Trading Discipline, Psychology & Performance| Mike Webster | Joes' Happy Hour Ep. 31

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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