Don Miller

Chronicles of a Million Dollar Trader (eBook, PDF)

My Road, Valleys, and Peaks to Final Trading Victory

• Format: PDF

Produktbeschreibung

Trading strategies always look great on paper. But when it comes to trading in the real world, market chaos and human unpredictability often make even the best strategies seem inadequate to the task. The hard truth all traders eventually learn is that trading is far more difficult when your chips are down and the pressure is on. In the tradition of Edwin Lefèvre's legendary book Reminiscences of a Stock Operator, Don Miller's Chronicles of a Million Dollar Trader offers an inside look at the ups and downs, failures and victories of one of the few traders to have ever earned $1 million in a calendar year by trading futures intraday. In this detailed journal, Miller lets you peek over his shoulder as he tiptoes through a minefield of potential mistakes, miscalculations, and self-defeating behaviors in search of consistent profits. Along the way, he shares trading diary excerpts from 2008 to 2012, as well as his actual performance for every futures trading day from 2004 to 2011--almost 2,000 days worth of real trading results and analysis. You'll follow along as the challenge of everyday trading teaches Miller the importance of focus, motivation, controlled aggression, and just showing up--especially on those mornings he'd rather sleep in. As you track his progress hour by hour and day by day through the journal, you'll see how he recognizes his strengths and weaknesses, reaches or falls short of his daily goals, analyzes his results, and applies everything he learns to future trades, including valuable insights gleaned from sports, poker, and life. If you're thinking of quitting your day job to be a full-time trader, Miller offers a clear-eyed look at what you're getting into. His path to success was rocky, with ecstatic highs interspersed with intermittent setbacks. Despite his well-crafted plan, his intelligence, and his dedication, Miller began his trading career the way so many others do--with losses due to a lack of training and a poor business plan. Though he learned his lesson, ate his humble pie, and got back into the game successfully, there's no reason for you to repeat his mistakes. Chronicles of a Million Dollar Trader reveals how successful trading is about much more than reading charts, because you're not just playing the numbers--you're competing against the markets, other traders, and yourself. Much like a sport, winning is the result of good planning, practice, and execution, and if you're not on your game, then you're already on your way to losing. If you're a full-time trader, part-time trader, or just considering becoming one, this insightful, revealing look inside Miller's mind offers vital lessons on how to trade like a champion.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 288
• Erscheinungstermin: 12. Juni 2013
• Englisch
• ISBN-13: 9781118627730
• Artikelnr.: 39041926

Autorenporträt

DON MILLER is an independent fund trader, educator, and industry advocate. Between 2004 and 2010, the total return of his privately traded fund exceeded 800 percent. In 2009, he created the popular "Jellie" trader training program through which he educates traders and raises money for various charities. He has spoken at numerous industry forums and has been widely published online and in print. Learn more at DonMillerBlog.com or DonMillerEducation.com.

