Archive for The Weekend Trader
The Weekend Trader – Frozen on the MF Global Iceberg
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4:00 PM 11-4 Update: J.P. Morgan & MF Global Fight over funds.
I’ve thought long and hard about whether, when, and how to write a post on the MF Global situation.
One reason was because I wanted to avoid participating in the initial industry rumor mill which has been rampant beyond belief over the last four days – and which often contains more inaccurate vs. accurate info.
Another reason is that I have a lot of “skin” in this particular dilemma – actually more of full torso as I mention below – and didn’t want my personal emotion to dictate my words.
Yet this journal – even as it’s evolved into more of a formal educational venue in recent times - has always been about the “good, bad, and ugly” of the truth behind the futures trading industry. And oh, have all three been seen in spades this week.
As a quick aside, I’m told I remain one of few – if any – to have publicly spoken about my personal drawdowns and rocky periods along the road to present day, including that large one-day draw on that Monday in October 2008 when the VIX was spiking toward 80 and last year’s Flash Crash - both of which occurred among backdrops that had never been seen in the industry. Of course, both were simply momentary stumbles from which I recovered as any decent trader would and should, including using that Monday lesson to turn a profit by week’s end.
And so I feel the time has come to speak in the continuing spirit.
So here we go again with a deeply personal post with full transparency.
I’ll begin by saying that I am one of the larger non-institutional clients for whom MF Global cleared futures trades, with approximately $3 Million in personal trading balances amidst three accounts. One is my main retirement account, one is a small personal account, and the other is the modest prop firm account I’d recently established.
I’d been a customer of theirs since 2003, and I’d rank their trade clearing, technical support, reporting, and yes – even the ethics of those with whom I directly worked (note the bold) - second to none.
I’ll also quickly follow up these points with saying that I made two personal mistakes that led to more personal angst this week than should have ever occurred.
The first was leaving too large an accumulated balance directly with the clearing firm. Ironically, I truly thought about significantly reducing the balance in recent days, but hadn’t moved on it given what I viewed as “higher priorities” … not to mention the fundamental essence of “segregated accounts” with daily controls. Even Refco clients ultimately retained 100% of their capital amidst an environment of complete fraud.
I’d also not given MF’s Europe debt problems enough personal attention and thought during the preceding week as my focus was on my other businesses much of the time, including my obligation and fiduciary role to PivotPoint Advisors, for whom we had just closed out of Friday’s profitable long trade sequence at the market highs before this week’s early-week cliff drop. And again, there was that “segregated account” protection where business segment A was supposed to have no relation to business segment B.
The second error at my end was not having a back-up clearing firm with whom I could immediately clear new trades, which cost me dearly in opportunity loss this week … which in the “when it rains it pours” category turned out to be the most fertile trading environment in terms of concrete opening MATD or gap sequences we’ve had all year.
So before I jump on the MF dogpile, that’s my own glass house for all to see.
Now, let’s turn to the chronicle of my journey of this past week.
Monday 10/31
My plan – as it typically is on both the last day of the month and a Monday – was to trade lightly. And at 9:47:27 AM ET, I’d just closed out a small long trade for a modest profit. I then tried to place another order which the platform didn’t accept. “Great …” I’d thought with some sarcasm,“… an order entry platform issue on a Monday morning.”
So I then checked to see if I could place a Eurex trade, which I could. “OK, must be an issue with the CME feed.”
I then called the MF support desk and was told the Merc had suspended MF’s electronic access to the CME markets. “WTF? OK, let me trade Eurex as a derivative of the ES action. Hmmmm … on second thought, maybe not … something has to be up.
The rest of the day is frankly a bit of a blur, but included morning calls to my FCM FuturePath Trading (the “Good” as I’ll explain below), a decision to request an immediate wire of my full main account balance, and calls to my long-time contacts at MF (more “Good”).
Then, an odd thing happened. For the electronic access to the CME – which I tested by pacing orders outside the market – had been turned back ON.
A quick call to the MF support desk ensured: “What’s going on?” I asked? “Liquidation orders only” they responded. “Are you aware I can place opening orders??” I shot back. Deathly silence at their end, followed by “We’re only doing what we’re told.”
I then turned my attention over the next several hours to babysitting the liquidating wire request as best I could from a distance. Of course, it turned out that the request – which was quickly joined by requests to liquidate my other two accounts – came after all outgoing activity had been frozen.
