The success of long-term investing strategies generally rests on their propensity for balance. The fluctuating needs of the market, as well as the fact shortcut stratagems can quickly become ineffective (and unprofitable), mean that investors would be wise to heed the advice of the ancient Roman playwright Plautus: “In everything, the middle course is the best: All things in excess bring trouble to men.”

To complement that age-old wisdom, here are a few opinions from modern experts on what works best for investing in the long-run.

Know your stuff. It’s critical to have a thorough understanding of exactly what it is that you’re investing in. Without knowledge of trends in a particular sector, or the specifics surrounding a certain product, an investment becomes tantamount to casino gambling. Even riskier, potentially. Thomas Sudyka Jr, president of Lawson Kroeker Investment, says, “If you don’t understand the business you invest in, you’re going to be highly unlikely to discern the noise from truly meaningful information that should factor into your decision-making.”

Emotional investment should have nothing to do with financial investment. Keep these two strictly separate. Favourite foods, websites, and tech products may garner your support on a day-to-day basis, but these preferences have little value in terms of long-term investing. Kenneth Hoffman, managing director and partner at Hightower’s HSW Advisors in New York, advises that, “Separating your emotional involvement with a security from the purpose if its ownership will lead to better overall judgement and performance.” Not to mention that the more open-minded you are to an investment off the beaten path, the more likely you are to land on something previously undervalued.

Along with keeping an open-mind to market potential, it’s important to stake claims across multiple market sectors. Three words: diversify, diversify, diversify. Many an investor has fallen prey to the temptation of putting all their eggs in one basket. The results are often disastrous. Jimmy Lee, founder and CEO  of the Wealth Consulting Group in Las Vegas, says, “Diversifying across asset classes is a smart way to go. For example, equities come in different flavors when it comes to characteristics such as market capitalization, U.S. versus foreign or growth versus value. Though it doesn’t ensure a profit or protect against a loss in a declining market, being diversified provides the potential for a smoother ride.”

Nervous investors have a tendency to adjust their investment at any sign of bad news or major market fluctuations. Patience, rather than panic, is key. Staying the course, and making small well-thought-out calibrations as necessary, are essential to financial growth over time. Dave Rowan, founder and president of Rowan Financial LLC in Bethlehem, Pennsylvania, makes the case that, “Investing is a long-term activity, not a sporting event with minute-by-minute adjustments. Treat it as such, and make small, infrequent adjustments to your investing strategy rather than trying to time the market.” Get-rich-quick schemes may very well turn out to be become-poor-fast regrets. Be weary of “once-in-a-lifetime opportunities,” which, in actuality, abound on a daily basis.

Don’t make indiscretions with your discretionary income. Re-evaluate your budget. What’s necessary, and what isn’t? Fluffed-up cable TV packages, cellphone bills, frequent taxi rides. Everybody indulges in unnecessary spending at times. However these tend to impede the accruement of upfront capital required for successful long-term investing. “Investing takes discretionary income, and discretionary income takes discipline,” says Stig Nybo, president of U.S. retirement strategy for Transamerica Retirement Solutions in San Francisco. “Question those things that have become the norm but may not be necessities.”

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