A good investor always chooses the investments wisely by selecting mutual fund schemes best suiting his/ her risk appetite, financial goals, and investment horizon. This assumes importance as different mutual fund schemes may be relevant for varying time horizons. 

Due to the volatile nature of equity markets, equity funds may not be suitable for short-term goals but may be relevant for long-term goals given their long-term wealth creation potential. Similarly, debt funds may be generating reasonable returns but lend a sense of stability to the investment portfolio. 

This is the simplest of the investing lessons but often challenging to implement. One should make regular and consistent investments to accumulate wealth over the long term and take steady steps towards achieving financial goals. 

To ease such an investment process, one can register a Systematic Investment Plan (SIP) that automatically deducts the investment amount from the bank account periodically to invest in the specified mutual fund schemes. 

The investments are made automatically over market ups and downs, resulting in averaging the investing cost over time. Such regular investing also inculcates a sense of financial discipline into the investing lives by eliminating the emotional bias. 

During volatile times, one should resist the temptation to discontinue the existing SIPs or liquidate investments. Such actions are induced probably due to panic in the markets, with fear triggered amongst the investors to prevent future losses. 

One should also ignore the negative sentiments while acknowledging the fundamental reality and trust the investment conviction in the selected investment ideas. If the investor redeems the investment during a market downtrend, the notional losses during market corrections become permanent losses. 

Keeping calm and doing nothing is the most important action that a good investor can do. This strategy bears handsome dividends when the markets rebound as the valuation of the investment portfolio increases.

Warren Buffett once said, "stock investing is a strategy to transfer wealth from impatient to patient investors." This quote rightfully encompasses the importance of patience for the success of a long-term investment strategy. 

Investing requires patience and discipline. If one is convinced with the investment idea, one may continue to stay invested amidst periods of dull performance. Long-term investing is like watching a plant grow, or the paint goes dry. The investor may not see the changes overnight, but one can bear the fruits of patience over the long term.

While investing is paramount to the financial plans, it is equally important to undertake a periodic review of the investment portfolio. Such review should be undertaken periodically, at least once a year. Such review enables the investors to take stock of the investment journey to ensure that it meets the financial goals. 

If any of the mutual fund schemes have underperformed on a long-term basis, the investors should take immediate steps to replace such schemes with better performing schemes. This also helps push the average investment returns higher, as one takes corrective actions to restore portfolio health.