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Don Miller style traders?

  1. I was looking for other graduates of the Don Miller classes, and videos? Would like to exchange ideas, questions and other assorted stuff? I have been using his "system" for a few months and it works well for me on SPY and QQQ. I am learning to trade EMinis now. I like it because it is simple.......Cathy
     
  2. no offense, but do you work for Don Miller or something? most of your posts seem to relate to him or his methods.
     
  3. No, not at all. I just like his method and have been looking for others who trade it.:)
     
  4. BobCathy,

    I don't know much about Don's techniques, other than the occasional advertisement from Trading Markets.

    Could you say something about the effectiveness of his method, teaching style, etc? Any results?

    Alternative, is there a place where I could pick up some of this information, not as a salespush but as a more objective description and evaluation?

    Your personal experience with this would also be very welcome.

    Thanks. :)
     
  5. The actual method is really simple. Depends on if you want to swing trade or day trade. I day trade and these are my settings. I use a 3 and 13 minute chart with a 5 and 15 MA. Bollinger bands that are set wider than usual and slow stochastics. Whenever the two MAs cross you trade watching the stochastics and Bollingers for potential premise failures.
    My favorite one of his series is the Emini CD and online course. It has a lot of information on it and is easier to access than a video tape for reveiw.:)
    It is an easy method....but the human tendency is to overthink it. I have decent results when I am relaxed. If I am nervous and jump too soon, I break even.
    I have been using it for 4 months, so I am still trading small amounts during the day.
    The results using a daily chart however work very well.
     
  6. cathy.... interesting system.... what kind of weekly points has the system been generating for you???
     
  7. Larrybf,
    I never recorded it in those terms. I am accurate about 75% of the trades on average. I wait for the best set ups as I will eventually be translating this to the extreme leverage of Emini Futures and so you trade less with more leverage. So I do not trade every cross by a long shot. I make a sallary every single week though.

    Summer trading as a rule stinks and I stay away.
    I also do not trade lunchtime, or non-market hours.
    Those three things are fatal to your bottom line.
     
  8. Mir,
    If you go to www.tradingmarkets.com and go to the TM University tab and then go to the line that says Don Miller......there are 11 articles by him that give you the basic set ups of his charts and his ideas. You can get a free two week subscription so you can print these for reference.
    I have a paid subscription so I can get his column every day, along with the Columns by Haggarty and Floyd. The interday numbers Floyd gives really are helpful. He is a HVT like me.......
     
  9. all i can say is that if you can trade a 75 % accuracy win loss ratio with the size of your winners equal to your losers, i am impressed! Duplicate those statistics with the emins and eventually you will be making much more than a weekly salary. BEST OF LUCK.
     

  10. Does this Don guy have some association with the trader who runs Undergroundtrader.com? It sounds like very similar setups.
     
  11. not that I know of.
     
  12. Don Miller used to be at Undergroundtrader, until about 18 mos ago, when he took off on his own.
     
  13. I will ask him on Monday. I thought he was at OpenFund.com before it folded, but he wasn't.
     
  14. but why is he charging a hefty $795 (or so) for that with no money back guarantee and no conditional money back guarantee, such as that if you are not happy after paper trading the system for 2-3 months, you have the right to return it for a full refund. I would stay away from anyone who does not offer at least one of those guarantees. If the system is really good, it will pay for itself and you will have no reason to return it. Apparently, it's not that good. Just my thoughts and my experience with some scammers out there. Any comments?
     
  15. I would say, it depends on volatility. Summers tend to be less volatile, but this past one was a clear exception to this rule.
    Same is true about the lunchtime.

    So am I to think that his system is not good for low volatility periods? I guess so, since it is a trend following system. Am I right?
     
  16. Does the CD contain everything the tapes do?
    Thanks.
     
  17. Don's work is very interesting.

    Attached is the setup I use based on his teaching. It works for me!
     
  18. Don Miller came out of J. Yau's theatre.
     
  19. Don used to hang out at Momentum Trader "MTrader" with Ken Wolff. Ken say's Don had an uncanny ability to pick entries for shorts.

    ~EC
     
  20. 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.
     
  21. 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
     
  22. 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.
     
  23. 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.
     
  24. 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.
     
  25. 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!
     
  26. 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...
     
  27. 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.
     
  28. 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.
     
  29. A new thread addressing fake gurus seems to be really in order here. And there are many of them... of really low integrity.
     
  30. While I was trying to put a put a positive spin on alot of this, I have to agree with dottom that its' buyer beware out there! If you spend $5,000 on a seminar you expect something! Unfortunately , what you usually get is , bad turkey sandwiches, box wine, and a vague trading system! Trust me, I have spent Thousands of dollars on systems and seminars and let me say this in one line.
    THERE IS NOTHING NEW OUT THERE!
    After spending thousands and thousands of dollars I feel that the answer is not the entry that everyone teaches( For thousands), but the real key is in trade management.
    I have had many trades that were 1 to
    2 point winners that I let become 3 point losers.If I had gotten out of 1 contract at 1 point and another at 2 points and been breakeven on the other it would have been a different story!
    Sometimes it takes awhile to learn the markets( I've been at it 12 years).The basics really do work, BUT!!! you have to know what environment you are in. Consolidation vs. trending.Simple things like range contraction/ expansion on the daily chart to help determining the next days plan. If narrow range (of 4 or 7 ) then look for possible trend day, if wide range( of 4) then look for fake outs on extremes.
    I have gotten to points in my trading, where I thought I would just quit.I then realized that the so called "Gurus" don't know anymore than the rest of us.The way to trade is to find something simple(Support and resistance) , Moving averages, and trade with good money management.There is nothing more!
    If you get too complex then you get analyze paralysis and don't know what to do.Trading really is simple.`You have to make a complex thing become simple to be able to take trades, otherwise you will hesitate and watch the trade move without you!The market is not black and white but always grey, you have to find ways in your own trading to make it black and white for you!!
     
  31. I agree. You have to keep it simple. I read more junk about chart formamations that do not mean squat. Butterflies, slim-jims, bowties, flags, cups, domes, steps, retracements...... you name it.

    I use three things.
    Bollingers for range.
    Stochastics for strength.
    Moving Averages for trend.

    Throw in a little VIX, and volume. And that is it.

    I do not listen to CNBC.
    I do not listen to anything but the charts.
    And a little rock and roll.
     
  32. How do you use stochastics for strength?
     
  33. I use them to see if the trend that I am trading is going to pop and when it is going to poop. I know that is not very scientific. But when it hooks over and comes out of the extremes you can see it happen most of the time.
     
  34. bobcathy1,

    Do you always enter/exit when the stochastics are at the
    extremes?

    And why do you think 70% of the traders answering this poll
    have not had any success with Don Millers style?
     
  35. I for one had no success with the system because I did not use it, but still voted 'none'. The poll needs to formulated in such a way that there is an option for those who did not try his system but cannot resist to vote anyway.:D