Patience is critical during a market correction. Stock prices do not go up in a straight line during a bull run; they move three steps up and two steps down. You must have the patience to hold through a correction.
When market is euphoric, you may be tempted to buy stocks since making money would be easy. However, 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 until the market crashes.
There are some who are still holding on to their losses, Letting a small loss turn into a huge loss is generally, what breaks traders and their accounts. You must learn to take action to remove the weeds in your portfolio. You have to be the servant of the market, to get paid when she decides to. You cannot expect to jump into the market anytime and reap gains out of it.
Some traders make a little money in the short term but lose big money in the long term. Some traders lose a little money in the short term but make big money in the long term.
Baron Rothschild is said to have advised that the best time to buy is when there is "blood in the streets", i.e., when the markets have fallen drastically and investor sentiment is extremely negative.