This study describes the construction and validation of a German version of the Positive and Negative Expectancies Scale, PANEQ-G, which is based on the original English version of the PANEQ. The German version showed the same factor structure as the original, comprising the three subscales of Negative Affectivity/Pessimism, Positive Affectivity/Optimism, and Fighting Spirit. The reliability data for the new scale were acceptable, and the factor structure was confirmed by means of a confirmatory factor analysis in an independent sample. As expected, concurrent validation uncovered substantial correlations of the three established scales. Negative Affectivity/Pessimism was related to Neuroticism and Positive Affectivity/Optimism was related to Extraversion. Fighting Spirit, the third scale, was related to Self-Efficacy and Conscientiousness. The PANEQ-G provides a reliable and valid instrument that can be used in conjunction with the original PANEQ for cross-cultural studies on Optimism and Pessimism. It also offers a new third component, Fighting Spirit, which can enrich research in this area.