It was during that time where the news began surfacing: Failed sale to Interactive Brokers, Bankruptcy, Frozen assets, Missing client money which by law was segregated with controls that had tested the time of many failures over the last decade.
Tuesday – Friday
The rest of the week turned into a mix of constant phone calls to FuturePath (God Bless them for putting up with me), calls to MF Global, constant internet Googling, and a lot of personal and spiritual angst over what was or wasn’t happening.
And the news — along with my human emotion — shifted by hour as both fact and rumor battled for position in my mind:
$900 Million missing. $600 Million missing. $300 Million missing. Nothing missing … it’s all there and just an accounting issue.
I’ve retained everything. I’ve lost everything. Sure, it’s “only” 10% of client money as I grasped for silver linings – but what if my accounts were among the 10% … that’s essentially 100%.
And then the personal regret kicked in. Why hadn’t I pulled the balance down? Why did I allow myself to be distracted and “complacent” as to not see the writing on the wall during the preceding week and get the funds the heck out of there? But they’re segregated balances reported and monitored daily.
OK, now the specific Good, Bad, & Ugly categories:
The Good (Much of it “Very”):
God, my wife Debra, my PivotPoint partner John, Pat, Maria at MF Global, the regulatory agencies swarming to protect our interest – else this entire industry falls like a house of cards, and the entire team at FuturePath Trading – especially Damon, all of whom came to my support this week during those times when I was at best a pain in the neck, and at worst, unnerved.
You see, the vast majority of the futures industry – while competitive on the one hand – is actually a very tight-knit family of sorts. And it was during the events of this week where we learned who were the true blue family members, and who were the black sheep.
At one point, I even found myself comforting one of my MF Global friends – who was in tears over the prospect of damage to my account – despite her difficult personal situation.
Another “good” element was my decision to initially trade lightly – as matter of generealy rule – and then to stop all trading completely on Monday as soon as I figured something was up, which left me with zero open positions as everything was unraveling. Obvioulsly, those with open position had to wrestle with both (1) somehow closing the positions, and (2) exposing themselves to additional market time – perhaps days – and risk.
The Bad:
My personal loss of spiritual perspective at times. From dust to dust Don. You’re simply a temporary steward anyway. Why it took me almost three days to finally put the situation in God’s hands, I’ll never know. For it wasn’t until Thursday morning that Deb and I prayed together for God to directly intervene and unleash his full power and might to guide the regulators to ensure His assets remained in His kingdom. Before that, Deb had been praying for me to regain my spiritual footing!
The loss of income as trader accounts have been temporarily frozen and unaccessible during a very fertile time.
The lack of constant communication from the regulatory bodies to clients with accounts (although I do understand their challenge and the Trustee website is beginning to serve as a decent clearinghouse of sorts).
The quick - under a week – allowance for the transfer of accounts with positions and a portion of the underlying collateral to other brokers, but not for those accounts simply sitting in cash, which would be the case for most intraday and/or liquidity-providing traders. At worst, initially moving 50%-75% of the cash this week would have been far more prudent, followed up with the rest in the near-term as assets are redeployed which by law should first go to making the cucstomers 100% whole. I even phoned my senator’s office – both the Washington and Boston offices – for the first time ever to discuss.
The resurrection of another reason for some politicians to rally the “transaction tax” charge during – of all things – the European summit which is addressing the same thing. Talk about poor timing.
The Ugly:
To this point, I’ve not piled on the MF Global bandwagon. For as in any “trade”, I believe the finger first points inward, and there are of course things I could and should have done at my end.
Having said that – and taking a deep breath – there is clearly a LOT of ugly that has surfaced in recent days.
Alleged violations in the sacred fiduciary and segregation principles, along with alleged deceit with a trail requiring a team of forensic accountants and multiple regulatory agencies to unravel and which has drawn attention from the CFTC, SEC, SIPC, and FBI.
This hits particularly close to home as we’ve tried our best in this small corner of the world to help this business become more transparent over time through “truth in blogging”, bona fide education, and – now that I’m on the fund management side of the business with PivotPoint – constant communication with clients via email and weekly website Briefings that involve trade sequence explanations. And then the industry shroud reappears … talking about swimming upstream.
A man who was all smiles in giving a speech as his company was going south.
I could go on with respect to the Ugly, but will leave it at that … adding one more category called “The Irony”.
The Irony? -
That a firm catering toward traders – who should be taught tight risk management principles in the event of a failed trade – would fail based on the excessive risk taken on by the firm itself.
