Investing is very much a waiting game, perhaps one that required even more patience than fishing.
You wait for the right price to buy a counter, and the price might not come in weeks, months or even years.
You found a opportunity, a hidden Gem, you bought it. Again, you might need to wait for years for the market to realize its value. Of course, if you are doing penny trading, things could move a lot more faster.
So what can we do when we are waiting.
1) Expand your radar of companies, source for other potential companies.
2) Research into them, identify fair price with some margin of safety.
3) Read up on investment books.
4) Blog =p
There are many a times, when I felt a counter is cheap enough, then I went on to research further, and after some nights of digging up info, I realized a good price to pay will be $X, then when I look at the price chart and to my horror: Hey! It was trading at a price lower than X just months ago, or a year ago, why wasn't it on my radar then. You wait, and the boat never return, perhaps I have missed the cycle.
Get ready, you do not just need a warchest, you need targets too. And the best time to do reading and NOT be trigger happy is when the market is moving favorably. So that you do not squander away your precious ammo, and when the tide goes out, you need actually which boat to ride on, that will get you furthest without any risk of capsizing.