Sure there is. There may be no uniquely correct way to wear a watch chain but there are correct ways and incorrect ways. We have seen pictures of both on this thread. I know what a watch guard is but I thought they were typically used by working people when watches were kept in the front pockets of shirts. Thanks for the tip.
The only rule you need to follow is: Does it look good or not? This plague of the iGentry, making up rules for how to dress, must be done away with. If you don't like the way someone else wears their watch chain, fine. That does not mean that your subjective opinion (or the opinion of the majority) is and must be the "correct" way of wearing a watch chain.