Not being a doctor, I can't offer you an "educated" opinion. Come to think of it, I can't even offer you an "uneducated" opinion as I have no idea what that lump could be.
I think your guess that it's affecting a nerve, causing your arm to shake is viable. But is it actually the lump causing the shakiness or the pressure the lump is putting on the nerve?
Either way, we still don't know what the lump is. It could be a cyst of some type or a fatty tumor, which is non-cancerous. But those are just guesses.
You have an appointment in a little over a week with a doctor who will be able to tell you exactly what it is and what will need to be done. I suggest just keeping your eye on it and trying to stay calm until you see the doctor.
You could ask over on our Dermatology Forum. They may know much more about what it could be.
I wish you the best and hope you'll let us know what they find out.
Peace
Greenlydia