This lesson will show you stock trading strategies that work for the best traders on Wall Street who have quit their day jobs and who now trade at home for a living.
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What is trading psychology?
Trading psychology has to do with the mental state of an individual trader, and the mental state of all market participants.
Trading psychology is just as important as technical analysis and fundamental analysis (the four major disciplines that traders learn are: fundamental analysis, technical analysis, trader psychology, and money management).
Discipline, emotional control, and risk management are three important aspects of trading psychology. The four major emotions that traders must learn to control are: fear, greed, hope, and regret. Trading psychology is all about master control over these four major emotional states.
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It’s a good idea to practice stock trading before risking your hard earned money in the stock market. What’s the most important thing to practice to increase your odds of being a successful trader? Learn how to spot a good catalyst.
Years ago, I use to teach the concept of a profit thesis. I’ve since replaced the term profit thesis with the word catalyst. A catalyst is what will cause a stock to move higher or lower. Think of the catalyst as the driver of the stock.
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How do you start stock trading from home for a living? Learn the best way to start making money and trading at home for a living. Folks, I wish I had a lesson like this back when I started trading in the 1990s.
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What are the best stock screeners on the internet? I like Chartmill and Finviz. Click here to go to Finviz and create yourself a free account. Click here to go to Chartmill to create yourself a free account.
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Learn to trade stocks like a pro by understanding fundamental analysis and by reviewing the basics over and over again. I know that as soon as I say, “review the basics”, everyone wants to move on to something else because, after all, they already mastered the basics years ago.
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Learning about short selling has to be more than just learning what the definition is. You have to be able to learn a practical, hands-on way, to find good stocks to short. That’s exactly what this lesson is about.
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My entire focus is in determining what is the best stock to buy right now. Have you noticed that there is a big difference between market commentators versus those who actually trade for a living?
It seems like everyone wants to be a “mini-John Murphy” or something. But I have a question for you. Have you ever heard John Murphy or Arthur Hill mentioned as one of the top traders on Wall Street? This is not an insult to John Murphy. I have mad respect for John Murphy.
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