To make sure you're still on target with your investment goals, check your portfolio and pay close attention to the following:
•Your asset allocation—Does it still match your tolerance for risk?
•Your investment concentration—Do you have too much invested in a particular sector, industry or company?
•Your individual investments—Have ratings on your stocks or mutual funds gone down?
•Life changes—Have personal events or circumstances changed your feelings about risk?
Read MoreNow is the time to refinance
For medium-risk investors, your portfolio most likely will be comprised equally of 50 percent stocks and 50 percent bonds. If you are a riskier investor, your portfolio might shift more heavily toward stocks (potentially 70 percent) and less toward bonds. However, if you are risk-intolerant or conservative, your portfolio should be more weighted toward bonds (potentially 70 percent) than stocks. There is no "right" mix. Instead, the balance of stocks and bonds depends on your individual needs and risk level.
Here's a key thing for the average investor to know: Avoid market timing and focus on investing for the long run.
Although it seems appealing to time the market and play the highs and lows, it is often a loser's game. You will have better results if you stick with your investments and make slight adjustments as your needs change.