If you want to see what may result from waiting for a lower price may be, take a look at SGMO's chart.
Many on the board stated in the 10's and 11's that they were waiting for a better price because there were no impending news events. It went to the 12's. They said no, it will go back down again as it has so many times before, we'll wait. It went to the 13's same thing. Then news came out of the blue of a partnership with BIIB and it gaped up more than two dollars and continued strongly upward all day and that gap has never come within 4 dollars of closing since then. And the SP is currently in the 19's
And some of the same posters were saying after the gap up while it was in the 15's and later in the 17's that the gap would close and they would wait (and it's never since THEN gone below the 17's.
And some of them have stated that they want to own the stock and believe it will go much higher but just can't bear to pay almost twice the price they could have had it for. So they will probably watch it go into the 200's and higher.
It's called "getting left behind at the station" I ALMOST did it with Celera at 15 ("the price has been going down, wait for it to go a bit lower") but bought in for a ride to the mid 500's.
Whether you get in or not makes a vastly bigger difference than whether you got the best possible price or not. Note that if the company failed entirely it still would make little difference what price you got in at.
Averaging in can be a good way to overcome a fixation on getting the best possible price.
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