Many investors are breathing a sigh of relief following Monday's market rout and subsequent rally.
That doesn't mean you should get too comfortable just yet.
Even as the Dow Jones Industrial Average has gained about 650 points in the past two days, it is still down 5.1 percent for October. That makes it the worst month since January 2016. The S&P 500 has dropped 6.9 percent this month, the worst since September 2011.
Financial experts emphasize that does not mean you should panic. But you should double check your strategy.
"Some individual investors probably are extended in their risk profile," said Mannik Dhillon, president of VictoryShares and Solutions at investment management firm Victory Capital. "Now might be a good time to take another look at your profile and say, 'Am I appropriately aligned in my risk tolerance? Am I appropriately diversified to face this market volatility if it should get worse?'"
There are steps you can take to make sure your portfolio is prepared in case wild market swings are here to stay for a while.