Summary
It is indeed the chronicle of the growth path of a retail trader. From not doing well to picking up the pace and eventually cracked the million dollar milestone, the story for sure will be told in generations to come. It is a great book for aspiring traders to peek into a great mind who has overcome the odds and turned into a successful trader. What this book fails to deliver are insights many want to get from the author. I recommend this book to trading newbies for a realistic roadmap to become a profitable trader.
Book Information
Chronicles of a Million Dollar Trader: My Road, Valleys, and Peaks to Final Trading Victory
Written by Don Miller
Rating
| Useful | |
| Original | |
| Readable | |
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Average
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Review
The book is supposed to be written in a way along the style of the all time classic Reminiscenes of a Stock Operator. That’s at least how we were told for many months before the book was released. Hence my review may express a hint of disappointment as I was looking for something that this book is not.
The book has four distinct sections although it is not clearly labelled in the book.
First section of the book lay out the reasons why the author chose to take a dive into full time trading at mid-40s, his sincere effort telling what to expect from the book and his background before this life altering decision. I guess he realizes there are many people out there having wrong expectations of this book. His background, however, is already quite unsual in comparison to most other people out there in pursuit of a full-time retail trading career. This advantage, I have to say, makes it possible for Mr. Miller to transition into full time trading without the usual burden.
Second section of the book documents the author’s journey towards his goal. This part of the book has great material for anyone who are struggling in trading, yet do not understand the problem is their own attitude towards the market. Mr. Miller has great insights into his own personal strength and weaknesses. Many people can accomplish this reflection, but rarely anyone can correct/adjust their issues so quickly.
Majority of people beyond the prime age of early 30s, their ability to adapt start to disappear quickly. Mr. Miller is a great example telling us to believe it is possible.
Third section of the book documents the change in direction of Mr. Miller’s personal pursuits. Since his goal was acheived, Mr. Miller obviously slowed down his pace with trading. During this time period he created the Jellyfish project for which he selected a small group of traders among hundreds of applicants to be trained by him.
Fourth section of the book starts with the sudden MF Global bankrupcy event. Mr. Miller’s trading fund was frozen and he was left at the mercy of the US legal system. He rallied many supporters to make sure the government officials understand the importance of protecting the trading community and follow the law as they are intended to be.
Overall the book is a good read on a man’s journey in overcoming the odds to extract money from one of the most competitive financial markets in the world. It is an inspiration for generations of retail traders to come. However, this book is not a book that share insights into Mr. Miller’s trading methods. For that, you may have to check out Mr. Miller’s trader training service.
It is a book I would recommend to all beginners and struggling traders.