A few days ago, I posted “This too shall pass.” For in the end, there is absoultely no reason to believe that clients won’t be either made 100% whole, or pretty darn close to it. So this is truly a bump in the road – albeit a large one.
Yet this week has reminded me why I don’t like flying in planes. For unless I can see out the front window, can see what’s ahead, and am flying the plane (even though I’m not a pilot), I’m very, very uncomfortable.
And this week I’ve had zero control … over everything.
For some reason, I forgot who the real Pilot is.
And to Him I have to give my utmost trust.
Have a blessed weekend.
The Weekend Trader Part 2 – PivotPoint Briefing Is Up
Posted by: | CommentsI’ve made a slight redesign to my weekly PivotPoint Advisors CIO Briefing, which is now accessible for the past week via the Briefing Room tab of the PivotPoint site, or you can use this direct link to access the PDF file.
This week’s edition discusses our recent trade sequences for varying portfolios in detail to continue our mission of full transparency.
And here’s the more extensive Part 1 of The Weekend Trader which was posted yesterday if you missed it.
The Weekend Trader – SUNDAY Morning Trading Quarterback
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We’ve all heard the phrase, “Monday Morning Quarterback” which describes using hindsight and history (which will of course always be 100% accurate) to prove one’s point, instead of having to take a stand as events were unfolding.
So we’ll call this and every other of the some 1,000 posts in this journal “Sunday Morning Quarterback” to reinforce that fact that traders must make decisions in real-time.
Over the past few years in the pages, I’ve tried dearly to provide multiple ways, tools, and most importantly in this industry of smoke and mirrors – concrete evidence – that once one TRULY understands the business of trading, the opportunities are endless.
And in the chart to the right (click to enlarge), I provide yet another piece of evidence as it unfolded in real-time last week. Here’s my full Briefing analysis and portfolio positioning strategy from last week.
With all due humility, and as I’ve said repeatedly, the ONLY things that will EVER prevent me or any other bonafide trader (the minority amidst the majority of rubble and roadkill) from running a profitable trading business are (1) focus, (2) energy level, (3) motivation, and (4) simply showing up.
That’s it.
Period, end of sentence, exclamation point.
Those who know me well know that’s not a boast or brag. It’s simple fact.
Notice I said nothing about evolving markets, regulatory changes, market conspiracy theories, etc. We simply adapt and execute.
As Bill Belichick would say – in rather monotone fashion – “The record is what it is”.
But far more importantly than my record, and the ONLY reason this journal exists, is to try to do everything humanly possible to provide you with the tools.
Such as trading and blogging my way amidst these pages to a multiple-year sustained personal track record of over 800% growth from bare bones to a multi-million dollar portfolio … with every single penny in tact and which continues to grow to my choosing as long as I focus on the “four horsemen” above.
Freely paying it forward via a thousand journal posts, 17 Jellie Networking Room chat logs (always accessible via the post category menu in the lower right) with realtime “Sunday Morning Quarterback” narration, six intensive Trading After Dark (TM) episodes (once and for all dispelling any myths that trading isn’t a wonderful, bonafide, profitable business), ten months of weekly PivotPoint Advisors weekly Briefings, and personal discussions with thousands of traders.
None of which costs a penny … and never will.
For those desiring more formal and extensive trading educational tools that now rank by many experts among the best in the industry, we created the Jellie S&P Trader program.
And more recently, teaming with PivotPoint Advisors as their Chief Investment Officer, to put true wholesaling trading techniques to use for longer-term retirement assets via longer term cycles.
Call it full transparency and reality coming full circle from self, to showing others how to fish with their own capital, to now helping those stuck in the 401k/IRA limited-option corporate nightmare by providing an alternative based on sound and proven technical analysis principles.
Yet I still see too many people in this world, country, state – and even street – whining day after day about how hard, difficult, or impossible trading is, or that Don Miller, like Darby Shaw was accused of in one of my favorite movies The Pelican Brief, is a figment of someone’s imagination.
btw, as a quick aside, I love this exchange in the movie:
Edwin Newman: Where is Darby Shaw?
Gray Grantham: I think that’s also a question for Darby Shaw, but I know that she’s not available to answer questions as long as this “feed frenzy” continues.
Edwin Newman: Does that mean that you don’t know where she is?
Gray Grantham: No I didn’t say that.
