Saturday, July 11, 2009

** VIDEO ** The Weekend Trader

In addition to clarifying a few of my comments in yesterday's post, I wanted to respond to a few concerns that some have expressed with respect to the "Jellie" effort, including my transitioning at least in part back to the educational side and how we're going about doing it.

Enjoy a restful weekend.

15 comments:

Dominic said...

Hi Don: Well I believe that's its this weekend that you decide who makes the cut for the group; still not sure how you determine the applicants or what the guidelines are; hopefully its not solely based upon who was ABLE to attend the BBQ...

Have you ever thought about offering 1 lucky individual a full paid slot in the group?? I'm sure that we all have seen or read about that one lucky individual who wins a spot from an online Poker tournament and it goes on to change his or her life; the same could be true here..

I'm sure that the $7500 will be difficult for some to raise here; myself being one of them; yet having an opportunity as mentioned above could literally change one persons life..

That and 21 is a lucky number! :)

Take care and enjoy your weekend!

Dominic

Markus said...

Looks like all those elitetrade.com riff-raff emerges from the slurry to denigrate your project... ;-)

Cheers,
Markus

Chuck said...

Don, please quit falling over backwards apologizing. There must be 1) lots of angry people("educators" who are being asked by their customers to "put up or shut up" their trading stats in following your lead)....2)frustrated (losing)traders who are taking jabs with the old "well if you can't play the game then be a coach instead"...and 3)"entitled" people who think its their right to get top notch education for free, or at least darn cheap. For the record, I won't be a jellyfish (can't afford it...and that's my fault, not Don's). It's your business Don, take it and run with it and don't give a %$#@ what others think. There are many winning trading plans out there. I'm not worried about going out of business myself just because I can't be a jellyfish. There's a quote out there somewhere (can't remember the exact words) that goes like this...."Soaring spirits have always encountered violent opposition from mediocre minds".Keep up the good work Don. You're a true nugget in a field littered with fools gold.

Don Miller said...

Interesting idea Dominic ... I'll think that one over.

Don

Two Jacks said...

I agree with Chuck, knock it off with the apologies.

You have been like my fictional hero so far, Howard Roark from Ayn Rand's The Fountainhead, who never apologized for doing things his way.

As for your motives, as far as we spectators know/knew, this could've been your objective from the moment you launched this blog last year, and so what if it was?! It's your gig and you should do it your way with no apologies to the detractors.

As for the money, you have to make it worth your while and make sure that the students are committed. A select group of freebies may have your commitment, but how do you know you'll have theirs unless there is a substantial financial consideration? You can't know either way, but the higher probability of finding a committed student comes with an enrollment fee.

We all grow or regress in some way or another as traders. This is a step in your personal growth and the the growth of the traders who will go with you.

I'm happy to see it, and I think you're undercharging for the effort.

Jack

Edward said...
This comment has been removed by the author.
Tom said...

I also applaud Don for his willingness to help other traders improve their skills. In the short term, there’s a lot more downside to Don than upside…as demonstrated by the “I told you he was too good to be true” reactionary crowd. However, there’s far too little opportunity to apprentice and learn from a Master in this business. You can probably count the legit players on one hand. So many people have been burned that’s it’s only natural, and even healthy, that people are suspicious. Like market oscillations, it’s expected and one shouldn’t worry about it. Don's project will be a great contribution and I wish him and the team best of luck.

Phi said...

Don,

Dominic's post resonates with my earlier post i.e. if you are truly trying to do something here for other traders...why charge them?

Would it not place you at near legendary status to take 20 traders and turn them into profitable traders WITHOUT charging them a dime. You could of course ask for some split on their profits (arrangement made ahead of time of course). Or even just take in enough to pay overhead and then take your profit from the split of profits.

Anyway I guess I am so passionate about this because I remember being at the place these traders are i.e. thinking all I needed was for someone to "show" me the way of a professional trader. In the end my mentor taught me to find my OWN way in trading. That was the secret. Belief in myself and my method in order to execute it CONSISTENTLY.

Sadly (and ironically), as exemplified in Dominic's post ALL of the traders who are willing to pay you such a large sum of money indicates they are NOWHERE NEAR ready to take this next step. Their willingness to pay such a sum shoes their delusion and desperation with regard to being able to trade.

