Hi there,
As two of Canada's Big Banks, TD and BNS fall into that buy and forget category. Although they have returned pretty decent numbers (prior to covid), they aren't bought with growth in mind. They are much like utilities in that they provide a little growth and reliable income to investors.
The entire financial sector has been under pressure since COVID-19 began. However, there seems to be a current shift from tech to value and Canadian Banks fall into this category as they were trading at levels not seen since the Financial Crisis.. Will they dip again? Perhaps, or perhaps not. Unfortunately, we don't have a crystal ball. However, what we do know is that interest rates will remain low for a long time. This will make for a difficult operating environment for banks. I would not expect exponential growth, but a slow and gradual return to normal is quite possible.
I would also not try and time the market - it doesn't work. So if an investor likes a stock - don't wait for a small pullback. Have confidence in the decision and buy the stock - this is especially true of blue chip companies like Canada's banks.
Emotion is the biggest reason why retail investors make investing mistakes. Once emotions take hold, any trades made are likely to be the wrong one. That is why it is very important to have a plan, and know why you are buying a stock to begin with. If you stick to that plan, then you can make objective decisions. If you know why you bought a company in the first place, and the fundamentals haven't changed then you will be less likely to hit that 'sell' button.
As an example, I own banks for the dividends. I don't own the because I think they give me outsized returns. I am looking for steady and reliable dividends and the ones I own are well positioned to maintain their dividends. This means that my investment thesis hasn't change - so I won't sell.
Hope that helps. As an aside, don't beat yourself up about making mistakes. That is how we learn. Even the most seasoned investors make mistakes and will make the wrong calls. No one is perfect, but the key is learning from those mistakes. You do that, and you'll do well as an investor.
Mat