Every Wednesday, we publish our “Investor Toolkit” series on TSI Network. Whether you’re a new or experienced investor, these weekly updates are designed to give you specific investment advice. Each Investor Toolkit update gives you a fundamental piece of investing advice, and shows you how you can put it into practice right away.

Today’s tip: “All good investing advice includes 3 attitudes that are essential for long-term success.”

This past Thursday, we discussed three mistakes investors can make when they are misled by what may appear to be attractive investment ideas. (View the post: Avoid these three investment mistakes.)

The best way to avoid investment mistakes is to adopt the habits of successful investors. You can begin very profitably by cultivating three personal mental strengths:

• Patience. Good chess players never “go for broke,” as the saying goes. Instead, they position their pieces so they can profit from the mistakes they expect from opponents who are less talented, less experienced or less patient.
  
  Successful investors follow a similar approach. The crucial difference is that they have no opponents who can be relied upon to make the wrong move. Instead, successful investors try to arrange their portfolios so that they can more or less automatically tap into the steady profits and long-term growth that inevitably come to well-established companies operating in relatively free and stable economies.

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• Persistent curiosity. Investment professionals know more about investing than you do, because they devote their lives to it. But you can acquire more knowledge than most investors simply by reading widely and asking plenty of questions.
  
  It’s always a good idea to read books and visit investing web sites. It pays to read as widely as possible, especially when you’re just starting out and need good advice. Most local libraries have a substantial shelf of investment books. Browse that shelf and borrow an investment book on each visit.
  
  You’ll also find a wide range of Canadian and international investing information online. You could learn a great deal on our web site, TSI Network (www.tsinetwork.ca), which has over 6,000 articles on investing advice, portfolio strategies and individual investments.
  
  Make it fun. Don’t feel obligated to study every web site you visit or finish every book you get your hands on. The knowledge you need appears in many places, but quality and readability vary widely. No need to wade through heavy volumes crammed with statistical analysis. You might as well absorb investing advice from sources that are pleasant to read.
• A realistic sense of optimism. To succeed as an investor, put matters in perspective. Despite wars, recessions and market setbacks, stock prices generally reach successively higher levels over long periods.
  
  You can’t foresee the next downturn. But you can buy high-quality investments gradually during your working years, sell them gradually in retirement, and reinvest your dividends along the way. Follow that investing advice and you will automatically buy more shares when prices are low, and fewer when they are high.

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