Much more than your annual income. This temptation will be impossible to resist. You'll sell out and not return to the market until it is again making new highs. At the very bottom of every bear market are emotionally devastated buy and hold investors giving up and selling at exactly the wrong time never to return to the stock market again. Sadly, next time around will be no different.
Market timing is superior to buy and hold even if the total gain is exactly the same or less.
Taking small periodic losses will not cause you to give on the stock market. With timing you are sometimes invested in a risk-free money market account. Your odds of getting hit with a market crash are reduced and you get a break from market anxiety. You have a strategy. It sounds silly but it's important.