What makes or breaks an investor? There are entrepreneurs who are seemingly a success overnight while others work their way to the top. Some investors arrive on the investing scene with a big bang only to fizzle away. Other investors work quietly over the span of years keeping their success under wraps. Some investors become wealthy beyond imagination and some don't do so well.



Is there a formula to being a successful investor? Is there some mapped out guideline for what will make you succeed or at least keep you from failing? The answer is, unfortunately, no. But there are a few traits all good investors tend to have.

To begin, a successful investor is a focused investor. Focus refers to concentrating on the work at hand. Focused investors ask questions like "What do I need to do to be successful," and "What is changing in the industry that I need to be aware of." A focused investor isn't quick to jump the gun or change directions while running at a fast pace. Instead, a focused investor always keeps an eye on the industry. He or she develops a plan of attack and sticks with it. By doing so, the focused investor is proactive and not caught by surprise when something big occurs.

The focused investor knows that in order to make something work, you have to stick to what works best. Diversions and distractions have no effect on focused investors. Instead, they are content to concentrate on what needs to be done. They know they aren't going to get rich quick, or if they do it is simply a series of fortunate events that made it possible.

Successful investors also avoid poor advice. There is a saying that goes "advice is like armpits, everyone has them and they stink." What is good for one person may not be good for another. The savvy investor knows poor advice when he hears it and avoids it at all costs. Know one knows what is best for you better than you.

While it is nice to get advice and, with so many people giving it out, it's easy to come by, that doesn't mean you have to take it. People of all kinds give advice. Some know what they are talking about and others do not. If someone is giving you advice, ask yourself two questions 1) Is this person a qualified expert in the field they are giving advice in and 2) Is this person as successful as me? In other words, is his or her advice paying off on a personal level?

If you can answer "yes" to both of these questions, it is probably okay to consider the advice you are being given. If not, you may want to think twice before jumping onto someone else's ship.

You can also detect bad advice by asking yourself how the advice affects your focus. If you have your focus set and someone comes in and tries to shake that up, you know better because they key to success is your focus.

Being a successful investor takes time and work. If you remain focused and disregard bad advice, your even more likely to find yourself at the top.