This is something you should never do. There are certain things you can control and many things you do not. When it comes to investments you do not have control over the financial markets, unfortunately neither do I. Many people take the advice of their friends investing in risky stocks and currencies. A typical business cycle lasts roughly 7 years. At the end of the business cycle the markets make a correction, a downturn. We never know how long the downturn will last. The 2008 market correction is still fresh in many of our memories. It was a difficult period for all involved.
What you and I (or your Financial Advisor) can control is your financial behaviour. Our financial behaviour is controlling our actions, emotions and habits. If we go back to 2008, we all know a few people who pulled out their money and their investments never recovered. If your Financial Advisor focused on managing your financial behaviours, you likely lost some money. The difference was it didn’t make you uncomfortable; you may have invested more and taken advantage of new opportunities.
Ask your Financial Advisor (or when looking for a Financial Advisor) what is their main focus or goal for their clients? If they respond with maximizing gains on your investments, your investments may be in jeopardy. If you are in your 60’s or close to retirement, you may not be able to afford a correction or have enough time to go through another business cycle. Concentrate on sound financial behaviours instead of investing aggressively or taking on undue risk. This will prevent you from losing more than you can afford, putting less stress on you and your family. Your loved ones will thank you.