Edwin Newman: Then you do know…
Gray Grantham: [laughs]
Edwin Newman: I, I take it this cryptic smile means you’ll not answer…
Gray Grantham: [smirking uncontrollably]
Edwin Newman: Okay Gray, you know that in view of all this, you know that there’s a lot of speculation that this woman is a figment of your imagination. That you created her, from a lot of different sources. Just as there are people who believe there was no Deep Throat, there are those who believe that there is no Darby Shaw. In other words, she’s just too good to be true.
Gray Grantham: She almost is
Even with evidence all around that would even pass multiple DNA tests.
Nevertheless, I’ll keep on keeping on providing mountains of evidence after evidence in the hope that a few of the millions of words in these virtual pages will be heard, and that Horton indeed hears a Who.
And so this week we once again direct the jury’s attention to Exhibit Number 587,432 in the form of last week’s PivotPoint Trade Briefing and setup which was there for all to see BEFORE it unfolded.
Just as the quarterback was dropping back.
On SUNDAY morning.
In this case, the target was indeed hit between the numbers of the receiver’s jersey.
Yer perhaps the true question is do you really want to get in the game?
Or simply discuss yesterday’s game at the water cooler.
I’ll be on the field … and to God goes ALL the glory.
Have a blessed weekend.
P.S. The $250 Jellie Webinar discount remains in effect … simply email me at don@donmillereducation.com and I’ll email a discounted invoice. Signed, Darby Shaw.
The Weekend Trader – Everything is NOT a Nail!
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This week’s video edition of The Weekend Trader focuses on the importance of ADAPTING to various market cycles and rhythms to be successful on a daily basis, and helps explain why the S&P Trader “Jellie” term that we coined a few years ago has resulted in commonplace use in the trading industry.
Said another way, many industry “experts” (I thought long and hard about using that term) and vendors choose to have you focus on a single market cycle, rhythm, or dynamic … which we’ll call a “nail” … and which is naturally because they’re typically really good at hammering, or they’re trying to sell you a hammer. So everything looks like a nail.
Well, here’s a news flash. Everything is NOT a nail, and learning which market cycle or channel is in play during any given 5-minute interval, hour, or day, will keep you profitable in ALL markets.
As noted in Wikepedia, Abraham Kaplan is often credited with creating this “law of the instrument”, when he stated: “Give a small boy a hammer, and he will find that everything he encounters needs pounding.”
All I’ll say is isn’t it time we separated the trading men (and women) from the boys (and girls)??
Then again as I state in the video, that would take … um, work? And we wonder why the losing traders so outnumber the constant minority who adapt and succeed!
I also discuss the current PivotPoint Advisors trade sequences in progress given current longer-term market dynmaics, as well as deciding to retain the $250 Jellie S&P Trading Webinar discount for just a bit longer to try to continue to “pound” (pun intended) the point home.
Just email me at don@donmillereducation.com if interested and I’ll email a discounted invoice.
Have a wonderful weekend and trading week.
The Weekend Trader – What Makes a Trader?
Posted by: | CommentsIn this weekend’s video, I expand on what I’m looking for in terms of a European Jellie Trader, and in doing so, discuss my thoughts on what it takes to be a solid trader in this dog-eat-dog business.
Perhaps said another way, how to be the “first dog” in that sentence.
Other topics include a free direct link to my recent TradingMarkets interview on Trading After Dark (the QuickTime download may take a minute or so) which is quickly becoming one of the most accessed interviews on the TM site, recent PivotPoint Advisors trade sequence, a great show on how the brain can ONLY focus on one item at a time (and as such, why trading chatrooms often do more harm than good), and my getting closer to a personal retirement goal as the result of over a decade’s worth of trading.
Lastly, the $250 Jellie Trader Webinar Training discount will remain in place over the coming week, so please email me at don@donmillereducation.com if interested and I’ll email a special invoice.
Enjoy.
The Weekend Trader Part 2 – My Night With Lord Stanley
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Following up on The Weekend Trader – Part 1 (Kissing the Stanley Cup) posted yesterday, here are a few pics of the evening.
Sure, it’s only a trophy (albeit the most famous one for a number of reasons and most difficult to achieve) which clearly pales compared to life’s far more important issues.
Yet what an evening of delight and pageantry.
If a picture says a thousand words, there must be about 2,000 here.
Maybe even more.
For those who say I need more “fun” in my life, you’re right … and I’m trying.
Thank you to the entire Boston Bruins organization for the evening and allowing us to share the experience.
Have a blessed weekend.
