu, jak mohou va\u0161e emoce a za\u017eit\u00e9 tendence \u010di sklony ovlivnit va\u0161i <\/strong>investi\u010dn\u00ed strateg<\/strong>ii<\/strong> a jak m\u016f\u017ee b\u00fdt tr\u017en\u00ed sentiment<\/a> nelogick\u00fd.<\/p>\n\n\n\n

Z\u00e1sadn\u00edm principem \u00fasp\u011b\u0161n\u00e9ho investov\u00e1n\u00ed je<\/strong> podrobn\u00fd pl\u00e1n a proces, kter\u00fd \u0159\u00edd\u00ed ka\u017ed\u00e9 va\u0161e investi\u010dn\u00ed rozhodnut\u00ed<\/strong>. Takov\u00fd pl\u00e1n v\u00e1m m\u016f\u017ee pomoci zm\u00edrnit potenci\u00e1ln\u00ed negativn\u00ed dopady sv\u00e9ho behavior\u00e1ln\u00edho chov\u00e1n\u00ed v r\u00e1mci obchodov\u00e1n\u00ed \u010di investov\u00e1n\u00ed. Vyu\u017eit\u00edm poznatk\u016f z koncept\u016f behavior\u00e1ln\u00edch financ\u00ed se m\u016f\u017eete l\u00e9pe vyhnout rozhodov\u00e1n\u00ed na z\u00e1klad\u011b emoc\u00ed, a st\u00e1t se tak zodpov\u011bdn\u011bj\u0161\u00edmi investory<\/a>.<\/p>\n\n\n\n

Nav\u0161tivte <\/strong>Akademii eToro<\/strong><\/a> a zjist\u011bte v\u00edce o behavior\u00e1ln\u00edch financ\u00edch.<\/p>\n\n\n\n

Test<\/h2>\n\n\n\n
\n
Co je teorie vyhl\u00eddek v behavior\u00e1ln\u00edch financ\u00edch?<\/div>\n
Teorie, kter\u00e1 vysv\u011btluje oce\u0148ov\u00e1n\u00ed finan\u010dn\u00edch aktiv na z\u00e1klad\u011b jejich budouc\u00edch vyhl\u00eddek.<\/div>\n\n\n\n
Teorie, kter\u00e1 popisuje, jak se jednotlivci rozhoduj\u00ed v podm\u00ednk\u00e1ch rizika a nejistoty.<\/div>\n\n\n\n
Teorie, kter\u00e1 vysv\u011btluje vliv ekonomick\u00fdch vyhl\u00eddek na chov\u00e1n\u00ed spot\u0159ebitel\u016f.<\/div>\n\n\n\n
Teorie, kter\u00e1 nazna\u010duje, \u017ee investo\u0159i v\u017edy vol\u00ed mo\u017enost nejvy\u0161\u0161\u00edho o\u010dek\u00e1van\u00e9ho v\u00fdnosu.<\/div>\n<\/div>
\u00a0<\/div><\/div>\n<\/div>\n\n\n\n\n\n

\u010cast\u00e9 dotazy<\/h2>\n\n\n\n
\n
Jak se behavior\u00e1ln\u00ed finance li\u0161\u00ed od tradi\u010dn\u00edch finan\u010dn\u00edch teori\u00ed?<\/dt>
\n

Tradi\u010dn\u00ed finan\u010dn\u00ed teorie p\u0159edpokl\u00e1daj\u00ed, \u017ee se investo\u0159i rozhoduj\u00ed racion\u00e1ln\u011b na z\u00e1klad\u011b toho, \u017ee maj\u00ed k dispozici v\u0161echny dostupn\u00e9 informace. C\u00edlem behavior\u00e1ln\u00edch financ\u00ed je vysv\u011btlit, pro\u010d tomu tak nen\u00ed v\u017edy. A nab\u00edz\u00ed poznatky o tom, jak m\u016f\u017ee pochopen\u00ed behavior\u00e1ln\u00edch<\/a> anom\u00e1li\u00ed investor\u016fm pomoci zlep\u0161it jejich rozhodov\u00e1n\u00ed.<\/p>\n<\/dd><\/div>\n\n\n\n

