For some investors, only the long-term matters in their buy and sell discipline, and therefore they should only heed my comments regarding the longer-term time frames. For other investors and traders that have a more short-term orientation, they may want to ignore the longer-term outlook and focus on what I say about the shorter-term picture.

Either way, whether you are a long-term investor or a short-term trader, you need to have a pre-established system in place for buying and selling. If you are a long-term investor and you are currently thinking about selling because you are nervous about stocks being at all-time highs, then stop!

Being nervous about all-time highs is not a sound reason to sell stocks. Similarly, if you are an investor or trader that is nervously watching the market make all-time highs and you feel anxious to buy because you do not want to be "left behind," then stop! All-time highs and/or a fear of being left behind is not a sound reason to buy stocks.

Take a step back, take a deep breath, get a system, and stick to it.

In the near future, I will be writing about my own systems that you can consider adopting.

-- Written by James Kostohryz.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.
James Kostohryz has accumulated over twenty years of experience investing and trading virtually every asset class across the globe.

Kostohryz started his investment career as an analyst at one of the US's largest asset management firms covering sectors as diverse as emerging markets, banking, energy, construction, real estate, metals and mining. Later, Kostohryz became Chief Global Strategist and Head of International investments for a major investment bank. Kostohryz currently manages his own investment firm, specializing in proprietary trading and institutional portfolio management advisory.

Born in Mexico, Kostohryz grew up between south Texas and Colombia, has lived and worked in nine different countries, and has traveled extensively in more than 50 others. Kostohryz actively pursues various intellectual interests and is currently writing a book on the impact of culture on economic development. He is a former NCAA and world-class decathlete and has stayed active in a variety of sports.

Kostohryz graduated with honors from both Stanford University and Harvard Law School.

View Kostohryz's LinkedIn profile and connect with him here; follow him on Twitter here and Google+ here. When connecting, be sure to identify yourself as a reader from TheStreet.

If you liked this article you might like

Google, Apple, Starbucks: Doug Kass' Views

In Case You Missed It: Tuesday, Oct. 25

3 Stocks That Shook Wall Street Thursday

A Stock Market Crash Is Coming, These Ominous Technical Signs Reveal

U.S. Shale Producers Will Not Hold Down Oil Prices