Lessons While on a River with a Rod in Hand — John Lamberg, engineer/inventor; and Mark M McNabb, finance professor,Virginia Tech

Reflections on a Lake

1. Be on the lake when the fish are feeding. Know what sectors the market likes.

2. Don’t go fishing when the lake is packed with tourists. You probably won’t be able to get near your favorite fishing hole, and even if you do, all those churning propellers will scare the fish away. If everyone is playing the same stock idea, the easy money has been made.

3. Come prepared with well-maintained fishing equipment, an adequate supply of bait, lures and sharp hooks, and an extra supply of patience. Give your best ideas time to work, but don’t use margin to see them out.

4. Don’t make noise; you will scare the fish away. Fidelity never speaks; why should you?

5. Don’t fish where there are no fish. Know the structure of the lake and the habits of the fish you are trying to catch. Electronic fish finders can help you locate fish, but it won’t make them bite. If no one else is buying, why should you? Catching falling daggers can kill a dip-buyer.

6. Despite your best preparations, sometimes the fish just won’t bite. Don’t be discouraged; go back to shore and enjoy the day, then come back another time. Even the best traders are only 60 percent right. Just make the winners big ones.

7. Sometimes you find yourself in the middle of a school of feeding fish. Keep your hook baited and in the water. Correct equipment problems quickly, and get the bait back in the water. When your stocks are running up, stay with the trend.

8. When a big one takes your bait or hits the lure, set the hook firmly, keep tension on the line at all times and play the fish until it tires. Keep the landing net out of sight. Don’t sell winners too soon.

9. When a really big one breaks your line, take it in stride. He may still be in the area, so always have a backup fishing outfit aboard. If a market decline washes out a group, get ready when the group takes off again.

10. Know when to come back to shore, particularly when whitecaps start to appear or there are storm clouds in the distance. If the market gets crazy, go to cash while you figure things out.