S jak\u00fdmi b\u011b\u017en\u00fdmi behavior\u00e1ln\u00edmi tendencemi a sklony se investo\u0159i setk\u00e1vaj\u00ed?<\/dt>
\n

Existuje n\u011bkolik tendenc\u00ed a sklon\u016f, kter\u00e9 mohou ovliv\u0148ovat va\u0161e rozhodov\u00e1n\u00ed. Pat\u0159\u00ed mezi n\u011b sklony k potvrzen\u00ed vlastn\u00edch n\u00e1zor\u016f, sklony k up\u0159ednost\u0148ov\u00e1n\u00ed zn\u00e1m\u00e9ho, vliv osobn\u00edch zku\u0161enost\u00ed, zjednodu\u0161uj\u00edc\u00ed \u00fasudky nebo averze v\u016f\u010di ztr\u00e1t\u011b. R\u016fzn\u00ed investo\u0159i budou na sv\u00e9 cest\u011b za finan\u010dn\u00edmi c\u00edli<\/a> t\u011bmito sklony a tendencemi ovlivn\u011bni v r\u016fzn\u00e9 m\u00ed\u0159e.<\/p>\n<\/dd><\/div>\n\n\n\n

Jak mohou investo\u0159i vyu\u017e\u00edt behavior\u00e1ln\u00ed finance ke zlep\u0161en\u00ed sv\u00fdch investi\u010dn\u00edch rozhodnut\u00ed?<\/dt>
\n

Lep\u0161\u00ed pochopen\u00ed behavior\u00e1ln\u00edch financ\u00ed zahrnuje ur\u010ditou m\u00edru sebeanal\u00fdzy. Ta m\u016f\u017ee pouk\u00e1zat na to, jak \u0161patn\u00e9 n\u00e1vyky vedly k tomu, \u017ee se investo\u0159i odch\u00fdlili od zlat\u00fdch pravidel investov\u00e1n\u00ed<\/a>. Pochopen\u00ed p\u0159\u00ed\u010diny probl\u00e9mu je prvn\u00edm krokem k jeho n\u00e1prav\u011b. Anal\u00fdza sv\u00e9ho vlastn\u00edho chov\u00e1n\u00ed m\u016f\u017ee b\u00fdt stejn\u011b d\u016fle\u017eit\u00e1 jako anal\u00fdza trhu nebo jednotliv\u00fdch aktiv.<\/p>\n<\/dd><\/div>\n<\/dl>\n\n\n

disclaimer type=”education”]<\/p>\n","protected":false},"excerpt":{"rendered":"

Sezn\u00e1men\u00ed se s konceptem behavior\u00e1ln\u00edch financ\u00ed v\u00e1m pom\u016f\u017ee pochopit, jak se psychologie a investov\u00e1n\u00ed navz\u00e1jem prol\u00ednaj\u00ed. Z\u00edsk\u00e1te tak nov\u00fd pohled na chov\u00e1n\u00ed investor\u016f a dynamiku trhu. Na mikro\u00farovni m\u016f\u017eete behavior\u00e1ln\u00ed finance vyu\u017e\u00edt k pochopen\u00ed toho, pro\u010d se investo\u0159i rozhoduj\u00ed tak, jak se rozhoduj\u00ed. Na makro\u00farovni v\u00e1m mohou koncepty behavior\u00e1ln\u00edch financ\u00ed nab\u00eddnout vhled do tr\u017en\u00edch anom\u00e1li\u00ed.…<\/p>\n","protected":false},"author":96,"featured_media":1114755,"parent":19761,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"sticky_cta_settings":"","footnotes":""},"asset_type":[],"class_list":["post-1114753","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"Zjist\u011bte, jak psychologie ovliv\u0148uje investi\u010dn\u00ed rozhodnut\u00ed<\/title>\n<meta name=\"description\" content=\"Pochopte, jak behavior\u00e1ln\u00ed finance ovliv\u0148uj\u00ed rozhodov\u00e1n\u00ed, a objevte zp\u016fsoby, jak v\u00e1m tyto poznatky mohou pomoci p\u0159i investi\u010dn\u00edch rozhodnut\u00edch.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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