Winning Stocks: Buying Back In on the Cheap

"Just go slow. Don't panic. Be patient. The best investors are patient," Johnston said. "I had a client the other day tell me: patience and wine."

Katie B. Weigel, with LongPoint Financial Planning, also believes it's a good time to buy. But she doesn't look at individual company stocks or even mutual funds.

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Instead, she suggests exchange traded funds, or ETFs.

ETFs are like mutual funds -- they hold a wide basket of stocks -- but they typically tend to follow certain indexes and often don't have an active manager, lowering your fees.

Weigel said ETFs are more transparent, easier to buy and sell and do not incur capital gains until you sell.

"Prices certainly hit rock bottom last week, whether or not they fall any further is anyone's guess," Weigel said, "but you can certainly purchase stocks, ETFs and mutual funds at very low costs right now and then be poised to participate in the upside of the market when it rebounds."