Investors are bombarded daily with contrary opinions from talking heads that don’t get paid for their expertise in stock performance. The reality is that investors constantly are given advice that seems at the very least more suited for big hedge funds than for individuals trying to guide their own stock and bond portfolio. Here are 10 top rules for investors always to remember and keep handy. Following these may lead to long-term investing success.

1. “Buy when there is blood in the streets.” This quote is attributed to Baron Rothschild, an 18th century British nobleman and a member of Rothschild banking family. Mark Mobius is known for carrying that mantra in emerging market investments in the 20th century. Do not buy stocks when everybody is giddy and the good times are rolling. When the ultimate feeling of despair is in the air, like March 9, 2009, the time is ripe. Media is the ultimate contrarian indicator as they will highlight the end of the world on the front cover or Web page. History proves that markets do not go to zero. Like buying property in New Orleans after Katrina, it takes courage. Courage makes the big money.

2. Never use margin. If you cannot afford to buy a stock, then don’t buy it. Margin and leverage is what causes collapse. Margin is why bond yields recently rose over 100 basis points or 1% simply because Federal Reserve Chairman Ben Bernanke said they were close to tapering — not ending, tapering — the quantitative easing (QE) program. Leverage bond traders and hedge funds who were exploiting a “carry trade” of borrowing money cheap to buy longer dated bonds for the spread immediately sold and ran for cover.

3. Never trade or buy a stock on “inside information.” If your neighbors or friends know so much, why aren’t they rich beyond belief ? Inside information is illegal. If you happen to get a big trade from it, you could be in big trouble. If the information is not good, you can lose a lot of money. Hedge fund manager Raj Rajaratnam, the billionaire founder of Galleon Group, was sent to federal prison for insider trading.

4. Do not pay full commission. All of the discount brokerage firms — Fidelity, E*Trade, Scottrade, Merrill EDGE and many more — offer investment help. The days of paying a stockbroker for information or research are over. The same goes for mutual funds. The American Funds and Franklin family of funds have some that charge as high as 5.75%. Vanguard has an entire family of funds with no commission and very low expense ratios.

5. Do not reach too far for yield. Unless you can stomach big swings in a portfolio, be careful when buying bonds. Sure high-yield bonds pay more, but they have a higher risk of default. Look for exchange traded funds (ETF) or mutual funds with a well-rounded portfolio and a reasonable average life of their bonds. Never buy long-dated bonds when interest rates are at historical lows like they are now.

6. Be very careful with emerging market stocks and bonds. Every few years we hear how the emerging markets are the place to have money. Guess what? As the U.S. markets have headed to new highs, emerging market stocks have been annihilated. There is a place in a portfolio for an allocation to the sector, and the time to buy may be now as there is definitely blood in the streets.

7. Never buy penny stocks. The internet is flooded with cheap advertising with a picture or video of some guy with a beautiful woman on his arm that made millions trading penny stocks. It is a mirage. Most penny stocks are that way for a reason. Many solid Wall Street firms will not even allow them to be traded. Many are no more than an investors’ sucker game. Watch the movie “Boiler Room.” That will tell you all you need to ever know.

8. Do not time the market. It is not an easy thing to make the call on which way the market will move. There are so many extenuating factors that go into which direction the market is headed that the so-called pros on Wall Street have no idea. Many of those pros, like Bill Gross and Mohamed El-Erian from PIMCO, should stay in their own field and not worry about the stock market. They have been wrong consistently for years, and Gross famously warned investors again in 2008 that the stock market was going to 5,000.

9. Watch the tax implications of what you are doing. The person best suited to help with this is not a financial advisor, it is your accountant. Holding a winning stock for more than a year will change the gain from a short to a long-term gain. The tax difference is huge. Also remember, the IRS is very unfair when it comes to gains and losses. While you will be taxed fully on your gains, you are only allowed a $3,000 per year write off on carry-forward losses. Great for the tax man, not so great for the investor.

10. Lastly, stay in the game and consistently invest. Long-term investors have history on their side. Dollar cost averaging in to your investments is a very simple equation. You buy more shares when prices are down, and less when prices go higher. Your 401(k) or IRA is a distant port. So each and every year invest as much as you possibly can. Especially if you have matching contributions from your company. That in itself, is like a guaranteed gain.

Investors need to believe in the markets and investing. There is always a shrill chorus about how the game is rigged and only the big boys make money. Sure big institutions have an advantage. So does the smart investor. Let common sense and patience be your guide. The numbers don’t lie. The S&P 500 hit an intraday low of 666 and closed at 683.38 on March 9, 2009. The market closed at 1,709 last month on August 2. It does not take a math genius to figure that is an increase of close to 150%. The investors with a long-term horizon made a killing by simply staying the course and not panicking. Those who sold at the low when they could not bear the pain anymore were crushed.

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