Do you have what it takes to be a successful investor? Here are the three must have attributes of a successful investor, patience, optimism and education. Without these three attributes you are doomed to fail.

1. Patience

In the short term, stock prices go up and down. In the long run, stock prices rise and dividends increase. Recessions come and go, nothing lasts forever. We may have a small slump in the economy that lasts a few months to a recession that could last a year or two. As an investor, you must have patience to ride out the downturn. You have to have the patience to stay invested even when the media tells you to sell. Selling when prices are low is exactly the wrong time to sell; this only solidifies your losses. Be patient to ride out any dips, and be prepared to reap the rewards when stock prices rise.

2.Optimism

A successful investor is an optimistic investor. He must believe and have faith that the world is getting better and the economy will get better. Otherwise, there’s no point in investing if he thinks the world is headed for a recession, a depression, or just down the toilet. If he thinks things will continue to get worse, he better put his money under the mattress. Believe that things will get better, be optimistic about the future, and invest for yourself. How do I know things will get better? I can’t predict the future, but I know that the economy has survived recessions, depressions, wars, natural disasters, the tech bubble, the credit crunch, the national debt, and the oil shocks in the past. After each disaster, the world has continued to move forward, the economy has continued to grow. Be optimistic that the economy will continue to thrive in the long run, and you too will thrive along with it.

3. Education

A successful investor is an educated investor. No one cares more about your money than you do, so you owe it to yourself to learn how to invest responsibly. Learn to minimize your risk and learn to maximize your profit. Without investing knowledge, you are just guessing and speculating, you better buy a lottery ticket. It’s easy to sit back and do nothing, relax, and let the “experts” handle your money. But living easy will actually lose you money in fees and missed opportunities. Learning to invest is not difficult, it just requires you to take the first step and start your journey to success.