Qualitites of the successful investor

Drive and ambition are absolutely essential. You won't make it in the financial world if you're lazy.

The risk-taking elements of investing require self belief and genuine confidence. This is particularly important to handle losses. On the other hand, a big ego is a negative because markets cannot be fooled by bravado.

Intelligence and practicality are essential. Intelligence is the ability to sort through a lot of information and to see what is important. There are many educated and knowledgeable people who are not especially intelligent. The ability to use the information is what they lack. An ability to simplify a complicated subject has its rewards.

Above all, you need to enjoy what you do. Financial markets are the most exciting experience imaginable.

A level of optimism like this is important. There is a book by Dr. Martin Seligman, Learned Optimism, which relates the level of a person's optimism to their success. It argues that the most successful people are rational optimists. Optimism relates to an attitude towards risk. Pessimism stops people taking any risk.