Patience and process – that’s the key to success in just about anything.
Waiting for the “dip” takes a lot of the former – especially in this market environment.
Markets were overbought and buying was drying up. Our Big Money Index was slowing and the market started to soften:
So, I got excited. I even said, “Get your cash ready to buy a dip.” I had mine ready: moving thousands over to buy great stocks on a flash sale. I love doing that. The only issue was, the sale was like the real Flash. The market-wide selloff lasted 1 day.
If you’re like me, then I share your frustration. As buying screamed back, it felt like rushing for the subway and missing the train by a second.
This happened to me once when I tried to take the G train in NYC. The train is shorter than the others. Once I got to the platform, it was gone.
I was left there, waiting for the next train – similar to the new cash sitting in my brokerage account.
I’m not a day-trader looking for the precise moment to jump in and out of markets. I’m a guy who wants to buy great stocks at reasonable prices. Long-term- I know of no better way to grow wealth. The point is, I was right about the pullback, but it wasn’t long enough to do anything.
So, are we out of the woods? We are not- not yet.
Am I selling stocks? Nah, I keep my great stocks for years.
I’m going to keep enjoying the bull market.
I’ll put my cash to work when the next train arrives.
This brings me back to the latter key to success – process. Your success depends on your process.
Confucius says: “Success depends upon previous preparation, and without such preparation there is sure to be failure.”