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The Key Traits of Patient and Successful Investors Letting your emotions dictate your habits won't get you far.

By Phil Town

Opinions expressed by Entrepreneur contributors are their own.

According to Entrepreneur Network partner Phil Town, one of the most valuable traits an investor can have is patience. If you are a patient investor and decide on good businesses, Town says there is virtually no scenario where you will not make money. Here are some of the traits of patient investors ... and thus, investors who will be prepared for retirement:

  1. They have long-term goals.
  2. They are slow to buy. Most times, the people who hold off on buying companies are also taking time to do their research. Town recommends investing in no more than 10 companies -- like you're hoping to reach the limit on a punch card with 10 slots.
  3. They are confident. These investors are sure they will make money on their investments, and act accordingly.
  4. They are rational. Fear and greed are two emotions that throw a previously smart investor onto the wrong track; emotional influence can be an investor downfall. In this sense, patient investors often prove to also be rational investors.

Click the video to hear more from Phil Town about patient investing.

Related: How to Approach Your Finances If You Want to Retire Stress-Free

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Phil Town is an Investment Advisor, Hedge Fund Manager, 2x New York Times Best-Selling Author of Rule #1 & Payback Time, and Ex-Grand Canyon River Rafting Guide. Rule #1 Investing is Warren Buffett style investing, teaching you how to buy businesses on sale, with little risk and 15 percent returns. In fact, Rule #1 investing is practically immune to the ups and downs of the stock market.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

More from Phil Town

How to Find a Stock On Sale That's Right for You

3 Bad Investing Habits You Should Drop Before It's Too Late

Nervous About Investing? Think About Your Money This Way.

How to React When a Recession Is Approaching

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