The Weekend Trader – Kissing the Stanley Cup
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Those who have perused these virtual pages over the last several years know that I look to much of life to discuss trading.
Understand life and you’ll understand trading.
Understand trading and you’ll understand life.
And often, I look to sports for top parallels as Trading is the truest of all sports … albeit a mental one.
Last week, we discussed trading lessons from the massive collapse of the Red Sox this year.
This week, we’ll flip to the other side of the spectrum and discuss a sports celebration that will have few parallels as time goes on … last night’s incredible, awe-inspiring raising of the Boston Bruins’ 2011 Stanley Cup Championship Banner.
The orchestration, production, and execution of the celebration in this old hockey-crazy sports town was simply perfect, as the past (old-times such as me, think “Number Four, Bobby Orr”) met the present to raise a banner to the rafters that will never, ever, be taken down so long as life still breathes on this planet.
You see, the perseverance, determination, and true grit of last year can never be taken away.
Three Game 7s. Down in the first round 0-2, losing both games at HOME and having to go to Montreal to do the impossible … win two games in a row in an environment akin to trying to light a match in a downpour.
Down in the Finals 0-2. Losing one of the best players to a season-ending cheap hit in Game 2. Playing Game 7 on the road in another hockey-crazed sports town.
Yet they overcame it all and flew home from Vancouver after that historic night with the most famous trophy in all of sports to a city and state ready to give them the hug of all hugs.
From the fire engines and harbor patrol that spewed fountains of water upon the plane’s arrival at Logan Airport, to the parade a few days later before millions of people, to … finally, last night’s closure which was set to the most inspiring music and loudest city roars I’ve ever heard in my 50 years.
Here’s a taste … the whole thing is incredible, but you can jump to the five minute mark for the final music & banner raising.
You see, Boston is a hockey town. And it was a 39 year drought often full of “close, but no cigar” years.
The Bruins could go 0-82 this year, and the Banner and accomplishments it reflects will never be taken away.
Trading parallels?
There’s not enough virtual ink.
And while I could go on for pages talking about the absolute necessities for a trader to always remain humble, focused, and forgetting the past the split-second it’s gone, it’s also OK to spend one day to look back and celebrate the toil.
Did I celebrate the end of my 2008 $1.6 Million trading run to the top of my industry’s asset class?
You bet in what remains one of the most viewed posts in the industry where the following excerpt still rings true …
Yet for one night, we’ll dance. We’ll freeze this ever-so-brief moment as long as we can and dance away tonight like tomorrow will never come. We’ll stand in awe of the magic of a fully matured Bamboo, which will forever remain a testament to Man’s ongoing battle with patience, fortitude, and endurance.
Regardless of what happens in 2009 and beyond, no one will ever be able to take 2008 away from me. Ever. Like other far more important life milestones, the year will find its own place in a corner of my heart that I’ll be able to tap whenever I question my ability to conquer a challenge in front of me.
And if you haven’t figured it out by now, this blog goes far beyond my trading race. It’s about life’s race. Trading is a game … nothing more. It pales in comparison to life’s true priorities, and simply provides us with the analogy of all analogies, and parable of all parables. It provides us with a unique practice field on which we can learn and then try to apply the principles to life. The better we trade, the better we live, and the better we live, the better we seem to trade. For me, the $1.6M score will mean nothing unless I can now apply the learned principles going forward, especially to life.
If you read the entire post, you’ll see that God received the true glory … for like the Bruins, “team” will always override individual.
As for tomorrow?
Yes, the Bruins must move on and focus on the new journey at hand, just as I had to do in 2009 and beyond.
Yet the taste of victory that represents the 365-day toil – that no one will ever understand who hasn’t been through the incredible daily sacrifices involved in trading or sports - will be forever sweet. For if one inhales for 364 days, one HAS to eventually exhale … if only for a day.
And there IS one final page to read before fully turning the page on the historic 2011 Boston Bruins season as I learned earlier today that my family has been invited as guests in a Private Suite Saturday night overlooking the same ice on which the Banner was raised last night.
At 6:30PM ET, THE Stanley Cup will be brought to our suite.
And at 6:31PM, this trader & hockey fan will wrap the cup with both arms in a full embrace.
Trading After Dark Interview – Last week, I had the pleasure of speaking with David Penn of TradingMarkets.com about the Trading After Dark effort, which continues to take the industry by storm. The interview is about an hour long, and is the topic of this week’s “Big Saturday Inteview” on the TradingMarkets site.
