Archive for Trader Training
For those unfamiliar with the weeklong live session, it will once again be offered via streaming media, so you can attend from the comfort of your own trading office.
In addition to the legacy material and syllabus we’ve used over the past six years, we’ll also be incorporating some incremental material and program expansion including Globex ETH monitoring, catcher’s mitt trades, volume profile, and the F6 delta chart. Additional detail describing the program intent, history, tuition, prior participant feedback, and prerequisite webinars can be found on our educational site or links in the right hand margin including our past jellie guest posts.
As always, participation will remain limited to a small group to ensure a quality and in-depth experience for all.
Please email me at email@example.com if you’re interested.
Today’s video discusses key takeaways from last week’s Jellie trader training team’s effort such that all can benefit, including reviewing the timeless takeaways from the beta team which I encourage all to revisit.
Other topics include black swans including late Wednesday’s Greece-influenced move, trading lessons from the Super Bowl, and most importantly (toward the end of the segment), striving to lift everyone up in trading and life.
My continued heartfelt thanks to all looking over my shoulder last week – as well as to those viewing these videos each week – for your trust and feedback as we continue our mission of iron sharpening iron.
Enjoy the rest of your weekend and have a great trading week!
This will be our 12th effort, and will once again be internet-based to keep attendance tuition to a minimum.
Here are pertinent links for those interested:
As you may know, I intentionally don’t mass market the effort beyond a Twitter and blog mention to keep the class size modest, and currently expect this will be the only session offered in 2015.
Please email me at firstname.lastname@example.org if interested. You can also sign up for the prerequisite Webinars to get a head-start, which will be required prior to the live effort and also serves as the course down payment.
We can also schedule a Skype or phone session if you have further questions.
Below is the YouTube audio to my recent presentation to the TopstepTrader team.
Please note however that the video isn’t tracking and is stuck on only a few slides (there are 18 in total), so you can download the PDF of the presentation here to track the visual content to the audio.
The presentation is just over an hour long.
Some may note that the format reflects some of the very roots of this blog, yet uses new studio technology to inject increased emphasis.
In today’s video – which I frankly consider to one of the most important ones I’ve ever done – we discuss the “last man standing” concept of trader perseverance, current personal trading performance, and bucking the masses. We also also address all traders – including Jellie Trading Team #11 – as we embark on a new industry era.
And yes, as the title refers to, I am not at all satisfied with the 46-Day 80% return due to far too many mistakes.
Yet most importantly, we try to place all of these goals and accomplishments in their proper perspective.
BE that last man (or woman) standing!
First, on the Jellie trader training front I’m pleased to announce that the dates for the only 2014 live training effort have been set for Monday March 24 through Friday March 28.
As always, I won’t mass-market this and will only mention it on this site such that we continue to attract serious, professional participants.
Last fall’s session with Team # 10 was a banner effort as we continue to refine and retool based on participant feedback, and I expect no less from the upcoming session.
Please email me at email@example.com ASAP if interested in participating.
PivotPoint Funds Update
For those of you who would prefer to have someone else manage your funds using a wholesaling system very similar to the strategies we teach our traders (the only difference being John uses a 2-4 day hold period vs. intraday), please check out John Norquay’s latest videos where he explains the ”engine” behind his approach, including how the strategy performs in a down market. Video #2 was just loaded today.
I’ve spent a great deal of time reviewing his strategies in-depth, and continue to be impressed by the combination of strategy, transparency, and results compared to the market.
Wow … did I not expect the surge in blog and twitter volumes based on one simple ThinkOrSwim post … quite the network!
Anyway, plans continue to evolve at this end, including a lengthy discussion with Donnie Roberts today who is one of the founding principals of the firm.
To clarify a few things in response to several emails, thus far I’ve only moved my large equity balance to trade the S&P ETFs, but am also exploring adding futures as a secondary option to my main Photon platform which continues to rock. I’ll also continue to run parallel charting for the time being (primarily eSignal) to ensure platform reliability and provide for necessary redundancy.
