The thing with TSLA, if you believe that the future of automobile is EV, is to buy them and forget about them.
Short term corrections, as much as the drop in 2020 due to covid, which TSLA dropped by a whopping 58%, I saw it and was like... meh... and I kept buying with money I've got and just ignore temporary shocks completely. The reason is that it already passed the stage where it's burning a huge amount of money to get their feet straight like Rivian or other EV startups. (which might go under if the whole plan doesn't work out) With Giga Austin and Berlin coming online, it just going to continue to dominate the EV scene. They are no longer in the stage of making it work... they are perfecting their craft.
VW already admitted that they are having a hard time transitioning to EVs and do not have the necessary cashflow to convert all their plants to EV. Toyota isn't doing shit about EV, and Detroit big 3?
I've learned a lot of the basic of EV growing up playing Tamiya JCT by building my own motor, but I know jackshit about how to build a car engine. And when you look at it from the other way around, legacy carmakers know nothing about building EVs. Yes, the basic concept is easy. Anyone with basic electronic knowledge can have a motor working. But the problem is perfecting it, and competing with the market leader (TSLA) that's already so far ahead and have all the best engineers in the field working on it for the past decade.
And that's just the auto portion of the company.
And I think the same thing can be said for companies who have the market dominance and know-how to continue dominating. I bought TSMC and NVDA for this same reason as TSLA. I just leave them there and don't look at ups and downs anymore. The only thing I sold was NVDA when it hit 300, which I needed some fund for other investments and I thought they have reached a short-midterm high.
But the lesson is simple. Don't try to time the market. Not even giants like Berkshire Hathaway can do it. Just invest in good companies and ride along. And never gamble. I only invest with money I don't need and rarely on margin. So I never get margin call and never worry too much as my life wouldn't change in any way regardless they go up or down.