The problem with buying low is the ability to hold the stocks for a period. This can mean a few years without seeing any profits. You would have to wait until more people are interested in these shares and push up the prices. Do you have the patience to buy low and early? If not, selling the stocks prematurely would jeopardize your profits. Patience is also critical during a market correction. We know that even stock prices do not go up in a straight line during a bull run, they move 3 steps up and 2 steps down. You must also have the patience to hold through a correction. And when market is euphoric, you may be tempted to buy stocks since making money would be easy. But you have to remain rational and not buy any stocks in such market condition. In fact, you must look for signals to sell. Patiently stay in cash till the market crashes. As you can see, patience allows you to remain rational and do opposite to what most irrational investors do.