PivotPoint Webinar – I also had the pleasure of participating as a panelist last evening for a PivotPoint Advisors webinar, the recording of which is available here. I’ll also update the PivotPoint Briefing over the weekend.
Prop Firm Expansion – I’m continuing my expansion of my recently-established prop firm by adding a Jellie trader located in Europe to maximize time-zone efficiencies and better balance my schedule. I’ll provide the capital. Serious inquiries only.
Jellie Webinar Discount – Finally, I’m continuing the 16-Hour Jellie Trader Training Webinar Series $250 discount through the weekend. If you’re interested, simply email me at don@donmillereducation.com and I’ll email a special discounted invoice.
Enjoy the weekend.
The Weekend Trader – Two Trading Lessons From the Sox Collapse
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Embedded in the one of the greatest collapses in sports history this week are two critical trading lessons.
We’ll begin with excerpts from Jackie McMullan’s excellent piece today on the Red Sox 2011 collapse (largest September lead ever blown) on ESPN.com:
“While the Rays were young, hungry and edgy, the Red Sox were arrogant, complacent and, worst of all, entitled. They took their baseball gifts for granted, and when those gifts abandoned them, as they almost always do during a long baseball season, they were either too lazy or too cocksure to recognize what was required of them to maintain the consistency that is so vital in baseball.
So they complained about the absence of the designated hitter in interleague play, bemoaned injuries that robbed them of key players, even suggested their schedule was too grueling because they played too many televised night games.
Back in the good old days, the Red Sox famously dubbed the Yankees “the Evil Empire” because they were arrogant, complacent and, yes, entitled. When New York failed, it merely outspent everyone else to pluck the best players from free agency and rejigger its lineup.
Somewhere along the way, the Red Sox became what they once abhorred.”
Truer words have never been spoken … on the ball field, in the trading arena, or in life.
Or maybe they have:
Proverbs 16:18: Pride goes before destruction, a haughty spirit before a fall.
Yes, it’s one of the largest traps in this industry, especially for those of us who are fortunate enough to have been blessed with a number of industry innovations and accomplishments.
So how do we avoid the trap?
Perhaps being aware of it is a start … as well as the finish.
For example, many of you know that when I re-launched this highly public trek three years ago after a few years in solitude to focus my market energies 100% on my own trading, I did so knowing all of the pitfalls and traps associated with pubic life in an industry where all of the worst human emotions can often be seen on display.
Emotions such as ego, fear, greed, jealousy, anger, bitterness … and on and on.
Fortunately, I knew much of this largely because of my prior public work as a trader, educator, and daily columnist in the late 90s and early 00s.
So to try to counter this, from day one I placed the following words at the top of the blog:
I will not allow yesterday’s success to lull me into today’s complacency, for this is the greatest foundation of failure. — Og Mandino
It’s a lesson we all need to hear and heed, lest we fall into the same crevice that swallowed the 2011 Red Sox.
So call this lesson #1.
As far as lesson #2 goes, the last day of the major league season reminded us that with the exception of religious certainty in which there is no gray, there is no such thing as 100% probability.
And such is true even with the highest probability, rhythms, and tendencies associated that the current Jellie trading teams that often exceed 90%.
For example, prior to Wednesday night’s final Red Sox-Orioles and Yankees-Ray games – both of which decided the playoff pairings — consider these facts:
The Red Sox were 74-0 when leading after eight innings this year.
The Yankees had only come back from a seven run deficit twice in franchise HISTORY.
And there are a number of other mind-boggling stats related to those two games that – like the stats above – approach 100% … and they ALL failed simultaneously.
The chances?
There probably aren’t enough decimal places to quantify it.
So that’s lesson #2.
Which brings us to the Perfect Storm scenario, which would essentially reflect not paying attention to EITHER lesson at the same time.
So imagine taking a trade with statistical probability (whether based on actual stats or simply a professional trader’s experience and feel for the market), AND being arrogant enough to think your accomplishments are so great that you can’t/won’t be wrong.
That my friends, has ended many a trading career in a single trade.
Jellie Discount – In continuing celebration of the completion of Jellie trading team #9′s efforts, and in recognition of my upcoming prop firm expansion, I’m continuing the Jellie Webinar $250 discount for a limited time. Simply email me at don@donmillereducation.com if you’re interested and I’ll email a discounted invoice.
Have a blessed and relaxing weekend, and look for my PivotPoint Advisors CIO Weekly Briefing over the weekend.
