Since Wednesday was PI day (3.14), I thought I might update my PI trade article, says Dave Landry, f...
Get Inside the Mind of a Trader
01/17/2014 6:00 am EST
Don Miller shares the lessons he's learned, from a lifetime of trading, in his book, Chronicles of a Million Dollar Trader.
SPEAKER 1: My guest today is Don Miller who has written a book, Chronicles of a Million Dollar Trade, and we're going to talk to him about that today, what he covers in there and why he wrote it in the first place. Don, talk about your book. Why, first of all, did you write it? There're a lot of trading books out there. How is yours different?
DON MILLER: There are and I guess in terms of trying to ask myself why I should do this in the first place, there is a lot of great material out there, obviously. There's not a whole lot that hasn't been said that I could really add to that. When I worked with Wiley Publishing on this and they asked me if I would consider writing essentially and update to the Reminiscences of the Stock Operator book that really went through the personal journey and trails of a different trader. The more I thought about that, Tim, the more I thought that I could tell a story that really chronicled my entire journey from the rough starts, the poor decisions I made, the rocky career transitions. What I've learned from that, how I got through that, what I did after that, how I became successful. I thought it was very important for me to share that and share that in a way where, as I say in the book, if it helps just one person avoid some of the bloody crevices that my feet stepped into then I think it will have been worthwhile. I guess, given the feedback, it seems like we've done some good.
SPEAKER 1: It's less about technical analysis and patterns like most books are and more just about lessons of overall trading success and how you got there.
DON MILLER: It is. There is so much out there on technical analysis. As I tell people, you certainly need some measurement devices but whether it's a ruler, or a yardstick, or a tape measure you just got to pick one and work that into your trading plan. I certainly share what I use and what I do in terms of strategy but far more importantly, is I thought it was important for people to get inside the mind of a trader from the beginning of his career, even before the career started, the decisions that he made throughout the whole journey. What I've learned even recently in terms of what's happened in the industry and out there. I think we're going to talk about that a little bit too.
SPEAKER 1: One of the things that you've always done is you're constantly talking about what you've learned and what you're learning. I think a lot of traders think that they're going to get to an endpoint, be successful, and that will be it. They're crack the code. You're still learning. You still feel like you're on that journey. It never will end.
DON MILLER: It never stops. I did a post on my blog recently that said there's no magic pill. Yet, people continue to look for a magic pill. There is no such thing. If you are not on your game in what is a performance-based endeavor, then you will not be successful. What I've done in the past has zero relevance of what I'm going to do on Monday, or what I'm going to do next week, or next year. If I decide to apply myself, have the same intensity, passion, and am on my game I will do very well but if I fall the least bit short of that I will join the ranks of people that are not successful in this business. It will always be like that.
SPEAKER 1: One of the other things that have always been different is your charitable contributions. You've done something with this book as well, talk about that.
DON MILLER: I have. While we've given a percentage of our profits from our education services to charity in the past, I've decided to give 100% of any personal profits that I receive from the book postproduction to our charities. We've worked in the past, as you may know, with the American Diabetes Association. We've been working lately with a fund called Boston One Fund, which supports victims of the Boston Marathon bombing. I'm announcing this week that we'll be working with World Vision to help provide some funding for children in development countries. All the profits, my personal profits, from this book will go toward that effort.
SPEAKER 1: Don, where we can get the book, talk about it, is it at your website, Amazon, where is it?
DON MILLER: Amazon.com, you can just go there or Google Don Miller or Chronicles of a Million Dollar Trader and it should come up pretty easily. You can certainly go to DonMillerBlog.com or DonMillerEducation.com, which are my two direct websites.
SPEAKER 1: Don, thanks for your time.
DON MILLER: You are very welcome.
SPEAKER 1: You're watching the MoneyShow.com Video Network.
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