On the personal trading front, I’m making personal accountability plans with another trader as I ramp up focus, intensity, and sizes given the nice pick-up in volatility. This year, I WILL have that $100k day which has thus far remained elusive.
Miller’s Trading Chronicles
Lastly, we’re going to have a ton of fun this year which a new ongoing comic strip that details the trials and triumphs of this trader and our industry which picks up where the Chronicles book left off. For now, I’ll simply lead off with the following teaser …
Four years after the beta Jellie team began its journey of trading discovery and laid a course for dozens of others, and after a brief two-year Jellie development hiatus, Jellie Team #10 took to the market “current” this past week.
And while I’ve been very proud of the effort put forth by Teams #1 through #9, I’ll say with conviction that Team #10 stands near the top in term of its dedication and work ethic, ranking among the best professionals with whom I’ve ever worked.
Ten traders spanning Massachusetts to Hawaii. Nine men and one woman, with the latter confirming my longstanding belief that there are far too few females in the industry as they’re often better suited for this traditional “man’s game” given their lesser ego, ability to multitask, and arguably increased maturity level via many men in this field. Average Age 45, which was very much in line with the overall Jellie age of 48.
Call it one highly-intensive week of P’s including professional, productive, and yes … profitable as the team successfully navigated and adapted to the ever-changing market sea which often ebbed and flowed, ending with a surprise Friday afternoon gift from John Kerry which created one final wave to ride.
I fully admit that I sometimes wonder if we’re still making a dent in increasing the quality of trader education of which I’ve been so highly critical over the years. I’ve also wondered, given a two-year break that included an industry MF Global meltdown promulgated by “he who shall not be named”, and more recently taking time to formally document my trading memoirs and deal with the passing of my father, whether the live Jellie portion of the “Webinar-Live” duo could maintain the same level of intensity and produce the same level of output as in prior years. Said another way, could we recapture the same magic?
To be sure, this year I incorporated a survey to formally gather and assess participant feedback at the end. For just as the market is always right regardless of our preconceived personal beliefs, participant reactions far outweigh my personal views as to the effectiveness of the Jellie concept. So I had each participant score several program attributes on a scale of 1 to 5, with 5 reflecting excellence. To Team #10, here was your collective average response:
Oh ye of little faith.
Of course as with life, there will always room for improvement and we’ll continue to tweak as appropriate. Yet apparently based on your feedback, program honing over the years and a slight retooling in terms of program length suggest that any remaining gaps are narrowing to a sliver.
Let me be clear in that any credit directed to this trader-temporarily-turned-mentor (please note that order!) should immediately be deflected to the members of Team #10 and those that proceeded it by laying the groundwork. Yes, I lead, facilitate, and take on the role as lead trader. Yet as in war, the true credit should be laid at the feet of the troops and not the general.
In fact, this “troop” bonded to such an extent that has caused me to take the unusual step of planning to continue working together in some manner as we move from this time and place.
Napoleon Hill would call it the mastermind principle. Others might say that the whole is greater than the sum of its parts. Either way, this week went far too well to simply stop the incredible personal and team momentum established.
A two-year hiatus.
Several key personal life events including the earthly robbing of industry assets and the life of a father.
To Team 10, you have potential beyond that which you will ever know. Don’t ever let yourself or anyone else doubt what we know to be true and possible. Like the market, some will question, doubt, or try to trip you up. They’ll never understand your methods, motives, or results. They’ll also often be on the other (“retail” or “wrong”) side of your trades.
Stay the course. For you know what is true and real.
It remains true that only a small minority consistently succeeds in this business.
It’s just that today, that minority just got a bit larger.
At it’s been some time since we last did an extensive brain dump, let’s have at it and reflect on various musings in what may hopefully be a reinvigorated start to our popular Weekend Trader segment.
“Trading After Dark” Following Star Trek?
