I tried Don Miller too. Bought everything the guy had to offer. Cost me a fair chunk of change. I realize why his system works so well for him. It is the accumulated knowledge he has, not just the system he wrote down. That is really impossible to put down on paper. So I study everything I can get my eyes on. I talk to other traders, some who make money, and some who don't. I learn the most sometimes from other's mistakes. I try out new ideas all the time, it is my nature. And also it is the market's nature to change and we have to be flexible in our approach. I faithfully follow Woodie's CCI now and do ok for myself. I enjoy listening to the moderators looking and commenting on the same charts I look at. Somehow not looking at prices at all has really helped me trade better. And he gives a wealth of information away for free on his site and HotComm everyday. There is no grail, just a lot of hard work.
I agree that there is no one system that works. I paid for about 6 or 7 systems and Millers was probably the worst for me. I believe bobcathy was the biggest supporter of him during the years, but she even eventually used other systems. If you want a good starting ground, I would suggest picking up a TA book at Barnes and Noble and you may find the edge that will make you consistent money.
I don't know Don Miller, but he appeared on these boards a while back. Seemed nice enough and was very eager to assist people. I read his stuff for a while on TradingMarkets and concluded it was not for me. I don't doubt that it is difficult to teach someone to trade your method. But the problem I have is you will never see that mentioned in the endless promotional materials for these various gurus. Not to pick on Don, but how do we know he has ever made a dime trading? The last few years have not been easy times to trade the ES/NQ. Low volatility, lot of chop, and overnights have often been met with brutal reversal gaps the next day. I feel for people who tried to make it as traders during this period. I think a lot of bubble market gurus got an ugly wake-up call when they ran into these markets. I agree with LBR that it is not the worst thing in the world for a newbie to get thei rhands on a simple vol breakout system and trade it very small, just to get an idea of how markets work and how systems work. I wouldn't use the ES for that though. What makes no sense at all is to shell out several thousand samoans on "educational" materials and systems. Far better to spend the money on backtesting software, which will teach you far more than any course can.
I know this is an old thread but having just tried Miller's interactive CD (his earlier version I should add), I would like to offer my take on it for the benefit of other traders. I must say I was somewhat dissapointed. Echoing what others have said, this is basically a 5/15 MA crossover system, using the far extremes of Bollinger Bands to determine higher probability entries. I get the feeling that Miller is a straight up fellow; the course was also well written and you can tell he really tried hard to make it good. But I found many gaps in the material. For example, how do you avoid or anticipate whipsaws in what is a basic MA crossover system? He also discusses the concept of positioning yourself in several trades with tight stops before hitting the favorable trade. Offering the example of a trader making 3 trades, one is break even, one loses $.10 and the other gains $.50 for a profit of $.40. I've heard this double talk before and have never understood it---presumably because it makes no sense. For example, how can your first trade be "break even" if you're using an opposite MA as a trailing stop? With regards to the e-minis, if you make two losing trades, even at a tight 1 point loss per trade (amounting to actually 2.25 points loss with commissions), your winning trade HAS to be about 3 points to even come out ahead. Yet, most winning trades in the S&P's typically average to between 1.25 and 2 points. The math just doesn't work out. He also offers different approaches to the 5/15 MA strategy but doesn't seem to clarify exactly which should be applied in what situation. Again as someone else had mentioned, it might very well be true that Miller uses his system to success; this seems to be a reoccuring theme in trading. But his success might very well be the combined market knowledge he has in 'reading' markets BEYOND the mere simplicity of the system he offers.
when I wrote: "how can your first trade be "break even" if you're using an opposite MA as a trailing stop?" what I was referring to was being stopped in a whipsaw type situation which would tend to end your position quickly and at a loss.
Don is the real Mccoy. If you don't believe it, listen to the Inner Circle audio/video presentations that were live interaction between the IC members and Don once each week for 15 months -- usually lasting 60 minutes or so. About 75 hours of live video. He 'can' trade, but perhaps you can't for all the reasons he gave in the referenced link. Trading, after all, isn't for everyone. It usually takes much more than simply following a few rules; at least his approach does.
I'm sorry, were you answering my previous questions/criticisms? Or discreetly posting an advertisment for the Inner Circle videos which run over 800 dollars?
Having watched Don Miller's trading courses from TM, I have to agree with traderon; they are almost worthless. Thankfully, I did not pay for his courses or I would be really pissed off. Don may be a successful trader in real life, but what he teaches just will not work. Maybe he doesn't reveal all his techniques, but MA crossovers, B-Band extremes, and stoch oscillations will not work in the real world.
Traderon I am not affiliated with the sale of Don Miller's trading materials in any respect. I would suggest you stop bad-mouthing him until you have watched the 75 to 80 hours of video that accompanied the Inner Circle course. Only then will you have a proper understanding of his methodology.