He has found himself with $250,000 of easy cash in his bank account.
Im sure life feels good to him at the moment.
Don Miller 2.
- Thread starter Pekelo
- Start date
He has found himself with $250,000 of easy cash in his bank account.
Im sure life feels good to him at the moment.
I think Don is trying too hard, and at this point, I don't really see why. He clearly has a gambling addiction and uses trading as an extension to do that.
Here are a few common sense advices:
1. Take Mondays OFF! Last year the cummulated P/L for Mondays was negative if I recall, and unless this changed, there is simply no reason to trade on the least profitable day. Go and recharge yourself, take long weekends, take your wife here or there, but don't trade on Mondays.
2. Go see a shrink about gambling addiction. He/she will most likely confirm my assumption and help. If I am wrong about this, well, it doesn't hurt to see a shrink. You can also ask the shrink about how to enjoy life when you have enough money to do so.
3. Look at your P/L during the day and trade only the most profitable hours. What is the point of trading 12 hours stretches? Unless you are really raking it or saving money for some big purchases, there is no point in doing that, since you are very well accomplished in your life. You should and I bet you can get out of the market enough money in 6 hours and spend the rest of your time doing something else.
....when I danced the market dance of all dances and scored a few solid home runs by selling every early rally and buying every spike down from 3AM to 11AM on only three hours sleep.
4. Take a freaking vacation already! And I am talking about 2-3 weeks without even looking what the market is doing.
Trade less, live more! You have only one life and your teaching is giving you enough extra income anyway...
Just something to consider over the weekend...
Here are a few common sense advices:
1. Take Mondays OFF! Last year the cummulated P/L for Mondays was negative if I recall, and unless this changed, there is simply no reason to trade on the least profitable day. Go and recharge yourself, take long weekends, take your wife here or there, but don't trade on Mondays.
2. Go see a shrink about gambling addiction. He/she will most likely confirm my assumption and help. If I am wrong about this, well, it doesn't hurt to see a shrink. You can also ask the shrink about how to enjoy life when you have enough money to do so.
3. Look at your P/L during the day and trade only the most profitable hours. What is the point of trading 12 hours stretches? Unless you are really raking it or saving money for some big purchases, there is no point in doing that, since you are very well accomplished in your life. You should and I bet you can get out of the market enough money in 6 hours and spend the rest of your time doing something else.
....when I danced the market dance of all dances and scored a few solid home runs by selling every early rally and buying every spike down from 3AM to 11AM on only three hours sleep.
4. Take a freaking vacation already! And I am talking about 2-3 weeks without even looking what the market is doing.
Trade less, live more! You have only one life and your teaching is giving you enough extra income anyway...
Just something to consider over the weekend...
..more like $450,000+ i think
$200,000 - jelly1
$150,000 - jelly2
$100,000 - webinars
this is not including the new batch of jellys coming in next week.
He has more than made up for the summer slack he had with teaching although I don't grudge him for that.
I would too if I can get someone to pay $10K for MATD and 3LB, but the only morning after I have is a huge hangover !...lol
From Friday blog...that got to me
"Imagine that.
In the process of helping others, the favor was returned in a most unexpected way."
Don , this is not helping, this is grabbing money....
But, as you were helped in the process and after collecting $450,000 from 40 jellies and countless weekly subscription suckers, you can return a favor back to them......give back the money if you are a true helper.
O, I forgot, you did do donations of $11,000(only! $11,000) to Diabetes. True charity givers do not display a picture of the check......however it is good marketing....sad..
"Imagine that.
In the process of helping others, the favor was returned in a most unexpected way."
Don , this is not helping, this is grabbing money....
But, as you were helped in the process and after collecting $450,000 from 40 jellies and countless weekly subscription suckers, you can return a favor back to them......give back the money if you are a true helper.
O, I forgot, you did do donations of $11,000(only! $11,000) to Diabetes. True charity givers do not display a picture of the check......however it is good marketing....sad..
You know what cracks me up about Don,
He claims to be above all the snake oil salesman out there and completely transparent.
Yet, he will post everything under the sun EXCEPT a screen shot of his p/l or trade blotter for a few days or a week straight.
I really don't get why somebody that wants to COMPLETELY legitimize themselves would not do this simple task that takes less than a minute.
Earlier this year somebody on his blog asked him to post his trades for a day or two and was completely ridiculed. Until you're able to post some consecutive trade blotters (easy to do), you are not to be trusted imo.
He claims to be above all the snake oil salesman out there and completely transparent.
Yet, he will post everything under the sun EXCEPT a screen shot of his p/l or trade blotter for a few days or a week straight.
I really don't get why somebody that wants to COMPLETELY legitimize themselves would not do this simple task that takes less than a minute.
Earlier this year somebody on his blog asked him to post his trades for a day or two and was completely ridiculed. Until you're able to post some consecutive trade blotters (easy to do), you are not to be trusted imo.
he knows exactly what he is doing ( i think).
Check this quote from his post last weekend..http://donmillerjournal.blogspot.com/2009/10/weekend-trader-catching-rabbit.html
Personal trading goals? Met and exceeded.
Retirement Positioning? Check.
Trying to Make a Difference? Perhaps the jury is still out on that one
translation -
found more fish than i thought
money in da bank
not sure my coaching helped
Don says he does not use stop loss, instead uses size to control his entry price by fading into (or out of) a position.
How does it work if there are connectivity issues or if some market news or geo political event causes a sudden movement in price?
If market turns 8 points against you on a 50 lot, you are 20K in the hole and a few seconds to decide what to do with it.
I don't use that kind of size, but curious how anyone with this size and method has it under control.
How does it work if there are connectivity issues or if some market news or geo political event causes a sudden movement in price?
If market turns 8 points against you on a 50 lot, you are 20K in the hole and a few seconds to decide what to do with it.
I don't use that kind of size, but curious how anyone with this size and method has it under control.
Well, it doesn't. Let Don explain it to you. On Oct 6th last year the market dropped 90 points before coming back 48 pts for the close.
http://donmillerjournal.blogspot.com/2008/10/monday-notes-monday-mess.html
"I played it perfectly up to 9:45am, buying the initial thrust down and selling on the spike north. But then, the errors began, perhaps the most crucial being I ignored the 3LB indicator after the initial pop and mis-managed size. Certainly ES wouldn't lose another 40 points below its early low! As the market tanked and the VIX climbed toward 60 .. that's sixty ... "
His afternoon was actually positive, still ended up down 94K. That is 19 or so points loss on a 100 contracts position.(or 38 pts with 50 contracts)
P.S.: Oct 6th was a Monday, usually Don's weakest day of the week.