Always have your goals and objectives in place before making any investment.
Whether you are making the investment for tax-saving or from the point of capital growth, clarity on the objective is a must.
Most people purchase products without a real thought of the goal or objective. Simply put, I have invested in Y product because I want o make money. No time horizons are defined, no clear goal set. The result, either you sell it off too early or you invest in a long-term debt based product (where the optimistic returns are in the region of 5-6% p.a.). In either case you either end up losing money or not making enough to cover even inflation.
If one has these objectives always in mind, then one is neither affected by greed nor fear, either of which always leads to wrong decisions. There is a clear focus on achieving the pre-defined goal through a chalked out plan.
Making an investment without any goals or objectives in place, will only lead to ad hoc buying of investment products and will lead you nowhere. There will be quantity but little or no quality. A very dangerous thing to realize too late in life.
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