Inhaltsangabe

Preface xi
Acknowledgments xv
Introduction 1
The "Race" 1
A Motivational Carrot 2
How This Book Is Organized 3
Out of Hiding 4
Intention and Use of the Trading Journal Entries 5
Journaling and Performance 7
Balancing Credibility and Humility 8
Bamboo Trees and Windows 9
A Book about Trading? 10
Part I Beginnings 13
Early Tunnels of Life 14
A Late Bloomer 15
Early Vocations 16
Don't Quit Your Day Job 17
Out of the Abyss 17
Evolving Perspectives 19
A Sporting Chance 22
Part II Journaling the Million Dollar Race 25
July 2008 Journal Excerpts 25
The Cornerstone 25
Why Has It Worked? 27
Poker Impacts 28
Wouldn't You Know It 30
The Intraday Journal Begins 32
Planning and Trading a Premarket Bias 34
Go with Your Strengths 36
Textbook Morning-After Prior-Day Trend 37
Market Bias 39
Morning Sequences 42
Fouling Off Pitches 44
Work Remains 45
August 2008 Journal Excerpts 50
The Story of Grace 50
FOMC Day 52
Post-FOMC 54
Blinds, Antes, and Patience 56
Fool Me Once . . . 58
Changing Rhythms 60
Tale of Two Markets 62
Trend Day 65
Any Green Is Good 67
Volatility Returns 70
Range, Range, Break 73
Hold the Phone 75
Silver or Gold? 77
Breathing Room 78
Digging to the Surface 82
September 2008 Journal Excerpts 84
In the Zone 84
Less-Than-Peak Performance 86
Dreadful Start 89
Solid Performance 92
AM Offense; PM Defense 95
All Good Things . . . 98
A Market Blessing 100
A Forgettable Week 102
Raising the Bar for the Final Lap 103
Closing the "Trade" 105
Now It Gets Harder 107
October 2008 Journal Excerpts 108
Monday Mess 109
Autopsy of a Mess 110
Back to Work 111
86 Percent Recovered 113
Dodging the Carnage 115
Day Off 117
I Left in the 7th Inning! 118
Suck It Up, Don 120
Hitting a Wall 121
Role Reversal 122
Eye of the Tiger 123
A Defensive Win 124
Dodging Landmines 126
A Step Slow 128
Welcome to My Final Table 129
Morning Strength 131
October Wrap 133
November 2008 Journal Excerpts 136
A New Game? 136
Fighting It 138
Starting a Cold Engine 139
Jack Be Nimble 140
The Power of Momentum 142
Managing with My "B" Game 144
No Style Points 146
Brutal Pace 148
A TICK Tutorial 149
Warning Signs 153
Finish-Line Adjustments 155
December 2008 Journal Excerpts 157
Steady as She Goes 157
That "One Thing" 158
Pointing the Finger 159
Order Restored 161
The Week That Was 164
Empty Tank 165
Two Strokes Remaining 167
It Is Time 168
Year of the $1.00 Goal 170
2008 Year-End Grades 171
A Night to Dance 173
Part III Beyond the Race: Best of the 2009 Journal Excerpts 179
Roller-Coaster Day 181
The Jazz Trader 182
Wastebasket Day 184
The Sun Came Up 185
Five Stinkin' Minutes 186
Upon Further Review 187
Life After 40 188
Where It All Began 190
The Missing Inches 191
Why We Floss 192
How I'll Spend My Summer Vacation 193
Part IV Birth of the Jellyfish 197
The Genesis 197
Selecting the Team 199
The Jellies Speak 200
No Country for Old Men 200
Teamwork and Simplicity 202
Keys to the Castle 203
Part V Beyond the Tank: Best of the 2010-2012 Journal Excerpts 207
Poker, Trading, and Focus 207
Workplace Safety 209
Focusing on Life's Comma 211
You're Fired 212
The Flash Crash Autopsy 213
Money Never Sleeps 217
Part VI The MF Global Bankruptcy 221
Frozen on the MF Global Iceberg 222
A Different Kind of Trade 227
We Win 228
Part VII What Goes Up . . . 233
An Object in Motion Stays in Motion 234
Trailing Stops at the Macro Level 236
A Thousand Words 239
Part VIII Final Thoughts 245
Appendix Journal and Jellie Shorthand and Acronyms 247
About the Author 251
Bibliography 253
Index 255

Rezensionen

"Focus, tenacity, self-analysis, and intensity. Don Miller conveys the essence of trading in such a compelling and down to earth manner - the reader literally eats, sleeps and breaths Don's moments of triumph and exhaustion. Don clearly nails the most pertinent points in this business: add to your position when you have a strong hand, fight to dig yourself out of the inevitable abyss, and don't trade when you are tired. This book is what professional trading is TRULY about!" -- Linda Raschke, President, LBRGroup, Inc.

"My career as a broker with some of the largest futures brokerages in the world has put me in a unique position to evaluate traders. I've been able to observe many of the best futures traders in the industry over the past 20 years. And what I can state with certainty is that Don Miller is one of, if not the, best futures traders I've seen. Great traders are able to recognize and adapt to changing market environments. They take their mistakes and use them to become better traders. Great traders possess the unique discipline to manage a losing trade as well as a winning one. These are the qualities I have witnessed Don Miller master. The fact that Don has agreed to share his experiences and insights, make this book an invaluable doctrine to all traders and investors alike." -- Patrick Lafferty, President, Capital Trading Group

"I've had the good fortune of watching Don Miller trade profitably in front a live group of full time traders over a two day period of time. The methods Don teaches are solid and more importantly, as you will see here in his book, they've been consistently successful. This book goes further than most trading books because you get to live with Don day-by-day seeing both his actual trading along with his mind frame. If you want to learn from someone who has mastered day trading, and has successfully done so for years, then this book is must reading. Highly recommended!" -- Larry Connors, Founder of TradingMarkets.com. Author of How Market's Really Work

"I have personally seen Don trade for several years and is candidly one of the best. His book is enlightening and helpful in understanding the mindset to a successful trader." -- Steve Demarest, President of MB Trading

"A true story of sacrifice, hardship and success. Don Miller shares his story to make 1 million dollars in one year in real time, real trading records and real life." -- James L. Koutoulas, Esq., CEO, Typhon