We frequently find ourselves advising individuals against the temptation of selling their stocks at the most inopportune moments, such as during the height of the pandemic in March 2020 or in the depths of the Great Recession in February 2009. Remarkably, within just six or twelve months, they often express their gratitude for preventing them from making significant mistakes.
Your future self wouldn't only reflect on this with relief, thinking, "Thank goodness I didn't sell," but might also regret not buying more because, as history shows, stocks tend to appreciate over time. For those considering managing their investments independently, it's essential to ensure you possess the emotional resilience to resist taking action when it's unwarranted.
Instead, focus on living your life – cherishing moments with your family, tending to your patients, going for leisurely walks. Avoid the daily market fluctuations as they can lead to unnecessary anxiety and, more critically, impulsive decisions when no action is required.
Scott Kyle and Patrick Fischer are authors of The Compound Code: An Expert Guide to Trading Stocks & Options.
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