Do you put a lot of thought into your investments? Maybe you have someone else do it for you. Whatever the case, we can all agree that, when investing, there should be some ground rules in each of our heads before biting the bullet.

Whether you have extensive knowledge of the markets or are just getting started, these 5 quotes from some of the most successful and experienced investors are worth considering.

  1. “You learn in this business… If you want a friend, get a dog.” – Carl Icahn

It’s no surprise, this business can be rough. If you truly want to succeed, don’t take the advice of others, especially your friends. Do your own research and trust your gut.

  1. “Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count. Good [investment] ideas should not be diversified away into meaningless oblivion.” – Bill Gross

One rule we should all know, especially younger investors, is diversification. It’s best to avoid putting all your capital into one name. But… don’t get too carried away either. It’s not always a good thing to have a widely diverse portfolio, especially if one of our picks makes a big move while the others don’t. Keep cash in your account for opportunities and take a chance.

  1. “I am convinced that all this poverty in Mexico and in Latin America, like it’s happening in China is the opportunity to grow. It’s an opportunity for investment” – Carlos Slim

Don’t look at what’s happening now, invest now for what will happen later, in the future. The most successful investors are forward thinkers. Don’t jump on the bandwagon of investments that have already had short-term gains, you’re probably too late. Try again for the next big winner.

  1. “Be patient with winning trades; be enormously impatient with losing trades. Remember it is quite possible to make large sums trading/investing if we are ‘right’ only 30% of the time, as long as our losses are small and our profits are large.” – Dennis Gartman

This is especially telling for younger investors. Don’t sell at the first sign of profits, let them run for a while. Also, don’t let a losing trade get away. Investors should be okay with losing a little bit of money. Basically- let the winning trade run and get out of a losing trade as quickly as possible.

  1. “It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price” – Warren Buffett

Start with looking at the quality of a company when deciding whether to invest. You will need to understand balance sheets, listen to conference calls and have confidence in the management. Then, once you’ve determined confidence, you will evaluate the price. If a company seems high-quality, expect the price to reflect the same.