In today's video, I try to put the last two somewhat opposing posts in further perspective as I prepare for the final segment of this year's "Trade".
Enjoy the rest of your weekend.
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About Me
- Don Miller
- Don is an intraday S&P E-Mini Trader and Member of the CME who has educated traders and advocated for industry transparency since 1999. Long-term performance of his privately traded fund ranks among the industry's best at over +800% from its 2004 inception to 2010. His 2008 performance of +214% +$1.6 Million bested the industry's top CTAs.
Feb 2010 MoneyShow Interviews
Feb NY Expo Presentation
Don's 2002-2010 Interviews & Articles
2009 Interview With Matt Davio
2009 Presentation to Linda Raschke's Team
2009 Interview with Tim Bourquin
Don't Let Congress Turn U.S. Markets Into A Ghost Town
Every Moment of Every Day
Click on Chart For What This Means
October 2009 Jellie Article
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Comments
7 comments:
Hi Don,
I think it makes a lot of sense for you to heed the internal "cautious flag" you're now feeling.
Throughout this entire blog series you've demonstrated a keen self-awareness as it pertains specifically to your trading style and what's required to keep yourself focused and in the game.
The entire premise of always being on the the comeback as discussed in your July 4th blog (http://donmillerjournal.blogspot.com/2008/07/cornerstone.html) clearly demonstrates your ability to self-analyze and adjust accordingly. If we learn nothing else from this diary, we should at least see that the path to successful trading is a unique and personal journey as individual as we are. There is no cookie-cutter method that works for all.
So for you, at this point, it makes perfect sense to taper off toward the "closing bell" after the kind of aggressive trading "day" you've just experienced. It sounds like you're staying true to form and in-sync with the internal rhythm and mindset that's made it possible for this entire challenge to become such a successful reality. And who knows, once you've had a good rest and time to recharge you you might be ready to tackle the next mountain.
Thanks for letting us see the journey.
Sincerely,
Doug
Hey Don,
First off congratulations on the great year. But also let me recommend a brilliant book that deals with the numerous performance issues you've been discussing. The book is called "The Art of Learning" and it is written by Josh Waitzkin. Josh is the kid that the movie "Searching for Bobby Fischer" is based on.
In short, I believe it to be the best book on performance psychology out there. It is an autobiographical account of the author's absolutely incredible journey to the top of the chess and martial arts worlds, and in it he discusses all the issues you are contemplating now. In specific regarding the most pertinent issue of keeping yourself inspired without depleting your energy, Josh has a lot to say about this from personal experience, as he went from having incredible bouts of focus and subsequent burnout, to being able to sustain years of peak performance consistently with no burnout whatsoever. The key is a totally different approach than simply pumping yourself up and riding the adrenaline. The approach draws on the science of performance psychology, with eastern philosophy and practice, as well as unique insights from the author- one of the greatest competitors of our times in my opinion.
Anyhow, just thought I'd pass along. I think it would be something to look into for your goals next year as it could lead you to a much more sustainable trading journey, with potentially even greater results even as you lead a more relaxed and enjoyable life in general.
Good luck,
Ziad
Doug & Ziad -
Thanks for your insightful comments. The fun part of this business year by year is that we can start & stop at anytime (bamboo trees provide that luxury), as well as make "on-the-fly" adjustments to our approach as we sit fit.
I think Doug's comment is highly relevant to this year, while Ziad may provide some clues for the future.
I do know this ... to the extent I continue to trade in 2009 (which I certainly expect to), it's highly likely it will be with a modified approach.
I also need to keep in mind that I really haven't adjusted my sizing much (vs. 2007) as my capital has increased -- aside from pressing the accelerator during the volatility gift of Sept-Nov (when many were ironically backing off).
That evaluation will occur at the end of the year at the same time that I consider other adjustments, and I just added Ziad's recommended reading to my December shopping list.
Good dialogue ... keep it up.
Don
While you're at it, another incredible book to add to your shopping list would be "The Power of Now" by Eckhart Tolle. I've mentioned it to you once before, but just in case you forgot I thought I'd mention it again.
It's a book about life, but as you know trading parallels life in so many ways. For me, this book has allowed me to have a much better perspective on life and to integrate trading into a larger purpose in life. Doing that gives trading itself a much greater purpose and the syngery that creates is unbelievable.
small point.. suspect the step back at 3.30 each day is 25% preserve the day and 75% that your trading style is not suited to the last 45 mins.. So for the move into the end of year.. fer sure use ther 25% to preserve the year psychologically.. but still no reason to hang back on the other 75%.. Gud luck
Just make sure you sneak by the French guy.
:-)
H
Hi Don:
Even Tiger Woods takes a break after a long winning year....
Good luck Don.
RONIN
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