Of the many studies that have been undertaken on traders, there is a constant theme that remains true: those that use trading plans are far more profitable, but yet so few have one written down or if they do, they rarely use it consistently. Gann also stated: “The man who changes his ideas or his plan, which is based on something practical, for no other reason than that he hopes or fears the market will do something different, will never make a success.” While these words were published in Gann’s book in 1923, they are just as relevant today as they were then. Failure to put in the effort will result in you not trusting yourself or your trading plan, which will ultimately lead to poor performance. Gann, you will be more profitable over time. In my experience, and that of our clients who have completed our education is that by implementing the successful trading habits of W.D. What you are doing, in essence, is creating the belief in yourself and your tools that you can and will be successful in the stock market. Having a well-earned plan means that you need to put in the time and effort to create your own plan, firstly by educating yourself and secondly by testing and revising your strategies and tools until, as Gann states, you have a well-earned profitable trading plan before you start trading. Gann states that you need to: “Have a well-earned plan before you start trading, then follow that plan, as the architect does in building a house or the engineer does in constructing a bridge.” Therefore, another reason why I say Gann believed that you must earn the right to be a successful trader is partly due to the following statement in his book, the Truth of the Stock Tape, which was released in 1923.
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The market does not care who you are or what you do, it just takes your money if you do not respect it. I tend to agree with this philosophy given that on a regular occurrence, I find traders believe that by reading books or watching a few videos they will magically become a trader.
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W d gann course free#
Secondly, he did not want to give aspiring traders a free ride because putting in the time and effort would surely see some fail. The first reason for this is that to be successful in the markets you really do need to put in the effort. I believe Gann wanted traders to earn the right to be successful, which means they need to put in the time and effort to understand his teachings and not just be spoon feed. Many traders have attempted to study his work, although I believe the majority never really gain his true wisdom given that his writings are often not easy to follow. For those who don’t know, WD Gann lived from 1878 to 1955 and was arguably one of the best traders who has ever lived.