In this episode of Joe’s Happy Hour, Joe Fahmy sits down once again with Senior Market Strategist Mike Webster of Investors Business Daily for a raw, wide-ranging discussion on trading psychology, portfolio management, and what it really takes to succeed in the markets.
They break down the concept of the equity curve, goal-driven trading, risk management, and the realities of making and keeping profits. Mike shares lessons from working alongside legendary investor William O’Neil, the importance of studying market history, and why self-awareness and discipline matter more than hot stock tips.
Whether you’re a new trader or a seasoned pro, this episode delivers actionable insights you can use right now.
⏱ Chapter Markers:
00:00 – Welcome & Disclaimer
00:20 – Introduction to Mike Webster
01:11 – The Power of Ramble Sessions & Shared Insights
02:10 – Mike’s Background & Philosophy: “Be Kind”
02:30 – Actively Managing a Portfolio: Decision-Making Challenges
03:42 – Defining Trading Goals & Styles
04:45 – Understanding Your Equity Curve
06:09 – Moving Averages for Portfolio Health
07:44 – Risk Tolerance & Avoiding Over-Leverage
10:15 – Starting Small to Build Skill Before Scaling
14:13 – Cutting Losses & Letting Winners Run
17:26 – Stop-Loss Strategies & Timing Exits
19:09 – Overcoming Emotional Bias in Trading Decisions
25:59 – The Role of Patience & Market Psychology
27:53 – Studying Market History & Recognizing Patterns
33:10 – IPO Bases & Pattern Development
39:22 – Earnings Season Risk Management
41:46 – Recency Bias & Investor Behavior
45:51 – Managing Inflows, Outflows & Performance Pressure
48:38 – Rule-Based Trading to Reduce Emotion
51:01 – Flexibility, Conviction & Position Sizing
54:40 – Lessons from Cathie Wood’s Outperformance
56:12 – Trading Discipline & Staying in the Zone
💬 If you enjoyed this conversation, share it with a fellow trader who needs a dose of market truth. Don’t forget to subscribe to Joe’s Happy Hour on your favorite podcast platform and leave a review—it helps us reach more listeners looking to up their trading game!
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#TradingPsychology #StockMarket #PortfolioManagement #SwingTrading #InvestingTips #MarketHistory #RiskManagement #TradingDiscipline #EquityCurve #FinancialEducation #MikeWebster #JoesHappyHour
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