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Here's where I see this. I had to learn the rules to drive my car and get a license. Now I just drive.
The rule in the kitchen is clean up after yourself. Sux, so I make it a habit and just do it.
Trading rules become habits. I just trade, the rules are in there somewhere but here is the key.
First: Think
Second: Do
I never think when I'm trading. I've done all that beforehand. I just look for and execute trades.
I've sat with the best programmers who tried to 'code' what I do. The results have been fantastic. No programmer has ever succeeded, for if they did, the game is over.
During market hours I DO what I Love to DO. I Trade. No stinkin thinkin in trading hours.
Outside market hours I THINK what I love to THINK. Some of this time is devoted to Market analysis. Human nature.
If you want a box to make money so you can sit on a beach, well maybe you just don't love trading.
Yeah, you're right! Gann and his words, and teachings for that matter, are totally nonsense. And only because they're dusty makes them totally out of date.
And now by saying that, I suggest you lead us into those modern working thoughts, that we all can benefit from!
Please, grab the pen (sorry, the keyboard) and help us out! Tell us what modern things work, and how we can apply that!
Thank you in advance!
We all struggle to make tomorrow look like yesterday!
Get rid of your past and let the future unfold from the now. Past performance is not indicative of future results.
/George
I have been trying to trade for about 4 years and I have talked to a lot of so called gurus. One thing for sure you must have a successful plkan and stick with it
I think that W.D.Gann is a very special case, so citing him is always controversial.
There is a number of serious traders (amongst them Ed Seykota, William Eckhardt and Jack D. Schwager) who have identified a large part of Gann's teachings as mumbo-jumbo. I am with them. If you really look at that stuff - angles, fans, squares of 9, astrology - it looks like as if the Renaissance had never taken place. Citing from one of his works:
" - The planet Jupiter is at 21 degrees gemini, which is 81 degrees in longitude from "0" the square of 9. Subtract 135 degrees from Jupiter gives 306 or 6 degrees Aquarius. This is why Soy Beans have met resistance so many times between 306 and 311 1/4...."
The "Law of Vibration" of W.D.Gann has a similar intellectual depth as the "Theory of Reflexivity" of George Soros. I do not see any law or any theory. But stocks vibrate, as their price action may have a cyclical component, and the stock market and the economy do interact in a way that creates feedback loops. W.D.Gann was a great forecaster and George Soros is a great trader.
This looks like a contradiction.
I heard the story of a trader who phoned to God by using a plastic antenna, before he put on a trade. This trader was extremely successful and assigned his success to the device he used for trading. His collegues, however, did not believe that it was the device, which was at the origin of his profits, but something else. But he himself was a believer. Would he have been able to teach his method to others?
So if many of the teachings of W.D.Gann belong to the realm of the occult, some of his findings certainly have a value. He had a great trading experience and probably was a master of applying psychology to the markets.
But the legacy of W.D.Gann are not his analytic methods. Unfortunately, there are hundreds of Gann Institutes to teach this pseudo-scientific nonsense. This may be profitable for the institutes, but I doubt that it will be profitable for the subscribers.
I am not at all astonished, if there is a bit of controversy, and I do not mind adding a bit.
I believe you put the dot over the I.
Get yourselves a successful plan and stick to it.
We all struggle to make tomorrow look like yesterday!
Get rid of your past and let the future unfold from the now. Past performance is not indicative of future results.
/George
I agree with you that Gann remains a mystical "phenomenon". And he probably used the occult to make it in the markets, or at least that's what we want to attribute him.
But he has also said a lot of things that has a lot of common sense, and that has nothing to do with the planets, the square of nine or the pyramids of Giza. The quote from above is a perfect example on something that still lasts, and is highly present.
We all struggle to make tomorrow look like yesterday!
Get rid of your past and let the future unfold from the now. Past performance is not indicative of future results.
/George
I absolutely agree with you. I would sign lots of statements of W.D.Gann, amongst them the one you cited. It is just amazing how somebody can be wise and foolish at the same time.