Description
Book SynopsisTrading strategies always look great on paper. But when it comes to trading in the real world, market chaos and human unpredictability often make even the best strategies seem inadequate to the task. The hard truth all traders eventually learn is that trading is far more difficult when your chips are down and the pressure is on.
In the tradition of Edwin Lefèvre's legendary book Reminiscences of a Stock Operator, Don Miller's Chronicles of a Million Dollar Trader offers an inside look at the ups and downs, failures and victories of one of the few traders to have ever earned $1 million in a calendar year by trading futures intraday. In this detailed journal, Miller lets you peek over his shoulder as he tiptoes through a minefield of potential mistakes, miscalculations, and self-defeating behaviors in search of consistent profits. Along the way, he shares trading diary excerpts from 2008 to 2012, as well as his actual performance for every futures trading day fro
Table of Contents
Preface xi
Acknowledgments xv
Introduction 1
The “Race” 1
A Motivational Carrot 2
How This Book Is Organized 3
Out of Hiding 4
Intention and Use of the Trading Journal Entries 5
Journaling and Performance 7
Balancing Credibility and Humility 8
Bamboo Trees and Windows 9
A Book about Trading? 10
Part I Beginnings 13
Early Tunnels of Life 14
A Late Bloomer 15
Early Vocations 16
Don’t Quit Your Day Job 17
Out of the Abyss 17
Evolving Perspectives 19
A Sporting Chance 22
Part II Journaling the Million Dollar Race 25
July 2008 Journal Excerpts 25
The Cornerstone 25
Why Has It Worked? 27
Poker Impacts 28
Wouldn’t You Know It 30
The Intraday Journal Begins 32
Planning and Trading a Premarket Bias 34
Go with Your Strengths 36
Textbook Morning-After Prior-Day Trend 37
Market Bias 39
Morning Sequences 42
Fouling Off Pitches 44
Work Remains 45
August 2008 Journal Excerpts 50
The Story of Grace 50
FOMC Day 52
Post-FOMC 54
Blinds, Antes, and Patience 56
Fool Me Once . . . 58
Changing Rhythms 60
Tale of Two Markets 62
Trend Day 65
Any Green Is Good 67
Volatility Returns 70
Range, Range, Break 73
Hold the Phone 75
Silver or Gold? 77
Breathing Room 78
Digging to the Surface 82
September 2008 Journal Excerpts 84
In the Zone 84
Less-Than-Peak Performance 86
Dreadful Start 89
Solid Performance 92
AM Offense; PM Defense 95
All Good Things . . . 98
A Market Blessing 100
A Forgettable Week 102
Raising the Bar for the Final Lap 103
Closing the “Trade” 105
Now It Gets Harder 107
October 2008 Journal Excerpts 108
Monday Mess 109
Autopsy of a Mess 110
Back to Work 111
86 Percent Recovered 113
Dodging the Carnage 115
Day Off 117
I Left in the 7th Inning! 118
Suck It Up, Don 120
Hitting a Wall 121
Role Reversal 122
Eye of the Tiger 123
A Defensive Win 124
Dodging Landmines 126
A Step Slow 128
Welcome to My Final Table 129
Morning Strength 131
October Wrap 133
November 2008 Journal Excerpts 136
A New Game? 136
Fighting It 138
Starting a Cold Engine 139
Jack Be Nimble 140
The Power of Momentum 142
Managing with My “B” Game 144
No Style Points 146
Brutal Pace 148
A TICK Tutorial 149
Warning Signs 153
Finish-Line Adjustments 155
December 2008 Journal Excerpts 157
Steady as She Goes 157
That “One Thing” 158
Pointing the Finger 159
Order Restored 161
The Week That Was 164
Empty Tank 165
Two Strokes Remaining 167
It Is Time 168
Year of the $1.00 Goal 170
2008 Year-End Grades 171
A Night to Dance 173
Part III Beyond the Race: Best of the 2009 Journal Excerpts 179
Roller-Coaster Day 181
The Jazz Trader 182
Wastebasket Day 184
The Sun Came Up 185
Five Stinkin’ Minutes 186
Upon Further Review 187
Life After 40 188
Where It All Began 190
The Missing Inches 191
Why We Floss 192
How I’ll Spend My Summer Vacation 193
Part IV Birth of the Jellyfish 197
The Genesis 197
Selecting the Team 199
The Jellies Speak 200
No Country for Old Men 200
Teamwork and Simplicity 202
Keys to the Castle 203
Part V Beyond the Tank: Best of the 2010–2012 Journal Excerpts 207
Poker, Trading, and Focus 207
Workplace Safety 209
Focusing on Life’s Comma 211
You’re Fired 212
The Flash Crash Autopsy 213
Money Never Sleeps 217
Part VI The MF Global Bankruptcy 221
Frozen on the MF Global Iceberg 222
A Different Kind of Trade 227
We Win 228
Part VII What Goes Up . . . 233
An Object in Motion Stays in Motion 234
Trailing Stops at the Macro Level 236
A Thousand Words 239
Part VIII Final Thoughts 245
Appendix Journal and Jellie Shorthand and Acronyms 247
About the Author 251
Bibliography 253
Index 255
