The Trading Mindwheel: Eight Essential Skills for Trading Mastery

The Trading Mindwheel: Eight Essential Skills for Trading Mastery

by Michael Lamothe
The Trading Mindwheel: Eight Essential Skills for Trading Mastery

The Trading Mindwheel: Eight Essential Skills for Trading Mastery

by Michael Lamothe


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An incisive and actionable guide to trading success

In The Trading Mindwheel: Eight Essential Skills for Trading Mastery, Michael Lamothe delivers a hands-on and practical roadmap to personal investing success. In the book, you'll explore the belief systems, mindsets, and market psychology you need to master to maximize your investment returns. You'll also learn to analyze trades, markets, and risk as you manage your portfolio and continuously improve and validate your own skills.

You'll also find:

  • Ways to use journaling as a roadmap to continuous personal improvement
  • Strategies for using post analysis to validate your own skills and trades
  • Methods for managing individual trades and portfolios in a way that limits relevant risks

A can't-miss resource for anyone interested in trading, investing, finance, and personal wealth, The Trading Mindwheel: Eight Essential Skills for Trading Mastery belongs on the bookshelves of people seeking to build wealth.

Product Details

ISBN-13: 9781119868248
Publisher: Wiley
Publication date: 04/04/2023
Pages: 240
Sales rank: 684,947
Product dimensions: 6.20(w) x 9.10(h) x 1.00(d)

About the Author

MICHAEL LAMOTHE is the Founder and CEO of Mara Wealth, a company that coaches new and experienced traders. He has over 20 years’ experience in the financial investment space as an entrepreneur, trader, and coach, and has dealt in stocks, options, forex, crypto, futures, and commodities. He is the bestselling author of The MARA Mindshift Guide.

Table of Contents

Foreword xiii

Introduction xv

Prelude xv

The Start of Something Life Changing xv

Philosophy of the Trading Mindwheel xxii

The Axle Mindset: Beliefs, Belief Systems, Emotions, and Habits 1

Jesse Livermore’s Story 2

Mindset Is Everything 3

Taking Inventory of Our Beliefs 3

2 A.M. Wakeup Call 4

Deconstructing Beliefs and Belief Systems 6

Write Your Beliefs 9

Emotions and Emotionality 14

The Marathon 15

Healing Wounds 16

When White Knuckling Fails 18

Meditation Is a Marvelous Tool! 21

Seek Clarity 22

Equanimity 33

Spoke 1 Journaling: Step One of Accountability and Continuous Improvement 35

What to Journal About 37

Types of Journals 44

Trading Routines 46

Spoke 2 Analysis: Analyzing Trades and Markets 55

Three Things I Learned the Hard Way about Trading 56

Analyzing Trades and Analyzing Markets 69

Influences and Studies 72

Fundamental Analysis: Defining Our Universe 74

Defining Our Setups 86

Developing a Funnel 96

Analyzing Markets 96

Spoke 3 Risk: Initial Capital Risk, Position Sizing, Potential Reward 107

Risks Involved in Risk 109

Mindsets Needed for Risking Capital 115

Ways to Effectively Manage Risk 122

Spoke 4 Trade Management: Managing Risk throughout the Life of the Trade 137

Life Cycle of a Trade 139

Beginning of the Trade 140

Four Types of Exits 143

When to Sell in Stages vs. When to Sell It All 154

When to Add 159

Dealing with Earnings Announcements 163

Spoke 5 Portfolio Management: The BIG Picture and Assessing Our Total Risk 165

Assessing “Portfolio Heat” 166

Paul’s Story 168

Setting Up Circuit Breakers 170

Spoke 6 Post Analysis: Step Two of Continuous Improvement 173

What to Include in Post Analysis? How Long and How Often? 174

Getting Organized 176

Three Habits That Will Help You Improve 179

Discipline + Balance = Sustainable Success 182

Spoke 7 Testing: Factor Modeling, Back Testing, and Forward Testing 187

Factor Modeling 188

Back Testing 192

Forward Testing 193

Conclusion 197

Acknowledgments and Inspirations 199

About the Author 201

Index 203

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