By the way, what convinced me? I met a trader who is twice the success of myself who uses GANN as about 75% of his methodology. Enough said.
Marketsurfer (see surf report tread0 uses some variant or version of it and the seems to call the turning points quite well
Quiet, is that trading your own money or Other Peoples? If your own, how many figures did you start with?
62.5k. My own, I don't ever think I'll manage other's people's money. It really takes away from the freedom that trading provides. I was taught early to manage just family money, keep it tight and keep my freedom. I don't do this for notoriety, a pat on the back, or ego. I do it cause I love it, I really do. I can imagine if I would manage money, the kickbacks I would receive, and the smiles and thanks I would receive. It would take a lot of thought or shall I say non-thought to not let my ego get out of hand. I see it all too much in the writers/traders across the U.S. That's simply a bridge I don't want to cross nor something I want to "try" to overcome. Call me a coward, but I am happy where I am. I love waking up in the morning, doing my technical and sentiment work, reading the latest books, and being creative by developing volatility systems. Lastly, I love the freedom.
If you are reading books then you already know that Marty Schwartz would say you are doing the right thing. He became one of Schwager's Market Wizards with his own money. And that tempted him to move "up" into the Druckemiller level. While he was in the hospital hovering between life and death from a heart attack, one of his client's accountants got through to him by phone (by pretending to be a relative) to bug him about the returns he wasn't making. Incredible!
Eric - The primary point was that whatever grid you overlay on your chart, it standardizes it across different renderings. Then once you draw your angles based on the grid rather than a protractor on the screen, you can reproduce that same picture regardless of how you change the width and seperation of the candles or any display differences between charting programs because while technically the "angle" of the lines change (as measured by a protractor on the screen), their slope relative to the grid doesn't. Change the timeframe and you naturally have to change the grid because you now have a different chart. As to the method of calculating the grid for any given case - I'll have to see if I can dig it up. If I want to lay down Gann angles to see if there are any good trendlines that apply, I use a Gann box or more recently a Gann frame and let software worry about drawing the fan angles. Like a lot of Gann's ideas, there's an element of presumptive hunting for the appropriate parameters and/or application rather than automatica or implicit projection.
Thanks for the information. I guess the Gann angles I have seen on one charting package were programmed incorrectly. On that system, if you zoomed in or zoomed out on the data, you would get entirely different locations for the support/resistance fan lines. Thanks again, -Eric
Six figures a month can mean $100,000 per month. Therefore, over six figures a month means >$100,000 per month... Could be $122,000 per month, or several million. I suspect the poster was implying something closer to the former. -Eric
Funny thing I find about Gann is that his most esoteric ideas tend to be his most widely followed. I think a lot of his stuff is just too cryptic to objectively evaluate. However, I have developed a very good trading system that is derived from a combination of a gann swing and a point swing system with some other things thrown in. So it really comes down to how the individual applies or interprets his ideas. I think that to become a great trader, you have to study all the major theories at some point, even if it is just so you can comfortably dismiss their logic. Remember what Bruce Lee said "Take what works. Discard what doesn't" Runningbear