The article discusses the importance of psychological analysis for investors when investing in the stock markets. The main objective is to determine the use of the psychological analysis when making investment decisions of licensed securities dealers operating on the Czech stock market, who are registered at the Czech National Bank. The article reports new findings from the explored areas, both theoretical and practical. In theoretical part, existing approaches have been described, including their comparison. The hypothesis of whether securities dealers compile portfolios of investments will verified. The hypothesis is based on investors’ psychology. Based on the research conducted by the Czech Securities Dealers in the Czech Republic, incl...