Today's video responds to a few recent emails and comments addressing trading losses, while floating the idea of beginning an effort to track and log $100K in trading revenues using modest sizes and capital.
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5 comments:
Tracking the progress of a modest trading account ($25-50K) would be great and would show that you don't need to start with a large balance to make a decent net profit. Definitely a cool idea!
Prior to entering the Trading Business I spent MANY years investing in Real Estate. Let me Tell you about my friend Bruce Norris, Bruce is a man who know California Real Estate investing like it's nobody's business. Bruce started out like a lot of people, his first house was a shack with the rain coming in on his and his wife’s heads. Today, Bruce is President of the Norris Group (you are welcome to Check him out on the Web). He walks the walk and talks the talk. He is a man of Complete Character and transparency. In October of '97 I had the honor of sharing 5 days with Bruce and 9 other investors for 3 days of instruction and 2 days of "Boot Camp" where he takes you out on a Bus on the road. Anyway, I remember when we were at the County Courthouse steps at a tax Sale Auction just to witness it and there were two investors there who approached us students and snidely asked; "Did Bruce tell you about the house he bought don in the "hole" that flooded from rains coming down the driveway? Our reply; "Why yes, he told us of a lot the mistakes he made in fact". Today, Bruce speaks to SOLD OUT Audiences and has been featured in numerous publications and Television News Stories. He and his family are independently wealthy, he gives to numerous charities and lives in a magnificent home and attends and volunteers his time at his church in which he is very involved. I wonder what those two "Investors" are doing today?
We all make mistakes and if we didn’t, we would never learn. Kudos to you Don!
Recent Jellie, Bob S.
Simply said: If you want to become a VP in a company, talk to a VP who has made it. Don't talk to a plumber, your Mom, or anyone who has never been a VP in a similar company.
When it comes to trading, talk to someone who is a SUCCESSFUL trader and they will tell you how to do it, and what to expect along the way. Don't talk to a plumber, your Mom, or to anyone who does not trade for a living. That is unqualified advise and should be avoided.
Don Miller is a trader. He puts it out there for all of us to see. He is genuine and open. That's qualified advise. Linda Raschke whom Don refers to often, is also a qualified person...she is a trader. The list of qualified traders that we know is probably fewer than we would like to think.
Don, thank you for making yourself available and taking the time to show us what to expect, the work it takes, and allowing us to learn from your journey and your teaching.
"Why share things like that?"
Yeah Don ... I am a little stunned too. I'll give an answer to that question:
There's a whole new breed of market educators out there who give a COMPLETE look at the realities of trading, than simply trying to "hock a educational business".
If someone is going to educate someone else about trading; then those being educated need to see 1) Honesty 2) Integrity 3) The complete Educational Package - rather than a partial education.
New folks to the markets are getting a whole new breed of educator, than when guys like Don and I started out ...
Great entry Don
Dan
Don,
I was both surprised, and not surprised at all, by the comments (you mentioned in today's video)about not sharing losses with the public if you're want to market your course/service.
Unfortunately, this approach is all too common among the many black-box systems sold online and offline.
Being a marketing consultant myself I can see (but don't agree with) what they're doing.
I see two issues with this approach. 1) It is creating false expectations (over promising) - which invariably leads to disatisfaction (with all the negative consequences a dissatisfied customers brings). 2) Because everybody's doing the same (i.e. overpromising by hiding the truth that no trading system can be 100% right 100% all the time), provides the very few genuine operators (like yourself) to differentiate yourself from the crowd. The reality (which most don't get) is that by telling the truth is that you in fact underpromising - which sets the scene for massive overdelivering.
Don, hope my diatribe makes sense.
As a professional marketer (who approaches marketing from the perspective of the customer) I am amazed by the amount of B.S. the industry gets away with. I often liken these people, the modern snake-oil salesmen of yesteryear.
Don, keep up the great work. Say it as it is.
Cheers,
Daniel Eigenmann
An avid follower of your journal from Western Australia
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