W.D.Gann’s Golden Rules For The Successful Trader
William Gann is a legend in the world of the share and commodity-raw markets. He was born the State of Texas in 1878. Gann has begun research of goods markets in 1902. In 1908 he has moved in New York and has opened own broker firm, WDGann and To, situated on Broadway. After many years of successful trade he has moved to Miami, the State of Florida where he continued the work up to the death on June, 14th, 1955.
Rule № 1: Aspire to success.
First one of important rules of the successful trader is this aspiration to success. It means that you should make the efforts and work much over improvement of the trade. You should have as short-term and long-term prospects of the presence in the market. They should be always actual and it is necessary to look through daily in the daily plan, also it is necessary to keep a diary. It becomes that your reason has got used at the right time and to price movement. After all the situation in the market all time changes.
Rule № 2:
You should achieve success independently and to go to it at own risk. All depends only on you. The markets, your broker or other broker firms are not obliged you will warn what news and that from it to wait. Gann has been never signed on one of the bulletins representing to the recommendation or news. It did all. The markets give you only the right to participate in them, to purchase or sell. But in no way them don’t excite, whether you gain money or not. You should know only an own method of trade and properly act in this or that situation. Your method of trade should be clear to you and the help to you to specify structure of the markets, concerning time and movement of the prices.
Rule № 3: your plan is a road to profit
When you enter into trade you should have accurately constituted plan for an input and for an exit from the market. The plan should be accurately specified, that during trade you confused nothing and didn’t result in error. You should know accurately that it is necessary to do. Gann knew precisely that it does during trade. You should be present in the market times all and monitoring, putting situation because it is difficult to know when there will be a following chance to enter into the market and to make money. You should have a purpose – to gain money in the market constantly as many traders, using every possible oscillators and other indicators, don’t know that particularly they need to wait from them. Finally, they are guided by hearings, the hope and fear.
In case you decided to participate in forex trading should start from learning the basics of currency exchange market to make sure you do not experience problems with this industry.