3 Qualities of a Successful Investing Attitude

Being a wise investor is as much about having the right attitude as it is about making prudent investment decisions. Here are three ways to develop a mindset for success:

1. Determination

How do you feel about failure? Most of us would prefer to avoid it. Yet, according to Dr. Carol Dweck, a Stanford University psychologist and author of Mindset: New Psychology of Success: How We Can Learn to Fulfill Our Potential, taking on new challenges is the road to mastery.

In her research, she found two types of students: those with fixed mindsets and those with growth mindsets. Students in the first group wanted to look smart, so tended to avoid learning new things if there was a risk of making a mistake. In contrast, growth mindset students challenged themselves, understanding that occasional failure was an acceptable price to pay when learning. They put in more effort and strategy, and the reward of achievement set up a cycle of perseverance that would lead to better grades. One study, the psychologist noted, showed the neurons in the brains of students who pushed themselves beyond their comfort zones could form new and stronger connections, leading to increased intelligence over time.

Some investors want to wait for the "perfect" moment to make an investment decision, sometimes out of fear of making an error. Dr. Dweck's findings may be an argument for pushing ourselves out of our comfort zones. By doing so, it may mean creating new and stronger neural connections, as well as empowering ourselves with experience.

2. Passion

Billionaire investor Warren Buffett has said the secret to success is finding one's passion. No question, investing appears to be his passion — that's where he's focused his attention, and made some of his greatest achievements, over the past many decades. He's been known to pass along a three-step exercise to stay focused on what really matters:

• Write down your top 25 goals.
• Circle your top 5 goals. This is your A list.
• Ignore your B list (at least until the A list is complete)

As investors, we may have too many competing goals, such as wanting to be experts on every industry sector or investment strategy. When we intermittently jump from one thing to another, it's harder to master what's most important to us. Taking a page from Buffett's book and creating our own Top 5 might just help us find, or fuel, our passion.

3. Resourcefulness

Some investors are reluctant to ask for help or even admit when they don't know something. I discovered the power of asking for help during a leadership retreat in California. In one exercise, me and my fellow workshop participants were blindfolded and brought to a forest. We were tasked with finding our way into a roped enclosure among the majestic redwoods and sequoias, without falling into a ravine. I stumbled around blindfolded for an hour, determined to be completely self-sufficient. Turns out, the key to success was simple: one only had to ask for help to be led into the enclosure. I've never forgotten that lesson about my pride getting in the way of my success.

Even as we take control of our own investing success, help is out there to guide the way. Friends, family, news sources or online forums can all be sources of inspiration, information and guidance.