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Thete was an individual who researched Don Millers method - he claimed that Don made his Million/few million dollars in trading while the S&P was super volatile - but if you average his winners /reward - it materialized to something like 2 ticks.
If one can made money scalping 2 ticks in the S&P on a regular basis and with size - more power to you.
Same person laimed that once volatility faded - Don was NOT making money any longer.
Well all anyone can do is guess except for Don but my understanding was that he put in limit orders around the market and averaged into big positions with anticipation of a mean reversion. My understanding was he used his ability to read the market to do this in a more skilful way then a purely mechanical approach and also held an exchange seat which reduced his cost basis.
The caveats with this approach is that you need a lot of capital to put on so many contracts and that occasionally you might get hit with a huge loss -- which he talked about. I think he once disputed the claim that his method wouldn't have been possible without member pricing but certainly one has to believe it helped.
