William Delbert Gann
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William Delbert Gann (June 6, 1878 – June 14, 1955), also W. D. Gann, was a trader recognized not only for his trading abilities, but also for his financial market forecasts. The accuracy of his forecasts is still the subject of substantial debate. Gann's son alleged that many of Gann's claims were fraudulent.[citation needed]
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[edit] History
Gann was born in Lufkin, Texas on June 6, 1878. He started trading in stocks and commodities in 1902, and in 1908 he moved to New York City and opened his own brokerage firm. His early trading career was far from successful and he went bust more than once. This impelled him to analyse the markets and claim successful predictions. Controversy surrounds his claims of trading successes and whether he did indeed reveal his real methods or whether he took his secrets to the grave. Believers swear that Gann was the 'real McCoy', and that his forecasting ability was, and is, legendary. Detractors claim that Gann was nothing more than a self-promoting huckster who was only interested in making money by selling books and trading courses.
Documented evidence from his time supports the claim that Gann was definitely on to something. In the month of September 1909, Gann allowed a newspaper reporter to follow along with him on the floor of New York Stock Exchange; the reporter claims to have witnessed Gann pulling off an amazing 92% winning trade ratio during those 30 days, a feat deemed to be virtually impossible by most professional traders, especially considering that he made over 250 trades during that month.
Gann claimed to have made over 50 million dollars in profits from his market forecasting and trading. After five decades of forecasting and trading, WD Gann moved to Miami, Florida where he continued writing, publishing, teaching, and studying the markets up until his death at 77 on June 14, 1955.
He claimed to base his market trading and forecasting methods on time, as well as on price, and said repeatedly that "time is the most important" when it comes to analyzing and forecasting market movements. He claimed to be able to determine not only what the turning-point's price would be, but also when it would occur. Gann was posthumously awarded the Market Technicians Association Annual Award in 1983, for his outstanding contributions to the field of technical analysis.
[edit] Gann and Astrology
According to Robert W. Colby, in The Encyclopedia of Technical Market Indicators, page 108, Gann "intensely applied astrology to market timing." At one point, Gann studied Indian sidereal astrology in India. In fact, the famous Gann wheel was first used by tea merchants in seventeenth century India.
[edit] Gann Applied to Stock Market Trading
For further reading on the subject of the application of Gann methodology to stock market trading see:
- How to Win as a Stock Market Speculator, by Alexander Davidson, page 253-255.
- The life and work of W.D.Gann, by Solomon Thallon, page 1.
- The Fated Sky, Astrology in History, Benson Bobrick, page 308.
- Pattern, Price & Time: Using Gann Theory in Trading Systems, by James A. Hyerczyk, page 19.
- The Encyclopedia of Technical Market Indicators, by Robert W. Colby, page 108.
- New Thinking in Technical Analysis: Trading Models from the Masters, by Rick Bensignor, page 14.
- Predicting the Future: An Introduction to the Theory of Forecasting, by Nicholas Rescher, page 23.
- The Technical Analysis of Stocks, Options and Futures, by William F. Eng, page 345, 371.
[edit] Books and Articles by W D Gann
- Tunnel Thru The Air, or looking back from 1940
- Truth of The Stock Tape
- Wall Street Stock Selector
- How to Make Profts Trading in Commodities
- 45 Years in Wall Street
- Magic Word
- How to Make Profits Trading In Puts And Calls (an early text on trading options)
- Face Facts America
