The present study aims to investigate and classify individual investors' objectives and strategies in the Tehran Stock Exchange. This study used two sets of data, investors' questionnaire and real data in TSE to comparing individual investors' strategies versus market strategies and used T-test, ANOVA and (LSD) to test hypotheses. Investment objectives are classified into five groups: building a financial buffer, capital growth, saving for retirement, investing as a hobby, and speculation; and three most common investment strategies are fundamental, technical and intuitive. Ultimately,t he correlation between objectives and strategies is examined with the behavioral characteristics of investors, such as risk appetite, aspiration level and overconfidence. The results show that, investors with technical strategies have higher aspiration levels and appetite for risk than other investors. In addition, Investors with overconfidence have capital growth and building financial buffer objectives, and monthly average return of the fundamental strategy is higher than other strategies.

中文翻译：

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德黑兰证券交易所个人投资者的目标，策略和特征

本研究旨在对德黑兰证券交易所的个人投资者的目标和策略进行调查和分类。这项研究使用两组数据，即投资者调查问卷和TSE中的真实数据来比较个人投资者的策略与市场策略，并使用T检验，ANOVA和（LSD）来检验假设。投资目标分为五类：建立金融缓冲，资本增长，退休储蓄，业余爱好投资和投机；三种最常见的投资策略是基本，技术和直观的。最终，将根据投资者的行为特征（例如风险偏好，期望水平和过度自信）来检验目标和策略之间的相关性。结果表明，具有技术策略的投资者比其他投资者具有更高的抱负和更高的风险承受能力。此外，过分自信的投资者具有资本增长和建立财务缓冲目标，基本策略的每月平均回报高于其他策略。