Don't Panic - Keep your Discipline
A friend of mine who recently started investing called me up the other day and asked for advice. I immediately reminded him that I'm not a financial advisor nor am I a financial planner but could provide him with advice on what I would do if I were in his situation. To summarize the call, my friend was basically panicking the whole time. He had been watching cbc news the last 3 days with the TSX and DOW dipping every single day. With staggering losses across the board, you'd be hard pressed to find a balanced portfolio that wasn't affected. He asked me bluntly. Is now a good time to sell? I don't want to lose any more money, he said. As I knew about his situation from before (he's specifically saving for retirement), I told him to hang in there and be disciplined. In times like this one of the most important things to remember is too stay disciplined and keep a long term strategy (provided you are investing for the long run) and understand that there are bli...