Gann

Quote from system_of_an_up:

Yeah...I've heard of it,


if you figure it out, let me know.


:p
More...

So are you telling me that its a crap system or that you have no understanding of it??

BTW am not having a go at you system!
:)
 
Quote from 0_PARADOX_0:

So are you telling me that its a crap system or that you have no understanding of it??

BTW am not having a go at you system!
:)
More...

Paradox-

When I began trading I thought Gann was the holy grail.

It may be.

But that isn't where you should concentrate your efforts, I believe, for several reasons.

1) "Gann trading method" is nebulous and open to interpretation. This is why Bryce Gilmore, James Hyerczyk and even Gann's own son all disagree on how Gann traded.

2) It doesn't matter which method you use to trade, you must first understand yourself. That is, your biases, what is in "your closet" is more important than how you define your edge. Rather than spending thousands on Gann trading courses and books this money may be better spent on a good shrink.

3) #2 is very difficult for me to admit to, even though I am a psychologist. It took me a long time to realize that #2 is THE most important thing about trading. Learn more about Ed Seykota than Gann and I bet you will be better off in the long run.



p.s. It still may be that Gann held the secret to the Universe and that if you trade like he did you may also trade profitably 92% of the time and gain 1000% in 5 weeks. But I am not sure how many people out there are doing this, and even fewer are doing it with Gann's methods.


It is still fun to learn about Gann's (supposed) methods and see if there is something to it.

I consider it a fun hobby.

Like surfing.

It may or may not aid my trading, but it may also be just a fun way to pass the time.
 
Quote from system_of_an_up:

Paradox-

When I began trading I thought Gann was the holy grail.

It may be.

But that isn't where you should concentrate your efforts, I believe, for several reasons.

1) "Gann trading method" is nebulous and open to interpretation. This is why Bryce Gilmore, James Hyerczyk and even Gann's own son all disagree on how Gann traded.

2) It doesn't matter which method you use to trade, you must first understand yourself. That is, your biases, what is in "your closet" is more important than how you define your edge. Rather than spending thousands on Gann trading courses and books this money may be better spent on a good shrink.

3) #2 is very difficult for me to admit to, even though I am a psychologist. It took me a long time to realize that #2 is THE most important thing about trading. Learn more about Ed Seykota than Gann and I bet you will be better off in the long run.
More...
I disagree.

I'm no psychologist but I did find the following interview fascinating, mainly because it confirmed my own layman's intuition.

From THE NEW MARKET WIZARDS by Jack Schwager:

* * * * * *

JS -- Why do most traders lose?

Robert Krausz -- Recently I conducted a 2-day workshop with a group of 30 part-time traders. At one point I presented them with a questionnaire. The key question asked the students to rank [a] list in order of importance as to what they thought were their greatest weaknesses in the markets.... Amazingly, 90% of this group picked the exact same four items (out of eight) for the top of their list, although the order varied:

1. Lack of confidence
2. No trading plan
3. Execution
4. Fear of loss

What single element is the root of the other three? NO TRADING PLAN! This is the basic feature that separates losing traders from winning traders. Lack of confidence disappears in direct relation to the validity of a back-tested trading plan.

* * * * * *

If Gann is crap, all the confidence in the world won't make you any money with it. Just like the world's best money management won't make you a profitable "professional" roulette player. Only a nigh-impossible streak of dumb luck can do that.
 
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