4. Dennis Gartman

Quote: "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 began publishing “The Gartman Letter” in 1987. He is also an accomplished trader and a frequent guest on financial networks. His rule above addresses a wealth of mistakes that young investors make.

According to him first, let winning trades run. Don't sell at the first sign of profits. Secondly, don't let a losing trade get away. Investors who make money in the markets are “OK” with losing a little bit of money on a trade but they are not “OK” with losing a lot of money.

5. Bill Gross

Quote: "Do you really like a particular stock? Put 10 percent or so of your portfolio on it. Make the idea count. Good [investment] ideas should not be diversified away into meaningless oblivion."

Bill Gross is the co-chief investing officer of PIMCO and manages the PIMCO Total Return Fund, one of the largest bond funds in the world according to Investopedia. Mr. Gross' rule speaks about portfolio management. A universal rule that most young investors know that is diversification or not putting all of your investing capital into one name.

According to him diversification is a good rule of thumb but it also diminishes your profits when one of your picks makes a big move while other names don't. Making money in the market is also about taking chances based on exhaustive research. Always keep some cash in your account for those opportunities that need a little more capital and don't be afraid to act when you believe that your research is pointing to a real winner.