I would like to be both, since I find both sides equally interesting.
Being a trader, one really gets an edge if he/she understands what the majority investors on this stock think about it, and vise versa.
It is so interesting and nice to play both sides. However, I will only take
one side on each position. Don't ever doubt this. If you open a position thinking like an investor(or trader) then stick with your original plan, don't switch sides once the position has been initialized.
However, you can take both investor (value hunting) and trader(speculative) positions at the same time on the same stock, and can be on opposite positions, which technically is a hedge. Note that it is not for the purpose of a hedge, which is minimizing the risk. It is for the purpose of making money on both positions with different exit strategies and timing.
This is what I did with DT shorting ASPV after ER while holding ASPV July calls, and putting OVTI in amid of a totally fake EK buyout rumor (well I didn't actually do it, I called and I should have done so) while holding OVTI Jan08/Jan09 leap calls.