Property is not a great option in the UK currently due to rather high stamp duty (i.e. property tax, payable by the buyer) - if stamp duty were lower, I would probably put my money in more property. Equities were a reasonable second choice - my portfolio is fairly diversified now, so I am not making trades on a daily basis but I do keep an eye on it all the time. I probably re-balance my holding about once a week.

Index funds can take quite a hit in a bad market. I am very careful to avoid big slumps in my portfolio value, even if it means not being invested for a month or two.