I did want to clarify one point from my last post. I did not mean to imply that you were like Sarah Palin with regard to trading (that is funny). I meant that you enjoy being in the spotlight but do not like handling critical comments (like Sarah Palin). My comments are not meant to be malignant. I have viewed your blog for some time and for the most part have enjoyed it (esp the bamboo tree and life after 40 posts). This Jellyfish idea just set me back on my heels with a real disillusionment re: the motive for your blog and even the cookout.

So.. best of luck. I will give you this. After seeing my mentor try to help several other traders I think you DESERVE 10K for doing it! LOL...now you must think I'm a nut job. That's ok. But seriously I am no stranger to the fact that trying to train these traders who I alluded to above are nowhere near ready emotionally to be CONSISTENT are likely going to make you earn it (simply because of my reasons stated above). I'm sure you are aware of this and thus your reason for charging the fee. It certainly is a nice payday (250k) for 8 weeks and makes up for some lost time on the way to your goal.

In the end the reason for my original post to you is exemplified in Dominic's "plea".

I promise not to pester you with anymore of this silliness. Thanks for at least reading my post. Best of luck.

Chris

Phi said...

One last point....

If you really want to balance the comments. Post mine or others (that are looking at this PUBLIC venture with a critical eye) and let the chips fall where they may. Posting all the "backers" of your project only fuels the fear and desperation of those trying to "get in"

Pony up. Don't be a "Palin" :)

-Chris

Markus said...

Don,

do you consider a trial period for the webinar combined with a refund opportunity?
IMHO it would be a fair deal to offer the opportunity to pay only for the first and maybe second webinar if one participant notices that it is not what she/he wants.

Cheers,
Markus

Don Miller said...

Markus -

Please see Sunday's post and attachment.

Don

Don Miller said...

Chris -

As I mentioned in yesterday's video, I don't screen comments except as mentioned in the longstanding FAQ, and encourage you to review Saturday's video response to the handful of concerns that I've received.

In this case, I simply and respectfully asked this one time (on Thursday) not to enter into a debate on the final Jellie structure as I knew there were 1,000 ways to do this and we could go on forever. (Duh, which of course is happening ... lol.)

And while I respectfully disagree with several of your comments ("huge sum", "not ready", etc.) based on years of experience both teaching and trading that have showed otherwise, I will always respect and value everyone's opinion, even if different, for that's what makes a market.

I won't belabor the point further, yet am moving forward with the utmost confidence that the final structure strikes the best balance of regulatory, participant, and instructor concerns. The interview process is ensuring that it's the best fit all around, and I've already turned down several folks who I felt either "weren't ready" for such a program, or who were successful and I felt didn't need the full immersion experience (lesson from Seve Ballestaros).

This is an extremely serious endeavor at all ends, and will be treated as such.

I likely won't comment further on the topic as I move onto working with a team of professionals who want to be there for the right reasons.

Thanks for your input, and I wish you all the best as you move forward.

Don

Dominic said...

Chris:

"In the end the reason for my original post to you is exemplified in Dominic's "plea". "

Not sure how you misconstrued my post as a "plea"??; it was just a suggestion in regards to the tuition fee.

I, along with many others here, are not looking for someone to hold our hand when it comes to trading; I'm always refining and seeking to improve my trading abilities and feel that Don has some unique characteristics/qualities and insight that can help further my, along with others, trading results.

"Their willingness to pay such a sum shoes their delusion and desperation with regard to being able to trade."

There are numerous successful individuals, not just "traders", that pay large sums of money to help propel them in their prospective fields; this is no different.

As iron sharpens iron, I seeking to partner with high caliber traders to get to the next level; yet the fee will be an issue to some here..

Wish you the best of success

Dominic

Trader Kevin said...

Phi: "Dominic's post resonates with my earlier post i.e. if you are truly trying to do something here for other traders...why charge them? Would it not place you at near legendary status to take 20 traders and turn them into profitable traders WITHOUT charging them a dime."

Don, Phi's idea is great, but he doesn't go quite far enough. I think you should pay the Jellies!

Seriously, this is a huge commitment on your part. It will probably have a negative impact on your income and you are offering something of real value. As I tell other poker players after they give me a bad beat, "Don't apologize, we're playing for money."

Trader Kevin said...

Phi: "You could of course ask for some split on their profits (arrangement made ahead of time of course). Or even just take in enough to pay overhead and then take your profit from the split of profits."

Phi, there are regulatory and risk issues that make this a non-starter. What if someone fat-fingers a trade and blows out? Does Don want to be on the hook for half the losses?