Don Miller still would have made more than $1 million in 2008 paying retail commissions. He addressed this issue in one of his blog posts http://donmillerjournal.blogspot.com/2009/01/special-post-final-cme-pricing-thoughts.html He had a net profit of $1,635,103 trading 586,184 sides (293,092 RTs) or $5.58 a RT. By leasing a seat for $22,600 (2008 full year cost) he saved $532,651 in CME fees for a net savings of $510,051. So on a retail commission basis he would have made $1,125,052 or $3.84 a RT. Leasing a seat saved him $1.74 a RT. Retail traders should not try to duplicate the active scalper trading model as there is too little potential profit per trade relative to the transaction costs. If you do volume you lease a seat or buy one from your vast profits.
After reading that he has gone back to being a vendor, I deleted him on my bookmarks last night. One has to wonder if his blog was one long informercial, complete with free food. Now comes the pitch. And then you buy!
You have to wonder how one day he has an "idea" that he wants to do something "big" but not sure what it is yet. Then 2 days later he has clearance from regulators, a web site set up, cost established, agreement from his broker for cheaper rates, etc.. That was hysterical, this has been in the works for a long time folks. Don't be so damn gullible. Having said that, if he can make a couple hundred thousand in 2 months from this, more power to him. Nice job.
Don Miller posted his blog for a year without trying to sell anyone anything. I agree that he probably had this in the back of his mind, a way to get credibility ala Larry Williams making a million dollars in a trading contest a long time ago. I don't understand why he would not just keep on trading for himself. Some people might just like to be in the limelight as a teacher/promoter. You have to be a real loner to exclusively be a full time trader.
Another thing that makes him lose credibility is all the cheesy sales talk. For example... (paraphrasing a bit) people tell me I'm crazy for charging so cheap, they tell me I'm selling myself short. Future session costs are likely to rise. He compares himself to the "turtles" It goes on and on, the corny marketing/sales talk is in full gear. Lame.
The value of Don's journal for me were these: 1. Inspiration. 2. Psychological approach to trading. I don't care for his method, scalping isn't my style. I kind of doubt if his teaching is going to be successful, and I don't see why he needs 3 months to do that. It can not be that complicated...
I stand corrected then. Fair enough. It's still damn disappointing that in one week's period of time he goes from "letting everybody have a front row seat" to wanting people to pay $7500 for eight weeks - or something like that. $1000 per week??? Don is a self-purported anti-guru spokesperson. I can only shake my head and be disappointed . . . again. I don't think there's one conscionable successful trader with a public persona. If people think you got the goods, they'll worship at your trading alter. Then there's nothing that prevents you from going for the easy money. Another sad day in Mudville. I'm either disgusted or jealous. Not sure which.
You can bet your ass don is reading every word on et about him. He's an egotistical person who seems to love talking about himself. who the fuck gets angry being up 2 mil in 18 months? as another note said this was all a grand plan to get a following as you don't come up with what he did in a week out of the blue.his final snag was the bamboo cookout so people knew he was real and a nice guy. why the hell would anyone invite strangers from the net to his home if he didn't have a plan to cash in on something? all i can say is i hope nobody is gullible enough to give him 1 penny. his scalping techinques require $1 type r/t commissions and even with that few will be successful.
Im sorry but this thread is not about Don since he doesnt describe his method there. Please share more blogs of successful emini traders.
Wrong. This thread is now about Don Miller and only Don Miller and anyone who knows Don Miller or wants to know Don Miller or could of met Don Miller or should of met Don Miller or anything Don Miller. Just Don Miller. So pony up the 7.5K so you can be a jellyfish or you will never, ever be able to trade like Don Miller.