Instead, set up an investment plan.
But first set aside some money for emergencies (Illness, Vehicle breakdown, loss of job, etc)
1) Start out by making a few rules that you need to follow
A) Invest what you can afford
B) Invest it on the same day each month. This gives you "Dollar Averaging, so the ups and downs of the market won't matter much at all.
C) Learn all you can about "RISK" and how to manage it
D) Invest in High Quality Mutual funds, the ones that invest in companies that have been around for a long time.
E) Invest in the funds that invest in "Defensive" industries, the ones that sell what everyone needs every day (Food Companies, Consumer product companies, Oil & Gas Companies, Public utilities)
F) Let the managers of the mutual funds manage your money and decide what and when to buy and sell.
G) You will also get instant diversification, which is a good thing.
H) Check out the "No-Load" mutual funds. They don't charge a commission when you buy or sell
I) Keep on investing as long as you live. When you're old and retired, it will all be worth a lot more than it was when you invested the money.
Check some of the sources below.
Most are predicting the stock market to do a 50% or worse correction... perhaps in the first quarter. Right now, the only reason it is this high is because of all the money the Federal Reserve is dumping into the top of it, buying the trash derivatives and credit default swaps from the biggest banks. The Dow is the last bubble and it looks like it will burst fairly soon. It may make it to 16,000 before it bursts this time. The previous two bubbles burst in the 15,000 territory.
It won't do you any harm to set up IRAs with your credit union and roll it all over directly. That way you won't lose the number of your dollars when the stock market tumbles. When the politicians stop trying to sell "MyRA" and start telling us that they are going to take it all outright (for our own good), then you go ahead and pay the 20% in taxes and go buy silver and gold.
It is almost impossible to time the market. Have you not been paying attention since December when everyone and their brother started predicting a major correction or bear market was coming in 2014? The right thing to do would have been a reasonable adjustment to start the year - I cut back to 40% equities from about 70% and sold at good prices.
The way to succeed in investing is to understand your goals and have a long term plan instead of reacting to market downturns. Now you are down 7% in a couple of weeks and need to decide where the bottom is - most people say it's around 10-20% down, so I am saying 15%. That means we are halfway to the bottom.
If you try to go in and out of the market, you're sure to lose money over the long term. The market is completely unpredictable over the short term. In general you want to do the opposite of what the crowd does, by purchasing stocks when things look the worst. When the market drops think of it as stocks going on sale at bargain prices. But whatever you buy, plan to hold it for years and ignore the daily ups and downs. A diversified stock mutual fund that you buy today (preferably an index fund with low cost and low turnover) is likely to be worth much more 15 or 20 years from now.
"Timing the market" as you are suggesting is a loser's bet
besides, if it is down this is when you put more money into the market so you can get more shares at a cheaper price for when the market inevitably goes up...which it always does.
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Bye
The best advice is "Don't just do something, stand there."
Ride it out.
What should we do about the stock market right now?
Would it be smart to pull out for a few days and see how things play out?
What I am thinking is: If it was just one stock it would not be smart to do that, but since it is the whole market, it means that something big is going on and it should be easier to notice once it's over with by looking at many stocks at once...
What are your thoughts?
