Don Miller style traders?

Ken say's Don had an uncanny ability to pick entries for shorts.


Ken forgot that was over 3 years ago when Ken use to have the uncanny ability to average down on trades.


Everyone was scrambling to setup their own sites about a year or so ago, it seems a lot of folks didnt' do to well... or is it that the trader just got tired of being scammed.


If it works for you, that's great.
 
Don Miller is a joke. I read that he only netted about $400k in a few years. Wow what a market wizard:)

How can a good trader sell $900 tapes.. to the rest of the lemmings? I do not consider him a great trader unless he has netted atleast over $1mil per a year for 5 years.

His style is completely discretionary.. when you go long I might be selling you my position.




--MIKE
 
Everyone has their own method.
I bought his QQQ tape and the CD. I resold them when I was finished for 1/2 of what I paid for them. So I figure they cost me $400 each which is not bad.
It is a VERY simple method. It is SO simple it is too easy. But I do not have nasty draw downs like most traders do. That is why it works. Add the leverage of a futures contract to that kind of low risk and you are cooking with gas.
I liked the CD the best with the interactive trading modules. He is a bit of a boring speaker, so you could only watch so much of the tapes at a time. But the workbook included with the QQQ tapes outlined all of his methods. It is simple enough for a beginner like me.
I know why there is no money back guarantee. They could be copied and returned.
 
Wally,
You are correct....this is a trend following method, so if the volitility is low, or the larger trend is not strong enough it will not work. I stay out of the market at those times.
This summer was an exception for sure. I did a lot of trading on any day the VIX was up. But I normally am off cruising in the boat all summer until hurricane season heats up down here.
 
Originally posted by bobcathy1
I know why there is no money back guarantee. They could be copied and returned.
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Oh, yeah, for sure. Considering the price, he is just asking for it, but lower the price to say $300 and an incentive to copy them is not that high. That's what most others sell their stuff at: $200-300 and they offer some form of guarantee. Larry Williams sells his stuff for less than $300, as far as I remember. Also tapes. And he does offer a conditional full refund warranty.

Thanks for your info, Bob. I appreciate it.
 
Ok, here is my two cents worth!
I fell hook line and sinker for the flashy ad.
The video is pretty lame.Allot of what is promised in the intro is not addressed.I have been trading for about 12 years, somewhat unsuccessfully.While I think the presentation and the organization sucks, here's why I think this might be a worthwhile video.
I have been trading for a long time. I have followed Larry Williams( Ok a 26 point stop on the s&p is a little rich for my blood!) to Linda Raschke.She is an excellent trader.I followed her real time for two years.I also know one of her personal associates and her trading record is verified.However, to blindly follow her "short skirt "system without her internal filters is fatal!What is the internal filter, that's just the problem, you don't know!I think that it's just her years of experience that determine winners and losers!That does little to help the rest of us!
What I found of use out of Dons video ,is that it is very simple!The problem I have is that I know too much! If you look hard enough , you can always find a reason not to take a trade!( One minute buy into a 30 min sell, tick climax ,5 minute divergence,etc.)
The thing I like about Dons video is that it's simple.You use the ma's as support and resistance!.If you are looking to take a one minute sell and there is I moving average in the way of your profit target then you can determine if it is a good bet or not.If the ma is 1 point away then you might not take the trade because the profit potential sucks.On the other hand , if you get the Ma's fanning out Showing a trend and the next Ma is 5 points away then load up and take the trade!Sometimes simpler is better.Trust me , the guys on the floor are not rocket scientists!
Find something simple that works , use good money management and trade max size when the odds are in your favor!
 
Originally posted by TimW
"...to Linda Raschke.She is an excellent trader.I followed her real time for two years.I also know one of her personal associates and her trading record is verified.However, to blindly follow her "short skirt "system without her internal filters is fatal!What is the internal filter, that's just the problem, you don't know!I think that it's just her years of experience that determine winners and losers!That does little to help the rest of us!"
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I have never heard that her trading record has been verified. In fact, there is little mention of the fund that she started which dropped approximately 49% before it was closed. Many people have approached her reputation with a healthy dose of skepticism over the years...I cant think of another Market Wizard that has been so outspoken about his(her) methods, yet still remains mainly a chat room guru...
 
Vulture,
While I respect your reply,I guess the bigger picture is, can we believe any "guru".
Does it really matter if Larry Williams, Don Miller, Linda Raschke or countless others actually even trade?I guess if they took your money you would hope so, but In the end the real question becomes, did I learn anything I can use in my own trading!Because face it, that's the only reason we are all trading!
If you can pick up any little thing that will help your own trading, then that is worth it!
The longer I do this it becomes apparent that the entry is much less important than the exit! To enter is easy, to exit, well that's when emotions enter the picture!Everything from fear to anxiety to pure jubilation take over!This is where you will make your money. Scale in and out to achieve an average price.You won't sell the high or buy the low , but you will take a piece out of the middle. I feel this is the best way to trade. If it looks like it's retracing to the 20 ema but starts to stall before it get's there sell one, sell another if it gets there! This multi entry allows you an average entry. You can also scale out of the positions accordingly.Exit one at retest of prior low , exit another at higher time frame Bollinger, ma, important pivot etc. Try to trail the last contract, if stop ifs breakeven + 1 tick to cover commissions.
 
Originally posted by TimW
If you can pick up any little thing that will help your own trading, then that is worth it!
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Depends on what it cost to learn, and the utility of that new found idea.

For example, I know someone who spent $5000 to attend a trading seminar based on the marketing material and public reputation of market guru he met at the NY trading expo. He left the seminar feeling 99% of it was totally useless and that the guru was just catering to the newbie wannabe traders who didn't know any better. He paper traded the methods and used the chat room to verify he was following the ideas properly. He lost money paper trading and felt ripped off. However, he did pick up one good idea that he used to improve his trading. But he still felt ripped off.

You also have to look at what I call "opportunity cost of experience". Say you spend thousands and learn about a cool stop-loss technique although all other information presented was BS. Yes, you can be happy that you learned a new stop-loss technique that improved your trading. But maybe you would've come up with that technique on your own, or read an idea in a book or magazine down the road.

When you pay good $$$ to listen to a guru, you have a right to expect that the guru has traded successfully with said method. Just because you learn a new idea doesn't justify a vendor marketing a technique they know not to have long-term advantage.

This is not judgement on LBR or any specific guru, just a general comment that the ends do not justify the means.
 
Originally posted by dottom

For example, I know someone who spent $5000 to attend a trading seminar based on the marketing material and public reputation of market guru he met at the NY trading expo. He left the seminar feeling 99% of it was totally useless and that the guru was just catering to the newbie wannabe traders who didn't know any better. He paper traded the methods and used the chat room to verify he was following the ideas properly. He lost money paper trading and felt ripped off. However, he did pick up one good idea that he used to improve his trading. But he still felt ripped off.
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A new thread addressing fake gurus seems to be really in order here. And there are many of them... of really low integrity.
 
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