Is anyone old enough to remember the initial Star Trek TV series? While that show did well at the time in small circles, it was ahead of its time and received a wider viewership as years progressed. I guess you could say it “aged” into its own phenomenon. Fast forward to our six Trading After Dark “episodes” from a few years ago where we analyzed actual trade sequences and performance, which now seems to be finding a second wind based on emails and renewed interest, including some sort of possible TV syndication. If you’re new to the blog, or looking for a jump start to your passion, confidence, or simple belief in the business trading, I encourage you to check them out and I’ll keep you posted as to evolving plans should then pan out.
“Chronicles” Rip Tide
My feeble mind is admittedly still trying to put the “Chronicles” book effort in some sort of perspective as time begins its post-publication march. As I said when I was writing the book, time will ultimately be the judge as to its true impact on the trading world. I must admit that while we worked tirelessly to produce a quality, no-holes-barred resource unlike any other in the business, I didn’t expect the outpouring of industry leadership support from the likes of Raschke, Connors, et al who have ranked the effort among the best they’ve ever read, nor did even the publisher John Wiley & Sons expect Amazon to formally recognize it as one of the best books on Leadership and Business last month.
This latter unexpected point perhaps speaks best to the true undercurrents of the work, which was also reinforced by a chat I had with a reader from Texas this week who has recommended the book to several of her non-trading friends. For it’s these undercurrents – much like the below-the-surface yet powerful rip tides on Cape Cod – that in my view confirm that the “real” Bamboo seeds I was trying to plant. Yet – and as was intended – you also have to somewhat “look” for them throughout the reading. Thus I suggest if you get to the last sentence of the final chapter which asks, “Is this a book about trading or life? I’ll let you decide.” and wonder what you missed, my advice would be to re-read it trying to answer that very question, with particular emphasis on the Preface, Introduction, Part I, and Part VIII.
The Gift of Age
Continuing these thoughts, one gift that a maturing age provides us is perspective and humility, including the fact that life isn’t about who ends up “most popular” or with the most tiddly winks at the end. I say this because among the many book accolades, a few have indicated they were disappointed with my frequent mention of setbacks, stumbles, and mistakes which preceded the course corrections. Yet as I state in the book, 52 years of life have proven to me that life’s mistakes provide the necessary bedrock foundation for any degree of future success, and that history untold or misunderstood will simply be history repeated. Yes, the book includes a degree of triumph and self-actualization. Yet as intentionally stated in the subtitle, the necessary road map to such a place invariably leads us through multiple valleys before one can see … never mind attain the peaks. And such can only be accomplished as the result of time, age, and wisdom.
Beware of % Return Performance Figures
I have a very small cash futures “play” account (about $10k on Jan 1) that is up an annualized 105% this year. Yet don’t let what seems to be an inflated % fool you, as to me, it’s all about tangible P&L … which in this case, is a tiny $8k. Unlike my primarily accounts, I don’t trade it frequently (a couple of trades a month). Take-away? Don’t get too caught up on rates of return. Last I checked, my daughters’ two colleges were looking for a total of $400,000 in tangible dollars versus some intangible percent.
The Globex Trader
Back to the “After Dark” topic, as many know, I continue to be a huge proponent of trading outside of the normal Pit 9:30am to 4:15pm ET hours, especially in the early evening or Europe morning where probability is often highest and manipulative U.S. market maker games at their lowest. To that extent, I’m considering new ongoing personal journal entries specifically addressing this period, which may also help part-time traders who have full-time obligations during the “standard” U.S. hours. Plus, we’ll have some more fun. Look for more info on this as I think about how to position such an effort.
Upcoming Live Jellie Program
Finally, and intentionally mentioned at the end of today’s segment, we’ll be running our only live Jellie Trader Training effort of 2013 during the week of August 26. It will be our 10th session in what has been a well-received effort, and we’ve compressed the timeframe and reduced the participation tuition for this year’s event based on feedback and to accommodate those who can’t devote an extended period of time. As with the earlier efforts, I don’t mass market these and there will be zero mention of the August effort outside of this journal as my approach will remain trying to help those who knock on the door, versus going around doing the knocking. As I’ve said before, it may be a lousy sales approach, but I’m not interested in selling. In any event, I’m looking forward to once again going all-in for a “drink-from-the-firehose” week of trading and training.
Have a great week!!